Opening a Gym
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Opening a Gym that will have on site medical staff for rehab, diet and nutrionist, classes for all ages and trainers need to evaluate the following:
External forces and trends considerations:
o Legal and regulatory - you must address this factor
o Global
o Economic - you must address this factor
o Technological
o Innovation
o Social
o Environmental
o Competitive analysis
â?¢ Internal forces and trends considerations:
o Strategy
o Structures
o Processes and systems
o Resources
o Goals
o Strategic capabilities
o Culture
o Technologies
o Innovations
o Intellectual property
o Leadership
Analyze at least seven of the forces from the list above. Your analysis must include the following:
â?¢ Include economic as well as legal and regulatory forces
â?¢ Critique how well the organization adapts to change.
â?¢ Identify the major issues and/or opportunities that the company faces based on your analysis above.
â?¢ What major trends are taking place today that might impact your selected business venture.
You must include the completed SWOTT table.
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Solution Summary
Opening a Gym that will have on site medical staff for rehab, diet and nutrionist, classes for all ages and trainers need to evaluate the following.
Solution Preview
SWOTT Analysis:
Student: I have attached SWOTT table. Please note that all categories in the SWOTT table are not applicable to the business, hence I have filled the columns that I feel fit for this venture. I am also providing a summarized SWOTT analysis below:
Strengths:
Innovative business model that offers one stop shop fitness services to clients under one roof.
The company has the advantage of implementing best practices in the industry in terms of technology, processes and systems by observing other established players.
The company has adopted modern and advance technology to offer high quality services to clients.
Weaknesses:
Being a startup, the company has limited resources to spend on advertising and brand building as well as other operational areas.
The company does not enjoy brand reputation and goodwill as compared to other established players.
Opportunity:
As economy revives, the company will have the opportunity to tap on the increasing demand for fitness services in today's stressful lives of people.
The company can establish a niche for itself by offering all services under one roof, thereby creating more value for money for consumers.
Threats:
Competitive threat from existing players in the industry who enjoy superior brand reputation and goodwill.
Threat of low demand due to ongoing recession in the economy.
Threat of business model being copied by other players in the industry, both existing as well as new entrants.
Trends:
Today's consumers want more value for money. In today's recessionary times, the spending on such luxury services like fitness services is reducing. Consumers visiting such facilities are either commanding discounts or want more value for money. The demand for high quality and modern technology has become imperative in this industry.
Synopsis of seven forces or trends:
1) Legal and Regulatory:
It is extremely important for this new venture to comply with all applicable laws and regulations such as those related to financial reporting, taxation, recruitment and hiring, workplace environment and consumer laws. Further, it needs to adhere to ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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