Wellness Industry - Yoga Bikram - Report Example

WELLNESS INDUSTRY: YOGA BIKRAM INTRODUCTION Wellness industry has become highly popular within the society. Personal hygiene and care have led to thedevelopment of Yoga and other physical activities to raise an individual physically and spiritually. This report presents an analysis based on the wellness industry which is an essential element for monitoring the wellness development. The philosophy of wellness dominates through the fundamental propositions of illness and wellness. The industry propositions lead to understanding the market analysis and determining the factors which motivate people to indulge in activities related to personal health such as Yoga. This analysis has been done by describing the scope of the business. INDUSTRY ANALYSIS: WELLNESS INDUSTRY Wellness industry is classified based on several different factors. These rely on the wellbeing of the people and the benefits which their well-being has on the overall society. INDUSTRY PROFILE The wellness industry relies on the intriguing health systems which are directly linked to the health and wealth opportunity within the system. Analysis of this industry is interlinked and explains the performance and impact which the system has on the economy. These relate with the health outcomes of the system and interpret the economic growth and progress which sustain within the economy. Based on this, the overall system is considered extremely important. (www-marketing) In this challenging environment, health and other detriments need to be monitored for the wellbeing of the person. Maintaining health and ensuring appropriate management of wellness is very important for everyone. For maintaining all this, it is essential that social wellness, sexual wellness, occupational wellness, emotional wellness, spiritual wellness, intellectual wellness and physical wellness are extremely important. All these are the social elements of the society which dominate whether the system will progress or undergo through development. Within the society, the individuals seek surety that the business scope is protected (Trivedi Master Wellness). With this, the relevance and importance of the social industry can be assessed and monitored for the wellbeing of the society. (Trivedi Master Wellness) Within the society, the overall wellness cluster relies extremely heavily and determines the aspects on which the individuals need to focus and emphasize their entire scope. The determination of the model relies on the traditional elements of the conventional system and on the integration of the wellness orientation of the system. The wellness market relies on a following of more than $1.9 trillion in the entire wellness paradigm. Solving the problems which individuals are facing relating to their health and for improving the overall quality of life. Within the scope of the wellness cluster several spas, complementary and alternative medicines, healthy eating habits, nutrition and weight loss, preventive and personalized health measures, medical tourism, wellness tourism, workplace wellness, fitness of mind and body practices and several other beauty related and aging related practices contribute in the development practices which determine synergy and opportunity (Spa Partners). (Spa Partners) The analysis of all these aspects of the wellness industry determines the development of the business and suggests the scope through which the development scope can be structured. KEY ECONOMIC INDICATORS The performance of an organization relies heavily on the economic factors which are used in the society. These relate with the aspects such as forming the strategies, measures, innovating and propagating measures of the organization which lead to the development of the industry as a whole. (Williams) The development of the wellness industry is higher within the region in which economic, social and demographics related issues are less. The economic conditions prevailing within the society determines the business scope and development (The Hofstede Centre) Within the American industry, the cultural classification and work related environment shows that power distance is less within the society. Individualism within the culture is high and is counted on a scale of 100. Masculine domination is also high, and risk evaluation is also low. Indulgence of individuals is at 68 which is comparatively exceptionally high (The Hofstede Centre). Economic indicators within the region determine the position of the economy along with the scope using which the business practices can be initiated. North American culture is remarkably sound economically, and social practices of people are individualistic. People seek to look after their health and take measures for improving the routine work accordingly. (Gregoire) In the chart presented above, the classification clearly represents that North America is amongst one of the most happiest regions in the world. The classification of the society shows that the reason for happiness of the region is based heavily on the economic factors of the region. GDP of the country is growing at a reasonable pace (Gregoire). This requires that the individuals take care of their health and react with the prevailing situations accordingly. (The Beat) The analysis of the North American culture and analysis of policies show that the structure of the organization and government related implications have been appropriately managed. This shows that the formal policy for the entire organization is in place by 58%. Part of the organizations with the policies in place is 22%. All these figures depict the structure of the economy (The Beat). These measures help in improving the systems within the organization. All these factors depict the importance of wellness and fitness within the industry. MARKET ANALYSIS: YOGA BIKRAM For years, Yoga has been considered as a tool for maintaining fitness and a spiritual connection. In this fast pace world, health is