- Project Paper and Presentation Due Date Week 10 (the night before class meeting)
- Submit your project using assignment tab.
- Combine the paper and all required appendices into 1 PDF file.
- Save file with students names First Name, Last Name Initial (e.g. Group 1_Jeanny L, Robbin C, Astrid S).
- Part I: Current Industry Situation and Goal Setting
Discuss the Overall Industry Information. (1) Identify relevant current competitors that share similar product idea as yours. (2) Identify any potential threats and opportunities in the industry. Create a chart that compares your competitors product and your product offering. (3) Discuss the various segments in the industry. (4) Perform a SWOT analysis. (5) Define the goals of your team? For example, our goal is to help XYZ company to thrive in the ABC market, specifically YHK segment, providing IOP value, to the NMB targeted consumers.
Part II: Select Target Market & Assess Demand
Select Target Market. (1) Which unique group did you pick? (2) How big approximately is this group? (3) Use the Need-Based Segmentation to help you understand your TM better. Additionally, how do they behave/think/act or shop for your product? What are their values, beliefs, attitudes? (4) Why are they a good choice for your product? (5) Provide a profile/persona of your target market in appendix.
Assess potential demand in the market (e.g., Purchase Demand, Market Share, Industry Buyer Behavior Trends). Predict future sales. Determine the associated costs and financial resources necessary. (1) Determine your pricing strategy. (2) Forecast the size of your TM. (3) Factor Market Share likelihood or competition. (4) Provide a sales forecast in the appendix.
Provide any secondary data or references used for determining your target market and sales predictions.
Part III: Marketing Mix Program (Note: This should be the most integral and creative component of your marketing plan)
Proposed Product/Service Value Offering. (1) What is your value offering equation? (2) What are the specific quality measure at high level vs detail? (3) How does your value offering meet the needs of your target market? (4) Use a perceptual map to identify your competition and feature your unique value. Provide any secondary data that are relevant from your research. Reports, graphs, statistics, etc.
Describe your proposed product strategy (e.g. attributes, variety etc.). Product (1) Evaluate the current product and make any creative recommendations for product/service that would add value to the present offering (e.g. additional services, product extensions, product changes, more variety, service repackaging, etc.)? (2) Which stage of the product life cycle do you think your product class or category is in? Why?
Describe your proposed pricing strategy (e.g. penetration, skimming, etc.). Price (1) What recommendations do you have for future pricing strategies? What are some of the key constraints? (2) What type of pricing strategy do you think should be appropriate for the new product/service? (3) What type of pricing (not promotional) discounts or allowances should be offered to the trade or to consumers? (4) Provide a detailed pricing that you will be charging to your TM.
Describe your proposed promotional effort. How will the product be promoted? What message will it appeal to the target market? Where will you promote the product? Provide the specific channels and the advertising messages that will be used. Promotion (1) Develop the promotional plan for the new product/service. (2) Describe the theme, wording, slogan, story line, (3) Create sample advertising print(s) from scratch, and (4) be sure to address how you plan to use each of the four promotional mix elements (e.g. advertising, personal selling, sales promotion, public relations).
Describe your proposed distribution strategy (e.g. outlet, channel, etc.). Distribution (1) Describe any recommended changes to your distribution strategies as you perceive them today (e.g. intensive, selective, exclusive). (2) Describe how the product/service will be made available to the target market (e.g. direct means, indirect means, utilization of intermediaries). (3) Provide the locations, states, or cities that you intend to roll out your plan.
