Only required to answer 2 questions with 500 words for each question. 1. Details about the new consumer product (i.e., good or service) that is being introduced to the market 2. The pricing strategy you intend to pursue, and the rationale behind it Information to answer the above questions: Title: Marketing Plan for Reform Boutique Fitness Studio Introduction In recent years, due to the increase in health consciousness among the general population, the demand for fitness centres in Kuching has been rising, which led to the boom in the number of gym operations in the city (Borneo Post 2015). Most of the gyms currently operating in Kuching falls under one of two categories, which are premium and budget. In the premium segment, various perks are offered to customer, but in return customers have to pay a hefty monthly membership fee. Meanwhile, gyms in the budget segment have a significantly lower membership fee, but offer customers a no-frills experience. There is currently a void in the market for gyms that offer a value for money membership package by including facilities and perks that members want at an affordable price point. Therefore, we aim to fill this void by introducing Reform Boutique Fitness Studio, a classy fitness centre that offers members a unique experience without having to break the bank. Our vision: Fitness for all Our mission: To promote a healthy lifestyle by offering high quality fitness facilities at affordable rates Our objectives: To be the preferred fitness centre in Kuching by 2019. To have five locations in Kuching by 2019. To achieve an average membership growth of 50% each year. To have tie ups with ten corporate organisations by 2019. Market Analysis To assess the viability of our service concept, we would conduct a market analysis by applying Porter’s Five Forces model (Porter 1980) and S.W.O.T. ***Remarks*** Information to answer question 1: -Offer numbers of Fitness program -Daily fitness classes available for members and walk in customers -Personal training -Provide nutrition plans -Caters clean food for members -Boutique fitness to provide premium fitness classes and environment with affordable price Information to answer question 2: -Gap Analysis -Premium gym membership fees vs Boutique fitness studio membership fees -Quality with comfortable fitness studio with minimal price paid -Pricing strategy concept
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