8329818
Description
Flashcards by Jessica Ridley, updated more than 1 year ago
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Created by Jessica Ridley
about 7 years ago
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| Question | Answer |
| What is the biggest health and fitness market? | The US. |
| The UK is the third largest market for fitness club membership. True or false? | True. |
| Which type of gyms have driven the most growth in the market? | Budget and low cost gym chains. |
| What are some examples of budget gyms? | Pure Gym, The Gym and Exercise4Less |
| Which form of growth is more popular within the health and fitness industry? | Organic growth. |
| Why do venture capitalists show interest in the health and fitness sector? | Due to its strong market growth and profits. |
| Which gym floated on the London Stock Market in 2015 and how much finance did it raise? | The Gym Group raised £125m |
| What are some examples of social change (not technological) within this industry? | - Increasing obesity - More awareness of benefits of a healthier lifestyle |
| How has the UK government supported this growth? | Through funding exercise memberships for adults with obesity problems who may not be able to afford this. |
| What are some examples of technological change within this industry? | - New apps like PayAsUGym - Digital channels - Wearables like the FitBit - Youtube videos, etc. |
| What have the apps enabled customers to do? | Attend gyms and classes where they wish., introducing more flexibility. |
| How can firms benefit from this technological change? | The change can encourage more people to get involved with personal fitness, and so use the fitbit etc alongside club membership. |
| How can it be a disadvantage to technological change? | It can be seen as athreat to the traditional gym membership. |
| What are the three market segments in the health and fitness industry? | - Low cost/budget - Mid-market - Premium/luxury |
| What are niche boutique clubs? | Specialist fitness and health services like spinning or yoga. |
| What are some facilities that budget gyms have? | - Focus on exercise equipment. - Range of exercise classes - Personal training by self employed workers - Online booking |
| What are some facilities in the mid market segment? | - Swimming pools and spas - Broader range of equipment and classes - Catering - Family areas - Personal training by employees and freelancers - Direct selling of membership |
| What are some facilities in the luxury segment? | - Most advanced equipment - Niche classes and spa treatments - Luxurious changing rooms - Specialist trainers - Direct selling of membership - Pricing on application |
| What are some facilities in dry clubs? | - No pool or sauna - Focus on exercise - More flexible space options - Lower staffing levels. |
| What are some facilities in wet clubs? | - Swimming pool and or sauna - Broader range of facilities - Usually need more space - Higher staffing levels |
| How many people leave within their first year of membership? | 50% |
| Most people that work in the health and fitness industry are self-employed. True or false? | True |
| What is pay like in this industry? | Relatively low - self employed workers earn slightly higher than the national average. |
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