Part IV: Required Exhibits in Appendix
- SWOT Analysis
- Perceptual Map and Positioning Statement
- Value Equation
- Competitive/Product Analysis (e.g. competitors value propositions)
- A Need-Based Target Market Chart (e.g. a list of target market characteristics, starting from consumer needs assessment to demographic variables)
- Primary Research Analysis (if applicable)
- A Target Market Estimation. A Sales Projection
- Media Plan (Product Slogan to the Consumers, Sample Print AD, Sample Video)
- Reference Section (Label all tables and graphs)
Based on the importance of exercise, people choose different ways to do exercise, such as going to the gym, outdoor cycling, mountaineering, hiking… In addition to these land-based sports, the way to exercise in the water is also popular. More and more gyms or studios for water exercise are set up in the market, such as WaterGym®, H2yOga, Aqua Care for Me, etc. Among these fitness centers, WaterGym® is a more centralized and specialized fitness center for water fitness. According to WaterGym®’s official website, the company was founded in Marin County in 1989, mainly providing water aerobics in related fields of products and services. Its main business is to sell water aerobics courses and peripheral products (such as water float belt, sun visitors, swim caps…). Its course content is that members exercise with coaches in outdoor swimming pools with special belts on their waists. WaterGym® Claims to bring customers the benefits of improved fitness and treatment, and even pregnant women can participate in water fitness courses with the approval of their doctors. However, WaterGym® Has some limitations: its location is limited, and all face-to-face courses are only available in Marin county. In addition, its swimming pool is outdoor, so that the development of the course will be affected by the weather. If it is a hot day, members have to do a good job in sun protection. If it is a snowstorm, the course will be cancelled.
As for H2yOga, which was established in 2010, it is the leading water yoga program in Los Angeles. Its courses also include Pilates, dance, dance and gymnastics. H2yOga has water prenatal training program and injury safety course options. This organization aims to provide customers with a completely unique, gravity free, 100% impact free, 360 degree, water yoga experience. The swimming pools are set indoors, and these swimming pools are heated salt pools. There is no membership requirement for its courses, and professional coaches provide personal one-to-one training for different courses. However, H2yOga has only one class center, and due to the size and number of its swimming pool, its courses need to be scheduled in advance, which makes it difficult to book courses.
According to the official website of Aqua Care for Me, this company aims to provide professional water therapy and fitness programs for people of all ages. Its course coaches are experts from the medical field or physical rehabilitation field, who use the characteristics of water to achieve therapeutic effects and muscle training. Its main business is divided into treatment course, fitness course, water course for pregnant women and Spa department. It is worth mentioning that Aqua care for me has separate courses for different parts of the body, such as arm training, leg training or body balance training. At present, Aqua Care for Me has two kinds of swimming pools, one kind is a warm pool with salt for private one-on-one teaching, and the other is a warm pool without salt shared by many people indoors. The two kinds of pools are located in different places, which is not convenient for customers who want to experience multiple courses. Furthermore, the swimming pool for private treatment is set outdoors, so the therapy course development will be affected easily by weather conditions.
Laurie Denomme (2020) indicates that doing water sports two to three times a week can significantly improve strength, flexibility and cardiovascular health. It can also reduce the risk of disability, improve balance, and enhance your ability to perform daily activities easily. There are many advantages of water sports, such as less joint impact, total body training, lower joint and muscle pain, gain more mobility, improve heart health, build better balance, stay cool… Therefore, water exercise has become an inevitable trend of national fitness. Many enterprises have seen the potential business prospects of water exercise, and the benefits provided by each enterprise are different based on diverse target markets. Some water fitness institutions only set up outdoor swimming pools, and some set up indoor and outdoor swimming pools. Different courses are provided for customers, such as water therapy courses, pregnant women courses or other specific training courses. In terms of customer types, WaterGym®’s customers prefer outdoor sports and enjoy sunbathing, and there is no specific age limit. H2yOga is mainly for Yoga lovers or people who want to relax and meditate. Aqua Care For Me’s customers want to improve their physical trauma or improve their physical function through professional spa. However, according to the feedback from some customers on the Internet there are different problems with these three gyms: course reservation is difficult in H2yOga; the courses of WaterGym® are often cancelled due to the influence of the weather; Aqua Care For Me’s water treatment course and aerobic course are not in the same center, which makes it inconvenient for customers to experience different courses.
