Innovative Fitness Watch For Athletes And Sports Enthusiasts

Product Features of RunnersPro

In the era of growing and modernizing economy, it is important for everyone to be upgraded to technological and innovational changes that may provide each one get access to better technology and efficient product. The Product developed for the Venture fund is a Pro and an active product that will be an innovative product for the athletes. The product will offer with various kinds of advanced feature to the athletes and fitness enthusiast. The product will offer an all-round provided feature for the sport fitness from health care tracking, medical update of the user, location tracker, direction navigation feature along with the option of the save our self (SOS) to be used in the case of emergency.  The product is different from other various smart watches like the Fit bit. The runners pro will be working on solar energy and so is quite different from other products in the market. The venture capital will be focusing on the product innovation, which would comprise of the features mentioned (Peltola, Vainio & Nieminen, 2015). The product development will comprise of the different stage of product development. The principal and the main customers for the product will be the sports enthusiast who actively take part in marathon, cycling, jogging and running (Triaa, Gzara, & Verjus, 2016).

The product “Runners Pro” will be an innovative product for the sports enthusiast and sports lover who actively take part in various kinds of sports and physical activities. Tracking the health condition to overall medical update of the user of the product will be updated. Blood pressure, heart beat rate to water content level in the body of the user will determined by the smart wearable product, which is in the form of a wrist band (Lawton, 2017). Currently there are products that give the opportunity for the sportsman the facility of navigation and direction facility but the advanced pro product will give an all-round facility for the users. From health, condition to medical update the product will cover different aspect of requirement of the sportsman (Duckworth & Duckworth, 2016). The fitness and the sports industry has always thought for an all-round technological product that can give exposure to the sportsman and help them and technology come together for better innovative way of dealing with problems.  The product RunnersPro will be dealing with various kind of technological innovation that will cater to various kind of sportsman in there various field of activities from cycling to marathon the products aims at covering various aspect of sportsman in their field (Kuenkel & Aitken, 2015). The market size for the product is estimated to be around 5-6% of the New Zealand population who actively take part in the physical activities. The product will not have any kind of direct competition, as any other company or organization does not develop the product (Carayann, Sindakis & Walter, 2015). The product though experiences indirect competition from other products like “Fitbit” that provides medical and physical activity record, but RunnersPro will provide an all-round update and support not only in the field of physical activity to medical update but will also have a enabled GPS system that will provide the navigation help and an enabled save our soul (SOS) option. The sensors enabled in the product will automatically track down the heart beat rate and the calorie burned during the activity. The product will be shock proof, water resistant and will provide an all-round use for events and matches as the live update of the sportsman will be updated based on the inbuilt Wi-Fi programmer in the same. The product will also have additive features like voice assistant and will let us know about the temperature of the surroundings (Yeh, Lee & Pai, 2015).

Market Size and Competition

The report ethics will help the venture capital guide about the policy under, which the venture capital will be operating. The venture capital will be operating as per the mentioned rules and regulation of the same. The product development to innovation will be dependent and based on the different stages and the feasibility of the same will be assessed using the risk assessment tool so that the product feasibility and the assessment is forecasted (Frank, Mashevskaya  & Ermolina, 2016). The viability of the product in the context of market, industry overview, analysis of the product and the key financial evaluation will give us a forecast whether the product development will be profitable or not as per the rules and guidelines of the company.

Customer wants:

RunnersPro operates as the software powered watch that would take off as the most innovative fitness application in the growing world of technologies. The market of fitness equipment has witnessed growing demand from the consumers in both the developed and developing nations (Malhotra & Peterson, 2014). The increasing awareness regarding the health and fitness and government initiatives for promoting the better health are treated as some of the factors that drive the global fitness market for watch.

The consumers have emphasised on the cardiovascular health, strength training equipment and other equipment for maintaining the fitness. Based on the end user it is categorized into the home consumer, health clubs, gyms and other commercial users that are further categorized as the medical centres and public institutions. It is expected that the global increase in the fitness consciousness of the consumer and the level of health awareness have significantly resulted in the demand for fitness watch (Chernev, 2018). The trend is considered to be higher in the urban areas and the market is anticipated to experience steady growth in the semi-urban areas of the developing economies.

