Market the Small Business: Strategies and Evaluation
Verified
Added on 2023/06/03
|26
|5559
|207
AI Summary
FitHQ is a fitness club planning to introduce boot camp in Sydney to promote their club at a greater level. This guide covers effective marketing strategies for small businesses and how to evaluate their effectiveness. It includes topics such as target audience, social media marketing, and performance metrics.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
RUNNING HEAD: Market the Small Business0 Market the Small Business (Student Name) 11/9/2018
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Market the Small Business1 Table of Contents Part 1..........................................................................................................................................2 Part A......................................................................................................................................2 Part B......................................................................................................................................2 Part D......................................................................................................................................3 Part 2..........................................................................................................................................6 Summary of Business.............................................................................................................6 Marketing Objectives..........................................................................................................6 Personal require with Role and Responsibility......................................................................6 Marketing Expectation and Budget........................................................................................7 Marketing Budget Plan...........................................................................................................7 Implementation Plan...............................................................................................................8 Packages..............................................................................................................................9 Payment Methods.............................................................................................................10 Target Audience................................................................................................................11 Style of session and Equipment used................................................................................11 Methods of Marketing......................................................................................................12
Market the Small Business2 Alternative Strategies........................................................................................................13 References................................................................................................................................14
Market the Small Business3 Part 1 Part A MCQs 1 – a 2- b 3- a 4- d Short Questions & Answers 1- The target market will be based on the type of business. In the business of health and fitness, the owner needs to concentrate on three main things while considering the type of client that want to attract. Demographic– In this the customers are divided on the basis of age, gender, generation, and income the business target new generation between the age of 14-45 years old, with the income more than $10000. Location– the target market is also depends on the location where the business will set up. Psychographics– those individuals will be the target audience who are health conscious cohort begin to gray and the attuned to the need to stay healthy (Montano, 2015). 2 – The main ethical code of conduct for marketing is integrity. The advertisement is the important tool for promoting the business, therefore company need to adopt integrity in advertising their business. During the marketing plan, the integrity will be kept in the mind while making the marketing plan. Actual picture will be shown in the advertisement to follow integrity in the business. The exercise professional may advertise in related with the professional practices which will be free from misleading or unreliable, is not vulgar or
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Market the Small Business4 sensational even though does not claim or imply the superiority of the professional exercise over any or all other exercise professionals (Smith, 2014). Part B MCQs 1- a 2- a Short Question & Answers 1- The best digital marketing which will be adopted is social media. Social media include Facebook, twitter and other social networking sites. In the recent scenario, most of the population are engaged in social media. Facebook is effective tools for marketing the brand, through posting quality content on Facebook with the name of company. It will help in to aware maximum customers in limited period time. with the reason that every person have account in Facebook, through promoting page in Facebook will help in reach out maximum customers in particular period of time (Sekaran & Bougie, 2016). PPC is also digital marketing method in which the search engine will charge the amount on each time when the advertisement clicked in the Facebook. It is the effective way to spread awareness about the brand (Holliman & Rowley, 2014). 2- The main three example of open-ended question are explained in below points (Bryman & Bell, 2015): Have you ever been a member of any health club before? When the last time you have exercised regularly and what was is the frequency of training as well as what are the normal timings of your exercise? Is there any specific body part you would like and want to improve on?
