Please look at the Equinox Marketing sample and do a market plan as directed thx
MARKETING PLAN ASSIGNMENT: BEST BUY STORE AT UNION SQUARE IN MANHATTAN · You will write a marketing plan on the Best Buy store located in Union Square in Manhattan. Again, your marketing plan will be on this specific location in Manhattan, not on the entire chain nationwide. · A sample Equinox marketing plan has been posted in the Assignment as an example. Your assignment will follow the Equinox format, as follows: · Sections I and II of your marketing plan will describe the main elements of success of the Best Buy chain nationwide. · In Sections III, IV and V you will propose local initiatives and changes that this particular store at Union Sq. should undertake: i.e., since it is located across the heavily visited Union State Park, what marketing or pr activities could it do in the park? Also, since it is located near a FedEx shipping center, what could it do in terms of having a partnership? Could it demo Virtual Reality technology in-store? What could it do about CD’s and DVD’s? Could it improve its checkout system? Also, could this store add new items, and/or more private label products, and/or more seasonal items? And, could it also offer some unique services and deals similar to what the award-winning B & H Photo Video store does at Ninth Avenue and West 34th St. in Manhattan, for example? · You must attach a selfie of your visit to Best Buy at Union Sq. · Note: you must also visit B & H Photo (a NY landmark and really unique place, well worth a visit… when planning your visit, keep in mind that the store is closed on Saturdays) and attach a selfie as proof. From your visit you will get more improvement ideas for the Best Buy store in Manhattan, will write a better assignment, and will earn a better grade! I By (student name withheld) Marketing Plan I.EXECUTIVE SUMMARY Equinox Fitness is an ultra-luxury fitness chain that has its national headquarters in New York City. Equinox operates three separate fitness brands, which are Soul Cycle, PURE Yoga, and Blink Fitness. As a fairly large company, employing over 18,000 people as of 2009, it reigns supreme in the high-end gym market and only faces indirect competition from other fitness companies that have somewhat lower rates and more promotion offers. Equinox is seeking expansion opportunities in the New York Metro Area, Southern California, San Francisco, Boston and Washington, DC, and is heading overseas towards Europe and Canada. The company’s 2015 goal is to achieve a 10 percent boost in new memberships, plus revenue increase from its ability to target additional services to existing members. The company’s strategy seeks to achieve its growth targets by improving service and delighting customers. II.ENVIRONMENTAL ANALYSIS Equinox Fitness opened its first location at 76th and Amsterdam Avenue on September 23, 1991: the Autumnal Equinox. Since then, the company has continued to open several new locations each year. A.The Marketing Environment 1.Competitive Forces. Over 100,000 fitness clubs are located over the United States, including local gyms. Some gym brand competitors, such as NYSC, NYHR, David Barton, 24-Hr Fitness, etc. have cheaper rates and more promotions, but none matches Equinox in delivering a top-notch fitness experience for its members. 2.Economic Forces. During the past economic crisis that started in 2005, which put pressure in customer wallets and purses, Equinox catered to corporate members whose companies had cancelled their memberships, and sent out invitations to rejoin at a promotional sale. Equinox also provided members with guest passes to give to friends, who if joined would make the referring member receive a free month/a gift card. Currently, with the economy experiencing strong economic growth, industry experts find that clients expect more from their experiences with health clubs and wellness programs in general. In this regard Equinox pampers its members by creating extraordinary experiences such as swanky lounge areas and luxury couches for relaxing, also by offering a variety of the latest treadmills, weights and machines to suit every preference, and by having a variety of popular classes like spin and Pilates, all in a totally pampered luxury environment. 3.Sociocultural Forces. Health awareness has been increasing in society, with the number of gym goers estimated at around 40 million according to IHRSA, an industry association. Yet, while people are working out more than ever, they also are more engaged with digital technology to the point that modern living without the internet is unthinkable. Therefore as people spend more of their lives on the go and online, it makes sense for companies such as Equinox to harness and blend the two, namely health awareness and technology, in a push to expand and retain new members in the face of society’s increasing distractions and the ever-present temptations to go easy on oneself. 4. Technological Forces. Equinox facilities are heavy in the latest technology and include rows of state-of-the-art, frontline equipment, flat-screen televisions located all over the facilities, and much more. Equinox will debut two models of a new treadmill, each with its own unique options. The Engage console features a 15-inch LCD touch screen with integrated TV, while the Inspire console offers a 7-inch LCD touch screen. Both include iPod integration; USB connectivity to create, track and store workout information; a Virtual Trainer; and Workout Landscape Perspectives. The gym is Wi-Fi accessible, and there are even a couple of computers which members can use free of charge between segments of their workout. The locker rooms are fully stocked with toiletries, eucalyptus-infused towels and professional Solano hair dryers with multiple attachments B.Target Markets. 1.Current Targeting Equinox’s primary targets are upscale, well-educated professionals, ages 25 to 55, with very high household incomes. Their secondary markets are people known as “Lifeaholics.” The one thing that ties them all together is their approach to life: intense, passionate, results-driven, collectors of all things new, who know first about the coolest band or the latest restaurant. Equinox targets the high-end segment of the fragmented fitness industry. To service customers, it looks for landmark buildings with high ceilings in most dense, upscale urban areas. Equinox is actively seeking locations in the South and East Bay. 2. Brand Image and Positioning Through its print, digital and social campaigns, Equinox acknowledges that modern society offers comfort and convenience, but that in the end an individual’s commitment to fitness and to life in general fundamentally define who he or she is. This message goes to the core of the issues that confront the upscale target market, so easily tempted with a hedonistic lifestyle away from a gym. Equinox uses a problem/solution approach to persuade its audience that sacrifices are worth it, that ultimately the things that are hard and take time and don’t necessarily guarantee success are a cause for celebration and become your identity. These points are emphasized through bold and provocative photography shoots that range from the stunning to the disruptive, from the playful to real life, and from the use of models to the use of normal people. Now, the eye-catching ads have a downside in that they do not really showcase the gym or its services, but on the other hand they are powerful and inspiring, and incite curiosity and drive clicks to learn more about the brand. Equinox has succeeded in differentiating itself from other gym brands, has made itself very relevant to its target market, and seems to be right in bringing the typical gym advertising to another level. 3. Pricing Policy The chain charges members an up-front membership initiation fee, which ranges typically between $245 to $545. Monthly dues range between $95 to $178. 4. Services and Benefits Equinox members are offered a variety of high-class benefits for their money, like stunning, spic-and-span luxury facilities, an array of visually arresting lounge areas with plush couching for relaxing before classes, personalized cool eucalyptus towels after working out, Equinox-branded programs and services that include strength and cardio training, group fitness classes, Zumba, Pilates, martial arts, personal training