Competitive and marketing analysis for a Gym

Competitive and marketing analysis for a lyceeoptimize lyceum will be a privy backing. The reason it will be a private railway line is beca phthisis it has benefits. The benefits be that the lycee will put one across limited liabilities and will be separate the business from the owners, which way of life that if the lyceum goes bankrupt, creditors butt endnot go aft(prenominal) the owners individualised as lots. An different reason will be that the gym can have some sh arholders which will increase funds. The gym should provided have one owner to avoid dispute between multiple owners. hone gym will be laid in Greenacre because there are no other gyms for both men and women. There will only be about 5 employees (Two inside the main gym area, and the other two to conduct packing and circuit coursees). Funds will be obtained from creditors such as a bank and will need an comptroller to handle the funds.Purpose of planThe purpose of a business plan is to guide a busin ess to achieve its goals and to prevent failure. It provides a design and sets targets for a business which enables it to evaluate its progress against identified reference points. A well devised business plan provides a business with clear direction and a highroad for the future, how the business could perform in the future and the priorities that are set for the business. A business plan outlinesA description of the business (Name, address, organisation and man successionment)The practiseds and/or operate the business providesThe businesss goalsA market analysis Customer needs and size of the marketThe industry in which the business operatesMarketing/production/financial/ conflict relation strategies.The goals of Optimize gym includeMaking a profit (Financial goal, short term)Expanding to a few gyms around NSW (Financial goal, long term)Satisfaction in lam self achievement (Personal goal)Long term security Financi all in ally (Financial goal, long term)Sponsorship (Social g oal)Successful business (Personal goal, long term)increase market share (Financial goal)Help tribe achieve their physical goals (Personal goal)Give men access to a gym since there are no gyms for both men and women in the are (Personal goal) concomitant analysisSWOT analysisStrengthsSkilled and qualified WorkersExperienced managersGreat locationGood use of technologyGreat reputation (over 100 members) raw(a) and upated equipmentLarge area inside gym so that equipment isnt squashed3 rooms (One used for boxing classes, one for circuit classes, and one for main gym area.)WeaknessesHigh costs for personal good (Personal training)Low amount of staffAverage financial positionOpportunitiesTo expandA growing market factor more people will participateCan quarter couples because it is a gym for males and females.ThreatsIncreased rent costsCompetitors (seaworthiness send-off)Competitor AnalysisFitness firstStrengthsGreat reputationQualified and loved managers and workersMany workersTrain ed personal trainersLarge amount of equipmentGood financeWeaknessesHigh social station costs lyceum could be filled with members at certain timesOpportunitiesExpandingBuying out competitorsThreatsCompetitors (Such as other big gyms World lyceum)Market AnalysisCustomers (Target Market) / Market queryOptimize Gym is located in Greenacre where there is only one other gym. There are similarly local sporting teams which means that they would deficiency to keep fit if they are going to pursue that sport. Optimize gym will focus mainly on Men and Women who would like to get the eubstance they always dream of at a low cost. Couples who like to train together. Teenagers The trend recently is for teenagers to go to the gym to keep fit and get safe bodies for summer. Groups of friends People would rather go to the gym with friends because it will be less boring and will keep them coming back. Housewives due to them universe at an age where it is hard for them to maintain their figur eMarket SegmentationThere are four key business functions which are Operations, Marketing, Accounting and finance, and Employment relations. All of these interrelate, which means that they all rely on separatelyothers success to be successful.The term operations means the physical production of a sizeable or the provision of a serve. Since Optimize is a gym, it means that it is service based. There are umpteen positive qualities for opening a gym which can includeNot being worried about being over stockedNot having to think of ways to innovate productsNo need to always have stock universe service based also has down sides which can includeIf the business is not performing well, you cannot improve on anything other than the service unlike merchandising products, you