Market the Small Business5 3- Business plays a prominent role in the success of any individual. There are certain business aspects which the business should adopt to maximise profits. These are explained in below points: Operating Procedure –the operating procedure of the business should be in such a waythat will increase the sale by offering new services or goods such a chiropractor, selling vitamins, as well as offering the monthly or yearly service plans with the bundle of offering discounted price to the visitors. Connected and Stay Visible –it is an important part to stay connected with the public through using online media, through updating websites as well as blogs to connect with the clients even though make the strategic alliances. Streamline Management Cost –the system for employee can be created to access and add data which help in keeping the information updated and synchronized. The automation will allow the business to run smoothly as well as help a scaled-down workforce to finish more back-office work. Raise the marketing bar –marketing is all about the contiguity. The business can gather instant presence through online marketing or networks which include YouTube, Facebook, and Twitter. Setting up the group meetings, presentation of sales and special promotion such as offer tutorial, demos, or new certification sessions will help the business to gather the attention of public (Schaltegger & Wagner, 2017). Part D 1- There are certain technical ways to monitor the marketing activity of the business such as HubSpot, Google Analytics, Hootsuite, Mixpanel and so on. Among such tools Hootsuite is one of the effective tools to monitor the marketing activities. It is a tool which is designed for
Market the Small Business6 handling multiple social media channels at all one place. This tool is selected because it will offer the real time analytic of social media metrics which involve clicks on links in the content including followers, mentions as well the performance of social media. With the help of such tool business will easily able to demonstrate the ROI of the social platform (Babin & Zikmund, 2015). 2- The difference between expected and the actual performance is term as performance gap. There could be the certain examples for the gap in the performance of business such as: Untrained gym trainer- the untrained gym trainer will cater inefficient service which generate dissatisfaction among the customers that lead to the gap in the performance. Lack in the soft skill of the employee- it is tough to measure the soft skill which include the affective domain. It includes the manner which everyone deals with things emotionally such as feelings, appreciation, motivation, and enthusiasms. These traits are non-observable which may create the performance gap in the business (Mitchell, 2016). To reduce the performance gap or enhance the performance, the business can arrange the professional expertise, who will able to examine the performance through feedbacks and would able to analyse the gap, after analysing the gap by expertise corrective measures can be done by the business. The training and development department can also be set-up to improve the performance of the employees. Proper training will be provided to the employees that also help in to motivate the employee and can able to find out root cause for the reason of performance gap which would help in to cope up with the problem of performance gap (Boyd & Schweber, 2018). 3- The face to face meeting is one of the effective tools to communicate with all the parties. There are certain benefits of such type of meetings which are explained in below points:
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Market the Small Business7 The face to face meeting is the best way to build the relationship among the people in the business. It helps in building the trust between the parties and empathize them to work more efficiently. It help in motivating the parties to work more efficiently, as their issues will be resolve more quickly and prominently which may lead to the motivation among the parties. The face to face meeting gives a chance to understand the body language of speaker as well as the parties who attend the meeting (Storey, 2016). 4- The three ways to promote the healthy environment are explained in below points: Flexibility is freedom Providing the flexibility to the employees with their schedule will help in promoting a sense of freedom as well as reduce stress among the employees. Flexibility plays a vital role in the business, the flexibility in the workplace provide an opportunity to he employees to work more efficiently and effectively. Program of Generous Paid Time Off The program of generous paid off help in eliminating the exhaustion among employees by providing them the plenty of vacations and sick time. Through such program, the employees are able to take time off to relax by taking break from work, while returning for such vacations or gap the employee would feel refreshed and energized. Treat other with Respect
