Competition in the gymnasium market is continuing to grow internationally, and thus
brands are turning to innovation as a way to stay ahead of existing competitors as
well as new entrants. This includes for example, alternative training methods, holistic
body/mind care as well as showing movies on demand for clients. Additionally, one
of the threats traditional gymnasiums face is the growth of the low-cost/budget
gymnasium (see for example, http://www.easygym.co.uk).
Conduct some research into the market, and base your assignment on the
introduction of an innovative gymnasium concept, (including the possibility of a
budget offer if this doesn’t exist to any great extent in your chosen market already) in
a country of your choice. Following on from this, you are asked to prepare a creative,
robust and fully-justified marketing plan for a new entrant gymnasium.
Develop a Marketing Feasibility Report to address the needs of this task including
both appropriate (referenced) marketing theory as well as practical application. It
should be structured as follows:
1) Front cover.
2) Executive summary (summarising the main findings of the report and reflecting
on the value of marketing planning to the organisation).
3) Contents page.
4) Situational analysis based on a PESTLE analysis which should analyse and
evaluate any country-specific issues as well as any specific issues pertaining to
the industry via an assessment of Porter’s Five Forces, ensuring that your
recommendations going forward reflect the findings of this section.
5) Marketing objectives (using the SMART format).
6) Marketing plan (strategy and tactical details). To include: segmentation,
targeting and positioning analysis; marketing mix development (including the
value of e-marketing & sustainability issues for the business) (use 7P’s rather
than 4P’s here).
7) An outline promotional plan and marketing budget for the promotional launch of
the concept (schedule, timings, DRIP/Burst campaign?
STAPLE – Staple fashion is something versatile that can be worn for several occasions in different ways. It is a classic item that never goes out of style. Most women consider the black dress as a fashion staple. Other examples can be a pair of jeans or hooded sweatshirts. Gangster style such as alligator-skin shoes and Fedora hats popularised by RnB artists like Jay- Z, 50 Cent and The Notorious B.I.G. RETRO – “Retro is a contemporary term used to describe things from a bygone era. It is often used in a positive sense, referring to quirky or attractive products that are no longer available. For example, “Retro fashion” or “Retro Chic” may consist of outdated styles, such as tie-dyed shirts from the 1970s, or poodle skirts from the 1950s.” (http://www.knowledgerush.com/kr/encyclopedia/Retro/) Other well-known examples are the leather jackets, leg warmers, bell-bottom jeans, etc. MARKET RESEARCH METHODS A definition of Market Research taken from the Business Studies textbook whose author is Hall, Jones and Raffo states that Market research is the ‘collection, collation and analysis of data relating to the marketing consumption of goods and services’. Primary research involves the collection of the data particularly for learning purposes. Due to the lengthy duration of this kind of research it can often be expensive to conduct. The two basic types of primary research are qualitative research techniques such as focus group interviews and quantitative research techniques in the form of questionnaires, surveys or telephonic interviews. To carry out a successful market research, it is important to choose the correct research methods. The quantitative research technique adopted in this report includes questionnaires. Questionnaire is a primary source of information. It can contain open questions, which allow the respondent to express their own views and detailed opinions, and also closed questions, which limit the type of answer, allowed i.e. ‘yes’ or ‘no’. Filling a questionnaire can be less time consuming and simple compared to attending focus group or an interview. However, this method has its share of disadvantages too. Open – ended questions can create large amounts of data that can take long time to process and analyze. Respondents may answer superficially particularly if it is a lengthy questionnaire as they can lose interest. This can influence the end results and thus questionnaires should be cautiously written so that the accuracy of the information is maintained.>GET ANSWER