The Problem Over the past few years there has been an increase of interest in healthier, organic lifestyle and alternative medicine. The problem for this market is that the locations that provide these types of services are few and far between. For this market most people who are interested in one area of this lifestyle usually will have an interest in the others as well. I believe this market is open to not only people who are dedicated to a more healthier, alternative lifestyle, but also to people who are just looking to try something new and different. The current market in this area does not provide many locations that provide these products or services and those that do only touch on one area such as just food, or yoga classes, or alternative medicine, etc. There are not any places that provide everything in a central location with a focus on holistic wellness.
Serenity Now The unique solution my company will provide for this market is a wellness center that provides a well rounded variety of services to the target market. Serenity Now will provide people access to natural medicine, organic foods, health seminars, massage therapist, yoga and tai chi classes. I think this solution would appeal to the target market because this can become somewhere they can visit on a daily basis for one service or another and not have to worry about driving to several locations in opposite directions. Come experience serenity for your body, mind, and stomach .
Industry “ AMTA estimates that 47 million Americans received a massage within the past year, and that the same proportion of respondents who visited a massage therapist for pain relief--about three in 10--ranked massage therapy and more conventional medications as delivering the greatest relief from pain” (Modern Healthcare). “ American spend $5.7 billion a year on yoga classes and products annually, up 87% since 2004. The average cost of a yoga class is $12. Nearly 16 million adults in the U.S. practice yoga. Three-quarters of practitioners in the U.S. have been doing yoga for 5 years or less” (Evans). “ In 2014, the United States organic food market is forecast to have a value of $42 billion, an increase of 63.3% since 2009. The compound annual growth rate of the market in the period 2009-2014 is predicted to be 10.3%” (Organic Food Industry Profile: United States).
Target Market The Institute for Social-Ecological Research completed a survey of 1575 organic food products and found that their target markets were: <ul><ul><li>The Holistic Convinced Consumer
The Young and Undecided Consumer </li></ul></ul>This data shows that the target market for organic foods is not just one type of consumer, they can be well rounded in applying the organic approach to their lifestyle in being more holistically convinces, health oriented, or just “undecided”/trying something new. “ It really make's it that much more convenient to live a healthier life style, which is not that easy to pursue due to the scarcity of resources and knowledge of how to obtain a healthier life style. So the convenience factor is a great advantage for this.” - Oz Flores
Competitors A Therapy Above: They would be the top competitor because they are the closest business idea to my business idea. They offer a variety of services such as holistic doctor, alternative medicine, and yoga/tai chi classes. Yoga 4 All: They are a yoga and massage therapist center that provides a welcoming atmosphere and a variety of classes that can fit anyone's schedule or skill level. Massage Envy: They are a membership massage therapist center where clients can sign contracts to receive discounted massages every month. Massage Envy has numerous locations for convenience even if their clients are out of town .
Multiple services in one location </li></ul></ul>Weaknesses: <ul><ul><li>New to the industry, no previous clients from this area
Finding the right location to appeal to the target market </li></ul></ul>Opportunities: <ul><ul><li>Expanding the center to provide more organic spa treatments
Expanding product line such as other organic items including clothes, hygiene items, etc.
Expanding by adding a holistic doctor and/or nutritionist </li></ul></ul>Threats <ul><ul><li>Well established competitors
Economic problems sometimes force people to choose the </li></ul></ul>cheaper option instead of the healthier one
References (2005). The lowdown on the rubdown. Modern Healthcare , 35(46), 60. (2010, September 4) Retrieved from Business Source Complete database. (2009). Organic Food Industry Profile: United States. Organic Food Industry Profile: United States , 1. (2010, September 4) Retrieved from Business Source Complete database. Evans, S. (2010). Om. Fast Company , (148), 116. (2010, September 4) Retrieved from Business Source Complete database. Institute for Social-Ecological Research. (2003, October). Bio+pro – target groups in the market of organic foods . (2010, August 24) Retrieved from http://www.isoe.de/english/projects/biopro.htm