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Business Concept

In: Business and Management

Submitted By lexilee
Words 1720
Pages 7
UV Fitness Watch | Business Concept | MGB223- Entrepreneurship & Innovation |

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Name: Alexis McTaggart
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Student Number: N9666176
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Tutor’s Name: Selene Pennetta
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Word Count: 1338
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Name: Alexis McTaggart
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Student Number: N9666176
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Tutor’s Name: Selene Pennetta
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Word Count: 1338 |

tABLE OF Contents 1.0 The Problem and Soltuion 2 1.1 Background 2 1.2 Solution 2 The computerised apps include the following features: 3 2.0 Business Opportunity 4 2.1 Feasibilty 4 • Is it novel? 4 • Is it patentable? 4 • Is it technologically feasible? 4 • Is it better than rival products? 4 • Does somebody want to buy it? 4 • Can we make it with our resources? 5 • Is there a sizeable market? 5 • Are forecasted returns greater than costs? 5 • Are the risks acceptable? 5 3.0 Business Model and Strategy 0 3.1 Business Model 0 3.2 Business Strategy 0 4.0 Reference 1

Childrens Uv & fitness watch
UVFIT
1.0 The Problem and Soltuion
1.1 Background
Technology has made a path into the lives of nearly every Australian child. Televisions, tablets, phones and consoles have given children the power to experience what previous generations could have only dreamt of. Knowledge, entertainment and memorises are simply accessed at the click of a button, but are all these benefits without a consequence? Sadly the immense immersion of kids now using technology, for such extended periods of time, comes at the expense of their health and wellbeing. Many leading research organisations such as The Heart Foundation have found that 80per cent of children between the ages of 5 and 17 are not getting their recommended daily exercise and that more 80per cent of children are spending more than the recommended limit of 2hours behind a technological device. The flow on effects from the over-use of technology is also leading to an alarming amount of nutritional deficiencies found in children, in particular the increasing cases of vitamin D deficiency. (ABS, 2014) For children vitamin D is important as is it regulates the absorption of calcium, helps to facilitate a normal immune system and critically improves a child’s resistance against diseases. (Krucik, 2013)In order to help turn these statistics around and foster a society that aims to help children change their bad technology habits, it is time to educate on sun safety and turn getting outside and exercising from being a chore to something that children want to achieve and are rewarded for doing so.

1.2 Solution
The UV fitness Watch is the product to rival all others and the solution to this health epidemic. It incorporates a smorgus-board of tech-savvy features that not only have one function but many that work together to help improve the health of children and help aid parents to keep track of their kids activeness and UV intake. The UVFit Watch will be interactive fun and motivating. With the ability to be linked to computerised apps, that are designed separately to be specific for each child and their parents, it provides features that no other device as yet incorporated.

The UV fitness watch will include the following features: * Digital watch * UV sensor that reads the UV level when the device is exposed and the length of time at which the device is exposed for * Alarm (vibration) to warn of high UV exposure (this is customisable in the parents app) * Fitness tracker (pedometer, distance travelled, calories burnt)

The computerised apps include the following features:
Children’s app- * Ability to create a customisable avatar that is a realistic representation of the user (skin colour, eye colour, hair colour, age). The avatar will be linked to medical research and developments that will affect what degree of UV exposure is appropriate for the user * Tracker and report for their fitness per day * Tracker and report for their UV intake per day * Games and rewards that are unlocked and received when fitness and UV targets are met * Ability to add close friends upon request and compare results and complete exercise challenges together * Alarms/warnings to apply sunscreen and to wear sun protective clothing when exposed to the sun at certain UV levels and over extended time periods
Parent’s app- * Daily, weekly and monthly progress reports on their child’s activities * Information specific to their child’s progress to help provide knowledge of the health benefits and consequences * Customisable notifications that warn the parent that their child is exposed to excessive UV rays and what level of sun protection should be exerted * Customisable notifications that notify the parent if their child is lacking in daily exercise or hasn’t moved over extended periods

2.0 Business Opportunity
2.1 Feasibilty

* Is it novel?
The UV Fitness Watch is different to all other UV bracelets and fitness watches because never before have the two features been incorporated in one and then further transferred into a computerised application that is interactive for children and informative for parents. * Is it patentable?
This product is new, innovative and provides a use in society. There are no previous patents for a product that is similar which means that the UV Fitness Watch is a patentable product. * Is it technologically feasible?
Due to recent technological advancements, the creation of rival products such as fitness trackers, UV bracelets and Apps, provide proof that the development of the UV Fitness Watch is a technologically feasible product.

