Marketing Research Report

ELEMENTS OF A MARKETING PLAN REPORT 8

Elements of a Marketing Plan Report

Brandon Lee

MKT/421

Danny Rudick

March 13, 2017

Elements of a Marketing Plan Report

The significance of marketing is very essential to any organization as does technology, society and business growth and depends on same traits that are aimed at improving the success of an organization. It is important to note that marketing is a backbone for every organization and without brand awareness; an organization cannot be easily identified. In this paper, I have chosen to focus on 24 Hour Fitness which is the world’s largest privately owned fitness centre chain. It is basically the best gym for meeting one’s personal fitness goals, with convenient fitness locations worldwide (24 Hour Fitness, 2017). They have developed various steps to uncover certain demographics, particularly the millennial.

Key Environmental Forces that Created an Opportunity for the Company

Like the Geek Squad, 24 Hour Fitness had to adapt to the changes within their environment. Changes in technology have created an opportunity for the company. Basically, technology is becoming a more essential component of fitness of a professional’s weapon, with some going further to provide training sessions through the web. Fitness training is increasingly becoming an outdoor activity, requiring new skills and collaboration among various people in the society. Fitness professionals are currently working with more older people and younger people than before, which needs new skills. Additionally, there has been demand and opportunity for 24 Hour Fitness personal trainers to collaboratively work with medical and allied health professionals (24 Hour Fitness, 2017). 24 Hour Fitness saw an opportunity to make full use of their expertise in helping those who needs fitness.

Changes in the Purchasing Patterns of 24 Hour Fitness’ Target Market Recently

In the recent days, clients were starting to see fitness services as critical elements of their health and long life. At the same time, older and young people were getting more interested in fitness and healthy living. The number of people above 65 years has immensely increased in the recent years. As such, fitness professionals increasingly required to be able to work closely with medical and allied health professionals to provide fitness programs that are suitable for the older people. With the introduction of Fitness First Kids and Fitness First for Teens in school holidays has actually increased the need for provision of fitness programs (24 Hour Fitness, 2017). The company has experienced an increase in demand for fitness professionals to work hand in hand with medical and allied health professionals to provide evidence based exercise programs for those with chronic conditions. Inclusion of the nutrition content in fitness qualification has been a contentious issue for the company. It has been accepted that fitness professionals require basic knowledge of nutrition to do their jobs but they are supposed to refer clients to the allied health professionals for further advice regarding diet. Because of this, the number of people who has indicated interest for fitness training in 24 Hour Fitness has largely increased in the recent years.

Key Trends Likely to Influence 24 Hour Fitness in the near Future

In the social perspective, trends indicate that younger and older people will continue to increase and the use of online training will also be in demand.

Economically, trends indicate that the economic situation is basically poised to continue increasing as the cost reduces and the income of the people increases. With more advancement in technology, the 24 Hour Fitness Gym will expand their service online web services in the provision of training programs to people. Consequently, this will make fitness programs to be more efficient in the near future.

In the competition field, trends indicate that there is stiff competition for the provision of training programs from other organization. This provides more ideas and improvements in the service provision for 24 Hour Fitness to distinguish themselves from other competitors. In the regulatory perspective, trends also indicate that there may be some transfer of their online or web training programs. There need to be changes in the regulations of the company to comply with relevant laws.

Differentiation Strategy that 24 Hour Fitness should use to Market their Services

Differentiation strategies are basically critical strategic marketing processes. 24 Hour Fitness should develop differentiation strategies that would help them to build a strong competitive advantage. There is need to differentiate the services that 24 Hour Fitness offers to those of other competitor organizations. First of all, the company should verge(?) into social networks such as Facebook, Blogs, Twitter, etc. to market their services. They need to engage with online clients to determine and quickly respond to their need in real time (Hitt, Ireland & Hoskisson, 2012). Additionally, through the social networks, they can promote discounts and promotions to their clients and give their advertisement because many people today can be reached through the use of social media networks. They also need to invest largely on the online training program. They can use you tube or the television, or even their websites to offer such trainings. 24 Hour Fitness should hire someone who can answer the questions of the clients, educate them and help humanize and give the company brand popularity. In the ad messages, the company should clearly differentiate themselves from their competitors by promoting the benefits or attributes of the company that makes it unique to the people.

The company should also use tools and technologies that are current and up to date in the delivery of training services. They need to use symbols and tools to establish a strong brand differentiation. Basically, they need to have an effective brand logo and distinct packaging with visually driven methods to enable differentiation. Additionally, the company should reduce their price or put emphasis on a strong quality to price relationship or value orientation (Kottler & Keller, 2014).

Lessons from the Geek Squad Case Study

From the case study, it is evident that with the advancement of technology, consumers will require training and assist with the technological language. Geek Squad and Best Buy saw a good opportunity to help those who were not technically savvy and came to the understanding that men were more ready to know more about technology as compared to the women. However, they came to realise that women are increasingly showing interest in computers and technology, enabling them to emphasize on service provision and equip their employees with the ability to answer any concern the consumers may have and use friendly terms when talking with the consumers. Innovative thinking is the very foundation for a strong foundation in business operations.

References

24 Hour Fitness (2017) Best Gym for Your Fitness Goals https://www.24hourfitness.com/

Hitt, A. & Ireland. R. (2012). Strategic Management Concepts & Cases Competitiveness & Globalization (12th Ed.). Mason, OH: South-Western Cengage Learning.

Kotler, Philip & Keller, K. L. (2014). Marketing Management (15th Edition). [VitalSource Bookshelf Online]. Retrieved from https://digitalbookshelf.argosy.edu/#/books/1323125604/

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