Engineering Management Synthesis
Business planning, Technological innovations, Recreational sports -- Equipment and supplies -- Marketing -- Planning
What this business plan outlines are investment and business development opportunities in the recreational sports league market. It illustrates the addressable market in the United States, latent customer needs within that market, a viable technical solution to those needs, and an economic modeling of the business possibility.
The plan generation process used a deductive approach of to determine the addressable market size. The addressable market was appropriately segmented and a competitive gap analysis was performed. A survey was produced and applied during an on the street interviews with our target market. Needs were grouped and processed through the hierarchical decision making method to extract priority and consistency in the information. The prioritized needs were grouped and considered by contrasting existing solutions in the market. A pricing model emerged indicating multiple revenue stream opportunities. A requirements technical correlation method was applied to derive the overall picture of requirement fulfillment, complexity of solution and overall market position of the proposed product. Technical architecture documents were produced taking into account non-feature issues such as scalability, security and platform independence. Implementation and operation costs were extracted from the complexity models. A cost/revenue model was built using the most conservative minimum attractive rate of return. Determining risks and possible mitigation strategies are also presented.
Research for software services in the recreational sports management market indicates a high degree of fragmentation. The large size of addressable market (15mil) along with high fragmentation creates a significant business opportunity technically well executed, smarty positioned product and using a unique profit-sharing pricing model.
The project team is encouraged by the opportunity from a well-defined but poorly addressed market. The target rich environment allow us define initial market beach head and to respond as necessary with follow up products. The solution space is clearly understood by the team and tangible product benefits have been identified. There is risk in not testing some of the team’s assumption and product development execution.
Balasubramanian, Aparna; Uffelman, Michael; Alluhibi, Asem; Bhella, Opinderjit; Gilliland, Garrett; and Runde, Neil, "Team 5 Business Plan Project" (2012). Engineering and Technology Management Student Projects. 515.