1,102
15
Essay, 3 pages (800 words)

Part of the marketing plan (marketing objectives & issues)

The paper “ SWOT Analysis, Marketing Strategy for Mobil Gym” is a good example of a case study on marketing. The business’s strengths: programs tailored to client specifications, the unique concept of mobility, the flexibility of location, reduced infrastructure, and overhead costs. The company’s weaknesses: a limited range of equipment on offer, high transportation costs, potentially time-consuming settings up of equipment.
OPPORTUNITIES:
– Tap into a latent market segment by bringing the gym to them,
– Tap into market segment not accessed by traditional gyms.
THREATS:
– Competitors who could seize a unique concept and offer better facilities and services at reduced costs.
Mobil Gym has several Strengths, which could boost its market position. Firstly, fitness programs offered are tailored to the client specifications and personalized according to their needs. Second, the gym is in effect, a health studio in a mobile vehicle, offering a unique concept. Third, flexibility is available, because the gym location can be tailored to meet the customer’s convenience, i. e, at their home, office or at other locations. Fourth, Mobil Gym can reduce many of its infrastructure and overhead costs, including property taxes, rents, and electricity bills.
Weaknesses:
The kinds of fitness equipment which can be carried around in a vehicle would be limited, hence this would limit the range of exercise material available. Second, setting up and testing some of the fitness equipment before client use could be time-consuming and when coupled with the transportation costs and rising fuel prices, could reduce revenues.
Opportunities:
Mobil Gym has the opportunity to tap into a latent market segment of individuals who have the desire to join a gym but lack the time and motivation to travel out to one. Secondly, it could also tap into a segment of the market which traditional gyms would not target, such as older people unable to travel or people requiring physical therapy after an accident or in the event of a disability.
Threats:
the major threat arising for Mobil Gym is potential competitors, who may seize upon the idea of a mobile gym and offer the same services at a lower cost. Alternatively, they may offer better services and facilities and thereby grab the share of the market that Mobil Gym is currently tapping into.
Market Strategy:
Mobil Gym needs to ensure that it is constantly innovating its services and products and preparing fresh new marketing campaigns. It has a unique concept and the opportunity to tap into market segments not yet accessed, and it needs to be ahead of its competitors in new advertising to attract customers. Since the low establishment costs are one of the strengths of the business, it could also consider offering franchises to allow local suppliers to effectively target their regions with promotional campaigns. This would keep its operational costs low and those benefits could be passed on to customers. Another option may be to enter into a merger or joint business arrangement with a competitor, to consolidate the market.
In devising a marketing plan, the goals and objectives which are set must be S. M. A. R. T., i. e., Specific, Measurable, Attainable, Relevant and within a particular Time frame. The stipulated marketing objectives in accordance with the SMART framework are as follows:
– Prepare a clear statement of the business vision, strategy and long term objectives, i. e, to become the market leader in the provision of mobile gym services.
– Identify competitors in the order of strongest to potential competitors, and collect data on their duration of existence, vision, and strategy as outlined in the latest annual reports, and determine ballpark market share.
– Carry out extensive market research to determine other potential customers for the mobile gym services, such as individuals who need physical therapy and list ideas on how they may be approached.
– In a brainstorming session with employees and higher-level personnel prepare a list of three to ten fresh new ideas that could help to reshape and redefine the company for various market segments. Draw up financing plans to examine the economic implications of such a plan.  Examine the feasibility of each option and draw up time frames for the execution of innovative ideas, before selecting the most viable options.
– Prepare surveys for existing and new customers to complete after their use of the Mobil gym, listing what they like and what they don’t like, what they would like to see improved and what should not be changed, i. e, what they would recommend to their friends and relatives about Mobil Gym.
– Refresh advertising strategy every three months; alternatively set an objective of preparing new advertisements to counter advertising by competitors.
– Set up a timeline of three months to contact IT specialists to create an interactive website for Mobilgym, carrying the latest updates and news from the business, as well as special offers for customers.

Thank's for Your Vote!
Part of the marketing plan (marketing objectives & issues). Page 1
Part of the marketing plan (marketing objectives & issues). Page 2
Part of the marketing plan (marketing objectives & issues). Page 3
Part of the marketing plan (marketing objectives & issues). Page 4

This work, titled "Part of the marketing plan (marketing objectives & issues)" was written and willingly shared by a fellow student. This sample can be utilized as a research and reference resource to aid in the writing of your own work. Any use of the work that does not include an appropriate citation is banned.

If you are the owner of this work and don’t want it to be published on AssignBuster, request its removal.

Request Removal
Cite this Essay

References

AssignBuster. (2021) 'Part of the marketing plan (marketing objectives & issues)'. 26 December.

Reference

AssignBuster. (2021, December 26). Part of the marketing plan (marketing objectives & issues). Retrieved from https://assignbuster.com/part-of-the-marketing-plan-marketing-objectives-issues/

References

AssignBuster. 2021. "Part of the marketing plan (marketing objectives & issues)." December 26, 2021. https://assignbuster.com/part-of-the-marketing-plan-marketing-objectives-issues/.

1. AssignBuster. "Part of the marketing plan (marketing objectives & issues)." December 26, 2021. https://assignbuster.com/part-of-the-marketing-plan-marketing-objectives-issues/.


Bibliography


AssignBuster. "Part of the marketing plan (marketing objectives & issues)." December 26, 2021. https://assignbuster.com/part-of-the-marketing-plan-marketing-objectives-issues/.

Work Cited

"Part of the marketing plan (marketing objectives & issues)." AssignBuster, 26 Dec. 2021, assignbuster.com/part-of-the-marketing-plan-marketing-objectives-issues/.

Get in Touch

Please, let us know if you have any ideas on improving Part of the marketing plan (marketing objectives & issues), or our service. We will be happy to hear what you think: [email protected]