Lost work needs a template updated timely. Utilizing the completed assignments below complete Assignment 3. Instructions and assignments and template included

Running head: BUSINESS & FINAnCE 1

Lifetime Time Fitness

Name:

Professor’s Name:

Institutional Affiliation:

Date:

‘How to Win’ Strategy

TO: [insert name of CEO of selected Company]

FROM: [Your name]

DATE: [Today’s date]

RE: How to Win: Strategic Options Assessment and Recommendation

This brief provides three Winning Moves that will generate Lifetime Time Fitness revenue and build its competency in the market. It will be in a bid to win the market and remain relevant using the Moves. It is also to grow sales and leads in the industry as well as beat competitors while gaining a competitive advantage over them, therefore dominating (Schamp & Deschoolmeester, 1998). The three Game-Winning Moves I considered are in rank order:

1. Geographical Expansion. Expanding was the first best Move as reproducing what already is successful will be a sure way to grow and build the company. The expansion will first take place within the country with a couple of studios in the most populated cities as Austin and Arlington. As moving requires financing and preparation to meet the new client base, enough research has been done concerning the area, and the market and resources have been put in place to face whatever challenges may arise conveniently (Prahalad & Hamel, 1994).

2. Vertical Integration. It was more comfortable and more cost-effective to own the entire production chain until the finish products for Lifetime Time Fitness. Making our equipment and gadgets instead of buying them has increased productivity and costs. Also, our clients do not feel the need or pressure to come with their equipment or gadget as they are readily available in our stores countrywide. Notwithstanding, functions have become speedy, cost-friendly, and maintaining the brand and product quality has not been compromised. Also, while a company may decide to move or seek out better clients, producing our tools gives us security and protects us from uncertainty.

3. New Price Tiers. Premium members get exclusive services and equipment used in the gym. A considerable number can represent them as they will mostly drive the businesses despite those who pay to use equipment in the gym. Not only will it be to drive business, but it is also in a bid to create brand loyalty while offering a range of fitness solutions to the varied range of clients.

Recommendation

The Winning Move is Geographical Expansion. While the market is ever-changing, people will always remain health-conscious and will do whatever it takes to either purchase our products or join the fitness club. Whatever the goal, the market is broad and may include students, business people, stay at home mothers, seniors seeking to remain fit and healthy. Given the targeted areas, business is booming all year round, and this means business given the traffic in the selected regions. With schools and colleges ever having new intakes, it is predicted that the potential market will never run out. Also, that the business is being taken someplace else means that there is an opportunity for growth, especially if the business is thriving. As the company creates its product, whatever the client, revenue will be generated and will be greatest with a couple of outlets within the country. Compounded with the fact there will always be clients all year round, profits and sales are expected to remain steady or increase.

Alignment and Investments

The Move aligns with the company’s winning advantage as taking tools and equipment to another region may prove to either be beneficial or a success. As no tools are the same in any given gym, the varied similarities make the difference. As our products are used within the facility, and others are purchased, it augurs well with this Move. For the resources required for this Move, the implemented financial investment that would best fit this Move is the hiring of new talent and training them about the market and the industry as well as investing in state of the art facilities that new fitness businesses can hire or use for a fee (Croitoru, 2012).

Risks and Competitive Response

While there are expected risks involved, including the changing market and the new trends as yoga and Tai Chi coming up, the company has strategies in place to overcome this. Also, there is the aspect of the new areas not being as welcoming or maybe being too strict with their diet and lifestyle that they do not need a membership. Another challenge would be the competition in these areas ad the leading fitness studios in these areas. For especially small areas, a larger population will be loyal to the already existing brand that they might not want to try out new brands. To mitigate these challenges, Lifetime Time Fitness has dedicated the time and resources to find out what t can about the market. As the majority of the population is keen on looking and feeling good, they will probably invest their time and money to do so. For this, we have come up with marketing strategies to lure this market into our fitness center. While we might face competition from other disciplines, aggressive marketing should be a proper solution for this. Without forcing people to join our club, the company plans to offer incentives to the members of the target population to attract more people. As for the competition, our products and rates are friendly and affordable, and this will be an added advantage in luring loyal potential clients. Competitors will not beat us soon as they do not have the equipment Lifetime Time Fitness has and even if they decide to go that direction, it might take them a while to reach where we are.

Conclusion

In conclusion, expansion is the best fitting solution to a winning Move. With the resources and funds in place, it should be an option worth trying out, given that the risks are minimal and can be overcome through marketing and advertising. Not only will this Move get the company clients, but it will also generate revenue and make a profit. It will also eventually grow sales and leads and make the company relevant despite facing challenges and competitors within any new location.

Resources

Prahalad, C. K., & Hamel, G. (1994). Strategy as a field of study: Why search for a new paradigm? Strategic Management Journal, 15(S2), 5-16.

Schamp, T., & Deschoolmeester, D. (1998). Strategic and operational planning attitudinal changes and the survival and growth of business start‐ups revisited. International Journal of Entrepreneurial Behavior & Research.

Croitoru, A. (2012). Schumpeter, JA, 1934 (2008), The theory of economic development: An inquiry into profits, capital, credit, interest and the business cycle. Journal of comparative research in anthropology and sociology, 3(02), 137-148.