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BUSINESS & FINANCE 6

Lifetime Time Fitness

Name:

Professor’s Name:

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Playing Field, Competition, and Our Organization

Introduction

Revenues solve all problems. No matter what problem a business faces, revenue is most likely the solution to the company or business problem. Looking deeper at how to increase revenue, profit growth and make them more reliable as well as how to create a sustainable competitive advantage, the paper will further look at the competitors in the Playing Field. While every company could use a doubling in revenue, money is what they are looking for, and there is the need to be careful with how a company uses it. While no business or company would ever want to face profitability issues, they do face these challenges occasionally, and this negatively affects their businesses. We will look at how Lifetime Time Fitness can grow and increase revenue and grow its profits while still being sustainable and having a competitive advantage.

Playing Field

Company Name

Lifetime Time Fitness

Organization within the company

Sales and Accounting Department

Industry

Fitness Industry

Market Size

The market size estimate of the industry is 40,000 people per year.

Recommended Playing Field

‘The Mecca of Body Building’ in California with over 500 facilities worldwide and a gizmos manufacturer.

The rationale for Recommended Playing Field

The reason why the segment was most suitable is due to the need for exercising materials and gizmos used by athletes as smartwatches and weights. As many people are becoming self-aware and more health-conscious, others prefer to get a gym membership or just but equipment and materials and work out at home (Brown, 2014). Lifetime Time Fitness offers both inside the gym and at-home solutions to make sure that exercise time remains as uninterrupted and as exciting as it is at the gym or wherever one enjoys. Also, having many outlets will increase the company’s revenue and earn profits (Dworkin & Wachs, 2009). While it is sustainable and substantial, there are not as many studios offering both gizmos and various gyms worldwide.

Competitor 1

Size

Golden Gym is mid-sized and only located in the US. While it is the largest fitness center in Texas, it does not make gadgets and exercising equipment. Because of where it is situated, there is more traffic per year as the population of college kids changes. Not only that, but students have also been a circle of concern and influence like many other residents in this particular area became more health-conscious.

Most Significant Strength

Golden Gym started in the 1970s, and this has served the schools around since then. It has bee instrumental in them knowing what works and what trends come over time as well as what does not work. As they have also built their clientele base, it is hard for another new fitness center to get as many clients as Golden Gym. It is also a reason they can effectively compete.

Most Significant Weakness

They do not have centers around the city though they are the oldest and the best-known fitness center in the area. As having various branches increases the company’s success and profits, a company as big as Golden Gym would have been better successful if they opened other studios. Due to this, a company as ours can quickly dominate an area due to its significant and extensive presence.

Recent Performance

Though they are not winning in the playing field, neither are they failing, As dangerous as stagnant may be, it is important to know where they want to go as accompany and this requires time to play out.

Major Developments

There are no significant developments, as the competitor has not had any game-changing products or capabilities. Due to this, Golden Gym has lost vital competitive advantages to those companies that are making equipment or athlete gadgets.

Competitor 2

Size

The Fitness First Studio is a UK gym and fitness center and the largest in the industry with a membership of 2 million in its 350 outlets.

Most Significant Strength

Because of its high membership, many people get their desired results and meet their health goals, as compared to other fitness clubs. It sets them apart due to the success rate at any given point of the Fitness First Studio is high due to the high probability. Also, as they have outlets all over the country, they are prone to beat the competition in the area given that they dominate.

Most Significant Weakness

Without the use or lack of updated technological equipment and facilities, they lag, and this may be a reason they are not gaining as many members as they ought to. Without the state of the art facilities and equipment, many members might not get the best-desired outcomes.

Recent Performance

In the Playing Field, Fitness First Studio is wining due to its increase in new members. Notwithstanding, it portrays positively in their revenues and finances as they are doing better than other centers in the area.

Major Developments

For the company to have as many clients as it does, it means that they have built trust with their clients. Also, that they are result-oriented makes them competitive as not many centers offer personalized supervision or expert advice.

Our Organization

Size

Lifetime Time Fitness is a relatively small and new fitness company in Dallas.

Most Significant Strength

Among the various strengths, the first is making gizmos and materials useful to those exercising and athletes. Another is the multiple centers opened around the world that would further help in promoting the new company. Notwithstanding, the facilities are equipped with state of the art facilities and equipment.

Most Significant Weakness

The company’s biggest weakness is the fact that it is new and still learning the market. Though this may take some time until they are entirely comfortable in the market, being newcomers means the market is already dominated, and breaking in may be laborious if not time-consuming (Featherstone, 2010).

Recent Performance

The company is generally winning, given that the various studio centers have modern equipment. Also that there is the needed know-how from people with experience, gives us an upper hand, and helps in winning.

Major Developments

The company is the first to make and produce gizmos. It has been to the company’s advantage, as many companies do to see the need to produce equipment and instead buy, making it expensive for the company and harder to get profits and create revenue.

Key Conclusion

While other companies lack or use the wrong strategies to make profits and revenue, Lifetime Time Fitness hopes to use its resources to make the needed profits and generate revenues. Though many companies spend millions buying products and equipment from other companies, Lifetime Time uses its ow products and equipment to cut costs and make it easier to create revenues. Another highlight is the opening of the various centers worldwide that will better increase the new company’s exposure to the world. It is unlike Golden Gym and Fitness First, who either do not have the needed skills to produce their products or equipment or as many stores to help generate income.

References

Brown, J. D. (2014). Self-esteem and self-evaluation: Feeling is believing. In Psychological Perspectives on the Self, Volume 4 (pp. 39-70). Psychology Press

Dworkin, S. L., & Wachs, F. L. (2009). Body panic: Gender, health, and the selling of fitness. NYU Press.

Featherstone, M. (2010). Body, image and affect in consumer culture. Body & society, 16(1), 193-221.