Health and Wellness

Anonymous
timer Asked: Oct 18th, 2018
account_balance_wallet $20

Question Description

a sufficient number of body slides to summarize the marketing plan, and a references slide in APA format. Quality presentations also use a light background, dark font, three to five bullet points per slide, and consistency among all slides.

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[TYPE THE COMPANY NAME] Synergy Health Wellness Healing Begins Within Herrisha Morris 9/30/2018 Table of Contents 1. Executive Summary.................................................................................................... 1.0 2. Company Description ................................................................................................. 0.5 3. Strategic Focus and Plan............................................................................................ 1.0 a. Mission/Vision Statements b. Goals c. Core Competency and Sustainable Competitive Advantage Situation Analysis ................................................................................................................ 1.0 a. SWOT analysis • Internal Strengths and Weaknesses: Management, Offerings, Marketing, Personnel, Finance, Manufacturing, and Research and Development (R & D) • External Opportunities and Threats: Consumer/Social, Economic, Technological, Competitive, and Legal/Regulatory b. Industry Analysis c. Competitor Analysis d. Customer Analysis Market-Product Focus ......................................................................................................... 2.0 a. Marketing and Product Objectives b. Target Markets c. Points of Difference d. Positioning Marketing Program .............................................................................................................. 2.0 a. Product Strategy b. Price Strategy (i) Break-even Analysis c. Promotion Strategy d. Place (Distribution) Strategy Financial Data and Projections ........................................................................................... 1.0 a. Past Sales Revenues b. Five-Year Projections 8. Organizational Structure ............................................................................................. 0.5 9. Implementation ........................................................................................................... 1.0 10. Evaluation and Control ............................................................................................... 0.5 C. References EXECUTIVE SUMMARY Description of the Business At, Synergy Health and Wellness dieting is not part of our vocabulary. We believe in a positive, holistic approach to health that incorporates fitness, nutrition, and lifestyle changes. The health and wellness industry is growing rapidly as individuals become eager to reap the benefits of a healthier lifestyle. An abundance of research has found correlations between wellness, worker productivity, happiness, and life expectancy. However, starting the journey towards a healthier lifestyle is difficult and even harmful without the correct resources. For example, many popular diets and fitness regimens can actually cause more harm than good and only produce short-term results, leaving individuals frustrated and discouraged. Synergy Health and Wellness solves this problem in the area by offering superior, personalized, and convenient health coaching to our clients. Our experienced coaches emphasize the importance of maintaining a feasible fitness regimen, having a balanced nutritional plan, and developing behaviors that will produce long-term results enabling our clients to live happier and healthier lives. Company Tag Line: Healing Begins Within Mission / Statement: The mission of Synergy Health and Wellness is The Mission of Synergy Inc. is to bring preventative health solutions, as well as to improve health and well-being by creating an environment that opens one up to their inner wisdom of healing body, mind and spirit. We believe in providing essentials for a healthy body, both on the inside and the outside, using natural methods that are chemical-free and allow the consumer to take responsibility for their health. Vision: To be New York premier wellness center where complementary therapies are integrated with conventional medicine to provide a personalized holistic health care experience. Core Values: • Listening to, and Empowering Clients • Embracing Team Approach • Treating Clients with Non-Judgmental Acceptance • Encouraging Education for Ourselves and our Clients As Synergy Health and Wellness offers a one stop for holistic healing services, the care model embraced involves a TEAM approach with six components: 1. Preventive Care 2. Personal Responsibility 3. Partnership between Client and Practitioner 4. Health Education 5. Cohesion of Mind, Body, Spirit 6. Integration of Complementary and Conventional Treatments Goals: The Synergy Health and Wellness will strive to increase the well-being and productivity of all employees, through the enhancement of all aspects of health. The program seeks to increase awareness of positive health behaviors, to motivate clients to voluntarily adopt healthier behaviors and to provide opportunities and a supportive to foster