Higher price of the fitness watch acts as the major factor in limiting the growth of the fitness market of watch (Philip, 2017). A considerable amount of demand has been witnessed among the consumers in upgrading to fitness pro products offering wide range of significant fitness allowance for the professionals towards more health centred lifestyle.

Competition:

There are key players in the market that provides an in depth analysis of the fitness watch market with the present trends and future estimations to elucidate the imminent investment compartments (Weinstein & Pohlman, 2015). RunnersPro provides the competitive edge is their ability to licence and use the intellectual property of the company that takes into the form of numerous international patents. RunnersPro is innovative in the sense that watch is only fitness equipment that enables the users to stand while doing strength exercise. The software enabled watch would provide the users in conducting the specific upper or lower body workout (Marshall, 2014). The company would however face an indirect competition from the Fitbit as the watch provides the record medical and physical activities. RunnersPro however would provide an all-round update and would lend support in the areas of physical activities records with medical update and GPS enabled system that would offer navigation help with SOS options for the users as well.

Customer Wants

The competitive edge of the product is that it is enables the automatic tracking of the heartbeat rate and the amount of calories burned all through the activities. The product would be shock proof, water resistant and would offer the consumers with the all-round events that matches up with the live updates of sportsman (Hutchinson et al., 2015). There are presently ample of fitness watch producing companies in the market and numerous already released applications in the app store. However, the competitive advantage of RunnersPro would provide the users with the logical health care scenarios.

The market of fitness equipment is anticipated to experience increased growth because of the increased demand from the consumers. The watch industry has witnessed continuous change in the consumer demand and the fitness applications have turned out to be highly reasonable (Bresler & Lubbe, 2014). RunnersPro sees this as the opportunity to use the current volume of purchases to target the consumers.

Considering the review of Flurry in 2017, it is noticed that fitness watch industry has witnessed growth. Applications incorporated in the watches emphasises on the utilities and productivity reflected a 149% growth in the users over the year (Foxall, 2014). It is understood that increase in the consumer smartphone, tablets, watches and computer is driving increased use of fitness applications among the consumers. The watch focuses on the sports, health and wellness witnessed moderate increase of 49%. It cannot be termed as surprising that sports, health and wellness category is increasing at the slower pace however the analyst have predicted a disruptive change in the health care system as greater care is delivered virtually.

The industry analysis suggest that the end user segment have witnessed an upsurge in the health and clubs because of the growth in the rate of obesity with higher health consciousness among the consumers (Wagner & Eggert, 2016). This segment is anticipated to experience growth at a noteworthy rate because of the growing health awareness and favourable demographics has been witnessed primarily among the domestic consumers.

The market analysis has suggested that the domestic consumers are the second highest contributors of the revenue towards fitness equipment in the market by the end users. The segment has the greater amount of penetration in the New Zealand and it is anticipated to experience health rate of growth all through the country (Baker & Saren, 2016). The fitness watch is anticipated to remain active in the market all through the forecasted period based on the account of the higher penetration in the developed market of New Zealand.   

Creative Idea for Merchandising

Creative Idea 1: The merchandising of the product will be primarily done via ecommerce sites. These websites will be included in form of shop-nz-website, warehouse, walkerandhall and Amazon. The availability of the product online will be more attractive to the potential buyers and there will be more scope for the availability of attractive discount options through coupons codes. The merchandising of the products is done based on the simplicity of the navigation in the pages, realistic images, Excellent Customer Services and providing secure easy payment methods (Swenson et al., 2018). The merchandising of “Runners Pro” watch will begin with describing the features of the product. This will include

• GPS
• Shock resistance
• Solar charging
• Real time translation
• Walkie-talkie feature
• Application Control

Creative Idea 2: The second idea for the watch will include real-time translator, which will be able to translate the message passed by the runner to the respective authority of sports event. In addition to this, it will include several types of other unique features such as walkie-talkie app will allow real-time conversation with the event management members (Gao et al. 2018). Moreover, all the features present in “Runners Pro” will be controllable via android application.

