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SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept
 

SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept

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SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept

SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept

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    SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY -- Business Concept Document Transcript

    • FINAL REPORT SYNCHRONICITY YOGA - AYURVEDA YOGA THERAPY Arcadians Inc. Chandra Vijay Dubey (822-766-275) | Jitin Sharma (824-010-417) | Sher Hassan Mazari (822-576-021) Kamran Mahboob (821-546-389) | Mohammad Wamique Siddiqui (823-351-416) | Subhasis Pal (823-387-253)
    • TABLE OF CONTENTS Contents Executive Summary ______________________________________________________________________________________ 1 Introduction ______________________________________________________________________________________________ 2 Products & Services ______________________________________________________________________________________ 3 Relevance to Target Market ______________________________________________________________________________ 5 Marketing & Promotional Strategy ______________________________________________________________________ 7 Why Will This Business Concept Be Successful? _____________________________________________________ 10 Investment Requirement & Budget ___________________________________________________________________ 11 Works Cited _____________________________________________________________________________________________ 12
    • EXECUTIVE SUMMARY Executive Summary It is the mission of “Synchronicity Yoga - Ayurveda Yoga Therapy” to serve the perspective customers with an alternative expression of the healing arts by engaging body, intuitive mind, and spirit through Yoga; while maintaining better health and wellness through a wide selection of Ayurvedic Medicines under the guidance of qualified instructors and therapists who practice with integrity and honesty. The purpose of this summary is to present – “A unique Business Plan to set up a Boutique Yoga Studio & Ayurveda Medicine Centre under one roof” – with the idea that wellness can be obtained and maintained through the practices of yoga, meditation and Ayurvedic mind body medicine. This marketing report mainly focuses on an integrated process that will comply with the most fundamental requisites of “Synchronicity Yoga - Ayurveda Yoga Therapy” for: • Identifying potential customers, research their wants, needs and preferences; • Analyzing their attitudes to promotion and other factors that influence their purchasing decisions; • Persuading them to buy products and services perpetually from our company rather than any other competitor; • And engaging with them in a long lasting relationship to fulfil our mission. All this requires an effective marketing strategy that is well-planned, well-coordinated, and wellorchestrated simultaneously. Planning a marketing strategy for “Synchronicity - Yoga & Ayurveda” concept starts with investigation of the available baby boomers market and its sub-segments respectively. In order to develop such integrated marketing plan, key characteristics such as values, lifestyles, and attitudes relating to baby boomers have been taken into consideration. Synchronicity Yoga - Ayurveda Yoga Therapy closely observed the social, political, economic, cultural and technological trends which are shaping the Canadian baby boomers market before offering its unique products & services. This report covers overviews about identifying potential market, discovering opportunities, mitigating threats; and the competitive edge that “Synchronicity Yoga - Ayurveda Yoga Therapy” will have over other competitors. It also includes SWOT & PEST Analyses that are providing a clear understanding of aims, issues, and objectives about positioning products & services into targeted marketplace. At the outset, strategic marketing plan with financial details will be unfolded, and implementation takes the driving seat where our marketing department will continuously be scanning the environment, and looking for emerging or robust market trends, then gradually communicating awareness to target audience through a range of marketing mix in order to achieve a significant position. The outcome of such plans will clearly result in meeting and exceeding company’s goals and objectives. Page 1
