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Essay / Research Paper Abstract
This 5 page paper looks at the fitness and Body Building industry in the US and considers issues such as product placement, naming rights, brand names and product endorsements. The paper uses real world examples t illustrate the points raised. The bibliography cites 7 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEfitbod.rtf
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Unformatted sample text from the term paper:
annual revenue in the market totalling $11.6 billion (Mintel). By 2006 this is expected to reach 14% of the population, meaning that 41.1 million individuals are expected to be members
of the health and fitness clubs (Minterl). The annual revenue is expected to climb to $17.4 billion by 2006 (Mintel). Bodybuilding may be seen as a subset within this market
bit it is also increasing but at a lower rate (Mintel). This means new entrants seeking to enter the market and existing competitors need to retain and wishing to
increase market share. The strategies being used are resulting in new brands entering the market. However, it takes more than just developing a product or service to sell it.
In looking at the market a key factor before any marketing actually takes place is the use of a brand name. Brand names are of key importance, for example with
the brand name LA Fitness Center, there is little doubt as to the product and there is also a simple name, easy to use. In using the name the company
will have undertaken research, one aspect of which would have been to discover what associations are made with the name by the potential target market (Kotler 429). This is untaken
using "memory tests " and "learning tests" (Kotler 430). Another name may be seen as making characteristic association with the service, 24 Hour Fitness is also a descriptive brand name.
but as this company realises the name is not sufficient (Brandweek 12). Association have to be made with the brand. To achieve this marketing has to be able to
send the message to those who are most likely to buy the product or service, as such the correct medium of communication needs to be used as well as the
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