Besides, Robert Hill said that through the Golfsupport.com survey of 1438 women’s experience in the gym showed that one third of women said they preferred to go to the gym for women. The reasons why women were afraid or unwilling to go to the gym were as follows: 78% of women were afraid of being harassed during exercise; 48% of women were worried about their appearance during exercise, sweating and blushing; Many women worry that others will judge them by their sportswear (2020). In addition, according to the survey, a quarter of 2000 women are reluctant to exercise because they are afraid of being judged. Almost half of them have had a negative evaluation when exercising, among them, 18-24-year-old people have the highest negative evaluation, and 70% of them say they have this feeling. In addition, these women are also worried that others will think they are novices (“a quarter of women avoid exercise in fear of being judged, poll claims”). From this we can conclude that there is a great market demand for specialized female gymnasiums.
From the above survey data and market information, the goal of Fly Water Gym could be established, which aims to create a new chain of water fitness centers that is only open to women and all courses are designed for women, with comprehensive and advanced facilities (indoor outdoor pools, a room, sauna room… etc.).
The target market of Fly Water Gym is women who are interested in low-impact sports and want to exercise in a sports environment that is only open to women. Since 17.2% of women exercise every day (Arthur, 2020), the age of the target customer is set between 25 and 45 years old. Target customers include industries with relatively high incomes, such as finance, insurance and lawyers, so that they have a certain financial strength to pay for fitness expenses.This group can be roughly divided into these categories: 1) Women who want to lose weight quickly and efficiently, 2) Women who want to socialize, 3)Women who want to increase physical flexibility, 4)Women who want to experience sports different from traditional gyms.
These problems exist in the current target market. First, the women who are in contact for the first time worry that they will not be able to keep up with the content and rhythm of the class. Second, some women who are mothers are taking care of their children and sometimes worry about not being able to attend classes often. Third, for some women who have no swimming experience and want to exercise. Finally, for water gyms, water quality is also a concern for every customer.
The solutions to the appealing problem include: First, professional coaches at Fly Water Gym would provide guidance for each new student and provide customers with some pre-courses and guidebooks on water, and the coach will patiently help each student to warm up. During the coach’s teaching, he can try to ensure that each student’s exercise content is consistent. Second, at Fly Water Gym, an indoor children’s playroom is provided, and there would be a dedicated staff to take care of the children so that members who have children can exercise at ease. At the same time, we are also equipped with a certain number of children’s pools, which allows women to take their children to exercise together. Third, at Fly Water Gym, there would be separate swimming lessons and professional swimming coaches to help customers quickly master swimming skills. For customers who don’t want to learn to swim, our center could provide a special sports equipment-buoyancy belt, and customers could tie it on their waist to exercise freely in the water normally. Finally, during the normal business period, Fly Water Gym center shall replace and disinfect water every two days to ensure that every customer can exercise safely and healthily in the water environment.
There are several potential needs of Fly Water Gym’s target customers: First, some customers may not want to have classes with multiple people, and hope that the gym provides some single-person courses. Second, different customers have different needs for the exercise environment, for example, some members may prefer to exercise outdoors and enjoy sunbathing, but some customers may not like the outdoor environment and sunlight, and they prefer a relatively closed indoor environment. Third, some guests may be eager for extra services and enjoyment besides class, such as relaxation massage after exercise, or beauty service. Finally, some customers have different requirements for the types of courses, such as water yoga, water walking, water aerobics, and equipment exercises.
In addition to the above needs, there may be other customer requirements: First, members may have a demand for various water sports equipment. From 2011 to 2016, the proportion of women in all water exercise statistics reached 51.1% (BLS, 2016), there is a big market for swimming equipment, and water gyms generally provide customers with all water fitness sports equipment including swimwear, including foam dumbbells, hand paddles, and kick boards. For instance, WaterGym® provides customers with some special products of buoyancy belts to attract customers, and for members who do not bring any equipment, they will also provide them for free. Second, due to the impact of the epidemic, customers will pay more attention to the safety of the sports environment. In fact, every gym has taken some measures. For example, the previous disinfection of swimming pools has been changed from once every two days to once a day. According to the anti-epidemic measures, the number of customers receiving has been reduced to half of the usual. According to the website of Aqua Fitness Online, in order to ensure the needs of customers, they began to provide some virtual courses and provide supporting fitness equipment to provide customers with timely help.