The customer will be able to check the product in the catalogue in the website of the company in which the RunnersPro has featured thee products. The same accessible in the mobile platform. Once the customers have placed the order there will be adequate options to start processing the orders along with quality check and then only handing it over to the courier. The partner of the courier decides on the weight and volumetric weight of each batch before placing for the final delivery. Once the parcel reached the nearest delivery the package of the delivery is checked for the damages. The product is further seen to be handed over to the delivery couriers for a delivery at the door step. The customers placing the order will be identified to be having multiple number of options to clear the payments for the service. These options will be depicted to be raging from both cash payment, cards and payment apps. The service delivery aspect will be identified with presence of “Runners pro” watch in in e-commerce store, dedicated retail outlets and third-party electronic retailers (Ling, Ringrose & Markan, 2016).

The depiction of the creative ideas will be seen under the ITIL services and the management team will be able to review the requirement as per the process availability requirements. The evaluation of the creative ideas will be based on the opportunity for the facility of navigation and direction and an all-round platform for the users. In addition to this, it needs to be also inferred that the accessibility of the products in all types of mobile and PC platforms will add to the overall USP (Garvey, Weingardt & Weingardt, 2017).  It needs to be depicted that the customers will be able to read the services as per likert scale of measurement (Kaye et al., 2017). This will include

1= “Highly satisfied with the product”

2= “Satisfaction level met with certain issues”

3= “non-satisfaction with minor problems

4= “non-satisfaction with major problems”

Creative Idea	Pros	Cons	Cost Vs. Benefit Rate (1-10)	Ease of Execution (1-10)	Reversibility (1-10)
Creative Idea #1: Enabling and applying the watch with various features like GPS, Shock resistance, Solar charging, Real time translation, Walkie-talkie feature, Application Control	Adding Superior value with inclusion of various features will enable the watch with better connectivity and application of technology.	Requires extensive inputs for the application and making of the applications.	4	5	3
Creative Idea 2: The second idea for the watch will include real-time translator, which will be able to translate the message passed by the runner to the respective authority of sports event.	It will include several types of other unique features such as walkie-talkie app will allow real-time conversation with the event management members.	All the features present in “Runners Pro” will be controllable via android application which will make operation cost high.	5	6	3

The idea evaluation and selection will be reliant on different forms of contingency plans which will be beneficial in testing the various features of the product on a regular basis. For instance, in the online delivery scenario the company will be creating a relevant provision for recovery tome between orders. This will allow the company maintaining the stock in online inventory. Moreover, the components of the different aspects of the study will be taken into consideration as per the infrastructure components aimed at redundancy aspect. The management will also proceed with the relevant approach of component failure impact analysis (CFIA) and service outage analysis for determination of the type of a problem (Zhang & Harrison, 2015). The idea of the core concept of the business needs to be identified as per the provision created for the right infrastructural needs. This will be allowed to ensure unnecessary avoidance of cost which will effective in better recovery of the products in a more expensive platform. It needs to be also seen that the availability of the management process will go hand- hand with the support for the incident management, service level management and continuity of the IT services. The infrastructural idea for the monitoring software will be associated to the diagnostic capability which will be able to automatically report to any critical issue detected in the product. The ideas for the business will show the venture capital will be focusing on the product innovation aspect and specific updates. The innovative features like the presence of GPS, shock resistance and solar charging are seen to be benefitting in terms attracting more customers (Clawson et al., 2015)

The difference as per the production and sale price per unit profit will be considered with the important factors of production. Therefore, the company will consider the implementation of the various types of concepts such as standard expectations which will be beneficial as per the competitive strategies. Moreover, the value-added measurements were also effective in terms of the educational aspects, for letting the users know about the and national movement towards accountability and evaluation (Loscalzo, 2017).  

Incremental Innovation:Incremental innovation is the small innovative changes that the companies brought in the existing product. In case of RunnersPro, the incremental innovative features are the introduction of SOS system, live location tracking, medical updates, rate of heart beat and others. These are incremental features of RunnersPro. So of the other features needs to be considered with the presence of GPS, Shock resistance, Solar charging, Real time translation, Walkie-talkie feature and Application Control (Ritala & Hurmelinna?Laukkanen, 2013).

Disruptive Innovation: Disruptive innovation is an innovation that leads to the creation of new market along with value network and upset the existing market. In case of RunersPro, the product will be able in creating new market for the company with its new features by disrupting the market for the old products (Christensen, Raynor & McDonald, 2015).

