Introduction to Business Essentials

Business Essentials Introduction

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Part A...........................................................................................................................................3
Part B...........................................................................................................................................4
TASK 2............................................................................................................................................5
TASK 4............................................................................................................................................7
Marketing objectives...................................................................................................................7
Target Markets.............................................................................................................................8
Marketing strategies for each target market................................................................................9
Marketing Mix...........................................................................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
In the recent times, strategic planning and research and development becomes the
essential requirement of business unit. The rationale behind this, in the competitive environment,
firm can get the desired level of outcome or success only when it offers or provides customers
with innovative products and services. In the context of business unit, research activity is highly
significant which in turn assists concerned entity or sole trader in understanding the market trend
or pattern and gives input for the development of competent framework. Hence, referring market
trends and customer’s desired business entity is planning to create a gym near the QA campus. In
this regard, report will shed light on marketing objectives and target market assessed by the
entrepreneur in relation to such new business idea. It also depicts marketing mix which will be
undertaken by the business entity for the attainment of goals and objectives.
TASK 1
Part A
Business idea that entrepreneur is planning to execute implies for gym activities and
services named as ‘Body Square’. From research activity, it has assessed that health and fitness
sector of UK is continuously growing. Report revealed by State of The UK Fitness Industry
shows that membership and market value of the firms, operating in this, was increased
significantly. Further, it has identified that, in UK, 1 in every 7 people is the member of a gym
(State of The UK Fitness Industry Report, 2018). From teenage to young and old age people has
positive attitude towards gym related activities as they all want fit body as well as healthy life.
Obesity may be served as a one of the major issue that individuals reside in UK are facing.
Individuals aged within the range of 25-35 have the second lowest rate of obesity. In addition to
this, prevalence of obesity is also high among the students due to the lack of physical activities
and exercise schedule. Besides this, inappropriate diet plan is another issue due to which issue of
obesity have increased among young people to a great extent.
By taking into account such trend and issues prevailed in UK decision has taken by the
business entity in relation to starting gym. Hence, by offering services through innovative
equipments or machines entrepreneur will influence more customers. Business entity of Body

Square will mainly serve and create plans four students and young age people. Body Square will
be established by the entrepreneur near QA campus. Through making focus on promotional
aspects or campaign business entity will provide information to the target market about the
proposed services. List of competitors, in the context of Body Square, include Equinox
Kensington, The Foundry, Gymbox Farringdon etc (12 best gyms in London, 2018). All such
competitors are highly well-equipped and offering exclusive services to the customers. Thus, for
coping up with the highly competitive situation business entity will do research for assessing
suitable exercises or plans that contributes in the better health of students and young age group
people. Further, initially, business entity will come up with the penetration pricing strategy.
Hence, owner of Body Square will make focus on offering quality and innovative services to the
customers at lower prices. Such strategy will help entrepreneur in attracting more customers and
thereby assists in building wide base. On the basis of overall assessment, it can be presented that
proposed business idea is highly attractive and viable.
Part B
Business objectives
The aim of owner behind starting new venture is to attain leading position in the fitness
sector by providing customers with high quality services. Considering the above aim following
objectives have been drafted such as:
 To provide customers with healthier choices and plan that makes them fit.
 To become the prior choice of customers in the fitness sector of UK through the means of
innovative offerings.
 To maximize sales revenue and profit margin by delivering quality services to the
customers.
The main objective of customers behind joining gym is to reduce fat and make the body slim
or fit. Thus, by fulfilling such objective of customers through the means of effectual diet and
exercise plan business owner can attain success. In addition to this, high level of competition
takes place in UK fitness sector. In this regard, business entity can get desired outcome only
when they provide customers with innovative choices and membership plan. Further, company
can survive at competitive place only when it earns enough sales and profit margin. For the