Health and Fitness Industries

Description

AS - Level Business Studies Flashcards on Health and Fitness Industries, created by Jessica Ridley on 29/03/2017.
Jessica Ridley
Flashcards by Jessica Ridley, updated more than 1 year ago
Jessica Ridley
Created by Jessica Ridley over 7 years ago
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Resource summary

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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