Australian Fitness Market for Accessories - myassignmenthelp.com

Question: Discuss about the Australian Fitness Market for Tool and Accessories. Answer: Every now and then, something innovative and novel is emerging in the Fitness industry of Australia. Whether it is a new style of training, different training apparels, tools and accessories, all these things are now available in the market to enable better performance. There are novel avenues of growth and opportunity constantly unveiling themselves. There is a range of economic and marketing factors which are both facilitating and inhibiting innovation in this industry (Keyzer et al., 2014). Trends pertaining to demand for fitness services in Australia are based on changes in economic growth, population growth, the elasticity of income, demography and the potential of the market to customize services for meeting specific requirements. Demographic ageing indicates higher demand for fitness in the older population, which traditionally has had less participation as compared to younger people, but which will not skyrocket in absolute numbers if existing participation rates are consistent. Since 2005-2006 the average income of a normal Australian household has grown 14%. There have been a rise and shooting levels of participation in fitness services within the Australians. However, during the economic downturn the there was a slight downward trend as the household income decreased and so did the discretionary spend of users (Fitness Australia, 2012). In order to limit the growth in public health system cost, the Australian Government has also heavily invested in preventive he alth. This strategy is focused on augmenting physical activity, especially in older and obese population. Moreover, in 2010, the government set up the Australian National Preventative Health Agency, especially to foster the countrys infrastructure and investment in preventive health. Hence, in spite of the effects of the economic crisis and the consequent downturn noticed in the industry during that period, the market is likely to return to earlier growth trends as several opportunities for innovation exist. There is immense potential to link the industry with allied and general health sector (Yu et al., 2014). However, recent trends also propose that the fitness market in Australia is also sensitive to variables other than demographics and incomes. These include advertising, marketing innovation and the growing attention provided by different types of media. The Internet has turned into an extensively employed tool to market brands. It is offering myriad mediums which can be used by businesses in the fitness market to spread awareness about their products and services in the market. The preferred social media channels that most gym members in Australia are using include Facebook, Instagram and YouTube (Shank Lyberger, 2014). Fitness centres can use social media to reach their existing customers and persuade potential customers to invest in their health by joining their gyms to attain long-term fitness goals. Posting videos on social media are offering a great opportunity for fitness centres to be as innovative and creative as possible. Other opportunities for innovation promoted by market ing include: Immediate relevant information plus its live consumption by clients e.g. real-time reviews of the services offered enabling immediate adaptation Video streaming of example exercises or fitness plans (Garcia-Fernandez et al., 2014) Using social networks for organizing activities or building brand awareness References Fitness Australia. (2012). The Australian Fitness Industry Report. [pdf]. Available through: https://fitnessaustralia-production.s3.amazonaws.com/uploads/uploaded_file/file/54196/Australian_Fitness_Industry_Report_2012_media.pdf. [Accessed on 29th September 2017]. Garcia-Fernandez, J., Bernal-Garcia, A., Fernandez-Gavira, J., Velez-Colon, L. (2014). Analysis of existing literature on management and marketing of the fitness centre industry.South African Journal for Research in Sport, Physical Education and Recreation,36(3), 75-91. Keyzer, P., Finch, C. F., Norton, K. I., Dietrich, J., Sekendiz, B., Coyle, I. (2014). Key Issues Influencing The Management Of Risks In The Australian Fitness IndustryCombining Legal Perspectives With Injury Prevention Approaches.Br J Sports Med,48(7), 618-618. Shank, M. D., Lyberger, M. R. (2014).Sports marketing: A strategic perspective. Routledge. Yu, H. S., Zhang, J. J., Kim, D. H., Chen, K. K., Henderson, C., Min, S. D., Huang, H. (2014). Service quality, perceived value, customer satisfaction, and behavioural intention among fitness centre members aged 60 years and over.Social Behavior and Personality: an international journal,42(5), 757-767.