    • INTRODUCTION Introduction Baby Boomers are the people who were born after World War-II between the years 1946 and 1964; the term "baby boomer" is also used in a cultural context. One feature of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before. Perhaps, they one of the fastest growing groups of yogis in the current situation as baby boomers strongly believe in fitness and to stay fit for a longer span of time yoga is becoming a fruitful option for them and will be accepted more widely in the coming years. KEY METRICS & DATA POINTS • Target population: Total population is about 14 million as per stats Canada and they constitutes around 29% of total population and as they are getting older they are moreover concerned about their health. • Household income: Over 50% of the baby boomers have income more than $60,000 which makes them potential buyers of the product which we are focusing on to introduce in Canada. • Age: There are basically two categories in baby boomers which is: back end boomers (46-55) and front end boomers (56-64). The back end baby boomers are more fit if compared to front end baby boomers as the difference can be seen through their age which is very much important. • Sex: Our focus is not only on any specific gender and we are very much concentrating on both the genders i.e. males and females. • Occupation/Profession: Baby boomers considers themselves as the most fit generation in comparison to all other -Most of them are working as professionals in their respective fields which shows that how much passionate and dedicated they are towards their work as they don’t want to sit idle and as they grew old maintaining their personal fitness will play a significant role for them. • Personal Traits: Baby boomers are the more independent generation and they like want to be selfreliant, they don’t want themselves to be considered as liability or burden which is very important as they like to do their work on their own and for that they have to be fit for a longer span of time. Baby boomers are also self-motivated, extremely hard working. • Hobbies: Baby boomers do not consider themselves as old and they are always involved into hobbies which are more adventure centric. To maintain the momentum they must have to be fit to have such hobbies like travelling, horticulture, skiing etc. • Social associations: There are many social associations of baby boomers is Canada in which different issues are being discussed and one of the major concerns is the health regarding problems of baby boomers. There are many social associations of baby boomers such as: • Baby boomer meets up group. • Baby boomer wellness info meets up group. Page 2
    • PRODUCTS & SERVICES Products & Services AYURVEDA Ayurveda is an ancient system based upon energetics. Those include the taste (sweet, sour, salty, pungent, bitter, astringent) of a herb, its “element (combinations of water, fire earth, air and ether),” the heating or cooling aspect of a herb both as it enters the body and post-digestion, and an herb’s “psychology,” what it helps contribute to our healing. Below are few of those Ayurveda Products (herbs):• Ashwagandha: A “tri-doshic” herb, meaning it is good for any constitution. It is useful both day and evening. It is a tonic herb that is easy to digest, and is good for all ages, but especially for boomers who are aging. An adaptogenic nervine tonic, Ashwagandha assists in handling stress, building immunity and strengthening respiratory system. For general debility, aging issues, arthritis, and trouble sleeping, boomers can take this herb as a tea, tincture, in hot milk, or as a powder/capsule. A delicious sounding suggestion is to drink it in warm milk with cinnamon or nutmeg an hour before bed, or first thing in the morning before breakfast. • Brahmi: "Feed your head! No, that's not Grace Slick" singing the famous 1960s song. It is now a vital message about brain health especially relevant to the aging baby boomers who grew up listening to her music. This message is also important for seniors and anyone seeking to keep a sharp and focused mind. Feeding your head with "mind food" may be an easy and logical choice to help prevent age and illnessrelated declines in memory, mental clarity and concentration. Boomers often complain about feeling scatterbrained. It could be a simply mental overload in our fast-paced, multitasking world. But maybe part of the problem is a decline in the health and vitality of their brain cells. As people age, brain cells lose their elasticity and functional ability because of free radicals, which are harmful molecules that can damage all types of body cells. Brahmi, an easily available herb can provide a solution to all those problems. • Amalaki Juice: It's a combination of fruits from China and India. These fruits and herbs and leaves are all common in the world of Ayurvedic Medicine. The Amalaki fruit is one of the strongest foundations of Ayurveda. Amalaki detoxifies the whole body and the Amalaki fruit is the main ingredient in Chyavanaprasha; India's most widely consumed tonic for promoting good health, rejuvenation and longevity. Amalaki is said to be a potent rejuvenator for the whole body. And it's said it can even preserve eye sight, improves cataract problems, and reduces intraocular tension in the eyes dramatically. From a boomer point of view, it's a commodity for daily use. • Shilajit: Shilajit often called, as shilajitu in Ayurvedic terms is a very common resin. Shilajit is regarded as one of the most important ingredient in Ayurvedic medicine. It is an essential element in chandraprabha vati, arogya vardhani vati, and Chawanprash. It has been used for thousands of years as a panacea and anti-aging tonic. Shilajit is regarded by many master herbalists as the most important natural tonic substance of Ayurveda. Shilajit is traditionally considered to be a strong kidney tonic. From a Chinese perspective, it is a superb Jing tonic, since it increases the primal energy responsible for sexual and spiritual power. Page 3
