Martial Arts Club
This is a marketing research project aiming to start a martial arts club in a university intended for college students and non college students that is recognized both by the Student Government Council and by the Recreational Sports Department. The plan includes consumer market research which deals with the understanding of the behavior and preference of the consumers of the product as well as the nature of marketing campaigns appropriate for the product.
The Martial Arts Club will be put up in a public university in Colorado where the demographic profile of the population in terms of age and income reflect a strong potential for the proposed business. The age and income of the people are two of the important factors for the success of the business. Knowing that in Colorado, the group age of twenty-five to forty-five (25 to 45) years consisted the highest number of the population by 16 % in both Metro and Non-metro areas, the possibility for the business to grow is great because the people manifest likelihood to avail the sports facility (Demographic and Economic Profile). Likewise, the population of students is nine percent in the population who is the main target customers. Aside from that, poverty rate in that place is less than seven percent. This presents that because of the population’s economic status, they can afford the expenses of the club, besides, majority of the people earn $50,000 to $74,000, while the median of household income is $48,718 (Colorado Springs Co). The population is 100% employed from sixteen years of age and over in another report submitted to the Census Bureau (U.S. Census Bureau). With Colorado’s stable economic growth, there is no doubt that consumers are optimistic about the economy.
Economic consideration is important in setting up a business because it determines the condition of the market. Stephen Williams noted, that when consumers are optimistic about the economy, “spending and borrowing increases” (p. 193).
Since my business is a martial arts club, it is important that all the services and product that will be offered is affordable by the target customers. The range of prices will be based on the income demographic provided earlier in this paper.
The Social Demographic
Colorado at this period of inflation remains stable according to Goss as it is “boosted by growth in mining and natural resources” (Economic Trend). Thus, economic stability can sustain the profitability of the state. Another report released in March 2008 stated that economy of Colorado and other towns in the Rocky Mountain West are booming despite the effect of recession (NPR). Thus, Colorado is “a place of great promise, with much to celebrate” according to a report (Colorado Economic Futures Panel) because the people enjoy the quality of life, the quality of education, and other services from the government. The government in the same way relies on private organizations and business for revenues where funds come from.
The trend in the economic and social condition of the people in Colorado will greatly affect the proposed business. Since the trend shows that people have a desirable quality of living with sufficiency in necessities and since the majority of the people belong to working class if not students, they may likewise find the business as a necessity because of their sedentary lifestyle. Martial Arts as a sport to everyone is a good alternative for common hobbies for these people to avoid health risk.
The business therefore may be best advertised through internet as well as television in order to persuade people to use the facilities. It is just a matter of meeting both ends with profit in the mind of the organizer and necessity on the part of the customers.
Williams, S. (2004) Tourism USA: Taylor and Frances
Colorado Springs Co. Zipskinny.
Demographic and Economic Profile. RUPRI.
DP-3. Profile of Selected Economic Characteristics: 2000. U.S. Census Bureau.
No Recession in Sight for Rural Mainstreet Economy: Farm Equipment Sales Soar to Record High. Economic Trend.
Colorado Boom Town Defies Economic Trends. NPR. March 16, 2008.
Principles for Progress: Shaping the Economic Future of Colorado. Colorado Economic Futures Panel – Final Report. University of Denver, 2005.