* Is it better than rival products?
When evaluating the rival products none host such a combination or array of features. These features are also not simply independent (have one sole function) but work together to produce and contrast information for the consumer. The UV Fitness Watch is customisable, allowing accurate health information to be provided and data that is specific to the wearer and for the wearer’s parent. Backed by clinically proven results and the latest medical research it is a product that can be trusted to better the health and wellbeing of children across the nation. * Does somebody want to buy it?
Parents can struggle to get through to their children when it comes to being more sun safe and to participate in regular exercise, however through this device could in fact motivate their child to independently be more active and sun safe. Parents who care about their children’s health and wellbeing would be eager to try a health tracker that is hidden behind the disguise of a new exciting watch that every kid has to have.
Children are immersed in new technological developments and with the recent surge of interactive watches for adults, children are yet to be catered for in the market. Being an interactive, fun and colourful watch specifically designed for children, providing children with the visible capabilities to see their own progress and be empowered when they achieve their goals would make this product very appealing for them. * Can we make it with our resources?
With the owners initial capital investment the idea was able to be patented, giving our company the boost of having the original idea secured as intellectual property. With two key partners including The Cancer Council and The Heart foundation, they have provide the financial resources to be able to support our future growth and development

* Is there a sizeable market?
With currently 1 in 4 children being classified overweight or obese and an increasingly large number of kids becoming vitamin D deficient, the market is not only extensive but are in need of a device to turn these detrimental statistics around. * Are forecasted returns greater than costs?
With medical foundations and large companies providing funding to roll out this UV Fitness Watch the costs of development and production are significantly offset, leaving room for greater finical returns. * Are the risks acceptable?
The UV Fitness Watch is an achievable product that has a viable market. The financial risks behind the development, manufacturing and distribution are acceptable as they will be overthrown by greater returns in the future when the product is released on the market.

3.0 Business Model and Strategy
3.1 Business Model
After assessing the business opportunity for the UVFit Watch, recognising the potential for the device to fill a void in the Australian market, our company has developed a business model and strategy that will plan the direction and goals for the business and will lay the foundations for its future prosperity.

3.2 Business Strategy

Business strategy
Our vision for the UVFit Watch is to become the leading producer and distributor for our unique UV sensor technology in Australia and then further expand throughout the global marketplace. Over the next few years we wish to dramatically improve the quality of health and wellbeing of the current and future generations. This will be accomplished through providing a device that is fun, safe and changes society’s perspective on sun safety and the importance of living a healthy lifestyle. We want to raise awareness and contribute valuable funds to the leading research organisations so they can help develop a cure for the diseases associated with extensive sun exposure and lack of physical exercise.
With the Cancer Council and The Heart foundation as our leading partners we strive to lead the way in everyday health monitoring technology. We endeavour to always be on the forefront of technological software and hardware development to further enhance the health benefits for our users and society, whilst creating barriers for future competitors. We aim to efficiently produce a mass quantity of watches that will allow our company to extensively distribute across many leading retailers and as a result make our watches more accessible and affordable for consumers. We aspire to carefully craft and implement new and exciting marketing strategies to increase our consumer base and develop an extensive customer relations management system to generate customer loyalty and ongoing support for our users.

4.0 Reference
Australian children among least active in the world: report. (2014). ABC News. Retrieved 3 April 2016, from http://www.abc.net.au/news/2014-05-21/australian-children-among-least-active-in-the-world/5466544
Australian Health Survey: Biomedical Results for Nutrients, 2011-12. (2013). Abs.gov.au. Retrieved 2 April 2016, from http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/4364.0.55.006Chapter2002011-12
Krucik, G. (2013). The Benefits of Vitamin D. Healthline. Retrieved 17 March 2016, from http://www.healthline.com/health/food-nutrition/benefits-vitamin-d#Overview1

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