Throwback Fitness Gym is located in New York City, and there are plans to revamp to increase sales and ensure the set objectives are met. So far, the product aspect of the 4Ps has been done as well as the PESTEL analysis. These two analysis tools have helped the organization to have a good understanding of the products and services they offer as well as how different environmental factors impact on the organization products. However, it would be imperative to conduct the other three aspects of the marketing mix that include price, promotion, and place. Sekhar & Zablon, (2017) defines the marketing mix as the fundamental model for any business organization as it enables the business owners to understand their product as well as their brands and know how well they can position themselves well in the market. It is a tool that is utilized by an organization to pursue its marketing goals in the targeted market.
Price is one of the most critical aspects of the marketing mix, and it is the amount each customer is expected to pay for the goods or services. In this case scenario, the price will represent the amount clients will be expected to pay for gym products and services offered by Throwback Fitness Gym. There are several factors that the gym management team should consider before determining the prices of their services. One of these factors that should be regarded as is the demand and supply of gym services in the location where the gym is located (Sekhar & Zablon, 2017). This is very important because the clients should not see throwback Fitness Gym like they are overcharging for their services.
For this reason, it is essential for the management team to come up with a suitable pricing strategy that would be used to come up with a reasonable price that would be seen to give the client value for their money. This pricing strategy should take into consideration what other gyms in the locations are charging for their services and then decide the best prices to charge for the different services they offer for their products. This will be a good move as it would ensure that the organization does not price itself out of the reach of the majority of the target market. Other factors that should be considered before setting the prices should include the disposable income and the prevailing economic conditions.
Promotion is another critical element of the marketing mix that Throwback Fitness Gym should consider keenly before relaunching their services in the market. Shadrack & Walter, (2017) states that promotion in the marketing mix refers to the marketing communication that a business entity utilizes to make sure that the targeted market is aware of the fact that the organization’s products and services are in the market. This element is also meant to persuade the targeted market to purchase the services and products. Different types can be used to promote services, and they include public relations, advertising, sales promotions, and direct selling. Advertisement is one of the mediums the management team at Throwback Fitness can use to communicate to its targeted clients about its operations. Different forms of advertisement such as television, billboards, radio, and magazines should be utilized. The use of social media sites such as Facebook, Twitter, and Instagram should also be used because these sites have millions of people that visit them daily hence making them a right place where the organization can get its new clients (Shadrack & Walter, 2017). Public relations is another essential element that can help an organization improve its image in the society. Different stakeholders, such as clients, shareholders, creditors, and suppliers, would want to feel and know that they are dealing with a reputable organization that operates ethically. That can be attained by working ethically and hiring the right PR firm that can help the organization perform well to project itself in a way that is acceptable by all stakeholders.
The location a business entity chooses to set up shop plays a very crucial role in determining the success of the organization. The location of the business organization should be set in a place that will guarantee that clients have access to the business and that they will not be inconvenienced in any way (Sekhar & Zablon, 2017). In this case scenario, the Throwback Fitness gym should be located in a place that is easily accessible by the clients. The management team should also ensure that there is ample parking space to ensure that clients are not inconvenienced in any way when they want to park their cars when they want to work out in the gym.
From the above discussion, it is evident that the management team of Throwback Fitness Gym should consider making some significant changes in their operations and location if they are to give their business entity the chance to operate maximum and ensure that the set goals and objectives are met. The team should come up with a suitable pricing strategy, promote their business aggressively, as well as ensuring their location is well accessible by the clients.
Sekhar, S., & Zablon, A. (2017). Business Policy and Strategic Management. Chicago, IL: I. K.
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Shadrack, P., & Walter, R. (2017). Marketing Mix in business Planning. Chicago, IL: I. K.
International Pvt Ltd
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