Questions on  Small Business Economics



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Table of Contents

Question a. 2

Identification of two internal factors. 2

Justification. 2

Two specific critical success factors for competitive advantage. 2

Justification of the success factors. 2

Question b. 2

One lead (performance) indicators for two success factors. 2

One lag (result) indicators for two success factors. 2

Question c. 2

Importance of customer journey map in the business development plans. 2

Development of purchase journey specific to fitness centres business requirements. 2

Justification of each steps of the purchase journey. 2

Discussion on customer actions. 2

Reference List 3




Question a

Identification of two internal factors

Operational efficiency

In the overall development of the fitness centres in Bondi, the aspect of operational efficiency is one of the constituent elements that would lead to the overall development of the organisation and something that would potentially work as constituent pillar for the future for the fitness centre. Having operational efficiency encompasses that effective operational management and overall development of the planning and firm related activities management (Kraus et al. 2018). Monitoring and raking of these aspects effectively would potentially elevate the standards of the operational efficiency of the fitness centre, resulting in operational and financial success.

Human resources

The aspect of human resources encompasses that would work as a moral ground for the centre is definitely important. An overall aspect of having an HRM team something that would potentially elevate the meaning of how screening, recruiting and training are provided to ensure that sufficient consumes are draw, resulting immediate improvement of the business (Naranjo-Valencia et al. 2018). It is also relevant that with the involvement of an effective HRM, the fitness centre would potentially have a successful foundation to conduct all the necessary organisational activities and would be able to performed everything efficiently without any serious interventions from the outside of the organisation.


The aspect of having operational efficiency would significantly increase the production value, manufacturing aspect where how quickly the fitness equipment is brought into the centres and how efficiently the overall aspects of operational development and al the organisational activities are performed swiftly with consistent efficiency and overall consistency (Pirson et al. 2019). The aspect of having efficient and credibly consistent human resources for the fitness centres would allow the centres to effective gain consumer and client retention would generate better cash flow for the start-up business. With the involvement of an efficient HRM team would elevate the standards of the operational standards and would also increase the products and services value for the centre (Si et al. 2020). The aspect of being able to screen, monitor and effectively analyse the centre’s business condition while ensuring g that all the necessary aspects of operational activities are taken care of to ensure a proper internal improvements and overall beneficial gains for the centre.

Two specific critical success factors for competitive advantage

Marketing management

Critical success factors are the essential aspect of any business or any sorts of start-up companies that decide and determine the overall achievable success that could be beneficial for that industry and the organisation. The aspect of marketing management is something that would potentially benefit the organisation, in terms of how the ales are being conducted, how often and how frequent the products and services being provided to their consumers. The aspect of providing assistance to the consumers and also showing sufficient amount of responsiveness and creating overall consumer relationship would potentially generate success for the fitness centre on a global level.

Strategic focus on planning and management

The aspect of providing strategic developments and then implementing team into the overall management to escalate the organisational performances is something that is to be incorporated by the new fitness centre to ensure success at an earlier stage (Yang and Andersson, 2018). The aspect of having a considerable amount of focus on the planning and management with a systematic analysis and an effective team would allow the fitness centre to achieve its potential success at a very earlier stage to potentially create longevity in terms of the business.

Justification of the success factors

With the involvement of marketing management, the aspect of reaching out to a wide demography and client base would become conveniently seamless for the fitness centre. With the aspect of effective marketing and advertisements and efficient sales management the equipment sold at the fitness centre would reach consumer effectively and different age range of consumers with effective service plans would be able to access those services efficiently and that would potentially create the overall development of the organisational improvement of the fitness centre (Sunny and Shu, 2019). The element of strategic management is something that would increase how the centre is able to think ahead of their time and foresee any potential factors that could be both beneficial and detrimental for the overall development of the business and something that is required for the complete success and competitive advantage since the growing competition in the same vicinity of Bondi is also quite consistent and could impose some business threats upon the start-up (Singh and Gaur, 2018).

Question b

One lead (performance) indicators for two success factors

For marketing management, the leading indicators would be the overall improvement of advertising, effective marketing and having better reach towards to the consumers, to create a good and consistent clientele. This alone, would generate better establishment of the marketing management. These actions are to be performed to ensure that the aspect of marketing management is effectively conducted (Si et al. 2020). The overall development of how the advertisements and the effective marketing is conducted, these actions are to be focused upon and therefore ensuring that they are performed efficiently is also essential.

