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Posana Integrative Wellness

Essay by   •  June 4, 2019  •  Coursework  •  827 Words (4 Pages)  •  27 Views

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Posana Integrative Wellness is trying to determine a viable marketing strategy for opening a physical location while creating a viable business plan to make this happen in a short period of time, one year to be exact. Our target market is women aged 35-65 with medium to high income, which appeals to Calgary’s corporate environment. We have learned from our part time consulting venture that this target market is currently underserved and excluded. A 2016 study confirmed health and wellness was “one of the fastest growing industries in the most resilient markets”.

With double-digit growth since 2013, the health and wellness sector of the economy grew to $3.72 trillion with continued growth expected. The wellness industry represents 5.1% of the global economic output in 2015 and climbing. This shows a need for our service, and with any new business, we must have a successful marketing strategy in place.

Based on research1, I recommend that we focus our marketing efforts on holistic beauty enhancing supplements and eco-tourism as a “luxe” lifestyle, health & wellness brand. With health growing as more of a “status symbol”, we will focus on the luxuries of nutrition, boutique workouts and natural solutions. We will focus on reaching the core of our customer base authentically through targeted products and services they value. After our business plan is put together, we will present it for funding to special lending programs like Alberta Women Entrepreneurs and other funds.

External Analysis

Alberta’s average unemployment rate was the 3rd lowest in 2015 for Canada at 6% and were poised to have much higher GDP per capita than any other province2. Out of the top 10 wellness markets analyzed, the top 5 markets made up roughly 90% for growth and Pasana has services prepared that cover all 5 of those markets.

Wellness tourism is still growing, with 14% growth in the last 2 years and growing 104.4 million more wellness trips in 2015 compared to 2013. Workplace wellness is also a big opportunity for our services, with unwell workers costing almost 15% more global economic output. The industry grew 6.4%, but two-thirds of that was in North America & Europe. Finally, Wellness Lifestyle Real Estate has grown as well, up 19% since 2013.

Our target market has been confirmed as well through our questionnaire; we have qualified it is a need for our target. 70% were women, 54% were in our age range, 64% made more than $50,000 per year and 90% worked full-time. 91% of participants were willing to travel up to 30 minutes for private lessons.

Internal Analysis

When comparing against our competition, we have determined our price to be a huge value to our market. 57%-78% of participants were willing to pay us or our competitors their already posted pricing, which we know we are the value leader at our price point, We need to redefine our value proposition to market to our current clients effectively, as well as those that are not currently clients. Additionally, although we are the value leader it will be challenging to maintain our current pricing and will need to raise them closer in line with our competitors and rely on our brand recognition to present our value. We need to come up with a compelling tagline for our brand to make it stand out against the competitors that offer subpar services at higher prices relative to what we offer. We need to reign in our services a tiny bit and not go as broad as before

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