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Question
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questions needed to be answered based on above video link :
Boston Boxing Written Responses
1. How would you characterize the mission and goals of Boston Boxing and Fitness?
2. Does Boston Boxing and Fitness qualify as an entrepreneurial venture? Explain why or why not.
3. What is the essence of Boston Boxing and Fitness, in the eyes of owner Ed LaVache? What does he think he is selling to his customers? Explain.
4. What are the main benefits and satisfactions that owner Ed LaVache receives from his business? What challenges and risks does he describe?
5. What plans does LaVache have for the future of Boston Boxing and Fitness? How successful do you think he will be? Explain.
Explanation / Answer
1. Boston boxing and fitness is a boxing, weight training and overall total body conditioning facility. The mission or the purpose is to teach people how to box by doing personalized workouts, providing necessary training and assistance. The goal is to focus on customer service and expand by opening more facilities.
2. An entrepreneurial venture is a venture that is started by an individual (the entrepreneur). The venture is usually started with limited resources but is based on a new idea about a product or service. In this context, Boston Boxing and Fitness is an entrepreneurial venture, even though its owner bought the gym from its previous owners. The owner - Eza Bosh - transformed the gym from a dying venture (when it was bought from its previous owners) to a modestly thriving enterprise. Mr. Bosh turned around the gym on the basis of new ideas like personalized workouts, focusing on customer service, and providing real time assistance. Mr. Bosh took a risk when he bought this dying venture. On the back of his new ideas and focus on customer service he has since then managed to successfully turn it around.
3. In the eyes of the owner Eza Bosh, the essence of Boston Boxing and Fitness is the high level of customer service that it provides to its members. The staff is dedicated and looks to help the members in the best possible way. Boston Boxing and Fitness is unlike other gym facilities where regular assistance is not provided. In Boston Boxing and Fitness, the trainers are encouraged to interact with the members and help and train them properly.
The owner thinks that he is selling a service to the customers. He also thinks that he is selling an experience to the customers. Unlike other gyms, Boston Boxing and Fitness does not lock in membership for large periods like a year or two years. Membership fees are taken on monthly basis and members come back due to the high level of customer service.
4. Main benefits and satisfaction - There is the monetary benefit from the subscription fees charged to the members. The satisfaction comes from providing services with a focus on excellence and customer satisfaction. Satisfaction also comes to the owner when he sees his gym growing and realizing that the risks taken by him is paying off. For example, membership has doubled since the gym was purchased.
In terms of challenges and risks, the first key challenge is to build a team of workers that are focused on delivering high level of customer satisfaction. The trainers have to be made to understand what is expected from them. In terms of risks, the gym has invested on new equipment, increased the number of trainers and introduced new initiatives like allowing women to join. The key risk is that sometimes, the cash inflows are not sufficient to cover the monthly expenses. There is the risk of losing membership to other gyms.
5. For the future the owner plans to open more facilities in the country, starting with the West Coast. He does not want to change the current business model by opening larger facilities and turn it into a commercial establishment. He wants to avoid doing that and focus on the current essence and open more facilities that will have the same values and focus as the current gym. I think he will be successful as his vision is clear. He wants to focus on providing excellent customer service and never compromise on this front. Growth will happen but never at the cost of diluting its service level. This is a good strategy and if implemented properly, the owner is bound to succeed.
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