Business Studies Marketing Plan Business Studies Marketing Plan

4075 words - 17 pages

Fitness R Us

Marketing Report
Executive Summary 2
Situational Analysis 2
SWOT Analysis 4
Marketing Objectives 5
Increasing Market Share 5
Expanding the Product Mix 5
Maximising Customer Service 5
Marketing Strategies 6
Product 6
Price 7
Promotion 7
Place 8
Implementing, Monitoring & Controlling 8
Social Media Advertising 9
Advantages 9
Disadvantages 9
References 13
Executive Summary
This marketing report was commissioned for the business “Fitness R Us” to assess the
situational analysis of the business, and in response develop an insightful
recommendation of the appropriate marketing strategies Fitness R Us must adopt.
Methods of analysis include identifying it’s current stage on the lifecycle: maturity, and
thereafter creating a SWOT analysis based upon the current situation. Results reveal that
the business is threatened by new competitors, and it’s weaknesses conclude that it has
failed to efficiently respond to customer issues, needs and wants. Thereafter, appropriate
marketing objectives including increasing market share, expanding the product mix and
maximising customer service have been established to set the long term direction of the
business. To achieve these goals, the fundamental marketing strategies needed include
product and service differentiation, competition-based pricing, sales promotion and
advertising, and internet marketing, in which all correlate to promote synergy within the
business. Planning, monitoring and controlling in the form of comparing planned results
to actual results and revising the marketing plan will ensure Fitness R Us constantly
strives to achieve their objectives. In long-term, these suggestions will eradicate the
weaknesses and threats Fitness R Us is experiencing and allow it to move into the stage
of renewal.
Situational Analysis
Fitness R Us is currently situated within steady-state segment of the post-maturity stage
of the business life cycle. With 20+ years market experience, Fitness R Us have
established a relationship and reputation within the Hills Area that is an advantageous
factor to their ability to overcome this plateau, and assist in moving into the stage of
renewal, which is essential as a steady-state does not last.
Sales for Fitness R Us have been threatened as the fitness market has become saturated,
with growing prevalence of fitness gyms and other fitness businesses with innovative
styles and approaches - such as a ‘boot-camp’ business throughout the Hills area.
Customer numbers have also been impacted, revealing they need to respond to this
change in public perception. Reactively, Fitness R Us must adjust the products and
services they are offering to differentiate from the number of new gyms, by responding to
the customer’s needs, through thorough market research.
SWOT Analysis
Strengths
- History: 20 + years of market experience
means that they have extensive
knowledge in the industry of fitness
- Relationship selling: established reputation
as ‘traditional’
- High quality...

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