extremely important issue and people are engaging with such activities for promoting fitness and improving the living standards. SUMMARY OF THE MARKET Bikram Yoga is a selection of 26 postures, handpicked by Bikram Choudbury. The facility has one of the latest technologies for the heating system. The facility aims at providing new levels of acquiring wellness, restoration and rejuvenation. All the moves selected are to cleanse the body from the inside and outside. These moves calm the mind and increase the energy, strength, balance, flexibility and mental focus of the individuals. The practice of this kind of Yoga requires guidance from a certified instructor at a Bikram Studio. The internal environment is heated so that the skin can stretch and injuries can be avoided. This releases the stress and flushes down the tension. The detoxification releases the stress and enhances the mental ability for the wellbeing of the people. Yoga changes the structure of the body and rejuvenates the skin and bones. This requires that the body is heated so that flexibility can be acquired. This is essential for reshaping the body. The philosophy is that when the sweat releases from the body along with it the toxins are also released from the body. All these are the enormous benefits of Yoga using which the oxygen intake and exhaling also improves. These enormous benefits assist in improving the lifestyle. INDUSTRY DESCRIPTION AND OUTLOOK Yoga industry is growing enormously, and the market segment is attracting the people towards it. In this phase, the projected growth of the industry is estimated to be around 6.85 billion U.S. dollar. By the year 2017, the industry is expected a growth up to 8.64 billion U.S. dollars. The significant growth of the industry is showing the market and the measures which can be taken for improving the entire business environment (Statista). All the details of the revenue generated has been shown below. (Statista) The details of the demographics and adapting nature of the industry show the interest of the people which is pulling them towards using the facility. People are getting attracted to Yoga for this particular reason. The details of the demographics and interest of the people according to the location has been shown below. The growth statistics also show the popularity and interest of the people towards Yoga. $27 billion are spent in U.S. alone for spending on Yoga related products. 87% increase has been noted in the last five years, and annually the business is growing by 20%. All these details show the interest of the practitioners (Statistic Brain). (Statistic Brain) The industry life cycle shows the stages of the product. At the present stage, the Yoga industry is considered to be reaching the maturity stage (Lingley and Campos). But through the stats and figures, it can be estimated that the industry will take time in reaching the maturity phase. (Lingley and Campos) All these classifications are directly linked with the growth and progress of the industry and show the factors using which the industry is growing. TARGET MARKET INFORMATION The practices adopted within the industry aims at acquiring differentiation and achieving a narrow target within the industry. Only people that are highly concerned about their fitness are motivated to use the components of the industry. The current status of the industry is that it is in the differentiation phase of the industry (Lingley and Campos). This shows the focus and assists in developing an understanding using which the scope of the business can be defined. (Lingley and Campos) Application of the industry information and using it to assess the market is an effective tool for understanding the scope of the business. CONCLUSION Yoga industry is developing at a very quick pace and more and more individuals are engaging in acquiring the benefits. The development of the industry and Yoga are essential for developing a new dimension of growth within the industry. In this segment, the individuals can use the analysis of the industry for determining the scope of the market. In this analysis, the Yoga Bikram and attitude of the people in adapting to this changing practice has been analyzed. Fitness and wellness has become significantly important for the people and they are highly attracted towards using all these practices so that their lifestyles can be improved. Works Cited Gregoire, Carolyn. The Happiest Countries In The World. Huffington Post, Nov. 2013. 5 Feb. 2014. http://www.huffingtonpost.com/2013/09/10/happiest-countries_n_3894274.html Lingley, Tyrone and Jennifer Carmin Campos. Market Analysis on the Yoga Industry. Breathe, Feb. 2009. 5 Feb. 2014. http://jennifercarmincampos.com/wp-content/uploads/2009/10/Market-Analysis-and-Strategy.pdf Spa Partners. Spa Insider: SRI Report Medical Spas. Jun. 2010. 5 Feb. 2014. http://spa-partners-blog.spafinder.com/2010/06/spa-insider-sri-report-medical-spas.html Statista. Revenue of the U.S. yoga and pilates industry in 2007, 2012 and 2017 (in billion U.S. dollars). 2014. 5 Feb. 2014. http://www.statista.com/statistics/253343/revenue-of-the-us-yoga-and-pilates-industry/ Statistic Brain. Yoga Statistics. Jul. 2013. 5 Feb. 2014. http://www.statisticbrain.com/yoga-statistics/ The Beat. North American Meetings and Events Policies. Jan. 2014. 5 Feb. 2014. http://www.thebeat.travel/post/2014/01/10/north-american-meetings-policies-american-express.aspx  The Hofstede Centre. United States. 2014. 5 Feb. 2014. http://geert-hofstede.com/united-states.html Trivedi Master Wellness. Managing Health and Wellness through The Trivedi Effect. Jan. 2014. 5 Feb. 2014. http://www.trivedimasterwellness.com/physical-wellness Williams, Linda. Role of Key Performance Indicators in Successful Business Organizations. Active Garage, Jul. 2011. 5 Feb. 2014. http://www.activegarage.com/role-key-performance-indicators-successful-business-organizations www-marketing. Products. 2009. 5 Feb. 2014. http://www-marketing.nl/en-products.html Read More