Executive Summary
RUNandPLAY.com will be based on the formulation of an internet based network for sports entertainment with the provision of programming that is sports based in addition to clothing and equipment. This is in recognition of the crucial aspect of online selling of merchandise as a provision of compelled entertainment content as an inspiration to sales. The company will present content that is unique in the showcasing of entertainment that is new and exciting for all related events, service provision in relation to sports programming. The platform will offer of an experience of shopping that is interactive will direct to the catering of a global audience of sports enthusiasts in the combined effort of building an international community of synergized sports enthusiasts. RUNandPLAY.com will create an online internet platform of sports equipment and clothing with the hope of recognition as a leader in promoting, marketing and selling of its products on the online platform marketplace. Revenues of the company will be generated from threes specified sources which are
- Commissions from e-commerce fees in payment of product sponsorship.
- Content Integration and banner based advertising on the online platform
- Sponsorship package selling for the premiere website placement. The company will undertake development and marketing of its storefront as a service that is branded.
Services offered
RUNandPLAY.com will avail a comprehensive collection of consumer services that add value to the services of consumers that will be specific in catering to the audience as well a sponsorship of products. These services will comprise of;
Community-In these area site users will be encouraged to engage in the community experience with utilization of message boards and email messaging. This will help in the building of a profile that is ongoing for the customers with value addition provision of marketing and data feedback of demographic groups to the company's sponsors.
Personalization- Users will be enabled to engage in personalization of their experience of viewing so as to raise loyalty and usage that is repeated. Specific authentication of customers in the programming and product content will be targeted specifically to the customers on the basis of their consumption and habits of viewership.
Shopping - Deployment will be undertaken by the company of current technologies that allow browsing interaction to formulate a personal shopping and viewing experience. This will involve drag and drop product features in a personal mannequin with outfit mixing and matching.
Buying/Referral - Referring of buyers will be done in respect to online merchants in their purchases through clicking of chosen products as features within the content and programming.
Revenue sourcing
RUNandPLAY.com will build upon the revenues as well as profits of several varied sources.
Affiliated Commissions- This will be achieved through clicking of the product integration advertisement with merchants that are affiliated in their purchases. As such RUNandPLAY.com, will receive the referred sale and clicked through percentage commissions.
Advertising – Advertisers will pay for banner ads as well as articles that are features in form of placed links within the content. Advert ratings will are founded on the basis of performance or CPM.
Other sources of revenue will comprise of elite based sponsorship with provision by the company of customized packages to a elite sponsor grouping this in addition to the payment return in the form of monthly fees. Sponsors will receive fixed revenues in the form of a placed premium on the online platform in advertisement and integration of content services. Regarding syndication of content or programming RUNandPLAY.com content that is premium will be sold in direct affiliation with partners in the re-publishing and exposure of co-brands. On the other hand service value, addition is another revenue earning avenue with RUNandPLAY.com offering added services to its sponsors for instance live casting on the online platform in addition to moderation of chatrooms as well as hosting.
Customer benefits
Concerning consumers of affinity clothing the attraction theme to the online platform will be due to the varied major value propositions as presented.
The unique experience of viewing and shopping from the site by providing a visualized experience that is unique for the consumer as they browse through the online platform. This is in addition to the utilization of current technology in the provision to the viewers of an animated personal experience. Furthermore, the content will be unique with inspiration to the consumer in the exploration of articles that will serve repeated encouragement to visit the site. This will be in order for the discovery of inside information concerning sports, clothing and equipment that is new and exciting. Increased customization of the online platform for viewership and shopping with increased customer frequency in use of the platform. The company plans to create richness of viewership, shopping and interaction in experiences that lead to the discovery of new and exciting inside information concerning sports and clothes, as well as equipment. This will also lead to offer of selection with specific matching’s of the personal taste of the customer.
Eased usage within the online platform being built upon specific customers with sport preferences as well being highly used in the purchase of products . Navigating and purchase as an experience will be created to have minimal effort with presentation of products on the site and content programming in an approach with no cluttering and eased viewing. RUNandPLAY.com concerning the community will build a strengthened community of people will interest that are similar concerning programming and content with initiation of communication that is direct between sponsors. This will allow for information exchange with customer loyalty fostering and repeated site usage. Cultural specification will concern the online platform's catering to needs that are specific to varied cultures on an international scale with reflection of specific needs and tastes.
