INTRODUCTION Fitness industry in India Fitness industry is now projected to be a whopping Rest 50,000 crore industry by 2030 which means the competition is going to be tougher in the years to come. Weight training, Aerobics, staying in shape is now getting more and more popular in all age groups and it is certainly becoming one of the favorite things to pursue. Health and fitness Industry is growing by leaps and bounds with the changing life styles. Favorable demographics with rising disposable incomes in the hands of younger population are the key factors that is routing ahead the fitness market in the country.
About Norberts Fitness Studio Norbert DSouza holds a personal trainer certification and a specialist in Exercise Therapy certification from the USA- based ISSA (International sports Sciences Association). Prior to having obtained these updated, international certifications, Norbert did a course in Fitness Management and Exercisetechniques at the acclaimed Lena Mogres Fitness Academy, Mumbai, as he began his foray into the world of fitness way back in 1999.
Trends in the Industry The growing health and fitness industry has attracted a large number of domestic entrants and international players. A much growing trend in the industry is expanding through the franchise route. Significant changes in lifestyle related to lack of physical activity and increased consumption of fast food among both affluent and working class population has led to greater need for healthy lifestyles. More and more brands are planning to foray into Tier II and Tier III markets.
Research Methodology Primary data: Tools used were questionnaire and personal interview with the manager Mr. George Alvares Secondary data: The Gym website and brouchures.
VRIO Chart
Analysis of the VRIO framework Human resource Certified trainers are the human resource component of Norberts fitness studio. This resource is valuable to the organisation. However it is neither rare nor costly to imitate. The organization has not been able to retain the staff and hence there is a competitive parity. This turns out to be a strength for the firm.
Location Location is a physical component of Norberts Fitness studio. This resource is valuable to the organisation, but it is neither rare nor costly to imitate. Since it is a prime location the organisation has been able extract more number of clients hence it gives the firm temporary advantage. This is a strength with distintive compitence. Resources Value Rarity Imitability (costly to imitate) Organization Competitive Advantage Certified Trainers Yes No No No Parity Location Yes No No No Temporary Equipments Yes No No Yes Temporary U.S.P Yes Yes Yes Yes Sustained Brand Name Yes Yes Yes Yes Sustained Equipments Equipments form a part of the technological resources of the VRIO framework. Norberts fitness studio uses the latest equipments for the benefit of its members. This resource is a valuable resource however it is not rare and can be easliy imitated by other firms in the industry. The technological resource gives the gym a temporory competitive advantage.
Innovation The innovation of Norbert fitness studio is its Unique selling proposition, in terms of its results, quality training and environment. It enjoys the sustained competetive advantage as the resource is valuable, rare and costly to imitate. It is a sustainable distinctive compitence.
Reputation Reputation is associated with the brand name that Norberts Fitness Studio has in the market. The brand name is valuable, rare and costly to imitate. It has developed this brand over a period of time with lots of hardwork, dedication and commitment. This gives sustanable distinctive compitence.
Swot Analysis Strengths 16 years of experience Result oriented programs Membership portability Seven branches in Goa Weakness Staff attrition Skilled workforce Rigid Management Opportunities Expansion in south Goa More revenue can be generated through franchisee. Threats Entry of known national. Lack of interest among Goans towards fitness
Suggestions Expand towards further Margao Mobor Side Job turnover ratio can be reduced by increasing the pay package By providing better package according to the budget More advance facilities Digital marketing can enhance customer base.
Conclusion Nobert Fitness Studio, which is facing intense competition from other fitness studios and fighting the internal issues of high staff turnaround, high investment on staff training and lack of interest among Goans to work in fitness studio, can sustain its self in a market through innovative business practices like providing various schemes and offers to customers, world class faclities to customers and higher payout to staff members than the industry standards.
References: Mr. GreorgeyAlvares Manager of Norberts Fitness Studio. Norbert Fitness Studio brochures. Website: http://www.norbertsfitnessgoa.com/