Garden Way Yoga Center
Market Analysis Summary
Downtown Monroe has emerged from the recent recession to regain it position as the heart of the city. The growth has been fueled by the increased employment in the city’s high tech companies. Currently, 50,000 professional work in downtown Monroe. We believe that a yoga center can be very attractive to our customers if we create a program that fits the time constraints of their jobs. Our location is within easy walking distance from most office buildings downtown. We plan to offer our members a program that will allow them to use their lunch hours to attend workshops.
Jill Gordon will be a positive draw for those who have some experience with yoga instruction. The key to the success of GWYC will be attracting new people to yoga instruction.
4.1 Market Segmentation
The Garden Way Yoga Center will focus on two customer groups:
Middle Income Urban Professionals: This group is the core segment of potential students of GWYC. Their demographic characteristics are the following:
- Ages: 26-40.
- Sex: 30% male, 70% female.
- Family Income: $30,000-$50,000.
- Health/Lifestyle Issues: Active individuals that are focused on healthy food and dieting. Over 70% of this group are members of gyms. Approximately, 40% of potential customers have taken yoga classes before.
- Social Pattern: Will more likely attend as part of group.
- Center’s selling point: Close to work. The session lowers stress. Can be attended with workmates as group activity.
Upper Income: The upper income customer is a secondary target group. Their demographic characteristics are the following:
- Ages: 40-60.
- Sex: 30% male, 70% female.
- Family Income: $60,000+.
- Health/Lifestyle Issues: Active individuals that are focused on healthy food and dieting. Over 90% of this group are members of gyms.
- Social Pattern: Will more likely attend alone.
- Center’s selling point: Close to work. The session lowers stress.
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4.2 Target Market Segment Strategy
Everything GWYC does must be tailored to work within the time constraints of the target customer. Yoga classes can be no longer than 45 minutes and must be scheduled to fit the break and rolling lunch schedules that exist in the downtown businesses. The focus of the instruction will also have to be tailored to a clientele that will be seeking maximum relief from the pressure of work and then returning to the workplace. If GWYC can create a noticeable difference in the customers’ sense of well-being, then the customer will come to depend on instruction as a escape during the day. These kinds of experiences will create a tremendous word of mouth and bring in more first time students.
4.3 Service Business Analysis
Typically, yoga centers are located away from the city’s commercial/business center. GWYCs are less focus on serving a large number of beginners and is more focused on obtaining long term students. Students are attracted to a specific type of yoga and the reputation and skills of GWYC’s leader.
4.3.1 Competition and Buying Patterns
“Stars do it. Sports do it. Judges in the highest courts do it. Let’s do it: that yoga thing. A path to enlightenment that winds back 5,000 years in its native India, yoga has suddenly become so hot, so cool, so very this minute. It’s the exercise cum meditation for the new millennium, one that doesn’t so much pump you up as bliss you out. Yoga now straddles the continent – from Hollywood, where $20 million-a-picture actors queue for a session with their guru du jour, to Washington, where, in the gym of the Supreme Court, Justice Sandra Day O’Connor and 15 others faithfully take their class each Tuesday morning. “
– The Power Of Yoga, Time.com April 15, 2001
Yoga is a growing trend. It was popular in the seventies and has come back full force into vogue in the 21st century. Movie stars such as Madonna, Meg Ryan, Julia Roberts and Sting are advocates of the discipline.
The key to competition within the yoga business is the quality of the instructor. There are a number of instructors around Monroe who are well respected, and Garden Way Yoga will strive to attract these teachers to its facility. The location, quality and ambiance of the facility is the real competitive advantage for Garden Way. Because it has the best most attractive facility in town teachers will want to teach here and clients will want to “get away” here. Garden Way Yoga Center will focus of presenting GWYC as the perfect place to learn yoga skills that will improve the student physically and reduce the daily stress of the work world.
Other “schools” in the area will be able to match the quality of instruction, but are often held in church halls, community centers, fitness centers, etc. and do not have the relaxing ambiance that is so important to the discipline.