Macro Environmental Analysis of BodyBoss Expert Answer
1. Introduction
The analysis of external environment is crucial for defining the future marketing strategies of business, as external forces present both the opportunities and threats for defining long run existence of business. The current report has focused on macro environmental analysis of BodyBoss, which is recognized as first home gym that can be taken anywhere depending upon its high portability.
2. Macro Environmental Analysis for BodyBoss
2.1. Demographic Environment
The changes in demographic forces indicate that old ageing population is increasing and fitness is becoming an important preference for people aging 50 and above. The home based exercise equipment is highly desirable by ageing population (ABS, 2019). Likewise, working age population also has limited time to go out for exercising in gym, which leads to increase in demand for in-house gym equipment (ABS, 2019).
Additionally, income level of Australian community is increasing and they are willing to spend on their fitness. The population is also beginning to move towards sea side and rural areas, whereby they prefer to pursue in-house exercising options and thus demand for home gym increases which they can take anywhere.
2.2. Cultural Environment
The analysis of cultural factors shows that attitude and behavior of Australians are changing rapidly and they are beginning to offer high preference to their health and wellbeing (Vorobiova, 2019). Being fit is the new normal among young as well as older community members (Booth, Rowlands & Dollman, 2019). The lifestyle changes are emerging and people prefer to spend plenty of their time in fitness activities. These lifestyle changes are causing high demand for fitness equipment and positive attitude of people is witnessed for in-house and portable gym equipment.
2.3. Economic Environment
The economic analysis of Australian market indicates that economy is developing and employment prospects are good, which assures that average Australian has good income level. In general, Australians have higher level of discretionary income and they are spending on the products which can make their life and health better. The economic growth of Australia has led to continuous growth of fitness segment and revenue of this segment has been project to reach $256 million by the end of 2020 (Statista, 2020).
2.4. Political Environment
The political stability prevails within Australia and generally regulations are formed to protect public interest. The businesses, like BodyBoss, needs to comply well with the quality as well as safety standards of Australia, while developing the product. Additionally, fair promotional practices are needed to be adopted for protecting consumers, under consumers’ protection laws (Sharp, 2017). Any changes in Governments might also lead to changes in business regulations. However, it is considerable that BodyBoss has been designed and distributed in most ethical and responsible manner, which indicates that legal liabilities are fulfilled substantially.
2.5. Technological Environment
Rapid development of technology is leading to fast pace changes in many industries, of which fitness industry is no exception. BodyBoss has embraced technological features in its product and developed a portable fitness gym, which can be carried anywhere with greater ease. The technological analysis further indicates that with adoption of growing technological features, BodyBoss can further add new features in its product or might add new product lines to satisfy the changing demands of its customers (Thompson, 2019). The ability of BodyBoss to embrace new technology can aid in future growth of business. The business needs to make use of communication and informational technology (ICT) to maintain closer ties with its customers and to maintain two way interactions with its consumers.
2.6. Natural Environment
With growing emphasis regarding adverse effect of business on environment and communities, concern regarding protection of natural environment is increasing within Australia (Sharp, 2017). BodyBoss is liable to comply with regulations of environmental protection. The business needs to operate in sustainable manner, such that it does not offer any harm to environment either during production or consumption of the product (Joseph et al., 2020). It is notable that during the consumption of product, no harmful gases are extracted in the environment. Likewise, the energy is not utilized and it indicates that product is highly efficient. However, BodyBoss needs to consider any future sustainability guidelines into account, such that corporate reputation of business can be preserved in long run.
3. Conclusion
The analysis of external environmental analysis has indicated that although BodyBoss has made an effort to comply with external forces of the industry, yet any unforeseen changes in these forces might affect the business. The adjustment in internal business policies and marketing practices is thus needed in response of any changes in external environment of BodyBoss.
4. References
ABS (2019). Australian demographic statistics. Retrieved from; https://www.abs.gov.au/ausstats/[email protected]/0/1CD2B1952AFC5E7ACA257298000F2E76?OpenDocument
Booth, V., Rowlands, A., & Dollman, J. (2019). Physical activity trends in separate contexts among South Australian older children (10–12 y) and early adolescents (13–15 y) from 1985 to 2013. Pediatric Exercise Science, 31(3), 341-347.
Joseph, J., Borland, H., Orlitzky, M., & Lindgreen, A. (2020). Seeing versus doing: how businesses manage tensions in pursuit of sustainability. Journal of Business Ethics, 164(2), 349-370.
Statista (2020). Fitness industry Australia. Retrieved from; https://www.statista.com/outlook/313/107/fitness/australia.
Sharp, B. (2017). Marketing: theory, evidence, practice. Oxford University Press,.
Thompson, W. R. (2019). Worldwide survey of fitness trends for 2020. ACSM’s Health & Fitness Journal, 23(6), 10-18.
Vorobiova, A. (2019). World and national fitness trends 2019. Sport science and human health, (1).
