Environmental Scan
SWOT analysis: SWOT analysis will help to describe about the strengths, weakness, opportunities as well as threats.
This is the strategic planning method and it helps to evaluate the internal as well as external environment accordingly.
Strengths: The major strengths of the business will be identified with the characteristics and advantage of the company. This is internal structure of the business. The major strength of the company is that they provide personal training sessions to the participants. Thus there are other important strengths such as:
- They provide affordable, convenient and enjoyable programs to their trainees.
- They provide training to meet the fitness facilities for their client requirements.
- The company have highly organized and highly qualified and expert trainers to provide fitness services.
- They have one in one in home training programs for their customers.
- High quality and comfortability are the major focus of the company.
- They generate more than 120 new clients every month and continue with retaining more than 30 previous clients every month.
- They also apply developed and sustainable lifestyle changes.
- They provide unique differentiated and low pricing strategy to gain the position of market leader.
Weakness: This determines the disadvantages and risks of the business. This is the internal analysis of the environment.
The company's major weaknesses are as follows:
- Other competitors provide in-home personal needs to meet the client requirements which are the major weakness of the company.
- There is very low expansion created by the company so, the market awareness is very low.
- It is newly established organization, established before two years, they completed their journey.
- They don't have their own facilities and own resources, they always take that on lease and this is a big trouble and major weakness of the company.
Opportunities: This is the external environment which helps to improve the performance in the business environment.
The opportunities for Bounce fitness is as follows:
- The company can also provide in-home services to its clients for better purposes and this will also them to increase the huge opportunity in terms of generating more revenues and creating more profits.
- Thus, the company could also focus on marketing and advertising activities to increase the opportunity and to lead with the business with proper strategies.
Threats: This is the parameter that helps to define the elements which causes trouble for the business.
- Major competitors are the threat for the company known as Bounce fitness and this can be reduced with the help of increasing advantages and increasing the number of services. (Precisiongroup.com, 2012)
- The company Bounce fitness should focus on its unique and differentiated services as compared to its competitors for better achievements and better success strategies. They need to focus on major improvements with the help of scope of new opportunities. Thus, they can reach the target market successfully.