How to start a new business venture Essay Example | Topics and Well Written Essays - 2250 words

How to start a new business venture - Essay Example People in modern world are more conscious about their health and the diets they take to be fit physically and be more active in their daily life. For this booming industry trend there is a great prospect for the new business venture in the fitness and healthcare industry. In this report we have a proposal for a new business venture at Mayfair in the City of Westminster as it is one of the growing regions at UK and the people nearby Mayfair region are more aware of the health and sports fitness centre compared to other regions at UK due to the presence of many clubs and hotels at nearby streets like Marshall Street Leisure Centre, Seymour Leisure Centre, Little Venice Sports Centre, Queen Mother Sports Centre, Porchester Centre etc (City of Westminster, 2011). As far as the UK Fitness Industry report by FIA, over the last few years’ regions of London has immense growth in Fitness Industry and has been forecasted to grow even more in future if people are educated with its benefi ts to their health and wellbeing (FIA, 2010). Proposed Services The new sport fitness centre should provide its customer with a variety of services. It would include first class fitness centres and some sports centres which will accommodate many types of sports like basketball, tennis, boxing etc. There should be a food and beverage area where customers can also relax during workout. Massage centre with training on fitness exercises are one vital service which should be there. A medical therapy clinic is also a modern trend in the fitness industry. Various other facilities like the conference room and the children centre, protective lockers and swimming pool are some attractive features which attract a lot of customers with the extra services they get from other fitness centres (Anything & Everything, 2011). Analysis of the market in London 7 P’s of Marketing Mix Fitness and Health industry being a service offered to the customer without any product thus the extended marketin g mix is to be used i.e. 7P’s of marketing mix. In order to formulate the right marketing mix the company needs to evaluate all the segments and work in the improvements of the each segment to compete with the other players of the market (Gupta, 2006, p.22). Product The product mix is the range of products that are available with the company. It may be broaden with different services or it can also be extended in order to fit the market scenario. The services of the fitness centre located near Mayfair road in the city of Westminster at London are very advanced with many facilities like swimming pool, recreation centre, modern equipments, therapy clinic etc. Thus to survive in this competitive environment the new business venture of fitness centre should also posses the existing services along with some added new differential services (Nargundkar, 2006, p.46). Place Place is one of the most vital factors which needed to be considered while placing the product or services. The place determines the cost of transportation of materials, scope of new customers. If the right service is properly placed at the right time at the right place then it will be best accepted by the customers. UK being a very flourishing country for the fitness industry especially in London the people is very aware of the services provided by the different fitness centres and since there are no fitness centres located at proper