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Entrepreneurship and New Ventures - Research Paper Example

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A BUSINESS PLAN I. General Description of Industry There is a growing trend in relation to women’s fitness that continues to provide considerable profitability in the health club industry. Women are becoming more and more devoted to sustaining and improving physical health and well-being, something that is supplemented by growing market share with organic products, health and beauty aids, and also magazines and other publications devoted to providing healthier lifestyles…
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Entrepreneurship and New Ventures
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Download file to see previous pages Because of these trends, there has been explosive growth in profitability in health clubs devoted to women’s needs that are both exclusive and have programs that are designed with female camaraderie in mind. In fact, in 2005, the entire global health club industry reported over 105 million members, with well over 50 percent concentrated in the United States (ihrsa.org, 2006). This indicates a sizeable potential market even when futher deconstructing the existing market to include only women and their active participation and desire in health club membership. Since the market for health clubs is divided nearly 50/50 for men and women who currently hold membership, it should be assumed that the potential market opportunities for health club development and ownership consists of 52 million women. What can explain this growing interest in the female market (consisting of 18-60 year old market characteristics) for health club use and membership? There are many factors that are both motivational at the intrinsic level and also relating to personal desire for a better body to satisfy vanity and tangible health care needs. Offers one expert organization pertaining to the health club industry, “women want to work out without having to worry about looking fat, sweaty or makeup free in front of a bunch of men they don’t know” (Dean, 2011, p.1). Women who are interested in women-only health clubs are finding personal camaraderie with others in an environment where they can comfortably exercise among women with similar body characteristics or other fitness goals. These environments provide for a sense of privacy and exclusivity and also maintain the potential to develop many long-term friendships developed through the sharing of individual health goal needs. There are also motivational elements that continue to provide intense profit for existing women’s only health clubs. According to Marandi, Little & Sekhon (2006), the values that drive women to these health clubs is a personal sense of accomplishment, self-respect, a more active lifestyle, and establishment of a sense of personal belonging with others. These motivational elements are psychologically-driven and are essentially uniform between all age groups, marital status, occupation, and lifestyle security (Marandi, et al.). Much to the advantage of this proposed health club development, there are no specific markets requiring segmentation that would supersede another, thus, again, providing virtually unlimited market potential with an active 52 million female market group. The industry outlook is significant, as existing companies that specialize in women’s health needs continue to diversify their product offerings and programs to sustain the benefits of women looking to establish better self-image and personal health. It is common in this industry to gain extended marketing presence and profitability through supplementary vitamin products, health and wellness books, and also the existence of new personal training activities such as massage therapists and other club professionals. Since 2009, 37.4 percent of all adults (both male and female) have used some variety of health ...Download file to see next pagesRead More
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