Unit_1_&_2_Marketing_Assignment_Olsen

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Marketing Assignment – Weeks 1 & 2 Marketing Strategy Richard Olsen II Purdue University Global MT 219 - 02 Dr. Miller December 19, 2023

Marketing Assignment – Weeks 1 & 2 Introduction Lee’s Fitness Center is a new business in San Antonio, Texas. This marketing strategy has been created to ensure that Lee’s meets their goals and becomes successful. The document provided defines Lee’s mission, provides strengths and weaknesses, and sets goals for the fitness center to meet early on. Finally, it looks at Lee’s marketing strategy and how the ideas presented can be put into practice. Mission Statement Lee’s Fitness Center aims to redefine what a fitness center can be. State of the art facilities along with personalized fitness plans and unique class offerings aim to elevate your lifestyle. Strengths and Weaknesses Analysis There are several methods Lee could use to determine internal strengths and weaknesses of her new fitness center. While mystery shoppers might seem to be a good idea on the surface, they have their downsides. For example, they may just be doing the shopping to get paid and not provide legitimate feedback about what can be improved. Mystery shoppers are also an added expense. Lee could have a comment card station near the entrance of the fitness center and could collect feedback from legitimate clients that way. Also, with everything going electronic these days, having a tablet or another device near the entrance with a short survey may be more enticing to patrons.

Marketing Assignment – Weeks 1 & 2 Other strengths of Lee’s Fitness Center are that it is in a good neighborhood mainly consisting of potential clients in the middle to upper class income range. According to the U.S. Census Bureau, the median household income in San Antonio is $58,829. Targeting the suburbs just outside of San Antonio, where the household income is substantially higher may also yield more clients with more disposable income. Nearby Helotes, Texas has a household median income of $124,367 also from the Census Bureau. Lastly, an independent fitness center can offer more personalized service than the big fitness center chains. Lee may face several weaknesses opening a new fitness center. The high cost of new equipment may be prohibitive. On the other hand, buying used fitness equipment could be a weakness as it isn’t as up to date with current technology. Lee’s Fitness Center may struggle outside of the first several months of the year since outdoor activities become more common in the late spring and early summer months. It also may become difficult for some clients to stick with their year end or new year goals to lose weight or get in better shape. Technology is affecting every industry these days and the fitness industry is no exception. Lee’s Fitness Center offers virtual fitness classes if you are out of town or can’t make it into the local gym. The rise of fitness tracking watches and applications makes it easier for you to count calories or time your workout so you know how you are progressing. Direct competitors to Lee’s Fitness Center are other fitness centers in the area and large chain fitness centers providing the same services. Indirect competitors to Lee’s Fitness Center include dietary supplement companies or in home training programs.

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Marketing Assignment – Weeks 1 & 2 A sustainable competitive advantage is one that cannot be copied by the competition (Lamb, 2020, p. 26). One sustainable competitive advantage for Lee is that her fitness center is small enough to deliver exceptional customer service. Another is her creative use of content marketing. My advice to Lee on competitive advantage is to find whatever you are the best at. From there, determine if anyone else is doing that or using it in a specific way. Make that thing what you are known for. Marketing Objectives SMART goals for Lee’s Fitness Center in 2024 are as follows:  Boost digital engagement via our website and social platforms by 50% in the first quarter of 2024. This will be accomplished by using a social media scheduling app to send out regularly scheduled posts instead of sporadic ones when the owner finds time  Boost our ranking for specific, brand-oriented keywords from the third results page by the end of 2024. Ranking higher in the results will help direct more traffic to the company site organically Target Market  Age range: 25 – 45  50% male, 50% female  Median income: $75,000 +  Education: Bachelor degree or higher

Marketing Assignment – Weeks 1 & 2 Market Strategy The four strategies for growth are market penetration, market development, product development, and diversification. The first strategy, market penetration, is where a company tries to expand its market share in its current market. Next, market development, is designed to bring a business’ products or services to a new market. Product development brings a new service or product to an existing market. Lastly, diversification, brings a new product or service to a new market. Lee can use the market penetration strategy to increase her sales by either lowering prices and competing on price, or someday acquiring a competing business. Marketing Mix The marketing mix for Lee’s Fitness Center is place and promotion centered. Located in a desirable part of town, Lee will appeal to locals in the nearby neighborhoods to visit her gym. Social media marketing and website ads will be used to generate website visits and book a training session. Since she provides a high-quality product, the price point is higher than some of the competition. She also provides fitness classes specific to women which will appeal to those looking for someone they can relate to. Implementation Lee’s Fitness Center will implement this marketing strategy in a few different ways. The fitness center will employ a social media manager, likely part-time to begin with. Lee or the front desk employee(s) will handle aggregating the feedback from clients and respond to any immediate concerns. Budgets will allot a certain amount of dollars to each marketing activity such as social media ads or internet ads targeted to the demographics laid out earlier.

Marketing Assignment – Weeks 1 & 2 Evaluating Fortunately, with all of the technology available today, it’s not hard to find tools to help evaluate data collected from marketing activities. Tools like Google Analytics can track how many visitors and clicks on your website occurred in a certain period. Social media apps or platforms can be used to view how many times a post was viewed, liked or interacted with. In the admin tools for those apps, you can find more data like the number of accounts reached, total followers, and how many accounts engaged with you over a certain time period. Gyms and fitness centers can measure how many members they had then versus now in a computerized database. Conclusion Lee will need to implement the plan and make changes as needed to meet the needs of her fitness center and its clientele. By using using the available demographic data, Lee can target her ideal clients to work with. Once that has been determined, she can choose which strategy best engages her chosen audience. Marketing is constantly changing and this document will need to be updated accordingly to stay relevant.

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Marketing Assignment – Weeks 1 & 2 References Lamb, C. (2020). MKTG (13th ed.). Cengage Learning US. https://purdueuniversityglobal.vitalsource.com/books/9780357127889 U.S. Census Bureau. https://data.census.gov/profile/Helotes_city,_Texas? g=160XX00US4833146 U.S. Census Bureau. https://data.census.gov/profile/San_Antonio_city,_Texas? g=160XX00US4865000

Unit_1_&_2_Marketing_Assignment_Olsen

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