Daniel is an aspiring entrepreneur looking to start a new business. So far, he has written the following business idea in his business plan.

QuickFit

QuickFit is a physical fitness centre offering an upscale workout experience and a variety of training programmes to local residents. The business is located within walking distance of major public transportation networks in Rosebery NSW, allowing QuickFit to maximise accessibility and visibility. Specifically, QuickFit is conveniently located withinthree minutes' walk from Green Square train station, making it ideal for customers who preferpublic transportation. There is also parking available nearby. The abundance of foot traffic in the neighbourhood during peak hours may attract new customers. QuickFit specialises in providing a variety of training programmes. In addition to gym memberships, QuickFit provides three distinct plans based on the training the customer maydesire: fitness, weight loss, and strength training. The duration of the programme alsovaries based on intensity level, with six, eight, and twelve weeks respective tothe programmes stated above. Each client experiences a 90-minute session per week whereby QuickFit personal trainers tracks the client's progress and provide complimentary feedback on dietary requirement and workout progress. Various training programmes that drive the best results for its customers differentiate QuickFit from competitors.

Required:

a) how Daniel applied Product and Place of the 4Ps of marketing in his business plan.

b) Help Daniel applyPricingof the 4Ps of marketing. In your answer, indicate what QuickFit's market positioning is according to Daniel's business plan. Justify how your pricing is consistent with QuickFit's market positioning.

c) Help Daniel identify one low-cost way to test his market assumptions. Explain this opportunity testing plan in detail. E.g., how to recruit participants? How to execute the opportunity testing plan?

d) Provide TWO comments on Daniel's capital requirements for QuickFit below to help Daniel improve his projection in capital requirements. List TWO funding sources to help Daniel construct a funding plan.

Capital Requirements
3-month rental cost	10 500	Insurance	2 500
3-month salary & wages	40 793	Refurbishment and fit-out	66 595
Fitness equipment	20 000	Legal fee	3 000
Key fob access system	3 000	Business license	1 000
Utilities	7 125	Inventory (Gym accessories)	6 600
		Total	161 113

e) Help Daniel uses the information forcapital requirements and funding plan to construct QuickFit's balance sheet, classifying relevant items under the categories of current assets, non current assets, current liabilities, non current liabilities and shareholders' equity. ListTWOother balance sheet items you think are necessary to the business. Explain the reason.

f) Daniel has made the Year 1 revenue projection for QuickFit below:

• 50 new members for the first month, then additional 20 new members brought in by staff per month @$18 per week for basic membership, assuming 4 weeks per month (e.g., $18 50 memberships 4 weeks = $3 600 for Month 1; $18 270 memberships 4 weeks = $19 440 for Month 12).
• Training programme sale is projected to be 25% of monthly membership pool with $100 charged per programme (e.g., $100 50 memberships 25% = $1 250 for Month 1; $100 270 memberships 25% = $6 750 for Month 12).
• Year 1 revenue projection: membership fee of $138 240 + training programme charges of $48 000 = $186 240.

Is Daniel's Year 1 revenue projection too optimistic? Explain. Revise his Year 1 revenue projection based on your assumption.