Business Plan Development for Fit Treat Venture Project

This document presents a comprehensive business plan for 'Fit Treat,' a proposed fitness and wellness center in Kuala Lumpur, Malaysia. The plan begins with an executive summary and table of contents, followed by an introduction outlining the company's background, industry analysis, and business opportunity. The research aims to develop a detailed business plan, including product/service descriptions, target market analysis, and positioning strategies. The plan also explores the current industry situation, identifies market gaps, and presents a marketing and financial plan. Chapter 2 details the business concept, including the services offered (gym, yoga, health tests, etc.), and the target market (demographics, geographic, behavior, and psychographics). It also outlines the positioning strategy, emphasizing product characteristics and customer benefits. The project includes a research framework, literature review, and methodology, concluding with an evaluation of the business plan, including vision, mission, objectives, and marketing strategies. The plan aims to provide a detailed roadmap for the successful launch and operation of 'Fit Treat'.

Running head: BUSINESS PLAN DEVELOPMENT
Fit Treat
Business Plan Development for ‘Fit Treat’ Venture
3-3-2020

BUSINESS PLAN DEVELOPMENT 1
Executive Summary

BUSINESS PLAN DEVELOPMENT 2
Table of Contents
Chapter 1. Introduction..............................................................................................................3
1.1 Research Title...................................................................................................................3
1.2 Company Background......................................................................................................3
1.3 Industry Background........................................................................................................3
1.4 Business opportunity........................................................................................................3
1.5 Research Aim and Objective............................................................................................4
1.6 Research question.............................................................................................................4
1.7 Research Framework........................................................................................................4
References..................................................................................................................................9

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Chapter 1. Introduction
1.1 Research Title
“Business Plan Development for ‘Fit Treat’ Venture”
1.2 Company Background
‘Fit Treat’ is a new business that is being planned to introduce in the Kuala Lumpur,
Malaysia. It is a new fitness and health center which will not just be involved in offering
fitness services but also health-related services in Malaysia. Some of the services that will be
delivered by ‘Fit Treat’ are the gym, yoga, boxing, and other physical activities. It also
includes healthy organic products, health insurance information, and services, health test, etc.
1.3 Industry Background
Malaysia’s fitness and wellness industry is considered to be the highest earner of revenue for
the nation and has a key place in the daily life of the people of the country. It has been
noticed that the wellness and fitness of Malaysia have been majorly developed with tourism
development along with medical tourism (The Malaysian Reserve, 2017). The current value
sale is increasing in the country, along with recovering confidence of the customer which
increases the demand for the wellness and health packages. The growth of this industry is
also driven by the movement of a healthy lifestyle, which is presently at the top because
customers are exposed to health treads at a global level due to the increasing use of the
internet and social media (Euro Monitor International, 2020).
1.4 Business opportunity
The health and wellness industry is growing at a fast pace in the Malaysian market due to the
increasing preference for a healthy lifestyle by the citizens. In addition to this, the health and
wellness industry is also at the top due to health and medical tourism which leads to
improving the health and wellness industry image at the international level. This growth is
offering numerous opportunities to meet the increasing demand for health and wellness

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services. Therefore, the idea of ‘Fit Treat’ has been designed to grab this opportunity and
explore the industry and provide the best services to the target audience.
1.5 Research Aim and Objective
The aim of this research is to present a business plan for a new start-up that is ‘Fit Treat’ to
grab the growth opportunity in the fitness and wellness industry of Malaysia. In order to meet
this aim, the following are the objectives planned:
 To present a detailed description of the product/service that “Fit Treat” has planned to
deliver.
 To explore the target market for the business and designing its positioning strategy.
 To review the current situation of the industry and identifying the available gaps.
 To present the marketing plan for the business idea and its financial plan.
1.6 Research question
 What product/service “Fit Treat” has planned to deliver?
 Who is the target market of the business and what is its positioning strategy?
 What is the current situation of the fitness and wellness industry and accordingly
present the available gaps?
 What is the marketing plan and financial plan of “Fit Treat”?
1.7 Research Framework
A research framework illustrates the research plan structure and supports the researcher in
formulating the relevant questions of the research (Anfara and Mertz, 2014). The below flow
chart is representing the framework of this research.

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Problem Formulation – This is the initial step of the research framework, which is
comprised of formulating the research problem by conducting a deep analysis and evaluation
of different research problems. The research problem for this dissertation is how to develop a
business plan for a new business venture that is “Fit Treat”.
Developing Relevant methods and theories – This is the second step of the research
framework in which the researcher will make use of different methods and theories to
identify the solution to the research problem. In order to develop a business plan for “Fit
Treat”, the researcher will make use of different methods like secondary data collection
method, literature review strategy, etc. Using this method will support the researcher in
properly gathering the data and analyzing the results.
Problem Formulation
Developing Relevant
Methods and theories
Collecting Data
Analysing the data
Evaluating of data
Conclusion and
Recommendation