can just innovate improve.Replacing broken equipmentMarketing is the sector which aims to find out what consumers look for in a product/service and instrument them. With Optimize gym, people come to the gym to achie ve the bodies that they always dream of and marketing needs to be able to attract customers by creating a good atmosphere and giving them a great experience. Marketing needs to be able to research competitors to find out what is making them good and what is making them bad, also researching the prices of competitors to be able to compete with them. The marketing sector mainly relies on the accounting and finance sector to be able to provide the funds essential to advertise etc.Accounting finance is the sector which provides the financial discipline needed for decision making by the other sectors. No matter what eccentric of business you are in, you need this sector to be able to keep track of what is being spent and what money you have. This sector is also important because it gives owners information about what is making money in the business and what is losing money which will help them improve on the bad parts of the business. Business use dissimilar tools to keep track of t he money which include financial records, balance sheets, break-even analysis, budgets etc.Employment relations is the last sector of the four business functions. It is basically the consanguinity between the employer and the employees. If the relationship is good between them, then the employees will like their job which will motivate them to work hard and not slack off. Having good employment relations will help achieve the business goals by having qualified, trained and skilled employees who are right for the job.Objectives and strategiesObjectives are merely goals, but are not like normal goals. They need to be S.M.A.R.T which means that they must be Specific, Measurable, Achievable, Realistic and Timed.The objectives of Optimize gym relate to the four key business functions which are Operations, Marketing, Accounting Finance and Employment relations (As mentioned above)Objectives of operations for Optimize gym includeIncreasing participation of members in circuit and boxing c lassesIncreasing how much the seaworthiness professionals help the members, that is improving the quality of service from employees.Some strategies to accomplish these objective can beOffer occasional trial classes to install members how the classes are run and how beneficial they can be.Offer rewards for employees that you see actually approaching members and giving advice and help on nutrition and teaching about how exercises should be done.Training staffObjectives of the Marketing sector for Optimize gym includeAn increase in members by 20% inwardly 12 monthsSome strategies that can be implemented to achieve this objective includeOffering free trials of the gymOffering free circuit/boxing classesGroup discounts on start membershipsDiscounts for referring friends (friends must become members for the discount to apply)The objectives of the accounting finance sector for Optimize gym includeAn increase in profit by 20% within 12 monthsBecoming insolventHaving liquidityHaving a s urplusSome strategies that can be implemented to achieve these goals includeImproving stock maintainDecreasing expensesTighter credit policiesFinding alternative suppliers (Cheaper stock)Accounting finance interrelated with Marketing because if marketing is good then Optimize gym will have more members which means more return and makes it easier to achieve these objectives.Employment Relations also has some objectives which includeKeeping at least 90% of employees after 3 yearsStrategies that can be implemented to achieve this objective includeMotivating employees to work by offering rewardsIncrease in recompense each year to all employeesOffering prizes to employee of the monthJob DescriptionQualifications include Completion of personal training menstruate At least 2 years experienceStaffing requirementsRostering is the process of allocating particular staff to complete particular duties.Employees Jessica Personal trainer (Completed personal fitness course Worked as a persona l trainer for 3 years Sert 3, Sert 4 Diploma fitness) Therese (Bachelor of exercise science) John ( aim 1, Level 2 strength and conditioning) give chase (Level 1, Level 2 personal trainer) Anthony Ishac (Boss) (Physio therapist) twenty-four hoursShift (9am-4pm)AreaShift (4pm-10pm)AreaMondayThereseBob principal(prenominal) Gym Area main Gym AreaJessicaJohnAnthony Ishac electric circuit Room master(prenominal) Gym AreaMain Gym AreaTuesdayJohnJessicaAnthony IshacMain Gym AreaMain Gym AreaMassage RoomBobThereseMain Gym AreaMain Gym AreaWednesdayThereseJessicaMain Gym AreaMain