    • PRODUCTS & SERVICES • Neem: The tropical Indian Neem tree promises wide-ranging benefits, including use in reforestation, organic pesticides, oral hygiene, and contraception. For centuries, the Indian people used the juice of Neem leaves to make their skin look more radiant, drank Neem tea as a tonic, used Neem to clean their teeth, and used Neem leaves as a natural bug repellent. It helps remove ama and other toxins from the body, helps purify the blood, and helps neutralize damaging free radicals, thus nourishing more radiant skin. It's very cheap and easily available and can be useful solution to baby boomers for day-to-day use. YOGA It's become more common to see boomers in yoga classes. Some come to recover from the assaults of years of intense exercise, while others hope to dodge heart disease and osteoporosis and the general rigidity and weakness that can set in with age. While there are classes devoted to older bodies, in many cases, baby boomers are showing up to general classes. With age, stiffness sets in as the spine compresses and people lose joint mobility and balance, as well as muscle and bone mass. Too much sitting and years of bad posture commonly result in neck and back problems by midlife. Sometimes, problems can also arise with very active people, such as in the case of osteoarthritis in older runners. Yoga is the antidote to the stiffness that settles into the body with the passage of time. Yoga counters the effects of gravity by lengthening the spine, opening the posture (and chest) and moving each joint through its full range of movement. So it's natural that baby boomers will be showing up in our classes. There are specific and suitable forms of yoga across the lifespan, and baby boomers comes in category of: prime of life or midlifers (40 to 75). At this stage, the focus is on maintaining optimum health including injury prevention through yoga lifestyle (e.g. mindset, biomechanics, safe user-friendly routines, advanced breathing techniques (Pranayama, proper food choices, rest and relaxation). Page 4
    • RELEVANCE TO TARGET MARKET Relevance to Target Market The relevancy between yoga and baby boomers is quite distinctive. As we all know currently baby boomers are in the age cycle of 49-67, an age which is most likely the home of various diseases and sickness. The trouble with most of us is we think we are pretty healthy and fit but in actual we are not. Baby boomers are no exception to that myth. If the report by Heart and Stroke Foundation is anything to go by then 80% of boomers thinks that they are healthy but in reality 85% did not eat enough fruits and vegetables, 21 % smoke, 11% are heavy alcohol consumers and 40% are not doing exercise which is very important for their age. This kind of lifestyle is not good for anyone and if you are a baby boomer then there is a serious problem. CNW Group/ Heart and Stroke Foundation says:• 1 in 5 boomers admit they exercise less than once a week • 80% think their doctors would say they are healthy • 30% say they feel stressed • 62% say they are obese • 85% reported eating less fruit and vegetables that is required The solution to this problem is a healthy and stress free life, which can be provided through yoga. The techniques and positions used in yoga is very compatible with all age groups especially for older people. Different “asanas” (physical postures) and “pranayamas” (physical exercises) included in yoga are very simple and easy to adapt. The benefits of yoga have been proven worldwide. Yoga not only prevent you from diseases by helping you staying fit but Ayurvedic products used in this field helps you to recover from injuries and various diseases. The relevancy of yoga, Ayurvedic products and baby boomers can be seen by following points: • Rising concern for staying healthy and fit: There has been a tremendous increase in the concern for staying healthy and fit and this can be seen by the various health and fitness Centre’s all over the place. So, by Yoga they can stay fit and healthy in a natural way. Due to the eating habit, obesity is also a major problem faced by this generation. This problem can be tackled by the exercises used in yoga and special diet plan which will be provided. • Age cycle more prone to diseases and sickness: Firstly, the age cycle of this generation and secondly, bad eating habits and lack of exercise leads to a state where the body of baby boomers is more prone to diseases and sickness. A large section of baby boomers has been characterized by various diseases such as heart disease, arthritis, diabetes, slower metabolism rate and stiffer joints. Yoga and Ayurvedic products have been medically proven to cure all acute and chronic diseases. • Compatibility: Unlike many fitness Centre’s, which use heavy weights and bulky machines to help you stay fit, Yoga uses different physical postures and exercises which is more flexible and easy to adapt for Page 5