Breakthrough Innovation: Breakthrough innovation can be considered as the innovation in the company that pushes the products to the next level. It needs to be mentioned that the unique innovative features of RunersPro push the concept of smart watch in the next level and it can well be considered as a breakthrough innovation (Kaplan & Vakili, 2015). A Series of small innovation and upgrades in the existing products and services of the company can be the key strength of the company in the breakthrough innovation. Implementation of the various customized services of the company in the form of breakthrough innovation will be helping the company.  Application of gesture control technology in the smart watch and inclusion of various controlling Applications. 

Sustaining Innovation: Sustaining innovation can be considered as an incremental innovation that enables the companies in sustaining the existing product. This innovation also helps in the development of a new market for the companies with the innovative product. In the context of RunersPro, it can be seen that the added innovative features of RunersPro helps in the sustainability of the product in the new as well as in the existing market (Noppers et al., 2014).

Others: The above discussion indicates towards the fact that the new added features of RunersPro will help the company in the establishment of new market in the most sustainable manner.

  Degree of innovation is an important factor and it can be considered as the innovative improvements in the existing products or new products that help in improving the performance of the new product (Mas-Tur & Soriano, 2014). The presence of this same aspect can be seen for RunersPro. The above discussion indicates towards the fact that RunersPro have some innovative and unique features installed that enhance the degree of innovation to the company. The degree of the scope of innovation is high for RunersPro as it has the features that the other smart watches do not have in the market. The presence of all these aspects increases the degree of innovation of RunersPro.

Target market attractiveness and profit potential: The target audience will be the consumers who will be willing to the latest fitness band in the market and stay updated with the technology. The primary reasons will also include promotion of a healthy lifestyle and the audience supporting and practicing the same. The aids to motivation will also be considered with men and woman aged 25-44 years and mainly ranging in a permanent income levels, management employment levels and college degrees. Therefore, the target audience will not only be the individuals who are health conscious but also concerned about fashion as well (Weinstein, 2013).

Point-of-difference and consumer value addition: The important consideration for differentiating the features of the product will be seen with two creative ideas formulated for runners pro. Firstly, this will include more customer attraction from availability of features such as GPS, SOS and solar charging. Secondly, the value addition will be seen with features such as real-time translation, walkie-talkie service and application control.

Likely Consumer Adoption: The initial adoption by the customers will be depicted with individuals having a permanent job, students, fitness conscious and athletes. In the beginning stage the consumers may face some difficulties in adopting the product due to the presence of some major advanced features. Due to this, the consumers may face confusion about the fact that whether they need the product or not. However, with the help of effective marketing strategies and promotion, the company can avoid the situation.

One of the major ways for the analysis of the organizational strengths, weaknesses along with external environmental opportunities and threats is to conduct the SWOT analysis where all these aspects are taken into consideration. The following table shows the SWOT analysis of RunnersPro:

Strengths	Weaknesses
o Innovation is a major strength of RunnersPro as the customer can get some major innovative features in this watch like healthcare tracking, medical tracking, SOS and others. o Sportsperson from different age groups can easily use RunnersPro due to its user friendly features. o It will be easily for the company to market the product due to its differentiated features (Armstrong et al., 2014).	o RunnersPro is one such product where the company does not know whether the customers really need this product or not. It can be considered as a weakness. o It is new at market and thus, may take time to gain popularity. It may also lead to low profitability.
Opportunities	Threats
o RunnersPro is the first smart watch having all these unique features together and it provides the opportunity to the company to be the market leader in this segment. o The growing demand for the quality application processor like RunnerPro can provide the company with the major opportunities to expand the business in order to gain high profitability. o RunnersPro will create business opportunity for the company by changing the needs and preferences of the customers.	o This type of revolutionary products like RunnersPro takes time to get accepted by the target customers and this aspect can demoralize the company to be persistent with the product. Thus, acceptance can be a major threat for the company along with the product. o Lack of up-gradation with the continuously changing technology can be considered as another major threat for RunnersPro as it can make the product backdated (Armstrong et al., 2015).

Competitive Gap	Explanation	Strategies to Address the Gaps
Absence of Brand Existence	The brand and the product will be new in the market so relevant strategies and marketing activities needs to conducted for the know-how about the product.	Various Marketing and Sales Activity including the better services will be the key strategies in addressing the same.
Product Portfolio	The product portfolio the company will be limited so it is necessary that the company introduces various types of services and products in the long-term	Innovation and studying the market research data about the demand and needs of the customers will be the key strategy for addressing the same.