In terms of the aspect of strategic management, the fitness centre is required to have a strategic team or a consultant in that case or someone competent who would be able to have skills and knowledgeable enough to strategically analyse the current success position of the centre and would support the success factors accordingly. This alone would allow the company to gain effective company advantage and would gather better operational determinants (Pirson et al. 2019).

One lag (result) indicators for two success factors

With the current aspect of revenue would be able to comprehend the management success for the firm. This means, that monitoring the revenue for the fitness centre would allow the performance measure to be affectively measured and with that it would also elevate the aspect of having an understanding of how effectively the fitness centre is doing. Since effective management would increase the operational efficiency and with that revenue would increase for the new start-up fitness centre (Naranjo-Valencia et al. 2018).

In the same way, comprehending the strategic management, comprehending the profitability for the centre on a daily basis and would allow the centre to identify how value-effective and cost-friendly the products and services are It would also allow them to effectively generate the overall development of how to gain competitive advantage and gather overall profit for the fitness centres, amidst all of its emerging competition in the same vicinity (Kuratko, 2017).

Question c

Importance of customer journey map in the business development plans

A strategic approach to effectively comprehend the consumers and their shopping experience, customer journey map is an effective choice for the new fitness centre. In order to optimise the consumer experience, development of customer journey map is extremely pivotal for nay business and company (Kraus et al. 2018). It is also possible that with the overall development of the business strategy and having an integrated idea about what the consumers want and what is going to be the personalised experiences exclusively create of the consumers would increase the strategic advantage for the fitness centre, something that would also guide the to effectively have a potential developments on the overall management of consumer attentions and how to retain them for a an effective cash flow and clientele would become convenient and seamlessly effective and easy for the overall business development for the fitness centre (Kitsios et al. 2017). With the help of the customer journey map, the management team would also be able to have an effective observation on the customer experience and would be able to identify that how to potentially increase those aspects, something that would potentially benefit the overall organisation.

Development of journey map specific to fitness centres business requirements

The consumer journey map below, indicates the overall development of customer shopping experience and how they go through the overall aspect of either availing some services at the fitness centre or buying some fitness equipment for the to work out at their personal residents (Hilson and Maconachie, 2020). It is very common, that the aspect of identifying and recognising the importance of being non-obese is the first step of the customers to realise then assessing the current BMI or health assessments would be the next step for the consumers to go through before availing services, evaluating all the available options then selecting the most suitable one for the induvial needs are to be conducted according to the map, setting a health goal and then making all necessary investments accordingly would benefit the overall aspects of the organisation, sticking to that diet regime and finally achieving that goal and making it into a habit would be the final step to completing the journey map for the customer (Guo and Jiang, 2019).

Figure: Customer journey map for the new fitness centre

(Source: Garud et al. 2018)

Justification of each steps of the purchase journey

In each aspect there are steps that are designed for the consumers to effectively confront and experience and that would potentially gather a better understanding over the complete developments of the purchase journey for the consumer (Gardetti and Muthu, 2018). For instance, the first step encompasses the aspect of identifying and recognising the importance of being non-obese is the first step of the customers to realise where they would comprehend why and how important it is for them to stay no-obese before getting into the arena of fitness services or treatments. Then assessing the current BMI or health assessments would be the next step for the consumers to go through before availing services, at all to ensure that everything that the consumers are about to experience as the clients, they would have their individual freedom and something that would benefit the organisation to effectively decide and identify their own situation in terms of the health (Doerr, 2021). Evaluating all the available options then selecting the most suitable one for the induvial needs are to be conducted according to the map where this suggest that the consumer would have their own individual freedom something that would allow them to effectively gather a better information and then assess them and then take the required decisions (Crum and Hines, 2019). Then making all necessary investments accordingly would be beneficial since without input outputs are nearly impossible. Finally, the aspect of achieving that goal and making it into a habit would be the final step since habit makes everything a routine, something that would allow them to effectively gain a better understanding of how to follow same things on a regular basis (Chen, 2018).

