Tuesday, August 16, 2016

Reston Device and Sleep and Activity App

Reston Device and Sleep and Activity App

            Good sleep and regular physical activity is extremely important in enhancing the human health. Lack of both could be very detrimental. Physical activity, body fitness and getting enough sleep are among the issues mostly raised by doctors and in the field of medicine over time. Statistics indicate that only 38% of the people exercise (Hoeger & Hoeger, 2016), hence raising questions on the level of awareness of the importance and benefits related to exercise and body fitness. The fatigue of staying awake for very long hours can even lead to death. This problem is experienced by many people in the world due to emotional stress or depression (Pucci & Pereira 2016). Therefore, coming up with a device that can improve human health can be a lucrative business to venture in. Some devices performing similar tasks are commonly used as sleep monitors. A rest on device would not only monitor sleeping patterns but would also create tremendous cash flow as a business.
How it Functions
It is a non-wearable smart device that will be designed to improve the quality of the general health of an individual. It is made in a way that it is friendly to the user. More importantly, it does not tamper with one’s health. It is Bluetooth activated and connected to an app that records the work input in the physical activities and sleep data to the phone that it is installed in. It measures the sleep time, heart rate, respiratory rate, body movements and sleep cycles. Moreover, it provides a simple procedure to apply and as a result, you are able to experience little or no exhaustion during the day and that you are able to sleep peacefully at night.
Most of these activities hardly cause any strain on the body and most often than not, one will not realize that they are indeed exercising. You will however realize that regular repetition of these activities for a period of time will bring about positive results, both physically and psychologically (Woods, & Walsh, 2015).
Business Model
Before the product was created, the team members had to do a background research on the perception of physical activity, body fitness and sleep. It was not surprising to find out that not many people got enough sleep, due to the daily hustles of life. Many people, especially those who have to juggle between two to three jobs a day sleep for a maximum of three to five hours in a day, which is far from the recommended 8 hours (Pilcher, & Ott,1998).
Another area of interest to the company was the number of people who use smart phones. Our product is a software application feature that requires one to have either smart phone or tablet in order to get the content provided. Based on our findings, 3 out of every 5 people have access to a smart phone. This provides an added opportunity for us, since the only thing that a client has to do is to download the application on sites such as Google Play Store. It is our goal that the more exposure and perception that our product will acquire, the more coverage and round we shall cover. Our ultimate goal however is to make our product a default application to be used on the more recognized phone brands such as Samsung and Huawei.
The business model of any business should be carefully structured in order to enhance maximum success. That can only be done by dominating the market. Creating barriers that would prevent other firms from entering the market could be a good idea. Patenting the idea will prevent being copied by other individuals or even groups. Copyrights are also very important for the business as they also hinder duplication of the business idea. Selecting the best location for the business will also work in the favor of the business. Generally, all the credit for the success of the business will go with good management of the production resources employed.
Market Strategy
Advertising has been a major factor in the spread of information of our product. This has been made possible by social media sites such as face book and twitter. In addition, to advertising the product, these platforms also present the client with an opportunity of getting back to us, and giving us their feedback on the positive or negative services that our product has offered.
The price of the product will be pocket friendly, such that it will be accessible to each and every person. However, the services offered by our application will be priced separately, depending on the bouquet. The application is divided into three main packages, the Classic bouquet, the Unique bouquet and the Basic bouquet. The Basic bouquet can collect your sleeping data, and provides a list of basic physical exercises that one can take part in. This package goes for 5$. The Unique bouquet package collects the sleeping data, provides a list of basic physical exercises and provides information on the relevance of keeping fit. The package costs 10&. The Classic bouquet is the last package that contains the most benefits, according to how we have structured it. The package will, collect sleep patterns. In addition, the package will provide the client with information regarding physical exercise and body fitness and the recommendations made for physical activity will depend on the progress of the client. This means that the client will be expected to fill some personally information, such as weight, age, the body mass index and disability (if any), so that the application is able to give recommendations that best suit the client. This package goes for 15$ only.
 The fact that it non-wearable gives it an upper hand compared to the other devices that are wearable and still perform the same task. Furthermore, it allows the mattress to quantify your sleep. Therefore, once it is launched, we expect that it will record a high number of sales. With this device and the app, sleep health has been harnessed.
Opportunity Hierarchy
Due to the general health benefits that accrue to individuals when they gain quality sleep, this business is expected to yield accordingly. The price of the device might be slightly higher than that of medical sedatives and wearable devices. That might cause volatility of customer loyalty. However, the advantages of venturing in this business are much more than that setback. The following is a discussion of how the business creates customer value, its expected performance, how it fits the entrepreneur and its sustainable business model.
Customer Value
Customer satisfaction should be the priority of any business enterprise. The goods or services that the business offers should be quality and effective to ensure that. Our product is more advantageous and is most likely to ensure that all our customers are satisfied. However, with the lack of awareness of the importance of good sleep, or the side effects of medical sedatives, sales maximization might not be possible. Fortunately, with the modern technology, spreading information through advertising can take care of that. In addition, people should be made to understand that exercise is extremely important, both physically and psychologically (Hoeger & Hoeger, 2016). Being active can help a person continue to do things that they enjoy and be independent as they grow older. Taking good care of oneself is the best way of ensuring you live a long healthy life, not only physically, but also mentally. This is one of the benefits that we present to the customer. It is our number one priority to make sure that the client should always keep his health in mind at all times.
Venture Performance
This business is expected to do well in the short run and better in the long run. Considering that the costs of production are quite low, that gives enough room for maximization of the profit margin. It will take approximately one and a half years for the market of our product to break even. In addition, we expect that the market for our products will grow very fast, at around 20% per annum growth level. That is basically because of the uniqueness of the products.
This venture gives the entrepreneur an easy time to implement all the activities required. The capital requirement is quite low. Furthermore, the labor employment task is simple as one can team up with a friend or two for the same purpose. Moreover, due to the centralized skills, there is some level of confidence instilled in the entrepreneur. In addition, total control of the business provides an unlimited platform of creating a great success. This leaves little or no room for making mistakes in the business.
Hoeger, W., & Hoeger, s. (2016). Lifetime physical fitness and wellness: A personalized program.  Cengage Learning.
Pilcher, J.J., & Ott, E. S. (1998). The Relationships between Sleep and Measures of Health and Weil-Being in College Students: A Repeated Measures Approach. Behavioral Medicine, 23(4), 170-178
Pucci, S. H. M., & Pereira, M. G. (2016). Sleep Quality in Adolescents: What Discriminates Good from Poor Sleepers. J Sleep Disord Ther, 5(237), 2167-0277.
Woods, C. B., Tannehill, D., Quinlan, A., Moyna, N., & Walsh, J. (2015). Children’s Sports Participation and Physical Activity Study (CSPPA) Report 1. World.

No comments:

Post a Comment

Today's Top Picks for Our Readers:
Recommended by Recommended by NetLine

Blog Archive

Featured Post

Johns Hopkins Aramco Healthcare Business Case Study

Business Case:   Johns Hopkins Aramco Healthcare    Operations Management Report   Table of Content...