    • RELEVANCE TO TARGET MARKET boomers. Sitting in different postures and doing light exercises for 1-2 hours a day will be very compatible for them. • Physical, mental and spiritual balance: Yoga is that form of exercise which will not only help baby boomers to increase their immunity but with the use of meditation they can also enhance their mental and spiritual balance. Many of the boomers are a victim of loneliness, depression and other mental illness. Yoga can be used as an effective tool in overcoming those problems. In our Yoga Centre’s, they will get a chance to meet new people, make new friends and can become more social which eventually helps them to get out of that mental state. • Well Being: Not only for diseases and injuries yoga and Ayurvedic products can also be used for nourishing your body, fighting insomnia, stronger bones and stress free life. Yoga answers all of your questions such as what to eat, when to eat and how to exercise, yoga answers all the questions. Boomers are the biggest and most targeted generation for various diseases. Growing age, spoilt lifestyle and unhealthy eating will only worsen the situation. There is a need to curb all these habits and yoga is that remedy that can do the needful. Ayurveda is that herbal product that can work in their favor. Boomers will have to take necessary steps in this regard because the situation is only going to worsen in the coming years. All the facts and figures clearly depict the relevancy of yoga and the boomer generation. Page 6
    • MARKETING & PROMOTIONAL STRATEGY Marketing & Promotional Strategy MARKETING OBJECTIVES Marketing strategy planning is considered as the most important and an essential organizational activity, focusing the hostile and complex competitive business environment, and engaging ability and skills to perform profitable sales, are affected by numerous interacting factors or variables. The purpose of “Synchronicity Yoga - Ayurveda Yoga Therapy” marketing strategy is to build a lasting brand image based upon such variables and their interactions by setting up a hub of Yoga-&-Ayurveda Studio in Toronto, and to expand this concept to other cities in and across Canada later. According to marketing terms, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Our marketing strategy revolves around 4 traditional and 3 additional P’s of marketing to cater organizational needs & objectives; such as: • Product: Our products and services that stand out exclusively for our valued customers • Price: What price we will charge customers for products and services • Promotion: How we will promote or create awareness of our brand in the marketplace • Place: How we will bring our product & services together with our customers • People: Who will we engage for coming into contact with our customers directly or indirectly? • Process: The process and behavior of organization in delivering our services that is crucial to our valued customers • Physical Evidence: How will we retain customers and obtain their statement of experience, testimonies, and evidences to pass on to new customers. FORMULATING INTEGRATED MARKETING COMMUNICATIONS “Synchronicity Yoga - Ayurveda Yoga Therapy” strongly believes in the fact that effective communication helps businesses grow and prosper, creates relationships, and strengthens the effectiveness of organizations. Modern Technology, such as the Internet and Smart –phones, has affected the way businesses communicate with their customers, is also changing the way how a message is being conveyed. Integrated marketing communications offer “Synchronicity Yoga - Ayurveda Yoga Therapy” a platform designed to deliver one consistent message to buyers across the promotion plan that may span all different types of media—TV, radio, magazines, the Internet, mobile phones, and so forth. Delivering consistent information about a brand or an organization would help establishing the brand in the minds of potential customers. Therefore “Synchronicity Yoga - Ayurveda Yoga Therapy” has composed a communication mix, which consists of advertising sales promotions, public relations and publicity, personal selling, and direct marketing. A marketing budget has been allocated to fund the implementation in a synchronized manner. Page 7
