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Business report 1
Executive Summary
This business report will be focusing on the requirements of the business Walkervale
Fitness. This business has been established for 15 years, it is located in a shopping
centre therefore it may be within a highly saturated environment. The businesses target
market revolves around middle aged mothers. The business has recently been facing a
decline in market share due to its inability to be flexible diverse and offer the programs
that competitors are offering. The business is also impacted on its profitability due to
increased rents. The report will cover processes and strategies on how the business
can counteract these issues and retain market share and profitability. The report will
cover the importance and usefulness of a situational analysis, offer details on potential
promotional strategies that will resolve the businesses fall in market share and
additionally cover profitability management strategies that could possibly help the
business evade its financial struggles.
Situational Analysis
A situational analysis is the first component of the marketing process. A situational
analysis can utilized by a business to compare its effectiveness in an environment and
the stage it is currently within. A situational analysis can be split into a SWOT Analysis
and a Product Life Cycle Analysis. A SWOT Analysis assesses the businesses
strengths, weaknesses, opportunities and threats. Strengths and weaknesses are
influenced by the internal operations of a business. A business should make strategies
to further propel the business strength to maximize its benefits whilst implanting
strategies reduce its weaknesses. Opportunities and Threats are external factors that
the business may not be able to control to an extent. Business should always be looking
to take in opportunities