TheWho_M006_BusinessConceptProposal

TheWho_M006_BusinessConceptProposal - BUSINESS CONCEPT...

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BUSINESS CONCEPT PROPOSAL Team Name: The Who Key Instruction: Do not repeat information from on question to the other. Be explicit and precise in how you answer each question. 1. Is this a nonprofit or for-profit business concept? This is a for-profit business concept. 2. What is the opportunity? (Be sure to describe the problem you are solving.) More and more baby boomers are becoming senior citizens and we would like to capture this enormously rising market. Senior citizens are most likely retired, but for their psychological wellbeing, still want to feel a sense of accomplishment. But they don’t know what activities to take on to replace their past career while accommodating for their current physical and financial conditions. 3. What is the business model? (How is it unique and innovative? How does it create new economic value?) There is currently no elderly care service as an online platform that provides a customized prescription of activities while delivering those activities services to their own home. 4. Who is the target customer i.e. who would want to buy this? (Provide specific demographic information about your potential customer) The target market is people of 50 years of age and above. This target market is currently facing a transition where more and more baby boomers are retiring and having more physical problems and impairments. They tend to take on hobbies to fill in the gap in their life that used to be their career and need to feel a sense of accomplishment in their daily lives. 5. What is the product/service? How does it work? (Give a description of the function, features and benefits to the customer) We would create an online platform where the elderly can type in their physical and/or psychological conditions (i.e. depression, Alzheimer’s, etc.) and we would prescribe to them a program of various therapeutic activities they should perform. Then we would send associates to come to their house and help perform the activities such as art lessons, taking care of pets, etc. 6. Who are your potential competitors? (Which other major and small corporations provide a similar service or product. Our potential competitors are companies that provide care services for the elderly such as I Care for
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TheWho_M006_BusinessConceptProposal - BUSINESS CONCEPT...

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