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Green Gym Analysis - marketing analysis for an environmentally friendly gym.

Extracts from this document...

Introduction

Market Analysis Green Gym: Assessing Willingness to Pay Introduction The green gym is a new gym prototype that is being introduced in Madrid. The concept is to harvest the energy being expended by users. Thus, people exercising on treadmills, elliptical trainers or any other machines with moving parts will create energy which will be transformed into readily usable electricity for the gym. The gym also plans to invest in social causes and to be a location where like-minded individuals can go to connect. This environmentally friendly gym is a step towards renewable energy awareness. In order to ensure the survival of this business of new concept, plans must be implemented and business strategies developed. To set up a new business, information about the potential customer base and their demands must be recorded. Such things as what equipment to provide, what time to operate etc will determine their willingness to pay for these green gyms. Further, given the unique nature of the gym, it is important to gauge consumer attitudes about the concept. More importantly, the gym owners need to have a sense of willingness to pay. This will allow the investors/owners to set the appropriate price for the membership dues. The market research as set out below consists of: 1. Conducting research using secondary data. 2. Conducting a focus group with people who are active gym members. 3. Conducting a questionnaire/survey as primary research data The results follow below. Problem Definition Management Decision Problem: Will gym members exhibit a willingness to pay extra for membership dues for a gym that is environmentally and socially responsible and will allow networking opportunities? Management Research Problem: To identify the factors which influence people to join green gyms We are going to analyze customer's willingness to pay for green gyms. To get this information we need to figure out few underlying issues. In order to do this the following questions will need to be answered: * How to promote the business * How to compete, while gaining ...read more.

Middle

At present time the highest price was above 35 euro. This was most frequently checked, but it doesn't give a clear idea of how much respondents are willing to pay. 4. The full concept of the gym should be explained in some depth prior to conducting the survey. Although respondents were given a bit of information, this wasn't enough for them to have a full sense of the strategy or to build excitement. It should also be understood with any new concept it takes time to build excitement. It would make sense for the company to establish some "buzz" for themselves then to run another survey once the population is more aware. 5. If the investors plan to go ahead, they should be sure to try to remove as many barriers to attending as possible. While we're aware that true responses might not have been given, most people claim that time constraints was the main reason for not attending. Accordingly, the gym should respond by setting up in a white-collar location to save travel time. It should also create classes that are short, but effective. These could be dedicated to busy workers who only have a short time to exercise. Appendix Focus Group Focus Group Discussion Questions: All questions were centered on what we ultimately wanted to get out of the focus group, namely factors that influence a person purchasing a gym membership and willingness to pay. Our questions and responses are as follows: 1. Age, frequency of attending a gym, location of gym, general habits, membership price. 2. Which factors lead you to choosing a gym that is right for you? 3. What factors would you consider if you were going to switch gyms? What would ultimately convince you to switch? (if different from above) 4. Which gym features are essential for you? 5. Finish this sentence. A gym is a place to: (other than exercise, workout etc.) ...read more.

Conclusion

(1-tailed) .185 .479 .142 .333 .297 .005 . N 32 32 32 32 32 32 32 yoga kick boxing massage nutritionist personal trainer aerobics juice bar monthly expense yoga Pearson Correlation 1 .014 -.128 .157 -.007 .157 .360 .087 Sig. (1-tailed) . .469 .243 .196 .485 .196 .022 .318 N 32 32 32 32 32 32 32 32 kick boxing Pearson Correlation .014 1 .093 -.104 .080 .081 .104 .390 Sig. (1-tailed) .469 . .307 .285 .332 .329 .285 .014 N 32 32 32 32 32 32 32 32 massage Pearson Correlation -.128 .093 1 .059 -.111 -.113 .243 .094 Sig. (1-tailed) .243 .307 . .374 .272 .269 .091 .304 N 32 32 32 32 32 32 32 32 nutritionist Pearson Correlation .157 -.104 .059 1 .595 .289 .244 .169 Sig. (1-tailed) .196 .285 .374 . .000 .054 .089 .177 N 32 32 32 32 32 32 32 32 personal trainer Pearson Correlation -.007 .080 -.111 .595 1 .413 .085 .236 Sig. (1-tailed) .485 .332 .272 .000 . .009 .322 .097 N 32 32 32 32 32 32 32 32 aerobics Pearson Correlation .157 .081 -.113 .289 .413 1 .244 .223 Sig. (1-tailed) .196 .329 .269 .054 .009 . .089 .110 N 32 32 32 32 32 32 32 32 juice bar Pearson Correlation .360 .104 .243 .244 .085 .244 1 -.010 Sig. (1-tailed) .022 .285 .091 .089 .322 .089 . .478 N 32 32 32 32 32 32 32 32 monthly expense Pearson Correlation .087 .390 .094 .169 .236 .223 -.010 1 Sig. (1-tailed) .318 .014 .304 .177 .097 .110 .478 . N 32 32 32 32 32 32 32 32 * Correlation is significant at the 0.05 level (1-tailed). ** Correlation is significant at the 0.01 level (1-tailed). Regression analysis between profession and environment Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .016 .000 -.033 1.167 a Predictors: (Constant), profession Correlations environment profession environment Pearson Correlation 1 .198 Sig. (1-tailed) . .139 N 32 32 profession Pearson Correlation .198 1 Sig. (1-tailed) .139 . ...read more.

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