    • MARKETING & PROMOTIONAL STRATEGY Advertising: Traditional advertising will still be involved in broadcasting a core message that identifies our brand (product or service) being promoted to many targeted customers at the same time. The typical media that we have intended to utilize for advertising of course include local television channels, Health & Wellness Magazines, community newspapers, direct mail, and radio. Internet & Social Media: Internet technology has completely transformed the ways any organization used to communicate brand awareness and image, and creating value for products and services to prospective clients. Baby Boomers are a tech-Savvy generation, and have embraced social media significantly. Synchronicity has a strong desire to communicate perspective customers through interacting social media such as Facebook, Twitter, YouTube, and blogs. Creating Corporate and customer website is also a great tool to promote products or services then including search engine optimization, pay-per-click advertising and any other online campaigns. Personal selling: It is an interactive approach to marketing that involves a buyer and a seller- the interaction between the two parties can occur in person, by telephone, or via internet. We will induce e-retailers such as Amazon, eBay, Group-On, and Team-buy to sell blocks of selected products & services to our target customers. Opening an online or Web-store and dedicated customer service are the steps towards getting that objective. Through such medium customers can access & gather information about our products and services in detail; Communicate with Customer Service; and make purchase through ordering online via phone or internet at the convenience of their homes. Products ordered will be picked, packed, and shipped to the customer through a distribution system. Promotional Event: Arranging the promotional events entails various activities such as, sponsoring contests, games, awards, or events to boast sales. “Synchronicity Yoga - Ayurveda Yoga Therapy” believes in paying back to community in form of charities, food drives, and promoting health & wellness activities through campaigns such as Princess Margaret Cancer Research foundation, CIBC run for the Cure, and Terry Fox Foundation. Referrals & Customer Appreciation: All small and medium start-up businesses need referral business. “Synchronicity Yoga - Ayurveda Yoga Therapy” acknowledges that aspect immensely, and wishes to convey a strong message to our customers that “We value their business with us”, followed by presenting specific programs that will add incentives and bonuses for those that value our products & services enough to tell others about us. Discounts, free yoga passes, free boaster juices, and other customer appreciation and loyalty programs will definitely contribute towards retaining existing and adding new customers simultaneously. Public & Media relation (PR) - “Synchronicity Yoga - Ayurveda Yoga Therapy” will create a position of PR within the organization working directly under executive management in order to improve and promote organization’s image and products & services by putting a positive spin on news stories. PR will manage public & media relations through distributing materials such as press releases, publicity, product placement, and event sponsorships. PR will also be responsible for promoting brand and to supplement sales efforts Page 8
    • MARKETING & PROMOTIONAL STRATEGY through community based organizations during the initial and intermediate stages of business development. Sales promotions strategy: This strategy will consist of other types of promotional elements such as coupons, contests, rebates, mail-in offers, and so forth—that are not included as part of another component of the communication mix. Sales promotions are solely administered to get customers and potential customers to take action quickly, make larger purchases, and make repeat purchases so often. Direct marketing: “Synchronicity Yoga - Ayurveda Yoga Therapy” would be interested in delivering personalized promotional materials directly to individual consumers through implying Customer Relationship Management (CRM) process. Marketing department will collect basic contact information of the customers either at the enrollment stage of Yoga lessons & monthly membership, or at the check-out stage of on-line purchase. Such information will be entered into a database to link it with CRM software. CRM software provides tools, techniques, and interactive approach to reach as many as customers in hopes of getting existing consumers to take further action to sustain Wellness activities. Materials will be delivered via mail, catalogs, Internet, e-mail, telephone, or direct-response advertising to customers directly. Page 9
