Marketing Forces in the Fitness Equipment Manufacturing Industry
The fitness manufacturing industry is a dynamic integration of specializing and satisfying the rapid changes in customer needs. It is hence paramount that the marketing department does enough and up to date research. As an arm of business, it is thus important that marketing is in constant communication with other arms of business. This ensures that changes are communicated to relevant arms of business to ensure improvements are done.
The first marketing force that affects the business is competition from foreign sports equipment makers. China’s sports equipment has taken up a bigger percentage of the US market. This has led to lowered sales. Measures taken to overcome this are differentiating the product to meet specific customer demands. US companies are also more capable of lowering their prices due to lowered transportation and taxation on their product.
Another marketing force is that the demand of fitness products is subject to fashion changes. The changes are rapid and companies have had to contend with these drastic changes. The changes have resulted in lowered demand for products that are deemed to be old-fashioned. Rowing machines and exercise bikes were once the most populous but elliptical trainers and treadmills have taken over. Industry players have sought to combat exercise boredom by producing new improved designs.
Technological knowledge also affects the business. Demand for products that can monitor heart and weight loss rates are the most popular. Competing companies from China are more techno-savvy and thus have an upper hand and have thus taken up a bigger share of the market. This is because of the increased knowledge on the implications of exercising on health. Companies in the US have managed to stay at par by offering trade-ins and buybacks from consumers who desire latest technology.