Total Health Tracker
In the wake ofchronic diseases and other killer acuities, healthy living has been acontemporary across the demographic. In fact, discussing healthyliving has taken a melancholic tone. Moreover, it is imperative tonote that everybody has always been sick and at times we all lack anunderstanding of the nutrients we need for quick recovery andrehabilitation. In the wake of manipulated and unhealthy recipes, wehave always found ourselves eating the wrong kind of foods wheneverwe are hungry. For instance, whenever we are hungry we might feed onpretzel only to later discover that our bodies are in dire need ofproteins. Patients, too, have found it hard to take basic tests,which eventually lead them to using unorthodox methods to undertakethe crucial assessments. Kayla, a nurse, delves that sometimespatients have to poke their fingers as a way of checking theirglucose levels such an unorthodox method. A few years ago as we werehaving lunch we thought about developing a device that couldsuccinctly detect whatever our body was significantly requiring.After a lot of research and enquiry we found a market gap on such adevice and, therefore, we had a chance to conceptualize our idea.Since then, we have been able to develop our idea into a businessthat designs and develops the conceptualized device, Total HealthTracker.
Idea/ Concept’s Outline
Our device iscalled the it has made life easier for peoplewho need to constantly check on their body nutrients’ requirements.Our device has been significantly embraced in the health sector dueto its unique specifications. The bottom line of this emblem isadvising a person what he or she needs to eat and at what time.Simply, it acts as a nutritional advisor. Its specifications allowfor telling a person when he or she is lacking protein according tohis or her nutritional requirements. Moreover, the device is keen onadvising an individual when he or she is deficient of vitamins andother crucial requirements that are needed for a proper functioningof the body.
One of the bestfeatures of this device is that it is capable of sensing a low immunesystem. Considering the importance of the immune system on the properfunctioning of the body, this device becomes very important incounterchecking the health of a person. In ensuring the enhancementof a person’s health, the device is also capable of countercheckingthe health of an individual. Determining the blood sugar level of anindividual is very imperative nowadays this makes the devicesuper-effective on health issues. Pursuant to the blood sugar levels,the device is also capable of testing when the body is gettingdehydrated. It also offers warning when the body appears to begetting dehydrated.
The device iscapable of keeping logs of each day on matters regarding anindividual’s health while also storing an individual’s monthlydata on issues regarding their wellbeing this makes the app veryuser friendly. While it has an option of checking a person’s vitalsfour times a day, it also has a button which when pressed checks forvitals in unscheduled times. Most importantly, the device has afeature that allows an individual to get notifications whenever hisor her body is acting absurdly.
Sustainable Competitive Advantage
As the designersand builders of , we ensured that we developed adevice that is valuable to health consumers. In this case, ourcompany has ensured that patients do not have to prick their fingerson matters related to diabetes. This product combines multipleproducts into an individual emblem to enhance the convenience of theconsumer. The usability of our user is necessitated by the fact thatit uses photoplethysmography technology to test for the vitals neededin the body. This technology makes it hard for competitors toproduce a similar device, in a situation which expands our advantage.Moreover, our company’s internal knowledge does not allow forcopying of this particular device. In this case, it would beimperative to note that another company would find it had toreplicate a similar software.
Technologicalbarriers appear as the most outstanding challenges of developing ourproject. It becomes very hard for our company to provide clients withconcepts of upgrading the since today’stechnological world is infested with hackers and buggers. The issueof updating our device in line with the emerging trends stands out asthe most significant barrier in our project. Moreover, making ourdevice affordable to the general demographic segments irrespective oftheir economic status has also been a great challenge. It would beour company’s pride if we saw a person of any economic levelacquiring our product. In fact, it’s our pleasure when we see loweconomic level persons buying our product. Nevertheless, the generalenvironment has favored us by the fact that the general demographicis being considerate of their well being and are being conscious ofour product.
Barriers to Entry
Entrance to themarket proves to be a very arduous task for our enterprise and othersimilar businesses. In this case, it appears hard to develop a brandthat can penetrate the market and persuade consumers that they canchange from their unorthodox methods and use our customized devices.We are also endowed with ensuring that we create a brand that haseasy to use features in which case consumers of all ages can use thisparticular product. Ensuring a complete distribution of our producthas also been quite challenging. Our logistics have always been metby challenges, which shorten our capability to reach the people. Inthis case, it appears that we have a short hand that fails to marketour product through the retailers. It appears that we have to raiseour hand on matters regarding marketing our product throughretailers.
Our company isendeared towards creating a strategy that leverages on themultiplication of competitive price, focus, and productdifferentiation to ensure that we overcome our competitors andconquer the market. The identification of these aspects was purposedby the need to create a totally different strategy in this sector.Our greatest competitors are the Apple watch, Fitbit, Blood glucosemonitor, and MyFitnessPal app. In our comprehensive strategy, we arekeen on convincing our consumers to delineate from substituteproducts and other potential entrants. By delineating thesubstitutes, our company will be able to increase the number ofsales, especially in the health sector. Irrespective of anything, ourdevice stands out as the best among the substitutes due to itsmultivariate functions. New entrants provide a very futile threat toour business. Due to our technological strategies, our company willbe able to wade off the effect of new entrants in this specificmarket. However, it is imperative to note that our competitiveadvantage does not guarantee complete advantaged entrance in themarket. Our product, notwithstanding, provides innovativeness thathas never been experienced in the health sector. This fact makes ourproduct more outstanding in the market of health products. On thatregard we can leverage on competitive advantage to make supernormalsales. Once the market of this product is expanded, we expectspiraling demand since this is the first product of its kind in thehealth sector. Irrespective of the challenges in the market, weexpect to make a breakthrough in the market, especially in theindustrialized countries. On that regard, we are better positioned tomake expansionary plans.
Sales and Margins’ History
As expected, oursales have been constantly ballooning. Since our product is unique ofits kind, it is expected that our products’ sales should take up apositive trajectory path. As its common with all businesses, ourcompany behaved badly in the first year. However, in the last twoyears, our revenues have been increasing significantly. For instance,in 2015 our net revenue was $18 000 while in 2016 it was $79 050.This is an indication that our profits have been consistentlyincreasing, which is a good indicator in business. In the first year,our company must have behaved badly since it was a new entrant in thehealth market. However, within a single we have been able to make a400% increase in profits which is very healthy businesswise. Besidesthat, it is important to note that our products cost us $21 to designand develop while we sell them at $150. In 2015, we sold 120 unitswhile in 2016 we sold 527 units. The initial expenses must have beenvery high due to the acquisition of fixed assets and ironing out ofvariable costs. The profits actualized in the first year were,therefore, justified.
Previously, ourcompany has been financed using our savings. In fact, the startingcapital was raised using our savings and excess resources. We werealso supplemented by a $50 00 loan from a bank. This loan was,however, used to purchase equipment. In this case particularly, weare requesting a funding of $175 000. The money offered to us byGorillas will be used to first of all pay off our loan of $50 000,which was used to purchase the equipment. By repaying this loan, wewill be sure to increase faith with the bank, one of our futurepartners. The remaining amount will be used to improve the TotalHealth Tracker application to make it easier and more pleasant touse. The band in the device would also be made more comfortable andwater resistant. In line with enterprise trends, it will be importantfor our company to hire a marketing agent that will ensure ourproduct takes the market en masse. By utilizing an advertisingcompany, our firm increases the number of sales increase the sales bythree times. This particular strategy is aimed at ensuring people getto know more of our products, resultantly increasing the sales.
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