Pricing strategy We will offer family student and service members discounts if

Pricing strategy we will offer family student and

This preview shows page 12 - 15 out of 37 pages.

Pricing strategy We will offer family, student and service members discounts if you sign up to our Full membership. Discounts do not apply to any other membership offer. Family discount (3 or more family members) - 10% discount Student, Apprentice & Emergency Services discount - 15% discount Value to customer We value our members on top of everything else we have value here. We would like our members to see our business as a family who values the importance of their members and their goals. We offer a lot more to each of our members individually to address their needs and differences in achieving their goals. Growth potential Business is expected to growth by 50% in the first 12 months driven by advertising, exclusive sign up offers, good word of mouth through referrals and frequently advertising on local newspapers and billboards. 12
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BUS12 Business Assignment v2.2 (2019/03/18) Innovation Research & development (R&D)/innovation activities We will implement the following methods to encourage innovation in our business: Surveys for existing members Interviews for employees Existing data Industry consultations Google keyword planner searches Intellectual property strategy (optional) We plan to protect our innovation under the provisions of the Privacy Act, Competition and Consumer Act 2010 and the Copyright Act 1968. Our business has registered the ‘new beginning performance pty ltd’ trademark and have registered copyright to the logo design for ‘new beginning performance’. We currently do not have any confidentiality agreements in place. Insurance Worker’s compensation We have workers compensation for our workers which are regulated under the NSW fair work ombudsman and State Insurance Regulatory Authority (SIRA). Currently we have a nominal insurer under icare. Public liability insurance Our public liability insurer is Fitness Australia, this insurance protects our personal trainers and fitness instructors with any public liabilities Professional indemnity Our professional indemnity will also be insured by Fitness Australia under their Legal Liability cover. Business assets Business assets will be insured by Fitness Australia under their Business Losses Cover, this covers theft & burglary, money, employee dishonesty, glass, general property & cars. Business revenue Business revenue will also be insured under Fitness Australia through their Business Continuity Cover which covers for loss of income and /or rent if your business is interrupted or interfered with as a result of damage, interruption of utilities and access prevention. 13
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BUS12 Business Assignment v2.2 (2019/03/18) Risk management [List the potential risks (in order of likelihood) that could impact your business.] Describe the Risk Rate the Likelihood Impact Strategy Development of land property is currently on Likely (gym currently located in a high potential development zone) High (gym will have to move to a nearby location, may not be able to find a unit suitable for the large gym size) Ensure that an alternative location is found as a backup in case landlord decides to demolish
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