8. Dealing with Competition

While a dominating portion of my entries has been showcasing a rather, standardized demonstration of my comprehension upon the classes, this entry will be different, as it will be indicating a fictional case, based upon my absorbed knowledge and concepts from the "Dealing with Competition" chapter.

Dear Diary..

For the purpose of this blog task, I will be attaining the ownership of a Pilates studio, located within the center of Helsinki and with the main purpose, being the attraction of new customers.

With that being said, the Pilates studio has been in the local market for a while, offering sports as well as wellness services for the local customers, however, a new  studio has made its debut around the corner, with new and digitized equipment being in place, easier access due to its location and a range of subscription models, outvaluing our current pricing.

To address this profound competition, as the owner of this establishment, I will be addressing different sections of the marketing mix to attain the same relevance as before, as well as, the increased , aimed, quality.

Product: Starting our remodeling, we will increase the range of our services; rather than simply offering Pilate sessions, our offerings will now include venue renting, calisthenics equipment as well as wellness products, attained through collaborations with nearby wellness oriented businesses.

Promotion: Discounts and promotions, all available and showcased through a newly developed website; implementing services such as online rating & feedback, while to increase the engagement with the active lifestyle of our expected customers, we will strive to develop a series of physical marketing endeavors, focusing upon community events (concerts, gatherings, etc) - Furthermore, to add to the promotion aspect of our fictional case, we would promote our cooperation with local health lifestyle-oriented markets (whole foods, nutrient-rich products, protein, prework-out, gluten free; and discounts that work with the products above.

To conclude the promotional endeavors and to attain the ultimate amount of possible attraction from our old and profound customers, it is important to highlight the involvement of social media for the necessary exposure. Main platforms will be Facebook, Twitter, YouTube, TikTok as well as Instagram, while for more professional oriented promotion, LinkedIn can also be utilized. Each of these platforms excels at the promotional opportunities that are available for businesses; however, if a more passive advertising method is required, the individual can set up Google Ads, with parameters that direct the services to those who are 1) International, 2) Tourists, 3) Health-Lifestyle-Oriented 4) Location: Helsinki.

Price: Loyalty based subscription with value imbued pricings (lower than competitor)

Place: Would remain the same. However, our promotion endeavors would be greatly adjusted, as we would now be focusing about digital marketing promotion in addition to our already dull physical promotions.

People: While our focus will remain the same; to attain the attention of numerous lifestyle-oriented customers, we will now also focus upon the attraction of international customers (tourists) as well. This would be done by making our services and products available in English, providing them with a "taste" of Finland, with cold water swimming, sauna as well as Finnish Yoga (items that bring a stronger sense of community, rather than just buying a subscription to a gym)

References:

Dealing with competition presentation - Strategic Marketing Management course - KAMK. Retrieved from: DevMoodle - Strategic Marketing Management Course.