Business structures that would be the best alternative for the venture
RUNandPLAY.com sponsors in attraction to the online platform will be attributed to major key valued propositions. These will include buyer qualification with the online platform targeting and capturing behavior and data based on demographics of the consumers. This is in regard to the unique content integration and advertisement of products with product content integration offered by the sponsors. On the other hand customization, of sponsorship or packed advertising with specific packages being created for need catering of sponsor advertising and aims of marketing and sales. Regarding content syndication RUNandPLAY.com will avail content that is fresh and direct programming to partners in syndication as such creating enhancement of the brand and traffic attraction.
Furthermore, there will be enhancement of models based on brick and mortar with products not being sold on through the internet. Instead, traffic will be directed from the company's online platform to the sponsor’s physical locations. International distribution based on the unique experience of viewership as a provision to sponsors at cost effectiveness and methodical efficiency in marketing of products to an international audience.
Action plan in description of approach to overcoming any foreseen barriers to the venture’s success
The action plan in case of failure or stagnation will create the need to formulate response measures to be implemented so as to achieve the objective. Action planning is essential as it provides a framework with a thoughtful approach in completion of the initiation of a business. This can provide assistance in the completion of activities in an orderly approach that can provide further assistance in assignment formatting (Amit & Zolt, 2012). This provides quick decision making and task delegation or outsourcing if the need arises.
- The first action will entail identification of assignments through brainstorming sessions of all assignments needed for completion of the objective. It is recommended that this process is initiated at the beginning as the immediate action upon task completion. This is in addition to identifying task prioritization to meet deadlines that are specific or due to limitations in the availability of employees.
- The next action plan will an analysis and delegation of tasks with a call for a full examination of specific tasks with levels that can be eliminated so as to meet the objective. What tasks can be delegated to other team members as well as ascertaining the existence of specific deadlines at certain stages. This is in addition to questioning the need for arrangement extra resources.
Determining the market for the innovative idea
Several trends converge to create RUNandPLAY.com a marketing solution that is innovative and ideal within the sports industry. Modern technology will enable a viewing experience that is rich for its online platform customers with high graphics and broadband based technology in enhancing new business that is exciting as a challenge to existing view and shop experiences. Merging of partners that will take the form of eTrailers and online platform based content in orientation companies that are merging. This is in addition to combined partnership with strengthening of offers. Furthermore, the sports industry is known for being shy towards technology at which point RUNandPLAY.com will come in to seize the opportunity in creating changes with the industry as it evolves. This is in addition to the success of online based sports sites such as ESPN that is a demonstration of the value of people in experiences of online shopping.
The company also has the ambition to enter the market with brick and mortar based magazines as traditionally print magazines are building internet based magazines to be advertized interactively with revenue streaming. Furthermore, new models of advertising such as CPM models are changing on the basis of performance and models that are click through with content integration and programming. There also been substantial growth of internet customers according to research findings by the International Data Corporation with nearly 196 million people. Such figures with current international trends can exceed to over 500 million in a future period of three years. This is in addition to online shopping that has increased with findings showing 24.4 million internet shoppers making purchases in the second quarter of 2012 and up to 10 million in the second quarter of 2011.
The entrepreneurship framework in the formation of a business is identified in the varied approaches in organization of efforts such as planning, execution and venture building (Teece, 2010). This is addition to collective fundamentals that need to be tackled in the innovation approach in which case can be broken down to elementary needed activities which include generation of the idea, evaluation opportunities and planning.
- The idea generation phase is a normal undertaking for any new venture in which case in the context of the business idea will comprise of the description of the problem solving approach. The next step is the coupled constituency with the possible solution which characterizes this entire framework as a phase with work still in progress.
- The next framework phrase is the opportunity evaluation that involves the asking of questions as to the worthiness of investing in the opportunity. In this phase the primary capital is an investment whether on an individual basis or from external investment as well as the effort and energy of available human resources(Amit & Zolt, 2012). Consideration should also be given to other assets for instance property on an intellectual level, relationships that are personal among others.
- The final framework phase of entrepreneurship in the formation of an innovative business is planning which arises at the point of the opportunity of capitalization. The plan is initiated with fair and simplified collection of ideas and then moves on to more complicated levels as the business is shaped. The phase of planning also involves the formulation of two aspects that include strategizing and operational planning.
References
Teece, D. (2010).Business modeling and strategic innovation. Long Range Planning .43(3),172-194.
Chesbrough, H. (2010). Innovative business modeling in opportunity and barrier. Long Range Planning.43(2),354-363.
Amit, R. Zolt, C. (2012).Value creation using innovative business models.MIT Sloan Management Review .53(53310), 41-49.