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Collecting data – This is the third step of the research framework in which data is collected
related to the research problem to identify its solution. It is one of the important parts of the
dissertation as it helps in identifying different aspects of the research topic and the solution to
the problem. There are two types of data collection methods that are the primary method and
the secondary method.
Analysis of data – This is the fourth step of the research framework which is all about
analyzing the data that has been collected in the previous step. This is also an important part
of the dissertation as it helps in presenting the validation and reliability of the collected data
related to the research problem.
Evaluation of data – Data evaluation is the fifth step of the research framework in which the
collected data is evaluated. In this section of the dissertation, the evaluation of the vision and
mission of the business will be presented. In addition to this, the marketing plan will be
presented for the new business idea that is ‘Fit Treat’.
Conclusion and Recommendation – This is the last step of the research framework in which
research implications will be presented along with the financial plan and human resource plan
for the business.
Chapter 2. The Business Concept
2.1 Product/Service
‘Fit Treat’ is a fitness and wellness center that is focusing on offering a space where every
individual can meet their goal of fitness and a healthy life. This fitness center is involved in
offering different types of services such as gym, yoga, aerobics, Zumba, health test, health
insurance, organic and healthy food options, etc. It is a type of all in one service which is
focusing on the overall growth and healthy living of the individual. The major attraction of
this center is that it is helping people in maintaining their healthy life, along with gaining

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information related to health insurance services. In addition to this, ‘Fit Treat’ is also
providing specialists and trainers guidance to its customers such that they can help them in
maintaining their health and fitness to live a healthy life. The key attraction of this fitness and
wellness center is that it is placed at the rooftop where people can get involved in their
physical workout. In order to offer these services and products to the customers, the owner of
the business has decided to establish a huge center near to the Mid Valley Megamall in Kuala
Lumpur, Malaysia.
2.2 Target market and the Positioning strategy
2.2.1 Target Market Strategy
A target market is said to be a group of possible customers to whom a business desire to sell
its services and products. This group of customers is comprised of those that are targeted by
the marketing efforts and strategies of the company (Weinstein, 2013). The target market is
considered to be one small part of the entire market for a service or good. Customers who
make the target market for the business have the same characteristics such as buying power,
incomes, demographics and buying geography. Identifying the right target market is very
important for a business for developing its marketing plan. If a business does not know about
its target market then it can increase its cost and time wastage (Dolnicar, Grün and Leisch,
2018). In addition to this, identifying a target market is considered to be part of the business's
success as it is all about understanding those to whom the products and services will be
ultimately sold. Therefore, businesses invest their money and time in defining and monitoring
their target market.
The target market for ‘Fit Treat’ business is specified below on the basis of different
characteristics:
Demographic – On the basis of demographic characteristics the company will target males
and females who lie under the age group of 16 to 45 years. Besides this, the business will also

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target middle class and high-class people with medium to high income such that they can pay
for the premium services offered by the business.
Geographic – On the basis of geographical characteristics, ‘Fit Treat’ will majorly target
people who belong from Kuala Lumpur, Malaysia and majorly who stay near to Mid Valley
Megamall.
Behavior – ‘Fit Treat’ will target the customers on the basis of their behavior for purchasing
a specific product or service. In this segment, the company will focus on the opinion of the
customers towards fitness and wellness services available in the market. Along with this,
their purchasing habits and spending habits. There are many customers who are ready to
spend a high amount on purchasing organic and healthy food products for their daily
consumption by taking into consideration their healthy life.
Psychographic – On the basis of the psychographic aspect, ‘Fit treat’ will target its
customers on the basis of their lifestyle, attitudes, priorities, values, etc. There are many
people who desire to live a healthy life due to which they get different fitness services. The
company will target these types of fitness or health-conscious customers to avail of the
services.
2.2.2 Positioning Strategy
A positioning strategy is said to be a set of procedures and actions for enhancing the visibility
as well as the image of the business, product, or brand. It is the place that the business or
brand occupies in the eyes of the customer (Njoku, 2015). Positioning is also said to be a
perception of the customer that is created in their mind in comparison to other similar
products in the market. Positioning strategies can be perceived and created in different ways.
It can result from competition, object attributes, type of customers, application, or product
class characteristics. All the attributes present a diverse approach in creating positioning

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strategies, even when all of them hold a similar objective of reflecting a promising image in
the consumer mind (Kostelijk and Alsem, 2020). There is different positioning strategy that
can be used by the business are the use of product characteristic or customer benefits, pricing,
positioning strategy using the application, using product process, product class, cultural
symbols, and competitors.
The positioning strategy that ‘Fit Treat’ will adopt to create a positive and enticing image in
the mind of customers of Malaysia, is using product characteristics of customer benefits. This
strategy concentrates on the characteristics of the products or customer benefits. ‘Fit Treat’ is
claiming to offer the best and reliable fitness and wellness services to its customers along
with the best guidance related to diet and health insurance services. Therefore, the positioning
statement of ‘Fit Treat’ is “Come and join us for personalized and reliable fitness and
wellness services’. This message of the company will make people aware that the company is
offering a range of services that are reliable and beneficial for their health which will help in
living a healthy lifestyle. Along with this, the organic food that is offered by the company is
of good quality which can also attract many people to purchase it for maintaining a balanced
diet.

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Chapter 3. Literature review
Analysis of Factors related to the industry
Factor 1
Factor 2
Factor 3
Factor 4
Chapter 4. Research Methodology
Research Methods
Collection Methods
High
Quality
Low
Price High
Price
Low
Quality
Fit Treat

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Ethical Issues
Chapter 5. Analysis of Business Model
Case Findings Analysis
Business Implications
Chapter 6. Evaluation of Business Plan
Vision and Mission
Objectives
Marketing Plan
Segmentation, targeting, and positioning
Marketing Mix
Strategic Growth (Ansoff Matrix)
Chapter 6. Conclusions and Recommendations
1. Organizational/Operational Plan
Organizational Structure
Human Capital Plan
Business Process/Value Chain
2. Financial Plan/Business Metrics
Financial Statements/Budget
Key Result Areas (KRAs) & Key Performance Indicators
Assumptions, Explanation, and Justification