Innovative Solutions for a Sustainable Future- Sports Complex Business Facility
Product Identification
My business will be a sports complex. The business focuses on offering sports facilities, mainly swimming pools. The product’s purposes are recreational, training, and enjoyment.
Research and steps are taken to develop the idea of the swimming pool
I conducted both primary and secondary market research. I interviewed both young and older people, and I found out that the majority needed recreational facilities. I also got ideas from reading newspapers. Most people complained of inadequate recreational facilities to cater to increased demand (Indeed Editorial Team, 2021). After conducting research, the following steps will be used to construct swimming pools.
Step 1. Identification of opportunity and development of an idea to fill it
The high demand for recreation and enjoyment advocated for the construction of swimming pools. Most people tend to enjoy during holidays, weekends, and leisure. To cater to these needs, there is a need to create swimming pools.
Step 2. Opportunity Measurement
This entails market segmentation. After gathering information on a market niche in the sports industry (inadequate recreational facilities), I came up with a solution (construction of swimming pools). Almost all people, young and old, use swimming pools. There shall be product segmentation based on age, class, and needs with time.
Step 3. Product Development
Swimming pools shall be refined to best serve the needs of potential customers and stand the stiff competition in the market. Experts will design the product to attract more customers. Marketing experts shall also be employed to promote the product to reach a wide range of customers (Coville, 2020). Enough resources shall be dedicated here to outshining competitors, satisfying the clients, and maximizing revenues.
Step 4. Product Testing
Performance assessment will be done at this step. We shall assess how well the product performs based on the following:
Are the customers satisfied?
Does the product reach the customers at the right time?
Does the product maintain the health of customers?
Does the product maintain the investment costs for profit maximization?
Customer satisfaction and revenue generation should always be given priority in any project.
Step 5. Product Launch
The product is strategically positioned to reach the target customers. Product awareness should also be done at this stage. The product is promoted through advertisement to inform the customers. Brand image is also essential in this step. Communications should be made on the product’s brand to counter competitors who might intend to imitate the product.
Competitive Edge
The product’s competitive edge will be based on uniqueness in the market. By differentiating the product, the services, and the brand, we can easily outdo the competitors. Strategies to distinguish what we shall offer include being the first in the market, establishing leadership, having expertise in marketing, and making new changes and improvements to the product. Being the first ones in the market will create customer loyalty. Thus, it will not be easy for new entrants to gain market acceptance (Hemendra, 2018). The establishment of leadership in technology, sales, and science bestows trust in customers.
Market expertise sets the product apart from competitors. Covering a wide range of markets increases the number of clients. With new clients, revenues increase, which is used to improve the product. Changes in the product make them new and improved, thus attracting new customers. Ensuring that the product solves the clients’ problems makes the business stay ahead of the competitors.
The Target Population
The product (swimming pools) targets both the young and old. All people need recreation after work, during weekends and on holidays. Youths like swimming pools for enjoyment and competitions. Both aged and young people need refreshment as it is healthy.
References
Byrd, M. J., & Megginson, L. C. (2013). Small business management: an entrepreneur’s guidebook. McGraw Hill. https://repository.vnu.edu.vn/handle/VNU_123/75422
Coville, C. (2020). Market Research for New Product Development. Market research journal. https://www.driveresearch.com/market-research-company-blog/market-research-for-new-product-development/
Hemendra, (2018). 13 lessons for entrepreneurial excellence. https://www.lifehack.org/articles/communication/13-lessons-for-entrepreneurial-excellence.html
Indeed Editorial Team, (2021). Market research. Career guide journal. https://www.indeed.com/career-advice/career-development/market-research-examples
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Question 
This week, I want you to further develop the growing concept of your very own business. If you have identified a product, what is it? How did you determine what product or service to provide, and what steps did you take to make this decision? What is your competitive edge? What is your target population?
Innovative Solutions for a Sustainable Future- Sports Complex Business Facility
If you have not yet chosen a product or service to offer the public, it is time to decide. How will you perform marketing research? Detail your thought process. How did you make this decision? What is your competitive edge? What is your target population?