Market the Small Business8 To promote healthy environment in the workplace, every individual has right and need to be treated well from the higher authority. Treat other with respect enhance the confidence level among the individuals and make the environment healthier than the workplace where the people are treated harshly. It is the right of every individual to be treated with respect and the dusty of every individual to treat other with respect. Therefore is the effective manner to promote positive workplace atmosphere in the business (Boyd et al, 2017). 5- There are two way to determine the effectiveness of marketing which are marketing metrics and predictive analytics. There are certain ways to use such methods which are explained below with examples: Marketing Metrics: this tool is important because they incline to measure the output of the things in terms of effectiveness. With the help of metrics, they can measure related to the number of things they cater services to their customers for example the operational metrics would help in measuring the sales and services provided by FitHQ or cost per customers as well as help in analysing what the cost per customer is. Predictive Analytics: the predictive analytics uses the approach of “Moneyball” to measuring the effectiveness of marketing. It includes using of statics to examine and determine the pattern in data. The analytics would help to find the pattern that FitHQ can use to predict as well as understand the behaviour of customers for example the predict analytics can help FitHQ to understand and predict the behaviour of targeted audience such as purchasing trend of audience, their interest towards the healthy lifestyle, number of individuals join gym and so on (Babin & Zikmund, 2015). 6- To evaluate the product and services of business, FitHQ need to analyse the market trend, then cater the product accordingly. In the competitive world, FitHQ need to concentrate on
Market the Small Business9 their marketing strategy to evaluate the trend and targeted market for the product and services such as Measuring the “search” marketingperformance – to measure the traffic, Goggle analytics is one of the important thing. It will help in to analysis the traffic pertaining to the website. FitHQ need to measure such performance within the period of every 3 months. Measuring the effectiveness of social media marketing– Most of the social media sites have the facility of built-in-analytics that would help in tracking the effectiveness of the posts as well as other messages that would help in put on them. FitHQ should measure such effectiveness within the period of 3-6 months (Lovelock & Patterson, 2015). Measuring the print ads and other media– It is done by making an attractive and dedicated webpages on the site that can only be linked out of so FitHQ would able to know what the source for those links are. FitHQ should measure the print ads and other media in every 1 year. Innovative Ways Position of SEO The SEO ranking plays a vital role in the success of business. Through search engine optimization, the company can able to come in the top page of the Google which is one of the effective ways to promote the business. Pay Per Click Ads Through such tool, business would able to know about the number of audience seen the advertisement.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Market the Small Business10 Tracking URL The setting up of tracking URL’s would help the business to measure the print ads and other media. It is good way of doing this type of things (Nagle & Muller, 2017). Part2 Summary of Business In the recent world, most of the individuals are facing more pressure which is mostly coming from their work as well as from their life. They have no time and energy to eat and earn healthy nutrition as well as take any step towards the physical activity. Sydney is the busy city in which the people have no time to think about their lifestyle (Green, 2015). The company has a planning to introduce fitness club in Sydney with the name of FitHQ. Therefore, to promote the fitness club in the country, the company is focusing on boot camp to promote their club at greater level in Hyde Park. The theme will be based on the special day for health which covers various health activities to enrich the healthy life of the people and make them away from diseases such as diabetes and body fat. Different activities will be
Market the Small Business11 organized throughout the events which involve yoga, walking, cycling, running, stretching, mini seminars for health, jogging and so on. There are some elements which will be designed to suit the whole theme such as Catering, Venue, entertainment speakers, trainers, and lights with the special effects. Marketing Objectives Organizing boot camp is promoted and earns confidence in their clients Generating 15 % yearly in sales Cultivate the image of FitHQ as the premier long-term wellness program provider Increase the market penetration in every quarter (Chao, 2015). Personal require with Role and Responsibility For the boot camp, there is required a strong team which may seem overwhelming. There are some foundational positions which require in camp are explained in below point: Certified Personal Trainer In the camp the certified personal trainer will be required to provide individualized attention to their members. The profile of trainer requires being personable, approachable and knowledgeable in the program design of exercise. Front Desk Staff The front desk staff will be required who must be knowledgeable and able to connect with the customers and overall able to pleasant people (Coulson, 2018). Marketing and Outreach Manager
