Strategic business plan for a 21st century fitness company

¶ … marketing processes work by applying them to a real case. This essay will examine the company 21st Century Fitness by evaluating and creating a marketing approach that fits this unique company's situation that is placed within the market.

21st Century Fitness is an organization based on Larry Nachman and his anti-aging exercise and diet techniques. Larry claims to be 75 years old and is the face and body of this organization and sells his body as proof of his methods.

According to the company's website the company's services are "the first re-thinking of a total fitness program for all ages and lifestyles. It is an awakening to a new dimension of fitness that incorporates the best of 20th century methods and fills in the gaps that have been long missing. It provides every detail of exercise and nutrition to answer a question that we have asked throughout the ages: How can I have the essentials of youth in my later years? Beyond the traditional fitness methods developed in the last century there lies a new dimension of fitness. This new dimension of fitness is defined by its goal: to reverse the aging process and provide long-lasting youth."

Larry's techniques include a program that revolves around his 8 Essentials of Youth that dictate the objectives of the company's services. This program uses resistance to systematically stretch and strengthen critical muscle groups throughout the body not touched by other methods. The 21st Century Fitness formula allows one to either stay young or regain their youth, and it works for all ages.21st Century Fitness: the Ultimate anti-aging formula. It appears that this company is designed to reverse the aging process through the use of its products which include books and DVDs and certain diet plans.

This organization has three facilities spread out across South Carolina and sells its products online as well. This type of organization appeals to foreign markets that are English speaking and health oriented that are concerned about the aging process.

Part B.

Marketing Plan Basics

Before any marketing plan can be created or evaluated, a situational analysis is the first objective that needs attention. The 5 C's of marketing: Customer, Company, Context, Collaborators and Competitors must be gathered and understood. The acronym, STP, also can help guide the marketing team when beginning the baseline introductory process of analyzing the situation. Segmentation, Targeting and Promotion are useful approaches that help divide and create useful boundaries in which the marketing program must be successful. The 4P's also are important in understanding marketing plan basics. These include the Product, Price, Place, and Promotion.

Applying the 5 C's to 21st Century Fitness' situation demonstrates the following data:

Customer: those who are looking to reverse or slow the aging process through exercise and diet.

Company: The strengths of the company such as its services, universality and cost are important to look at. The weaknesses include limited exposure and capital.

Context: The context of this business must be understood.

Collaborators: These groups can address the customers problems and help to strengthen business partnerships.

Competitors: These are the enemies and foes that wish this company no good.

Market Segment and Target Market

Once some basic information is understood and properly aligned with larger organizational strategy, a marketing plan can now be developed to further that strategy and create a competitive advantage for 21st Century Fitness.

The market must be segmented and understood in this fashion to better apply a marketing plan to the desired result. Market segmentation is dividing a market into distinct groupings that hold and display unique characteristics that probably require unique products or marketing mixes. Segments come in many forms. Geographical, demographical, psychographic and many other types are all ways that marketers can segment their markets. Market segments must be measurable, actionable and substantial, otherwise things may get too complicated.

Once suitable segments have been created, a target market or a few target markets should be initiated. A target market is a group of people or organizations who share a common need or desire for a product or service that a company provides. Good target markets should align with the organization's capabilities, size, objectives and resources.

There are also several approaches that can help marketers choose an appropriate target and then direct resources and efforts towards this market. An undifferentiated marketing approach ignores the differences in segments and looks to appeal to all. Others are more direct and focused that aim to look at very specific or niche markets. The product's life cycle stage is also important and also the variability and competitor's outlook as well.

Once a target market has been selected the company must position this product in the right place. Finding the right competitive advantages and making them appeal to the market is the job of the marketer in this step before a positioning strategy can be utilized and implemented. Once a position has been created, it is important to be able to share this information with the market so the program can be tested for its value and worth.

SWOT

To best gain a true understanding of an appropriate market position a SWOT analysis is useful to organize thoughts and place emphasis in the right places (Smith, nd.).

Strengths: The company has a unique product with some proven results. The program is easy to understand and is based on combining familiar exercise routines with simple diet modification. The program can be understood in their facilities or through their books and DVD's.

Weaknesses: The company has limited capital. The program requires a lot of motivation. The program is perhaps too focused on anti-aging. The total program is generally unproven.

Opportunities: There are many unhealthy and obese people in South Carolina and across America. Human curiosity is always looking for a new way to stay healthy.