Pricing

.docx
School
Florida Memorial University **We aren't endorsed by this school
Course
BUS 311
Subject
Marketing
Date
Apr 8, 2023
Pages
5
Uploaded by RWILL1908 on coursehero.com
This is a preview
Want to read all 5 pages? Go Premium today.
Already Premium? Sign in here
1 Pricing SPO 544: Sports Marketing and Promotions
2 Introduction In this paper, I will discuss the innovative marketing of Planet Fitness by highlighting its key marketing strategies. Planet Fitness commissioned the bespoke agency solution Team Lift to strengthen its marketing strategy, centralized data analytics, media planning and buying, and creative and brand partnerships. As the company integrates and consolidates its national and regional marketing activities into one agency solution for the first time, this partnership will drive further efficiency, optimization, and increasingly personalized communications. This process will enable Planet Fitness to fully realize scale and economies of scale, accelerating the marketing flywheel, driving membership growth, and driving brand strength and leadership (Planet Fitness, 2021). Planet Fitness's marketing will be analyzed, from its pricing to how they maintain a competitive advantage in the fitness market by obtaining partnerships. Planet Fitness's marketing strategies seek to determine the most effective methods for attracting, retaining, and connecting with customers. By establishing itself as a health and fitness provider and adhering to the marketing strategy that distinguishes it from numerous competitors, Planet Fitness has the potential to thrive in the current economic market. Throughout this paper, I will highlight key factors I found important to the success of Planet Fitness's marketing which are pricing and partnerships. Pricing Strategy Planet Fitness is known to be an all-encompassing fitness center that provides low-price membership fees for utilizing its services and facilities. At Planet Fitness customers have the option to choose from two different price tiers to fit their financial budgets. The first tier is the economical $ 10 option. While the second tier is an all-inclusive black card option for $24.99. To
3 be seen as an affordable alternative, Planet Fitness prices its services at a lower price point than its competitors' prices. The prices offered by Planet Fitness are lower than those of its primary rivals who charge anywhere between $49 and $95 per month. When these two figures are compared, it becomes clear that Planet Fitness' prices are significantly lower than those of its counterparts. Planet Fitness's low pricing strategy makes sense because it allows the company to increase sales, promote its brand, and get more customers. In to maintain its competitive advantage Planet Fitness has engineered its low membership fees and the "Judgement Free Zone" to capture the attention of new customers while retaining its current customers. Strategic Partnership According to Zacks Equity Research , in order to further its expansion into the fitness market Planet Fitness focuses on strategic partnerships and international expansion. The company has partnered with iFit, a leading provider of online streaming home workouts. With this partnership, the company also launched a new series of workouts with minimal to no equipment and made them available exclusively to everyone on the Planet Fitness app (2022). By utilizing strategic partnerships Planet Fitness has gained new members, opened up new locations, enhanced its presence, and expanded into new markets like New Zealand. To boost its presence in Mexico, the company announced a joint venture made up of a prominent local retail services company and one of its largest U.S. developers. The agreement is set for the development of a minimum of 80 new stores over the next five years (Zacks Equity Research, 2022). To remain relevant as one of the leading fitness centers Planet Fitness must continue to foster new partnerships and seek sponsorships to compete in the fitness and health market. Planet
Why is this page out of focus?
Because this is a Premium document. Subscribe to unlock this document and more.
Page1of 5
Uploaded by RWILL1908 on coursehero.com