    • WHY WILL THIS BUSINESS CONCEPT BE SUCCESSFUL? Why Will This Business Concept Be Successful? Canada’s population age structure is changing. Baby boomers are reaching the age where they’ll need more health care. As explained earlier our target market the proactive health conscious baby boomers with an appetite for healthy living and the need to preserve their quality of life as time goes by. Many baby boomers whilst reaching the traditionally considered ‘age for retirement’ see this as merely another phase of a continually active and rewarding life. Baby boomers want to feel young, stay fit, be active and retain a youthful appearance. Wellness is the key. They look for smart proactive solutions to their health and ageing problems. Prevention strategies rather than a cure for a disease is their mantra, and therefore finding the right, natural, non-invasive therapies preferably with no side effects are hugely popular. This group of people occupies such a large segment of the population. Just as the Canadian education system responded decades ago to the baby boom, today’s health care system must now prepare for the demographic shift that would double the number of seniors in North America. Limited resources will require us to choose carefully between health priorities so that we will be able to best serve our customers as with our unique herbal treatments and health care. We have many reasons to be optimistic that we can meet our goal of improving and creating a healthy life style for our customers by using our traditional herbal medicine and yoga exercises programs. Our commitment will to ensure that our customers receive timely, the most appropriate care in the most appropriate place. It’s about getting the greatest value for your customer and ensuring baby boomer receive the care they need. Seventy percent of Boomers have used some form of complementary or alternative medicine. The most popular treatments include massage therapy, chiropractic services and other types of body treatments; however, more than 10 percent of Boomers and current seniors also have tried mind-body practices such as meditation, hypnosis and acupuncture. Complementary and alternative medicine is being used equally to treat specific health conditions and to improve overall wellness. Baby Boomers have the potential to demonstrate the concepts of active aging. Active aging means staying involved in life and the Boomers are planning to do that. This age group is ready to take action to stay healthy and actively engaged with their friends, families and communities. So to stay healthy baby boomers will require better nutrition and exercise to stay active into their second 50 years. Baby boomers will definitely need to embrace yoga, as a lifelong path for health and vitality. Page 10
    • INVESTMENT REQUIREMENT & BUDGET Investment Requirement & Budget INVESTMENT To bring our business idea in reality we are planning to start our business with $500000. We are doing our main investments on the following places: BUDGET ADVERTISEMENT RENT License/Permit Legal Utilities Starting Inventory Salary Nutritionist AMOUNT ($) 8000 120000 5000 1000 2000 50000 96000 60000 REVENUE STREAMS We will be allocating classes starting from $18-$250 and our special package, i.e. $400. So, we can see that our monthly earning is $52,000 and our monthly expenses is $36000. Hence we are generating a profit of $16000 per month. YOGA CLASS 1-CLASS 5-CLASS 10-CLASS 20-CLASS 3 MONTHS UNLIMITED ANALYSIS MONTHLY EARNING EXPENSES PROFIT Page 11 COST ($) 18 70 140 250 400 AMOUNT ($) 52000 36000 16000
    • WORKS CITED Works Cited http://www.marketingpower.com/ http://www.ehow.com/how_5220467_writecompetitive-analysis.html http://www.entrepreneur.com/marketing/marketingbasics/marketingplan/article43018.html http://www.marketingforsuccess.com/MFSmarketingplan.Html Marketing basics: Marketing strategy based on market needs, targets and goals http://pgreenfinch.pagesperso-orange.fr/mkting/mkting3.htm Michelle Mcquigge, Canadian Press. “Canada’s baby boomers in denial about health habits needed to avoid disease: poll”: http://life.nationalpost.com/2013/02/04/canadas-baby-boomers-in-denial-about-healthhabits-needed-to-avoid-disease-poll/ HARDY, JOHN. "Boomers: The Suddenly Hot Consumers.": Business In Calgary 23.6 (2013): 75-78. Business Source Premier. Web. 30 Oct. 2013. Retrieved from http://search.ebscohost.com.rap.ocls.ca/login.aspx?direct=true&db=buh&AN=88067016 http://blogs.yogajournal.com/yogabuzz/2013/05/yoga-and-baby-boomers.html http://en.wikipedia.org/wiki/Baby_boomer http://www.examiner.com/article/survey-baby-boomers-seek-active-lifestyles-as-they-age http://demodirt.com/index.php/baby-boomer-trends http://www.howstuffworks.com/culture-traditions/generation-gaps/millennial-generation.htm http://legalcareers.about.com/od/practicetips/a/Babyboomers.htm http://www.streetdirectory.com/travel_guide/105592/hobbies/4_popular_baby_boomer_retirement_hobbi es.html http://irisherbal.wordpress.com/2011/12/15/the-ayurvedic-herb-ashwagandha-a-boon-for-boomersseeking-increased-immunity/ http://www.satveda.com/brahmi-herb-information http://arthritismm.blogspot.ca/2013/02/shilajit-up-to-uses-and-benefits.html https://shop.theyogashop.co.uk/health/baby-boomer-issues/shilajit.html http://www.motherearthnews.com/nature-and-environment/endangered-species-reservationzmaz92aszshe.aspx http://www.yogajournal.com/for_teachers/2782 Page 12