Cost Structure: The key input used in the model used in the financial model used for the venture capital helped us determine and asses the forecast for the same.  The cost structure of the product will be around 300$ per unit, which would be able at the best price for the customers in New Zealand. The Cost will be inclusive of the charger and the main unit.

Target Market Size and Opportunity for Growth rate: The key target market for the product will be around 5-6% of the New Zealand population (Smartwatches forecast to dominate wearables market by 2022, 2019). The consumers will takes actively part in the physical activity and sports activity will be the key target and group of consumers for the product. The opportunity for the product will be dependent on the usage and the review of the product by the sport industry and the common group users of the same. However, it is key to note that after assessing the market and the industry we think that the product has the growth potential to deliver and grown 10% on an annual basis in terms of increasing revenue for the venture capital.

Consumer Purchase Quantity, Size and Preference: The purchase quantity for the product will be on a single basis, the same will be for every customer so targeting a larger customer base and spreading awareness in the form of the usage, and the benefit of the product will be useful for the venture capital. The preference for the product will also be dependent on the service the product provides and the

Requirement for Resources: The resources required for the same for the analysis of the financial model were the several kinds of expenses that will be marked as the key factor for the model evaluation. The expenses were accounted and analyzed based on the product so that the distribution is easy.

EXPENSES (Overhead)	FY-1	FY-2	FY-3	FY-4	FY-5
Premises (RENT & RATES)	20,000	20,000	20,000	20,000	20,000
Salaries	10,000	10,500	11,000	11,500	12,000
Accountant Fees	5,000	6,000	7,000	8,000	9,000
Payroll Tax	3,800	4,200	4,500	4,700	4,900
Supplier contracts	15,000	16,250	17,500	18,750	20,000
Sales and Marketing	13,000	14,250	15,500	16,750	18,000
Postage & Telephone	900	1,200	1,500	1,800	2,100
Designing of Boucher	1,200	1,600	2,000	2,400	2,800
Designing of Logo	1,800	2,100	2,450	2,600	2,850
Interest on loan 10%	20,000	20,000	20,000	20,000	20,000
Market survey	1,200	1,450	1,700	1,950	2,200
Preliminary  expenses	1,500	1,750	2,000	2,250	2,500
Lease payments	10,000	10,500	11,000	11,500	12,000

Price: The price for the product is decided to be around $300 that will be an all inclusive rate for the New Zealand customers. The price of the product is expected to remain constant for the first few years as the product RunnersPro will face competition from other developed competitors like Fitbit that has its smart watch priced at around 200-400 dollars.

Promotion: The promotional expenses incurred by the company will be around 8-10% of the total revenue and the same will be in the same range for the following financial year. The promotional expenses will be the key events that will mark the success of the product in terms of increasing revenue for the product.

Sales Forecast: The sales forecast for the company was done based on the given business and macro-economic condition under which the venture capital will be operating. The sales forecast for the venture capital for the product Runner’s Pro is said to be increasing as the business of the RunnersPro is forecasted to be increasing.

Depreciation Schedule: The depreciation schedule for the fixed assets of the company will be at the different rate of depreciation for the fixed assets of the company such as Plant and Machinery, Software Assets and Sensors and Detectors.

The cash flow analysis for the product was made depending on the key factors of the venture capital and by dividing the Cash Flow analysis into two main parts such as total cash inflows and total cash outflows for the venture capital from the product.

Profit and Loss Account: The profit and loss was forecasted for the venture capital after accounting for the same using the expected revenue and the expenses accounted for the venture.

The sensitivity analysis for the product was analyzed for the RunnersPro under three scenarios and in each case, the revenue and expenditure analysis was analyzed for the RunnersPro product. Under the base case scenario, the product was evaluated based on the expected and true value of the product revenue and expenses and the actual amount to be realized (Appendix 1). The worst-case scenario was evaluated under the scenario of 10% down turn in the revenue and rise in the expense of the company by around 10%. The optimum case scenario was evaluated under the scenario with a 10% upside in the revenue (Zhang, Tadikamalla & Shang, 2016).

