Planet Fitness Company: SWOT Analysis
How it works
Planet fitness is a franchised company which was incorporated in the year 1992 as a fitness center. The company operates through three segments: franchised, corporate-owned stores and equipment (Bertoti, Crawford & Lee, 2017). Franchise include an operation of company’s franchising business while the corporate-owned stores deal with all operation in respect to corporate-owned stores throughout the United State and Canada and the equipment segment involves the sale of equipment to franchisee-owned stores. I am, therefore, going to explain the strengths, weakness opportunities and threats SWOT analysis of this company which has made it adversely grow within a short period of time.
Planet Fitness Company has got a number of strengths which has made the company won the heart of their customers. This is due to affordable price whereby with only ten dollars a customer will enjoy unlimited access of the facility for a period of one month. They also offer their customers the best comfort and ability to exercise in a friendly environment (Beecher, 2013). There is also a judgment-free zone philosophy where it attracts the average people and takes away the perception that the gym is meant for the body-building type of people. Planet fitness has over 600 location all over the nation and this has helped it extend its business without limitation.
The opportunities which have greatly help planet Fitness Company is the ability to host running events such as marathons, sporting events and much more. (Bertoti, Crawford & Lee, 2017). The company also has trainers and staff members who encourage new forms of exercise which may entice new customers who are looking for the next level of fitness. Planet fitness also enjoys the opportunity of a trend of getting fit which has been influenced by medical practitioners. It has also acquired profits and means which has made it able to introduce new equipment to their line of fitness.
A key weakness which is associated with planet fitness is the limited workout equipment and facilities. They only cater to new customers while there is a large number of possible regular gym members. Another weakness that may have an impact on the company is low price membership which may repel a higher clientele (Beecher, 2013). ‘’Lunk alarm’’ ideal may also eliminate customers who seek to lift weights.
The threats that majorly affect planet fitness is the issue of focusing so much on the criticism of weightlifters, they should incorporate weightlifting as part of normal working hours. The company focuses mostly in Americans who typically avoid going to the gym instead of marketing for all people in all levels of fitness. They also lack qualified trainers who can handle a larger number of customers who come throughout the day (Beecher, 2013). There are no classes lead by trainers where members can have the opportunity to expand their fitness level.
From this analysis, we can confidently say that planet Fitness Company has a huge opportunity for the growth and establishing itself globally. Threats and opportunities are the aspects that keep the company growing. Planet fitness management should, therefore, utilize these opportunities to successfully meet the objectives (Bertoti, Crawford & Lee, 2017). While the threats are aspects that hinders of success and management should do all it takes to minimize these threats in order to win more customers.