The paper "Viability of Launching an Energy Gymnasium" is a perfect example of a literature review on marketing. Due to rapid changes to the global market environments, increased and changing customer demands and needs and shifting political, social, technological, environmental, legal and economic factors, global organizations and industries are investing in technology and innovation as a means to counter competition and to help them remain feasible as echoed by Peter & Donnelly (2005). In Australia, the fitness industry is no different from industry players identifying new ways and methods for achieving full potential and realizing set goals and objectives.
Ready et al. (2005) indicate that there are immense opportunities in the fitness industry globally that are still untapped. This report seeks to develop a preliminary marketing report that analyzes the viability of launching an energy gymnasium as a new invention in the fitness industry in Australia. The report will primarily highlight the marketing management process. The marketing management process entails assessing market opportunities, conducting industry and market analysis and selecting a suitable target market, developing effective marketing plans, employing and monitoring the marketing efforts. The Fitness Industry in Australia Australia is largely defined as a sporting nation for not only being an active participant in global sporting activities and forums but also, due to the perceptions of most Australians that sports and especially fitness are a way of life that enhances health and wellbeing of the Australian population as discussed by Fitness Australia (2009).
The fitness industry in Australia generates commodities and services that enhance fitness such as fitness types of equipment and facilities such as gyms and services of professional fitness trainers.
According to Hanna & Subic (2008), the industry has the potential to grow significantly due to the increased desire and willingness of the population to become healthier and fitter. Moreover, encouragement by the government to the population to participate in fitness as a means to reduce health expenses and develop healthier populations that ensure a constant supply of labor and improved productivity by the workforce. Current industry and market situation To understand fully the external and internal environment of the fitness industry in Australia, PESTEL and SWOT analyses are carried out. PESTEL analysis examines the political, economic, social, environmental technological and legal environment of the fitness industry while SWOT analysis examines its strengths, weaknesses, opportunities, and threats as highlighted by (Stevens & Loudon, 2005). Political The political climate in Australia impacts on the fitness industry positively.
Apart from the low barriers to entry due to flexible state and federal regulations on the establishment of fitness business, the state has in fact encouraged the growth of the industry in a bid to reduce the costs of healthcare caused by increased health risks associated with lifestyles.