Question

You want to start a business and perceive an opportunity in serving the rapidly growing segment of the US population over 50. The service you create must appeal to aging baby boomers 50 years old or older who are still at work (not yet retired) in professional or high-level corporate careers. They work an average of 60 to 80 hours per week and make a minimum $100,000 per year. They like to look good, be social, and stay healthy. Time is a big issue for them. The rules for your business idea are as follows: any idea is acceptable at this stage; nothing should be ruled out as silly, impractical, or even antisocial; also, improvements on existing services can be considered. Describe in detail your best business idea for this customer set.

Please answer this in long and strategic

Answer 1

New Business Idea :

Target Market : Aging baby boomers of 50 years old or older who are still in work among US population.

SWOT ANALYSIS of Target group :

STRENGTHS : Baby boomers of age above 50 are professionals and in high level of their career earning a very decent amount.

WEAKNESSES : Unable to deal with time which becomes big issue to them.

OPPORTUNITIES : If they can avail the opportunities around properly then they can able to maintain health,improve to look better and be social with people.

THREATS : They may get tired due to health issues coming for aging and not able to look confident and fear of fading and not able to maintain social relations properly.

BUSINESS IDEA :

Business generates when there is "need "

Type of Business : Service - based

Place of Business : Online services through app for reminders and other services at customers place where it is feasible to do.

Services offered to target group of customers :

● Book keeping of their clients

● Repair services on call

● Payments of all bills and reminder of maturity periods

● Timely checkups with Doctor and consulting services

● Health consciousness tips are reminded timely through app

● Recreation facilities provided at one place to similar age group at weekends to promote social binding.

● Training to do exercises and Yoga daily at feasible hours to remain healthy.

Price of service :

On an average ,for providing all these services the customer charged based on their requirements.

Price for all these services is $1000 per year which is 10%of their income

So these services offered timely with quality and with help of advisors and with a reasonable price.

Promotion of services :

The marketing should be done in targeting of offices and self employed people who are above age group 50 and campaigns are made to create awareness among them to get rid of their busy time and maintaining health and social relations betterly and made them to look better.That belief should be there to utilise this opportunity for their betterment.

People :

People are nothing but the service providers which includes health experts and experts in repair services,delivery persons, Other experts and recreation facility providers.

Conclusion :

The target group can utilise their time properly with the help of this service provider and can able to look better and able to maintain social relations and become healthy.At the same time the business people or service providers make profits by giving quality and timely delivery of services.They can sustain in business for long term if there is customer satisfaction and customers become loyal for receiving of services if they find them worth paying.So any business success depends upon the customer need identification and offer products and services to satisfy their needs.