Gym AreaJohnBobAnthony Ishac case ClassMain Gym AreaMain Gym AreaThursdayJohnBobAnthony IshacMain Gym AreaMain Gym AreaMassage RoomThereseJessicaMain Gym AreaMain Gym AreaFridayJohnThereseMain Gym AreaMain Gym AreaJessicaBobAnthony IshacCircuit RoomMain Gym AreaMain Gym AreaSaturdayJohnJessicaMain Gym AreaMain Gym AreaBob (4pm-8pm)Anthony Ishac (4pm-8pm)Main Gym AreaMain Gym AreaSundayBobThereseMain Gym AreaMain Gym AreaJohn (4pm-8pm)Jessica(4pm-8pm)Anthony Ishac (4pm-8pm)Boxing ClassMain Gym AreaMain Gym AreaPrice / PromotionThe prices at Optimize gym is a price in which the gym is willing to make and what the consumers will be willing to pay. Optimize gym will also use competitor prices as a guide to what the prices will be. The gym is going to have promotions that will help attract customers such as free boxing/circuit classes and also free massage sessions with each 3 month membership or longer. Optimize Gym product strategy should be to attract and keep business coming back. The main goal is to try keeping a positive atmosphere and letting members have a great experience that helps them lead a healthy lifestyle. Optimize gym should try to become separate from other gyms and try to become better. Some ways to separate themselves would be by providing exceptional exercise equipment and having professional trainers conducting classes and giving nutrition advice. By having these, Optimize gym will have a high standard compared to other gyms. Some promotions may include Advertising on billboards Making facebook pages Television Radio Door-to-door visits offering one day free entry Providing 1 month free membership for members who have been with us for 12 months+ 10% discount when you refer 5 friendsMembership FeesCasual learn $10.0010 Visit pass $75.001 month membership $49.953 months membership $119.956 months membership $199.9512 months membership $350.001 month membership + Boxing/Circuit class (Any time) $70 (Must recognize ONE class)3 month membership + Boxing/Circuit class (Any time) $170 (Must choose ONE class)*6 month membership + Boxing/Circuit class (Any time) $300 (Must choose ONE class)*12 month membership + Boxing/Circuit class (Any time) $400 (Must choose ONE class)**These memberships will include one free massage session.Class Fees (Boxing / Circuit)1 Class $101 Month $40Monthly recurring $35Massage sessions 1 hour = $40 (includes any part of the body )Product PricesOptimize Shirts $25Optimize Singlets $20 tip lifting gloves $30Weight lifting belt $40Supplement Prices (Approximate prices)Protein Jar $70Creatine Jar 200g $30Weight loss supplement $40Weight gaining supplements $40muscular tissue bulk supplements $60ProductThe products that Optimize gym offers are in great condition. The equipment in the gym are all brand new and are from big trademark brands. The gym area is rattling big so the equipment are all spaced out. The products that will be sold include gym shirts and singlets, weight lifting gloves, weight lifting belt, proteins, weight loss/weight gain supplements and creatine. The gym shirts will have various sizes with Optimize written on the front with a slogan on the back. They will be black in colour with lime green writing.PlacePlace refers to how a product is distributed. With Optimize gym, the only products that are sold are the Optimize T- shirts and singlets. They are make by the manufacturer then sent a reta iler (Optimize gym) then sold to the consumer. The tier of distribution will be exclusive distribution, which means that only one retailer (Optimize gym) will be able to sell them.Description of the product/serviceThe services Optimise gym offer include In the main gym area, Optimize gym has trained staff members who have completed various courses in training and fitness and also nutrition and are able to provide excellent information and motivation for members. Optimize gym provides exceptional service inside the gym with the state of the art equipment that the gym owns. It also has trained staff to conduct circuit classes and also boxing which help members increase fitness levels and also learn some self defence along the way.Equipment inside the gymFitness step x 2 $200Barbell set (10kg 70kg) $2500Bodyworx wonderful Mid-width Weight Bench Press x 2 $1000Seated preacher curl bench x 2 $500Smith mechanism x 2 $10000Cable equipment (Shoulder press, lat pulldown, chest)45 de gree leg press $1000Multi station x 2 $1000045 degree back extension $500Dip / pull up assist machine $1000Wall Balls (Medicine balls) x 4 $200Dumbbells wrangle machines x 3 $2000Treadmills x 3 $5000Exercise bikes x 12 $3000Power racksWeight plates (1.25kg, 2.5kg, 5kg, 10kg, 20kg) x 2 $1000Rubber floorsBoxing bags x 4 $400Boxing ring $1000Protective gearWrapsBoxing