Bodyfine Fitness Studio’s Marketing Plan

Marketing Plan
Name
Institutional Analysis
Bodyfine Fitness Studio’s Marketing Plan
Business Description
Bodyfine Fitness Studio is a locally owned fitness center located in a rapidly developing area of town with modern equipment suited for a wide range of health and wellness needs for its members and potential clients. The fitness studio contains equipment for cardio, aerobic, exercise and physical training for members across the age divide CITATION Nut19 \l 1033 (Nutting, 2019). Services offered include personal training on request, instructions for strength training, group classes, and spin classes. It also features highly trained and experienced trainers to help achieve the individual health and wellness objectives for all members. The certified coaches and trainers ensure that the members get quality service for all their diverse health and fitness needs. The passionate team of qualified staff further emphasize on quality and safe training instructions while also observing high levels hygiene across the facility. The fitness studio is currently experiencing little or no change in the rate of new membership despite the increasing awareness and concern for health and fitness among consumers. Bodyfine Fitness Studio seeks to increase its membership across the monthly, half-yearly, and yearly options for increased profitability and enhanced competitiveness in the market.
Target Market
Bodyfine Fitness Studio is targeting the local residents within the urban area and those in the suburbs that can manage their transportation to and from the studio for their sessions. The studio seeks to attract individuals who are committed and dedicated to developing active and healthy lifestyle habits aged between ages 15 and 45 years old with a special membership program for customers within the 45 to 60 years age bracket across the gender divide. The local demographic distribution reveals a higher percentage of residents in the region to be within the 15 to 45 years age bracket and thus making for a good target market. A growing interest from the older population further attracts the interest of other health and fitness entities pushing Bodyfine to adopt strategic measures to enhance its competitive edge for the emerging market. The outlined target markets are characteristic of high levels of awareness and concern for health, fitness, and overall wellness. In essence, Bodyfine Fitness Studio seeks to attract individuals who have established or want to develop healthy lifestyles and willing to learn and understand their health and fitness needs.
Market/Industry Analysis
The fitness industry has over 30, 000 health and fitness clubs in the United States offering a wide range of training equipment and fitness services for their members. The increasing awareness and concern for personal health and wellness coupled with the increase in the per capita disposable income across the accounts for a projected increase in annual revenue for the fitness industry. The fitness industry is expected to grow by a significant percentage in the U.S. and around the world. Membership for health and fitness entities grew by almost 100% in the past two decades between 2000 and 2019 from 32.8 million to 64.2 million members in the United States. The increase in disposable income allows potential clients to purchase memberships for the different fitness studios and gyms in their residential areas. Bodyfine seeks to capitalize on the projected increase in membership for fitness and health entities in the region by identifying its strengths, weaknesses, opportunities, and threats in the highly competitive market.
Bodyfine’s key areas of strength include its highly experienced and certified training and coaching staff ranking above all the other staff in other entities in the region’s health and fitness industry. It also boasts of good and unmatched reputation for quality and safe training characterized by high number of referrals and consumer retention rates. Among the studio’s identified weaknesses is the limited space for accumulating the projected in...