positive lifestyle changes. Measureable Outcome/Impact Objectives for FY 2018-2019 • • • • By the end of FY 2018-2019, 5% of clients returning surveys will report that having a By the end of FY 2018-2019, 5% of employees who have participated in “Awareness” activities increase their knowledge about healthy lifestyle behaviors. By the end of FY 2018-2019, 5% of clients who have purchased spa merchandise By the end of FY 2018-2019, 5% increase in new clients Direct Competitors Within the Hampton community, there is no single key competitor; however, there are several smaller competitors within the market. Self-employed personal trainers, nutritionists, health coaches and consultants are the largest direct competitors because they offer services that overlap with Holistic Health’s offerings. Larger fitness clubs such as Fort Sanders Health and Fitness Center and National Fitness Center will also be competitors since they offer additional, specialty amenities to members including spa services, smoothie bars, and tanning. Also, some businesses in the area already offer health services to their employees featuring amenities such as a gym and an in-house personal trainer and nutritionist. Indirect Competition Our major indirect competitors will be online wellness services and smart phone applications that have become increasingly popular including MyFitnessPal and Sweat with Kayla. Additionally, built-in smart phone applications and wearable technology such as Fitbits and Apple Watches have made it easier for people to automatically track their everyday fitness and could potentially deter them from seeking out additional health services. Competitive Strengths Synergy Health and Wellness has much competitive strength and we believe in our ability to Synergy Health and Wellness become the top competitor in our market. The following matrix summarizes Solution’s competitive strengths compared to our competitors. Synergy Health and Wellness will compete due to our holistic approach and expertise in nutrition, fitness, and long-term lifestyle changes. Nutritionists and personal trainers specialize in one area, which is ineffective in the long-term. Furthermore, it is more expensive to hire both a separate nutritionist and personal trainer, which would also likely result in two, non-synchronized plans. Additionally, our services will be highly personalized compared to large fitness clubs who have upper-hundreds of members. The client-coach relationship will be at the core of what we do, which is a feature unavailable when using an online fitness platform. This client-coach relationship will increase our customer loyalty and increase accountability, which will in turn improve our client’s results. Holistic Health Solutions will also compete by offering a community to our clients where they can share in each other’s journeys to a healthier lifestyle. Currently, none of our competitors are creating this type of atmosphere, but Holistic Health Solutions believes it will be extremely beneficial for our client’s long-term results. Two of the company’s greatest competitive strengths will be our brand, characterized by a strong reputation within the community, and client capacity. Unlike the many selfemployed individuals in the market, we will have the capacity to take on over 200 clients by the end of Year 4. As we gain clients, our reputation as the superior health coaching business in New York will grow. This strong brand reputation will also attract the best and most experienced health coaches who will benefit from coaching under the Holistic Health Solution’s name. Quality, as measured by results achieved by clients and service, is strength. We will out compete online services and premium fitness clubs that offer a lower-quality service. And although there is some uncertainty concerning in-house workplace wellness programs already in place at local businesses, Holistic Health Solutions is confident in its ability to create a superior workplace wellness program. SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing CF. Strengths • Results-orientated approach to attracting and maintaining customers. • A well-researched, detailed health wellness program that is long-term in focus. • Intensively trained staff. Weaknesses • High costs associated with customized, personal service. • The inability to work on a high volume business model. • The costs of attracting a large corporate client. Opportunities • Participation within a growing market. • The large increase in clients that follows with the acceptance of CF's program by a single company. • The ability to leverage future quantitative analysis that supports the contention that long-term wellness programs have a significant, positive impact on a company's bottom line. Threats • Lack of immunity to an economic downturn. • Potential competition from larger, well established competitors. • A change in society where the individual begins to take far more responsibility for his/her health maintenance. Marketing Strategy Synergy Health and Wellness will begin by targeting small- to medium-sized businesses in the New York area. The first task is to convince executives of the benefits and needs of wellness programs. This will be accomplished