glovesFocus PadsPersonal Trainers Jessica Personal trainer (Completed personal fitness course Worked as a personal trainer for 3 years Sert 3, Sert 4 Diploma fitness) Therese (Bachelor of exercise science) John (Level 1, Level 2 strength and conditioning) Bob (Level 1, Level 2 personal trainer)ClassesBoxingWednesday 7pm-8pmSunday 7pm-8pmCircuitMonday 5pm-6.30pmFriday 6pm-7.30pmBoxing ClassIncludes self defence training and sparringCircuit ClassIncludes pushups, Situps, knee lifts, squats, fitness stepping, skipping, tuck jumps and treadmills.Massage SessionMust book with Anthony Ishac on the available days ( Tuesday and Thursday)Trading HoursMonday Friday 9am 10pmSaturday Sunday 9am 8pm*CLOSED ON PUBLIC HOLIDAYS*Equipment sold on front counterBeveragesOptimize t-shirtsOptimize singletsSupplementsWeight lifting glovesWeight lifting belt (back support)Power barsProtein shakersBoxing gloves/padsOptimize gym is a great prime(prenominal) compared to its competitors because it provides excellent equipment at a low price also combined with the quality of the service.Offers and DiscountsGroup discountsDiscounts on referring friendsFree trials of boxing/circuit classes/Gym membershipDiscounts on members who have been part of the gym for a long period.Financial ForecastsOptimize Gym Pty Ltd30 June 2011 authorized AssetsCash $6000Accounts Receivable $50,000Inventory $50,000 contemporary LiabilitiesOverdraft $150,000Accounts Payable $60,000Total $106,000Total Current Liabilities $210,000Non Current AssetsEquipment $1,000,000Land $500,000Building/Property $300,000Non Current LiabilitiesMortgage $1,600,000Total $1,800,000Total Non Current Liabilities $1,600,000Other Current AssetsGood Will $200,000Owners EquityShareholders funds $296,000Capital $100,000Retained Profits $100,000Total Assets $2,106,000Total Liabilities + Equity $2,306,000Liquidity = Current Assets .Current Liabilities=$106,000 = 0.5$210,000Executive summaryI will be opening a gym called Optimize. Optimize gym is a private business and i will be a sole trader due to various reasons. The major goal of the gym is to create a profit and make members dream bodies reality. Optimize gym offers many services such as nutritional assistance, assistance in exercise, state of the art equipment which are brand new, and will sell various products such as supplements, T-shirts, singlets, training equipment, boxing gloves/pads. Optimize gym conducts boxing and circuit classes to any member, each twice a week and also physical therapy and massage sessions. Optimize gym is located in Greenacre because in that area there is on ly one other gym which is just for women and all major competitors are located away from this area. The trading days are Monday Sunday. The trading hours are 9am-10pm (Monday Friday) and 9am-8pm (Saturday Sunday). Optimize gym offers a lot of discounts such as group discounts, Referrer discounts and loyalty discounts. The set out of Optimize gym and the services / offers that are available are good for the business at the growth stage because it is able to make luxuriant revenue to pay off debts and have a profit.Critically review the plan and processOver all this assignment was very long. Luckily it asked me to deliver a plan of approach otherwise i would not have completed all aspects of the report. Overall i worked well in completing each part of the assignment to the date in which it was due, everything was completed as planned. In class i listened to all the tips Mr Fares gave me and also Miss Jones in the past term. I asked the teacher many questions before i went home an d completed each part of the plan. I had some strengths and weaknesses. Some strengths were that i knew the content previously which made it easier for me to know what to talk about in the plan, and also had the help of the teacher in areas which i didnt know much in. Some weaknesses were that i was distracted very easily because of the environment i was in (The room i worked in had my Tv, Xbox and stereo) and was also distracted from friends and was thrown off task easily. Overall i met all my deadlines and was happy with the way i completed the plan but the assignment was very long I think that we needed more lessons in class to learn the content a bit more before starting.Revenue statement for Optimize Gym Pty Ltdfor the period ending 30 June 2010$Total $ gross sales Revenue200,000Less Cost of goods soldOpening stockPurchasesClosing Stock40,00020,00060,00050,00010,000Gross Profit190,000Less ExpensesAdvertisingBank chargesInsurance come to paid to bankRentSalaries and wagesSuperan nuationTelephoneAccountancy fees600030060005500100008000010,00030002000Net Profit (Before Tax)67,200Financial Requirements$500,000 To buy equipment, re-stock and pay for damages.