Body Scanner Market: Entrepreneurial Opportunities & PESTLE Analysis

This report identifies entrepreneurial opportunities for Techy Solutions' body scanner, a device designed for full body health monitoring. It assesses the market landscape, noting limited direct competition but acknowledging smartwatches as a key alternative. The analysis covers the company's vision, mission, and business objectives, including capturing 50% of the health monitoring market and achieving a 60% profit in the first year. The report details the product's features, emphasizing its ease of use and comprehensive health data collection. A market analysis highlights the growing demand for patient monitoring devices, projecting a $55.1 billion market by 2025. The PESTLE analysis considers political and economic factors influencing the product's demand and pricing. SWOT analysis identifies technological development as a strength, while external factors pose potential weaknesses. The STP approach focuses on demographic and psychographic segmentation, targeting medium-to-high-income individuals with a health-conscious mindset. Recommendations include effective marketing strategies using social media influencers and collaborations with healthcare experts. The report concludes that the business's growth depends on customer perception and emphasizes the importance of establishing a strong market position.

IDENTIFYING
ENTREPRENEURIAL
OPPORTUNITIES

TABLE OF CONTENT
 OVERVIEW
 VISION
 MISSION
 BUSINESS OBJECTIVES
 DESCRIPTION OF PRODUCTS & SERVICES
 MARKET ANALYSIS
 PESTLE
 SWOT
 STP
 RECOMMENDATIONS
 CONCLUSION
 REFERECNES

OVERVIEW
 The body scanner is a product of Techy Solutions which is going to
provide the customers with a full body scan.
 This is going to help the users identify and monitor the health of the users
to monitor their body composition, vascular age and hearth rate.
 This being a new an innovative product does not have direct competition.
 However, the biggest competitors of this product are the smart watches
which are known to be helpful in the monitoring of the health while the
users are wearing them.
 The market of this product is very bright due culture of health concern in
the people after Covid-19.

VISION
 To help users identify every little detail of their health and monitoring in an
easy and effective process.

MISSION
 Ensuring that the customers of this product will be able to recognize their
health issues before its occurs to them and get medical treatment.

BUSINESS OBJECTIVES
 To capture the market of the health monitoring
tool by 50%.
 To become the favorite tool of doctors fitness
expert and other health related individuals.
 To make a profit of over 60% on the first year
of the sales.

DESCRIPTION OF PRODUCTS & SERVICES
 This product which looks like a normal
weighing machine is very easy to carry and
use for any user in the world.
 By standing on this product tool for only 30
secs it will be able to understand the ways
in which the customers will be able to
provide the health monitoring that is
needed.

MARKET ANALYSIS
 This is going to be health monitoring product which would
make a product a tool for being used by the doctors and
fitness experts.
 Therefore the collaboration with health care services for
the release of this product can be scope of development.
 As per the analyzation it can be found that the market of
the patient monitoring devices of different product has
been increase rapidly across for the last five years.
 Till 2025 it has been predicted to reach the milestone of
55.1 billion USD.

PESTLE ANALYSIS
POLITICAL FACTORS:
 The rules and regulations of the government regarding the health care facilities and
equipment's to which the customer can have access to can impact the demand of this product.
 The influence of the rules and regulation can also affect the pricing of this product.
ECONOMIC FACTORS:
 The economic condition of the country can also be the factor which influences the buying
capacity of the customers of this product this is going to affect the production pricing and also
the demand of this innovative body scanner in the market.

SWOT ANALYSIS
Strengths :
 The major strengths of this innovative product can be considered to be the
technological development.
 The technology which this product brings can allow the company to bring strategical
growth to the operations of the business.
 There are no existing products which give it direct competition which is the factor
which influences the ways in which the business can bring success.
Weaknesses :
 The reason that this product can face issues after its launch can be due to the external
factors affecting the business of the organization.

STP APPROACH
SEGMENTATION:
 The customer segment of this product
can be done in the terms of
demographical segmentation which is
going to concerning people with
medium to high income level.
 The psychological aspect of the
segmentation will also include the
customers with a mindset of health and
care in them since the pandemic.

RECOMMENDATIONS
 In order to make sure that the business is able to achieve both
growth and success it is going to be very important for the
organization to use effective marketing strategies for this
product.
 Use of social media influencers which are into fitness and sport
can allow the product to develop its key positioning.
 Collaboration with some health experts and organization can
also be providing the business the success that it requires for
growth of the sales and achievement of its business objectives.