by aggressively pursuing interaction and relationships with business professionals who would profit from using this service. Once a strong image is established, Synergy Health and Wellness will use similar strategies to market its services to larger corporations in New York and other areas of expansion. Marketing Mix Product- Synergy Health and Wellness primarily provides a health and wellness service: The secondary services include yoga and nutrition counseling. Products in the pro shop are food and drinks: bottled water, coconut water, Kill Cliff recovery drinks, Jerky/dried fruit packs. Supplements sold in the pro shop are minimal, but include fish oil, vitamin D, magnesium, and protein powders. There are also athletic tools like jump ropes, wrist wraps, water bottles, and yoga mats. Finally, the pro shop products include promotional/loyalty items like bumper stickers and t-shirts. One product strategy is to offer premium services that go above and beyond the health and wellness. As mentioned before, this includes yoga and nutrition counseling, as well as classes. Price- In the pro-shop, prices are based on the wholesale price Synergy obtains and MSRP. There is little room for differentiation in the pro-shop pricing. The services Synergy provides are priced in a variable and tiered way. The tiers are based on number of gym visits per week as well as the length of contract signed (Bronze-1x per week, Silver-2x per week, Gold-3x per week, Platinum-Unlimited). All membership prices include free yoga, quarterly coaching support, and nutrition coaching. Discounts are offered to the staff’s friends and family, students, teachers, and military personnel. Pricing is also seasonal, and summer discounts are offered as it’s the slowest season for membership-based gyms Synergy pricing model is competitive, yet used to establish image. Synergy doesn’t undersell itself by pricing their services too low, yet they are also not the highest-priced membership in the area. The strategy for pricing at Synergy is to maintain a competitive edge without selling ourselves short. Keep prices tiered and variable; adjust them seasonally and offer discounts. The owner will be tasked with evaluating the pricing plan with the help of the accountant, and adjusting as needed. The pricing in the pro shop is based on MSRP, but should also be evaluated by the owner and accountant. Place-Synergy is a single-location. The Hamptons is a great location. There is easy access, so clients living and working in suburban neighborhoods can reach the health and wellness center easily. The neighborhood isn’t saturated with wellness center . Parking in this area is more abundant than these neighborhoods, and is free instead of pay-for.The location of Synergy as adjacent to the community garden and other wellness-minded businesses is proof positive that the neighborhood is a good choice. Promotion- Synergy will increase customer awareness with multiple internet-based methods. The gym will be listed on the official Synergy Affiliation website, and will pop up on Google Places with a simple search. Synergy is also listed on Yelp and other review-based websites. Social media is an indispensable tool: Synergy has Facebook, Twitter, and Instagram pages all connected to clients and staff. Synergy does not need to pay for advertising on TV, radio, or print. Instead, physical signage at the gym, reputation and word of mouth, and visible presence at local Synergy health competitions will be great promotional tools The promotion strategies for are to maintain a strong social media presence, create a new website, and work on search-engine optimization with marketing experts. Updating Facebook, Twitter, and other social media outlets will be tasked to each intern and coach. A quarterly email newsletter, taking video testimonials, and maintaining the gym’s website will be delegated to specific gym staff who have expertise in those areas. Lastly, each coach, intern, and current client will be asked to write Google and Yelp reviews to boost the online presence of the gym in a legitimate way. Marketing Objectives 1. Generate a 10% yearly increase in sales. 2. Increase market penetration every quarter. 3. Continue to cultivate Synergy Health and Wellness image as the premier longterm wellness program provider. Financial Objectives 1. Decrease customer acquisition costs by 4% every two quarters. 2. Lower the cost of service delivery by 1% a quarter. 3. Holding spending, as a percentage of sales, at a steady rate. Target Markets The consumers targeted in this strategy are high income-high spend consumers who are the main source of demand for luxury spa and wellness products and services. The primary geographical markets that will be targeted in the short to medium term are: • • • • In the US - major cities in the Mid-Atlantic States region including Florida In Canada - Toronto, Montreal In UK – London and the greater London regions Germany - Frankfurt and Cologne Targeted marketing will be underpinned by a strong web presence which will both be consistent with the targets identified in terms of web adverts, and search engine optimization etc., and also be flexible enough to reach other markets that are not explicitly targeted. Positioning