Planet Fitness is a fitness center operator and franchisor that has its roots in America. It has fitness centers located in North America in countries like the United States, Mexico, Panama, Canada, Australia, Dominican Republic and many more. This corporation has been identified as one of the fastest growing gym and/or fitness clubs in the industry. It was founded by Michael Grondahl and Marc Grondahl in 1992.
The Planet Fitness center is well-known for its non-intimidating environment. They are the best in their field for offering affordable membership to their fitness center. They have evolved into a fitness giant.
Planet Fitness Inc. – At A Glance
|Company Name||Planet Fitness Inc.|
|Founders||Michael Grondahl, Marc Grondahl|
|Headquarter||4 Liberty Ln W, Hampton, NH 03842, U.S|
|Annual Revenue||$407 Million (FY 2020)|
Planet Fitness SWOT Analysis
SWOT evaluation is recognized as a framework for distinguishing and studying an organization’s strengths, weaknesses, possibilities and threats – that’s what makes up the SWOT acronym. The first intention of SWOT evaluation is to help companies in growing cognizance of the elements in developing an enterprise decision. SWOT accomplishes this with the aid of reading the internal and outside elements with the intention to affect the viability of a decision.
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A Planet Fitness SWOT Analysis presents a strategic SWOT assessment of the economic corporation and operations of the company. The Nintendo SWOT evaluation has been compiled through the author to give to you an easy and unbiased view of the number one strengths and weaknesses of the industrial employer and the capacity opportunities and threats.
Strengths of Planet Fitness in SWOT Analysis
Strengths of this Planet Fitness SWOT evaluation are Planet Fitness’s skills and assets that one might also additionally leverage to assemble a sustainable enthusiastic advantage withinside the marketplace. Strengths are diagnosed from the wonderful elements of five key assets and skills: bodily assets which encompass land, buildings, critiques and achievements. Past sports and processes, monetary and human assets. Here are some key factors of Planet Fitness swot evaluation:
Great and Skilled Workforce: Planet Fitness has a trusty workforce. They make sure to recruit the best possible candidates. These candidates are also vigorously trained. They also have to go through an elaborate training programme before they can start working as an office staff. Planet Fitness Inc. spends a large portion of their resources to train their staff. This way they can offer their clients the best possible service.
Low Rates of Membership Fees: Planet Fitness Inc. provides a lot of options for their clients. Their targeted demography has more average people than the so-called “gym rats”. So they are less likely to spend much on their monetary resources towards their fitness. Keeping this in mind, Planet Fitness Inc. has set up their sign up and monthly fees at the lowest possible rate. This definitely attracts the mass as they provide better services than many other fitness centers.
Target Audiences: As mentioned above, their target demographic lacks in the number of fitness enthusiasts. So they target the people who are just starting out in their fitness journey and the ones who just want to keep in shape. As it turns out these people out number fitness enthusiasts by leaps and bounds. So they never have the risk of running out of potential customers. Also, they have their own sufficient number of returning customers.
Weaknesses of Planet Fitness in SWOT Analysis
Weaknesses of this Planet Fitness SWOT analysis are the areas, abilities or capabilities anywhere Planet Fitness lacks. It limits the functionality of the organisation to assemble a property and impressive advantage. Weaknesses return from lack or absence of 5 key property & abilities – activities & processes, physical property collectively with land, building, human assets, economic property, and previous method evaluations and successes. Here are a few key aspects of Planet Fitness’s weaknesses:
Irresponsible Financial Handlings: No matter how dire the situation, Planet FItness Inc. is always a little lax when it comes to handling its finances. The whole process is not smooth at all. Given their current finances and their ratios, the experts agree that they should be able to handle their affairs more proficiently. Their staff members are completely clueless as to what is great for the company. The whole process can be a lot more efficient if they can manage it properly.
Low Profit Rates: It is true that they are undercutting their competitions in the monthly fees. And it is also true that it helps them attract more customers. But this whole thing has a bit of downside to it. The same prices that are helping them stay in the business are the same prices that are causing them to have the lowest profit range. Their profit range is the lowest in the industry. It is barely acceptable.
Opportunities for Planet Fitness in SWOT Analysis
The opportunities in this Nintendo SWOT analysis are elements and features of the macro environment that Nintendo can use to consolidate current market roles or use for similar expansion. Opportunities can arise from various factors, such as adjustments to buyer preferences. , technological innovations, political functions and coverage adjustments. , Financial growth and disposable income growth of buyers.
The New Policy: As it is quite known that the company itself is struggling with its profitability. So the new taxation policy passed by the government is sure to help them out. This will help them to garner more profits that will help the company and create many opportunities.
New Equipments: They can always make room for new equipment and convert the gym into a more inclusive one by inviting athletes to join in. This will improve their corporation as a whole.
Threats for Planet Fitness in SWOT Analysis
Threats of this Nintendo SWOT analysis are macro surroundings components and trends which may derail the enterprise version of Nintendo. Threats can emerge from various factors comparable to – political trends & coverage changes, money growth, technological innovations, slump in shopper disposable income, and adjustments in client preferences.
Stay At Home Workout: Pandemic has made people dependent on the internet. As many people were struggling to stay fit, the trend of working out at home started. If this leaves an everlasting impression, then even after the pandemic is over, it could affect Planet Fitness badly.
Not Going Worldwide: Unlike its many competitions, Planet Fitness Inc. has no indication of spreading its wings to the other continents of the world. This means they will no longer be the mass favourite. This could lead to a decrease in their members.
Planet Fitness SWOT Analysis Overview Template
Conclusion and Recommendations for Planet Fitness
Here are a few recommendations for Planet Fitness for their further improvement:
- They can definitely work more on their money management skills.
- They can always hire more trained employees to make sure the athletic clients are having their needs met.
- Getting their own shop space instead of renting could be a great option for them.
- They should most definitely get more equipment.
Planet Fitness is an intimidating presence in the fitness sector and it likes to maintain its presence. This makes them more cautious as to not lose their footing. This is where the SWOT analysis comes in. It helps the corporation to make better choices regarding their financial responsibilities and rival companies. This also helps them to analyze and rethink their previous and current strategies and all of their ins and outs.
So it can be summarized that Planet FItness Inc. has the potential to be the next big thing in the fitness industry if it can only tweak some of its shortcomings.