4-1 Assignment: Business Model Canvas

PROJECT OUTLINE for We are Connected!! 2

Project Outline: We are Connected!! For W&Y Corporation

BUS 400

Cierra Bogan

Southern New Hampshire University

PROJECT OUTLINE for We are Connected!! 1

March 13, 2022

About We are Connected!!

We are Connected!! is an application in the social media platform intended to help the users have a different experience with its usage. Through this application, users will connect with their phones, tablets, or iPhones and have the best experience ever since they will navigate through various platforms with a click of the tabs. More so, We are Connected!! It has a unique feature connected to one's fitness device, enabling it to synchronize with the device's pedometer. In such a case, the application will monitor one's heart rates and progress during their fitness program. Moreover, with the numerous and unique features of this application, users will have a platform to share their fitness progress with other people within their localities and across the world. Lastly, through this application, users will reach out to each other, motivate, engage and be accountable to their fitness progress throughout their fitness journey.

Goals

The goals and objectives of this project are to provide users with a unique feel and experience of their fitness journey. It is an application that alternates with gyms and fitness centers, focusing on offering the users the unique feel and use of their time, energy, and money within the fitness facilities. More so, since the application allows the users to interact with a wider base of users across the globe, users will be motivated, encouraged, and engaged throughout their journey.

Target Customer

Today, many people visit gyms and fitness centers to ensure that they are physically fit and active health-wise. That implies that the target customers for this application will consist of a vast majority of individuals between 15-35 years old because they are the most active individuals on both social media and fitness. More so, these individuals fall in between the rich and middle-class families earning an annual gross salary of $60 000. Currently, the market segment for individuals using gyms and fitness centers is higher, with more people demanding to work out and become physically fit, especially after the long lockdown measures due to the Covid-19 pandemic. Currently, after lifting some of the measures, We are Connected!! Has tremendous customer base improvements, creating the need to have this application to help the customers share their progress. Furthermore, the fitness industry is growing, prompting a need to improve the sector and make it unique and attractive.

Market Opportunity

Big and famous companies such as Nike and Fitbit have a strong competitive advantage in the fitness industry; however, such companies do not have the We are Connected!! Application. Therefore, such companies should consider incorporating this application into their activities to grow the fitness market while increasing growth cohesion, accountability, and morale. Furthermore, individuals between 15-35 years are tech-savvy enthusiasts that crave new features to add to their fitness experience; therefore, We are Connected will show them that they got their back and will deliver according to their standards. It will give the consumers a platform to instantly interact and respond to fellow trainers and share workout handouts.

Financial Opportunity

Adding this new application to fitness and gym services will automatically lead to increased revenue collection. Adding this application to Under Armor Inc. will increase the company’s revenues. This is because Americans love gratification and social networks. More so, a combination of fitness services offered at Under Armor with the application after the Covid-19 lockdown will attract significant profit margins in the company. Under Armor has developed a new social networking application, stocks have always risen, attracting a higher consumer base and increased revenues. If the application works exceptionally perfectly as expected, Under Armor will expand its product line to have more fitness devices and applications to maximize profits within the company.

Timeline

Under Armor is a big company that can fund new projects like the current application service. Furthermore, with the current boom in the fitness industry due to Covid-19, Under Armor should quickly establish the required prototype and capitalize on endorsements using famous players and physically fit sportspersons within the brand. Hence, I would propose that the application be developed and launched within one year because Under Armor has all the resources and personnel to make this a success.

References

Solntsev, I. V. (2021). Application of innovative digital products in the sports industry. Strategic decisions and risk management.