Discussion on customer actions

Comprehending why and how important it is for them to stay no-obese before getting into the arena of fitness services or treatments, would help the consumer to evaluate certain health factors and how that benefits them before they financially invest (Casanova et al. 2017). The overall assessment of their current BMI or health assessments would be the next step for the consumers to go through before availing services, at all to ensure that everything that the consumers ae about to experience as the clients, they would have their individual freedom and something that would benefit the organisation to effectively decide and identify their own situation in terms of the health. This shows how the overall aspect of customer journey map is solely made prioritising the consumers and giving them all the necessary freedom possible (Bu and Cuervo‐Cazurra, 2020). To be able to evaluate all the available options then selecting the most suitable one for the induvial needs are to be conducted according to the map where this suggest that the consumer would have their own individual freedom something that would allow them to effectively gather a better information and then assess them and then take the required decisions; are some of the most effective aspect of journey map where the consumers are solely focused upon (Boone et al. 2019).




Reference List

Boone, C., Lokshin, B., Guenter, H. and Belderbos, R., 2019. Top management team nationality diversity, corporate entrepreneurship, and innovation in multinational firms. Strategic management journal40(2), pp.277-302.

Bu, J. and Cuervo‐Cazurra, A., 2020. Informality costs: Informal entrepreneurship and innovation in emerging economies. Strategic Entrepreneurship Journal14(3), pp.329-368.

Casanova, L., Cornelius, P.K. and Dutta, S., 2017. Financing entrepreneurship and innovation in emerging markets. Academic Press.

Chen, Y., 2018. Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons61(4), pp.567-575.

Crum, J. and Hines, S.S. eds., 2019. Supporting entrepreneurship and innovation. Emerald Group Publishing.

Doerr, S., 2021. Stress tests, entrepreneurship, and innovation. Review of Finance.

Gardetti, M.A. and Muthu, S.S. eds., 2018. Sustainable luxury, entrepreneurship, and innovation. Singapore: Springer Singapore.

Garud, R., Gehman, J. and Tharchen, T., 2018. Performativity as ongoing journeys: Implications for strategy, entrepreneurship, and innovation. Long Range Planning51(3), pp.500-509.

Guo, G.C.C. and Jiang, C.X., 2019. Entrepreneurship and innovation in a global context. New England Journal of Entrepreneurship.

Hilson, G. and Maconachie, R., 2020. Entrepreneurship and innovation in Africa’s artisanal and small-scale mining sector: Developments and trajectories. Journal of Rural Studies78, pp.149-162.

Kitsios, F., Papachristos, N. and Kamariotou, M., 2017, July. Business models for open data ecosystem: Challenges and motivations for entrepreneurship and innovation. In 2017 IEEE 19th Conference on Business Informatics (CBI) (Vol. 1, pp. 398-407). IEEE.

Kraus, S., Ribeiro-Soriano, D. and Schüssler, M., 2018. Fuzzy-set qualitative comparative analysis (fsQCA) in entrepreneurship and innovation research–the rise of a method. International Entrepreneurship and Management Journal14(1), pp.15-33.

Kuratko, D.F., 2017. Corporate Entrepreneurship & Innovation: Today’s Leadership Challenge. The Wiley Handbook of Entrepreneurship, pp.293-311.

Naranjo-Valencia, J.C., Calderón-Hernández, G., Jiménez-Jiménez, D. and Sanz-Valle, R., 2018. Entrepreneurship and innovation: Evidence in colombian SMEs. In Handbook of Research on Intrapreneurship and Organizational Sustainability in SMEs (pp. 294-316). IGI Global.

Pirson, M., Vázquez-Maguirre, M., Corus, C., Steckler, E. and Wicks, A., 2019. Dignity and the process of social innovation: Lessons from social entrepreneurship and transformative services for humanistic management. Humanistic Management Journal4(2), pp.125-153.

Si, S., Ahlstrom, D., Wei, J. and Cullen, J., 2020. Business, entrepreneurship and innovation toward poverty reduction.

Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging economies. Management Decision.

Sunny, S.A. and Shu, C., 2019. Investments, incentives, and innovation: geographical clustering dynamics as drivers of sustainable entrepreneurship. Small Business Economics52(4), pp.905-927.

Yang, X. and Andersson, D.E., 2018. Spatial aspects of entrepreneurship and innovation. The Annals of Regional Science61(3), pp.457-462.


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