Replicability: RunnersPro replicability of the product is minimal. The product in itself is a unique with blend of new features that is yet to be provided by other competing fitness watch producer in the market (Nordhielm et al., 2014). As the product is not replicable, selling the products in the attractive vertical market would enable new marketing boundaries with growing number of consumers are increasingly valuing the convenient access to use the product.

Customizability: The product can be customized to suit the need of the customers. The product offers customers to change the mode of the watch from sporty mode to regular mode. The regular mode would provide the customers with the access to time, weather and UN index.

Extendibility: The watch offers extendibility of battery power as the consumers can use the watch for a minimum of 24 hours. The power saving mode would provide customers with increased use (Kotler et al., 2017). Furthermore, the venture is anticipated to extend its operation beyond the boundaries of New Zealand particularly the Australian market. Within the two years-time the business aims to access the wider markets particularly the consumers that are involved in specific sporting activities.

Market Penetration:

The country reflects the greater penetration for the fitness watch across the world based on the account of greater rate of obesity and greater health consciousness. Furthermore, the number of health clubs and memberships are also increasing at a greater rate (Wagner & Eggert, 2016). Adopting the fitness watch with the advanced features is higher in comparison to the Asia pacific countries. The increasing rate of obesity rates and the greater spending on the fitness watch is anticipated to drive the market of the fitness watch in the region.   In addition to this, the penetration strategy will be considered with introducing an economy version of the band which can be availed by individuals not having a permanent source of income. Moreover, the penetration pricing will aim at launching with a minimise price than their competitors.

Vertical Integration:

The business would be anticipated to vertically integrate into these markets. By virtue of the fact that the product is outside the traditional industry of fitness equipment and due to the size of the company the producers are able to purchase the raw materials directly from the importer and the manufacturer (Baker & Saren, 2016). Whereas, these companies inside the vertical market is more difficult and widespread in terms of recognizing and contacting the good source of sales. 

Product development:

RunnersPro is the new and unique form of training fitness watch. The product development is cantered towards the proper equilibrium with the central nervous system. This would be accomplished in the watch to enable the end user to have the specific weight exercise and standing posture to be maintained is also incorporated in the product.

Debt Funding: The funding strategy would be based on the debt financing. In other words, the business would take loan from the banks and financial instructions. Debt financing can be basically referred as the amount of money to be borrowed to run the business (Chernev, 2018). The debt financing would provide the business with greater accessibility of the funds to meet the operating requirements.

Product:

The competitive advantage will not only be seen in terms of distinct features of the watch but also with the fashion quotient associated with a product. Furthermore, the economy pricing model will act as a key source of competitive advantage. Some of the other initiatives will be offered by making the product available in Flash discounts or flash sales in e-commerce websites. RunnersPro would provide its customers with the distinctly designed software build watch for better diversity, enjoyment and superior result. The fitness watch is programmed to motivate the client and attain the result as anticipated. The programs are formulated to attract the sportsperson, elderly people, young and middle age consumers with close supervision of the personal training with more economical costs. The product is designed in a manner to being fit that results in attracting more clients with less time off at work.

Price:

The pricing strategy that is applied by the RunnersPro is based on the competitive strategy of market pricing (Marshall, 2014). As the clients in the industry usually looks for the value and they are aware the fitness watch would offer better service leading to industry standard pricing.

Distribution:

The market strategy would also comprise of private presentation to the distribution. The company would distribute its products to the large retailers that would ultimately deliver the product to the end user. The distributors are considered useful for the business because their sales effort would ultimately lead to increased sales.

Conclusion

The viability of the product RunnersPro in the context of market, industry overview, analysis of the product and the key financial evaluation has given us a forecast whether the product development will be profitable or not. The same was analyzed via the use of the risk assessment tools like scenario analysis in order to forecast and asses the various possibility scenario at which the product will land up. However it was crucial to note that the base case scenario the worst and the optimum case scenario during the evaluation showed that the product can give a good standing up in the market even if the product due to some of the factors are not able to meet up the condition and parameters set up. The conditions and the parameters helped us carefully analyze the SWOT analysis of the product from the context of venture capital. The competition of the product was very low and the target consumer’s base is expected to increase given the product type and the feasibility of the same. Thus, we really hope that the product will bring out some good technological changes and innovation for the product make it attractive for the sportsman by helping them in their physical activities.

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