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Business Case Writer

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Example

Input prompt
Write a business case for launching a new wearable fitness device.
Result from enhanced prompt

Business Case: Expanding into Wearable Fitness Devices

Executive Summary

Our company has an exciting opportunity to enter the rapidly growing wearable fitness device market, which is projected to reach $62 billion globally by 2025. By leveraging our expertise in consumer electronics and unique health tracking capabilities, we can capture significant market share and drive profitable growth. This business case recommends investing $50M over the next 5 years to develop and launch a differentiated product line, resulting in $500M in cumulative revenue and a 35% ROI.

Market Analysis

The global wearable fitness device market is experiencing explosive growth: - Estimated market size of $35B in 2020, with 19% CAGR through 2025 - North America and Asia-Pacific are the largest and fastest-growing regions - Key competitors include Apple, Fitbit, Garmin, and Samsung - Increasing consumer focus on health and connected devices driving adoption

Despite competition, there are significant untapped opportunities to reach new customer segments and provide enhanced value through advanced analytics and personalized coaching.

Value Proposition

Our company is uniquely positioned to succeed in this market: - Deep experience in consumer electronics and sensor technology - Proprietary algorithms for accurate health tracking and actionable insights - Strong brand recognition and distribution partnerships - Opportunity to integrate with our existing mobile app and services ecosystem

Our wearable devices will provide best-in-class accuracy, battery life, and form factors. The accompanying software platform will offer hyper-personalized AI-based coaching to help users achieve health goals.

Go-to-Market Plan

We will execute a phased go-to-market strategy over 3 years:

Year 1: Product development and beta testing - Allocate $20M for R&D and product design - Develop core hardware and software - Conduct extensive user testing and gather feedback - Secure key technology partnerships and manufacturing capacity

Year 2: Initial product launch - Launch flagship fitness band and smartwatch SKUs - Invest $25M in targeted marketing campaigns across digital and retail channels - Drive sales through ecommerce, retail partners, and bundling with mobile devices - Gather real-world product insights and iterate quickly

Years 3-5: Expand product portfolio and partnerships - Introduce new form factors (e.g. smart clothing) - Expand companion app and subscription coaching services - Pursue new sales channels and partnerships (e.g. corporate wellness, insurers) - Invest in international expansion

Financial Projections

Over the 5-year horizon, we forecast: - Cumulative revenue of $500M - Year 5 annual revenue of $250M and EBITDA margins of 20% - 35% ROI on initial $50M investment - Payback period of 3 years

Key assumptions: - Average selling price of $150 per device - 30% annual growth in unit sales - 50% gross margins and 15% operating margins

See attached spreadsheet for detailed financial projections. Sensitivity analysis shows 25%+ ROI even under more conservative assumptions.

Risks and Mitigations

Key risks to the business case include: - Highly competitive market and pricing pressures - Technology and product development delays - Slower than expected consumer adoption - Supply chain disruptions impacting COGS

We will proactively mitigate these risks through: - Focusing on differentiated software, analytics and services to drive margins - Rigorous project management and adequate R&D buffer in schedule - Diversified marketing tactics and partnerships to drive awareness and adoption - Dual-sourcing of key components and contract manufacturer redundancy

Recommendation

Based on the compelling market opportunity, differentiated capabilities, and strong financial returns, we recommend proceeding with the proposed investment and go-to-market plan for wearable fitness devices. This strategic initiative will establish our leadership in a high-growth market and create a valuable new revenue stream for the company.

Next Steps

  1. Secure executive sponsorship and funding approval
  2. Kick off Phase 1 product development and beta testing
  3. Finalize go-to-market partnerships and agreements
  4. Develop detailed marketing and sales plans
  5. Establish KPIs and governance process to track performance