Segmentation and Target Market
Segmentation and Target Market
MKT/571
Segmentation and Target Market
The fitness industry in the United States has grown greatly as more individuals are exposed to healthy living as a lifestyle. Rather than simply attracting athletes, fitness facilities are recognizable service providers to all demographics. As a result, the job outlook for personal trainers and exercise instructors is good. According to the “Bureau of Labor Statistics” (2014) website, “employees of fitness trainers and instructors is projected to grow 13 percent from 2012 to 2022, as about as fast as the average for all occupations” (para. 1). Understanding the need for personal care and services many entrepreneurs are either starting up their own fitness facilities or opening fitness franchises. One such option is the Planet Fitness franchise. Planet Fitness has found a niche in the industry’s market segment and has identified a unique positioning strategy for their services.
Market Segmentation
A market segment is “the type of market or customers a company will serve” (Kotler & Keller, 2011, p.39). Market segments are generally a subset of a market, which allows the marketer to classify the type of possible customers into groupings (i.e., segment). Once defined as a segment, marketing strategies focus on influencing potential customers based on the groups shared commonalities and descriptive traits, such as demographics, psychographic, geographic, and consumer behavior.
Demographics
At its most rudimentary level, a market segments demographics is defined by the group’s similar characteristics, such as age, income, education level, social class, and race to name a few variables. The importance of understanding demographic variables of the market segment is to ensure that the well-liked two-fold objectives are met. “One reason demographic variables are so popular with marketers is that they’re often associated with consumer needs and wants. Another is that
MKT/571
Segmentation and Target Market
The fitness industry in the United States has grown greatly as more individuals are exposed to healthy living as a lifestyle. Rather than simply attracting athletes, fitness facilities are recognizable service providers to all demographics. As a result, the job outlook for personal trainers and exercise instructors is good. According to the “Bureau of Labor Statistics” (2014) website, “employees of fitness trainers and instructors is projected to grow 13 percent from 2012 to 2022, as about as fast as the average for all occupations” (para. 1). Understanding the need for personal care and services many entrepreneurs are either starting up their own fitness facilities or opening fitness franchises. One such option is the Planet Fitness franchise. Planet Fitness has found a niche in the industry’s market segment and has identified a unique positioning strategy for their services.
Market Segmentation
A market segment is “the type of market or customers a company will serve” (Kotler & Keller, 2011, p.39). Market segments are generally a subset of a market, which allows the marketer to classify the type of possible customers into groupings (i.e., segment). Once defined as a segment, marketing strategies focus on influencing potential customers based on the groups shared commonalities and descriptive traits, such as demographics, psychographic, geographic, and consumer behavior.
Demographics
At its most rudimentary level, a market segments demographics is defined by the group’s similar characteristics, such as age, income, education level, social class, and race to name a few variables. The importance of understanding demographic variables of the market segment is to ensure that the well-liked two-fold objectives are met. “One reason demographic variables are so popular with marketers is that they’re often associated with consumer needs and wants. Another is that
References: Bureau of Labor Statistics. (2014). Retrieved from http://Planet Fitness.bls.gov/ooh/personal-care-and-service/fitness-trainers-and-instructors.htm#tab-6 Deardorff, J. (2012, January). Fitness: A rare health club beckons the obese. The Charleston Gazette,. Retrieved from http://search.proquest.com.ezproxy.apollolibrary.com/docview/914947863?accountid=458 Kotler, P., & Keller, K. L. (2011). Marketing Management (14th ed.). Upper Saddle River, NY: Prentice Hall. McCarty, J. A., Shrum, L.J., & Lowrey, T. M. (2010, May). Psychographics. Green Consumerism: An A to Z Guide, (), 365-368. doi:http://knowledge.sagepub.com.ezproxy.apollolibrary.com/view/greenconsumerism/SAGE.xml Planet Fitness. (2014). About Planet Fitness. Retrieved from http://Planet Fitness.planetfitness.com/About-Planet-Fitness-Gym Reviews. (2014). Planet Fitness. Retrieved from https://www.planetfitness.com/Planet-Fitness-Reviews U.S. Census Bureau. (2012). Age and Sex Composition. Retrieved from http://www.census.gov/population/age/data/2012comp.html Yahoo Finance. (2012). Planet Fitness Continues Successful Growth With Puerto Rico Expansion. Retrieved from http://finance.yahoo.com/news/planet-fitness-continues-successful-growth-144200898.html