Market the Small Business12 The marketing and outreach manager will be responsible for creating campaign and promotions which help bring prospective members into the camp. Fitness Supervisor or Dietician The main role of the supervisor is to provide healthy seminar to their members related to the health and fitness. Whether offering yoga, spin, circuit training and son on, the instructor will make or break a class (Barnes, Ball & Desbrow, 2017). Maintenance personnel The maintenance staff will help in maintaining the camp successfully. They will help in to maintain cleaning and resolve other issues related to the camp. Service Technicians As the machines will be fitted to provide training to their members, therefore any break down in the machines will be handled by the technician that will help in to save the day (De Lyon, Neville & Armour, 2017). Marketing Expectation and Budget It is expected that with the help of marketing, the campaign will be held more successful. Through the strong marketing strategies, the customers will get attract at maximum level which will help in to run the business successfully. It has been expected that through marketing 45 % of sale will be increased and will able to satisfy more customers as well as able to retain more customers in the business. Marketing Budget Plan(In million Dollars)
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Market the Small Business13 Item Price(excluding GST) GST Price (including GST) Retail advertising40080.00480 Website140060.001460 E-mail marketing800130.00930 Social media35055.00405 Banners30052.00352 Searchengine optimization 90075.00975 Flyers45080.00530 TOTAL$4,600$532$5,132 Implementation Plan Times of the sessions Morning
Market the Small Business14 TimeActivities 09:00 – 9:10Short Clip or movie based on a healthy and happy life 9:11 – 9:20Running Session with music 9:22 – 9:30Seminar by a dietician for a healthy lifestyle 09:31 – 9:40Session Yoga 09:40 – 09:45Session of Tai Chi Evening TimeActivities 07:00 – 07:10Session of Cycling 07:11 – 07:20Session of Tai Chi 7:21 – 07:30Session of Meditation 07:30 – 07:45Session of Zumba Packages Membership Types
Market the Small Business15 Basic Membership: the pricing of the boot camp for individual will be $10 and it will vary time to time because of the special promotional offers. In the initial it will proposed to set at $10 per session. In this type of membership, the basic facilities and services will be provided. It is ideally to attract the lower income group of people (Wiest, Andrews & Giardina, 2015). Gold Membership: in the gold membership, the special guidance from trainers will be provided to the individual. In this type of membership the pricing will be between the ranges of $15 to $20, as because of the special offers and initially it will be set at $15 per session. This would include more number of facilities as well as services which are more suitable for the customers with the high disposable income (Caslavova, E., & Cmakalova, 2015). Apart from the above mentioned memberships, the company will also offer weekly and Pay as you go memberships which will target those people who are looking for flexible paying options. Membership Duration The pricing of membership will be offered attractive based on the following durations: Monthly membership- in this type of membership, the payment will be taken on monthly basis. Weekly membership- it will work on week on week basis Pay and use membership will be prepaid service (Middelkamp, Van Rooijen & Steenbergen, 2016).
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Market the Small Business16 Payment Methods FitHQ provide all type of payment option to their customers but there are certain kinds of payment methods which are mostly offered by FitHQ to their customers which are explained in below points: Cash Cash is the best option for the company to receive. “Cash is King” FitHQ provide an option to their customers that they can pay the amount through cash. It is the more convenient way for the customers to pay the amount (Quinn, 2015). Cheque Check is one of the out-dated method of payment as well as it is risky way of accepting the payment. But FitHQ will provide this option to their customers for their convenience. With the reason most of the customers are comfortable to pay through cheque. Therefore, FitHQ will provide such option to target maximum customers (Xiang, 2016). Credit and Debit Cards The credit and debit cards are the leading method of payment in the world next to cash. FitHQ accept all type of cards such as Visa, MasterCard, American Express, and Discovery. In addition to the traditional cards processing services, FitHQ will provide an option to transfer amount from PayPal and other mobile banking option. Online Payment The online payments are going to be future of convenience and security. FitHQ provide an option of online payment which is the cheaper, faster, and reliable platform for the
