Opportunity
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The forces: I believe that there is a growing
opportunity for insurance companies to capitalize on societal trends while
encouraging society to become healthier through monetary motivations. I think
that with capitalism being the dominant driving force in America, there is room
for insurance companies to adapt to recent trends and make money.
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The market is filled with individuals, ranging
from people that want to join the fitness community, individuals that are physically
active already, or people that want to be encouraged to live healthier
lifestyles through monetary gains.
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Innovation
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My business idea is incrementally innovative, as
it would serve to improve the strategies of already existing insurance
companies.
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Venture Concept:
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I do not believe that there are any competitors
in this market, which is why I believe this idea could be so successful. Additionally,
I think customers would be interested in switching to this product because it
could save them money. The only issue I might run into as a company is encouraging
individuals to opt-into these programs at their respective insurance companies
and making them aware that this product exists. I would organize a business of
10 individuals to start up my project, with emphasis on a sales and program
development team in order to stabilize the business at first.
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Three elements:
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Customer Service: Individuals will be able to
access our company 24/7 to file any problems they may have for us to improve
and work on their systems.
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Design team: Developers will cater each business
design plan to the format that they desire.
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Sales team: I want our sales team to be
extremely friendly and accommodating in order to build a trusting relationship
with our clients.
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What’s Next:
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I think what is next for my business is to open
up physical gyms with a network of doctors and insurance company consultants
present in nearby areas or within the same facility.
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For me:
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For me, I hope to sell my business to a
potential buyer to finance my children’s future and to enjoy my life with my
husband gives!
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Feedback:
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I did not do the last venture concept assignment,
so I did not receive any feedback yet.
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How I’ll adapt
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I will adapt my Venture Concept according to the
comments I receive on this assignment.
Hi Meghan, I think you did a good job reflecting on your business opportunity and how your venture concept can exploit that. Specifically, I think you are thinking correctly about how customers will be able to gain awareness of your product and be able to utilize it. Luckily I think the insurance companies that adopt your product will do most of the promotional activity for you.
ReplyDeleteHey Meghan! You definitely seem to have a good grasp on the concept of your business concept. You've done a great job developing it over the course of the semester. If you decide to go with this plan, you can run a profitable and culturally beneficial company. Keep up the great work!
ReplyDelete