The largest audience of our Fly Water Gym is 25-45-year-old professional women. They don’t have much time to help them lose weight because they need to stay still and work in the office for a long time, which will also cause their waist and abdomen. , Buttocks fat accumulation. And our primary value is to burn body fat efficiently and quickly. According to the survey, water also has more excellent resistance than air, which means walking in water requires more effort and ultimately burns more calories than walking on land. Expect to burn between 400 and 500 calories per hour in a water aerobics class, according to the Aquatic Exercise Association. (swimandsweet) The average person’s daily calorie intake is 1350-2050, which means that only 2 to 4 hours of fitness can consume 2 to 3 Excess calories in the day. This will help women who are usually busy and have time to lose weight and exercise only on weekends and use less time and more efficient calorie consumption.
The second is to effectively help them burn the fat accumulated in the waist, abdomen, and buttocks. We all know that waist, stomach, and buttocks exercises are the most difficult places to lose weight. These areas require a lot of time and practice to support them. When we enter the water lower than the body temperature, the body will naturally produce heat to help resist the water’s coldness, and this heat will come from the calories of various parts of the body and then cooperate with the corresponding part of the body to reduce the body—double the effect. The waist, abdomen, and hip exercises are the most tiring, and relying on water buoyancy can reduce physical exertion and do targeted exercises in the water that can’t do it on land. To help them lose fat better.
Finally, Fly Water Gym can also help women with the same hobbies establish a right social circle. We understand that when they work out in ordinary gyms, everyone will concentrate on exercise, and there is no extra physical energy to chat. They will exercise silently because of the stressful fitness environment. But in our water gym exercise, the material energy will be consumed very little, so there will be excess physical energy to communicate, and the atmosphere will be relatively relaxed. They can exchange suggestions for water sports. And when people are in the water, they will give people a feeling of relaxation, which is also a spiritual rest for professional women who are usually busy.
To better attract the groups targeted by Fly Water Gym, we will only focus on the openness of female groups, and at the same time will adopt a membership system. New members can enjoy a one-month half-price experience course to help customer groups attract and adapt to the novel fitness environment. However, the cost’s impact will be increased to more than twice that of an ordinary gym. At the same time, we also set up special facilities and courses for members.
First of all, we will ask professional female fitness coaches to arrange different high-efficiency and fast fat-reduction exercises for members. As a member of the Basic Coaching Association: Spiderman-This activity helps defy gravity, and it provides great exercise for your back and core muscles. Stand in the pool at its sides, place your legs on the side of the pool, and run them up and down. (plunge) After that, arrange for a more difficult coach or need to use dumbbells and other water fitness equipment. This is also for new members to better adapt to the environment without gravity in the water. At the same time, set up a variety of different exercise pools and courses. For members who want to reduce waste, abdomen, and hips, arrange a collection full of water to build handles to help exercise in the pool and equipment to help complete the corresponding part of the movement in the water, such as floating belts, water Use a fitness ring, and the coach can try out the water after explaining what to pay attention to before going into the water. Give members the greatest freedom of choice to increase the interest of members. Secondly, establish individual leisure facilities for members to provide members with a corresponding social environment. Such as sauna rooms, jacuzzis, and small hot springs to help relieve fatigue. Because we have learned that even after regular swimming, people would like to have a place where they can relax, talk and exchange sports experience, finally, a VIP plan is provided for members who want to get individual training, a small enclosed swimming pool established for one-on-one exercises, and a player is installed for members to watch and exercise. The smart door can only use by members swiping the membership card so that ordinary members can also use it when the venue is free but will be charged according to the number of uses.