Market the Small Business17 payment by the customers. The payment will be secured because it will be based on blockchain technology (Heroux, 2017). Target Audience According to the analysis in the market, FitHQ will target the young generation people between the age of 13-36 as well as ladies between the age of 22- 40 in Sydney for their boot camp. The reason behind to target such segment is that the young generation are more engaged in their hectic schedule, in a recent scenario they divert their sometimes towards fitness activities as well as ladies and young generation getting more health conscious as well as they enjoy in attending such type of camps to get relax in the environment. The outsiders will be also welcomed by FitHQ to attend the boot camp. It is in the belief that in Sydney most of the individuals or young generations are greatly affected by the unhealthy lifestyle. Now, they are conscious towards health awareness. They are young and passionate which will force them to attend boot camp (Williams, 2017). Therefore, the customers of varied types which include individuals, group, and business will be also target to acquire the strong base of customers. It is listed in below points: The membership of family group will be offered at reduced fee pricing Membership for corporate will be also provided at reduced price. Individuals Style of session and Equipment used In the boot camp, the times are already set-up, which would help the trainers and coordinators to guide the members. In limited time, FitHQ will try to provide more services in efficient way.In every batch, the trainer will handle maximum 20 members to coordinate with them properly. It will help the members to learn the things in a proper way. In the
Market the Small Business18 starting small session will be held with the small clip about the diet and recipes which they need to follow regularly. It will help to develop interest and clear the doubt of diet they need to follow because video clip attract most of the members (Cranney et al, 2016). Then various activities will be done such as jogging, yoga, Tai Chi, and son on according to the schedule. Other than the activity, the facility of equipment will be provided that will make up of state of the art technology with the electronic sensors and displays to accurately measure and monitor the physical and health parameters. The following equipments will be provided in the boot camps (Petrofsky et al, 2016): Barbell– it is long iron bar which is around four and seven feet long on which the multiple weight plate can be placed as per the required weight. The weight plates will be available in the range from 500 gms to 75 kgs. Dum-bells- it is shorter form of barbell which is generally available in the length of 10-15 inches. Benches- mostly three type of benches are popular which flat one, an inclined and decline. Some of them are adjustable. Stability ball- the stability ball is one of the effecting equipment which is equally work like on bench. The members can do variety of exercise such as bench press, shoulder press, dumbbell flies, and lateral raise and so on. Other equipments- It will be provided in the boot camp is abdominal bench, Chin up/ pull up bar, cycle, speakers for Zumba, push up bars, leg press machine, hack-squat machine, calf machine, triceps bar as well as leg curl machine.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Market the Small Business19 Methods of Marketing There are certain methods to promote the boot camp. These are explained in below points: Run a Free Trial Offer To showcase the boot camp, the FitHQ can offer free trial session to some of the people which is an effective way to increase the crowed as well as increase the confidence among individuals (Heroux, 2017). Distribute Gift Cards and Coupons FitHQ can adopt this method by connecting with the local professionals in their area such as hairdressers, coffee shops, barbers, beauticians and so on then provide offers coupons related to such shops to their clients. Blog and Vlog FitHQ can use the blog to build and enhance the interest of audience in boot camp style training with topics like health benefits of training outdoors, how FitHQ can help lose weight faster and so on (Simester, 2017). Direct Marketing It is an effective manner to connect with the maximum audience. FitHQ can promote their boot camp through advertisement in newspaper, magazines, and distribution of pamphlets and so on. FitHQ can connect with different agencies who will handle the matter regarding direct marketing.
Market the Small Business20 Alternative Strategies Online Marketing The social media is one of the effective platforms to reach out the maximum audience at a limited period of time with the reason that most of the population in the recent scenario are using social media. They can post about the event in Twitter, Facebook to promote their event (Burns, Bush & Sinha, 2014). Website FitHQ need to prepare an attractive website to promote their event as well as to attract maximum customers for the event with an effective blog. Videos Preparing a small clip about the event will help in enhance the curiosity among the targeted audience. The team member of FitHQ can publish the video about the event and the opinion of audience for such event will help in increasing the publicity among the targeted audience.