Fitness will position themselves as the most effective wellness strategy and program developer. This positioning will be supported by statistics indicating an increase in worker productivity and a decrease in business operation expenses from the implementation of wellness programs. Projections Overview Synergy Health and Wellness will receive its income solely from membership fees received at the beginning of the month in Year 1-2 and quarterly from Year 3 and onward. Because Holistic Health Solutions is a coaching service, there is a low cost of capital and few variable expenses resulting in a clean balance sheet and strong cash flows. During initial periods of growth and expansion, net income will go negative; however, the company will have enough cash on hand to operate without additional outside investments. Initially, the CEO/Owner will invest $5,000 into the company and will seek an additional investment of $20,000 to cover website and mobile application development. Income Statement Synergy Health and Wellness will have a positive net income in Month 2, Year 1. Due to the simple, part-time nature of the business, there are low fixed and variable expenses during the first two years of operation. However, net income goes negative again in Quarter 1, Year 3 after taking the business full-time, hiring more employees, and moving into an office space. Monthly expenses nearly triple at this time. However, with new regular clients growing at 12%, new prime clients growing at a 15%, and introducing the workplace wellness programs, the company is able to realize a small positive net income in Quarter 2, Year 3. Net income will continue to grow up until the Expansion Phase begins in Year 5. There is a sharp drop in net income during Year 5 when the company expands to an additional location and hires in-house accounting, marketing, and human resources personnel. We expect net income to return positive after Year 5. Balance Sheet As a coaching service that requires little PPE Synergy Health and Wellness is able to maintain a clean balance sheet. In Month 1, Year 1, the company will search for an investment of $20,000 in addition to the $5,000 investment from the owner. The $5,000 will cover important health industry certifications while the $20,000 will be used for mobile application and website development. By the end of Year 4, Holistic Health Solutions expects to have total assets of $257,350 with no current or long-term liabilities. Owner’s equity will increase consistently as retained earnings increase up until a slight decrease in Year 5. Cash Flows Synergy Health and Wellness ability to generate positive cash flows relies greatly on the business’s ability to attract and retain new clients and maintain a low level of PPE. That being said, the $(20,000) $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 Year 1 Year 2 Year 3 Year 4 Year 5 Net Income Years 1 - 5 24 company is confident in its ability to grow its client base quickly in order to cover phases of growth and expansion. PPE investments are expected periodically as more coaches and employees are hired and a larger PPE investment will occur in Year 5 when the business expands to a second location. The positive cash flow generated in the first two years will help the company fund the transition into full-time and an office space in Quarter 1, Year 3 and the sharp increase in cash during Years 3 and 4 (see Figure 9) will help offset the decrease in net income in Year 5. References B. (2018, September 13). Everything You Wanted To Know about the 'GMO Banana'. Retrieved from https://explorebiotech.com/everything-you-wanted-to-know-about-genetically-modified-banana/ Laurence, E. (2018, June 12). Want to launch a wellness business? 7 top entrepreneurs share their best tips. Retrieved from https://www.wellandgood.com/good-advice/start-business-wellness-advice/ ...
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Tutor Answer

Alphabet
School: Carnegie Mellon University

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SYNERGY
HEALTH & WELLNESS
HEALTH BEGINS WITHIN

ABOUT SYNERGY
• Synergy is a health and wellness company
• Founded on principles of holistic approach to health
that incorporates fitness, nutrition, and lifestyle
changes

• Superior, personalized, and convenient health
coaching services
• Experienced coaches emphasize the importance of
maintaining a feasible fitness regimen

• Long-term results

HEALING BEGINS WITHIN
VISION: To be New York premier wellness center where complementary therapies are integrated with conventional medicine to
provide a personalized holistic health care experience.

MEASURABLE OUTCOME/IMPACT OBJECTIVES FOR FY
2018-2019
• By the end of FY 2018-2019, 5% of employees who have participated in “awareness” activities
increase their knowledge about healthy lifestyle behaviors.

• By the end of FY 2018-2019, 5% of clients who have purchased spa merchandise

• By the end of FY 2018-2019, 5% increase in new clients

COMPETITION
• Several smaller competitors within the market.
• Self-employed personal trainers,
• Nutritionists,
•...

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Anonymous
awesome work thanks

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