Question
Dietary Supplement Business
Please put each of the parts under a different heading. Just a reminder, make sure the paper includes sufficient evidence. Please do not merely add more words to meet the page requirement, but consider depth and new ideas or viewpoints that add value to the paper. Since it is only 3 pages, NO repetition or fluff! Please be sure to have good and ample supporting evidence for each part. The paper must be detailed and well written. Please make this business a dietary supplement business!! A board of executives from the firm and selected high-profile entrepreneurs, the Review Board, will be reviewing the work of the various teams each week. In an effort to make it easier for unbiased evaluations to be performed, you are ask to follow APA document guideline and produce a draft vision of 3 to 4 pages for this and subsequent deliverables. For the first deliverable, address the following topics and answer the questions, but do it in a way that flows as a single integrated vision document. You will refine this vision and create other important deliverables during this course. You are encouraged to spend a few minutes looking for supporting material about business vision documents and leverage the best of those ideas as you produce yours.
a.Who are the potential customers and what is it that they are experiencing that will position them to be viable customers? What is there about these customers and their needs that are likely to support a successful business for a decade or more, assuming you can out-think and out-perform the competition?
b.What is the nature of the business in terms of the customer relationship? Is this a commodity product where price and convenience is critical, a luxury item where price is not as critical, or is this a product/service where there is an ongoing business relationship after the sale? Is this the kind of product or service where repeat business should be a significant source of income for the firm?
c. Do
you envision the business as starting by targeting specific
needs of a single target community (e.g.
the target is San Francisco), targeting specific needs of a similar set of
communities (e.g. the targets are
rural professionals living more than an hour drive from a major city),
targeting a specific age group or demographic, etc.? Consider the various
marketing philosophies from the textbook, find one or a blend that suits you
and use it to help you answer these questions.
d.Is your vision to become very profitable by means of stellar margins from a very satisfied but relatively small number of customers (e.g. a luxury brand), or do you see the firm being profitable by means of a much larger number of customers and with more modest margins? Support your position. e. How will your firm remain successful in our changing world and with competitors coming at you from around the world? Maintaining an appropriate balance between doing today’s business and preparing to become tomorrow’s business is not easy and many firms end up being “one-trick ponies” and disappear after a just few years of what appeared then to be success. How you ensure that your firm won’t be just another “one-hit wonder”? f. What few key business-cultural aspects of your firm are important enough to you to make them a focus beyond profitability? How do these shape your business’ mission and goals? What characteristics would you like your business to be known for as your legacy beyond basic business and professional ethics and other behaviors that society believes are important enough to be the basis for various laws? How important are cross-functional, collaborative, and team efforts? Do you feel strongly enough about these causes or beliefs that you would be willing to be less profitable in order to remain true to them? If so, how would you explain your rationale to a potential investor who is concerned about the long-term prospects of their investment? As a result, what marketing and selling philosophies are most compatible with your vision and why?
Expert Solution
Dietary
Supplement Business
The supplement
business has seen a significant rise in sales since the Covid-19 epidemic. This
is because most people became more conscious and aware of their health to keep
boosting it and better manage it. Therefore, since the advent of such various
diseases and health vulnerabilities, one of the most viable business strategies
present today is the supplement business. More so, the viability of the
business strategy and business choice is supported by the endless needs of the
consumers, thus ensuring a long sustained market and the large demographic of
the customer base since it targets potential clients of various communities and
demographics. Thus, with a proper vision and business outline, the dietary supplement
business can successfully grow while maintaining longevity.
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