Market the Small Business21 References Babin, B. J., & Zikmund, W. G. (2015).Exploring marketing research. London: Cengage Learning. Barnes, K., Ball, L., & Desbrow, B. (2017). An International Comparison of Nutrition Education Standards, Occupational Standards and Scopes of Practice for Personal Trainers.International journal of sport nutrition and exercise metabolism,27(6), 507- 519. Boyd, B., Henning, N., Reyna, E., Wang, D., Welch, M., & Hoffman, A. J. (2017).Hybrid organizations: New business models for environmental leadership. London: Routledge. Boyd, P., & Schweber, L. (2018). Unintended consequences: Institutional artefacts, closure mechanisms and the performance gap.Building Research & Information,46(1), 10- 22. Bryman, A., & Bell, E. (2015).Business research methods. New York: Oxford University Press. Burns, A. C., Bush, R. F., & Sinha, N. (2014).Marketing research(Vol. 7). Harlow: Pearson. Caslavova, E., & Cmakalova, H. (2015). Competition and customer loyalty of fitness centres in the Prague region compared to the Prague-West area.Studia sportiva,9(1), 144- 150.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Market the Small Business22 Chao, R. F. (2015). The impact of experimental marketing on customer loyalty for fitness clubs: Using brand image and satisfaction as the mediating variables.The Journal of International Management Studies,10(2), 52-60. Coulson, M. (2018).The complete guide to personal training. New Jersey: Bloomsbury Publishing. Cranney, L., Phongsavan, P., Kariuki, M., Stride, V., Scott, A., Hua, M., & Bauman, A. (2016). Impact of an outdoor gym on park users’ physical activity: A natural experiment.Health & place,37, 26-34. De Lyon, A. T., Neville, R. D., & Armour, K. M. (2017). The role of fitness professionals in public health: a review of the literature.Quest,69(3), 313-330. Green, K. (2015). The fitness experience.Australasian Leisure Management, (113), 64. Heroux, L. (2017). Comparative marketing strategies of fitness clubs in the United States and Canada.Economics,5(6), 529-538. Heroux, L. (2017). Comparative marketing strategies of fitness clubs in the United States and Canada.Economics,5(6), 529-538. Holliman, G., & Rowley, J. (2014). Business to business digital content marketing: marketers’ perceptions of best practice.Journal of research in interactive marketing,8(4), 269-293. Lovelock, C., & Patterson, P. (2015).Services marketing. Sydney: Pearson.
Market the Small Business23 Middelkamp, J., Van Rooijen, M., & Steenbergen, B. (2016). Attendance behavior of ex- members in fitness clubs: A retrospective study applying the stages of change.Perceptual and motor skills,122(1), 350-359. Mitchell, C. (2016). Analysis to Action: Turning a Performance Gap into Core Competence.Legal Mgmt.,35, 22. Montano, D. E., & Kasprzyk, D. (2015). Theory of reasoned action, theory of planned behavior, and the integrated behavioral model.Health behavior: Theory, research and practice, 95-124. Nagle, T. T., & Muller, G. (2017).The strategy and tactics of pricing: A guide to growing more profitably. London: Routledge. Petrofsky, J., Laymon, M., Khowailed, I. A., Lee, H., & Fisher, S. (2016). Muscle Use during Isometric muscle co-contraction compared to Abdominal Crunches and A Commercial Multi Gym Exerciser.Journal of Applied Medical Sciences,5(4), 43-56. Quinn, K. (2015). The 8 basic payment methods in health care.Annals of internal medicine,163(4), 300-306. Schaltegger, S., & Wagner, M. (2017).Managing the business case for sustainability: The integration of social, environmental and economic performance. London: Routledge. Sekaran, U., & Bougie, R. (2016).Research methods for business: A skill building approach. New Jersey: John Wiley & Sons. Simester, D. (2017). Field experiments in marketing. InHandbook of Economic Field Experiments1, 465-497.
Market the Small Business24 Smith, N. C. (2014).Morality and the Market (Routledge Revivals): Consumer Pressure for Corporate Accountability. London: Routledge. Storey, D. J. (2016).Understanding the small business sector. London: Routledge. Wiest, A. L., Andrews, D. L., & Giardina, M. D. (2015). Training the body for health ism: reifying vitality in and through the clinical gaze of the neoliberal fitness club.Review of education, pedagogy, and cultural studies,37(1), 21-40. Williams, A. S. (2017). DEFINING FITNESS COMMUNICATION.Routledge Handbook of Sport Communication, 197. Xiang, Z. (2016). Research on customer satisfaction measurement and influence factors of fitness club based on large data.Revista Ibérica de Sistemas e Tecnologias de Informação, (E7), 340.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.