Summarise financial management techniques
Financial management techniques include:
The key provider of legislation, code of practice and national standards in Australia is the Australian Competition and consumer Commission (ACCC). This body is tasked with the responsibility to ensuring mandatory marketing operations standards such as cosmetic ingredient labelling, safety standards for baby dummies and tobacco health warnings (“Australian standards”, 2018).
Accordingly, for an organisation to realise its corporate principles it has to put the needs of its customers first so that to compete favourably within the market. Consequently, to attain this, the company has to ensure its customers are satisfied with the company’s products and services. Thus, the company need to integrate its efforts to ensure there is consistency in production, financing as well as product distribution. That means that each part of the corporation has to take part in ensuring customer satisfaction. Similarly, in the process of ensuring customer satisfaction the company should also be able to achieve its goals.
Some of the marketing and evaluations methodologies include sales, market research, and customer satisfaction.
Sales helps the company to measure the effectiveness of its marketing plans. An organisation should be conversant with its sales cycle to be able to account for the same when assessing the impact of the marketing plan on sales. When there is a rise in sales after the launching of the marketing plan it shows the plan is effective. Thus in future a similar plan can be used in the company’s marketing activities.
Market research: The Company can develop better marketing programs by asking its target market regarding the extent to which their marketing plan effective, this can be done using market surveys using cell phone, email and personally. The audience response play a significant role in refining a business marketing approach.
Customer satisfaction: For a business to know if its customers are satisfied or not it can monitor the repeat sales.
Operational strategies are course of action advanced to realise long-term goals while tactics operations are actions developed to attain short-term goals also referred to as objectives.
Task 2: Practical-Identify strategic Directions
The Bounce Fitness Corporate marketing plan meets through the following ways: its operations are directed by policies and guidelines. These policies and guidelines are developed to provide direction as well as support to fitness coaches, personal trainers and owners of fitness businesses (Health & Fitness Industry Association, 2018).
Some of the situational analysis factors impacting on the direction and performance of the business include readily available fitness instructors and personal trainers who offer exercise in a professional way. Indeed, these professional trainers are tasked with ensuring that they prevent harm which could reasonably be anticipated to happen in the process of giving advice or instructions to clients. Bounce Fitness has professional standards and guidelines which are created to aid trainers perform their duty carefully while mitigating risks.
The legal and ethical requirements that are considered and managed in relation to Bounce Fitness include adherence to the company’s professional policies and guidelines. The exercise trainers are supposed to provide training services to clients with care as way of alleviating risk.
To be able to consult with the key stakeholders in the development of Bounce Fitness objectives I will first of all have to understand the specific areas that need to be improved by examining the business SWOT analysis to have a clear overview of the strengths, weaknesses, opportunities and threats facing the business. After evaluating the business SWOT analysis report the key stakeholders to be consulted are exercise trainers and personal trainers since they are the ones who have a better understanding of this sector.
Task 3: Practical –Review Marketing Performance
According to Bounce Fitness marketing plan it is true that it is effective in the sense that despite being a recent fitness facility which started in Cairns, Queensland, the facility has been well received. Currently, the business model has expanded to other cities like Melbourne, Brisbane and Sydney. The target audience for Bounce Fitness are corporations residing in city centres particularly Melbourne, Sydney and Brisbane to help them become productive by reducing the general costs through innovative wellness programs and strategies. Bounce Fitness has learnt that traditional undertakings to corporate health care are relatively reactive. However, companies wait till their employee fall sick or injured for them to provide the required treatments. As a result, Bounce Fitness has come up help corporations by stressing on preventive measures through providing fitness practices that promote good health which are more proactive. Bounce Fitness associate the productivity of employees to health care issues.
The key services offered by Bounce Fitness include providing wellness strategies/programs. The wellness strategies are long-term effort which combine health promotion and exercise connected events which are designed to allow an optimistic lifestyle changes. Bounce Fitness work together with company’s top management to aid in developing of mission statement for wellness programs. In this sense employees of the client company undergo health-risk analysis, and thereafter the employee has to meet their health specialist to design their personalised health programs. Lastly but not least, Bounce Fitness give the company management employee progressive reports showing how they are progressing to relate with the changes in their occupation.
Bounce Fitness is of great significance to companies because it provide company employees with the chance to prevent cases of injuries and illness due to lack of physical fitness. Certainly, this not only benefits employees but also the company because physically fit employees are more productive. Consequently, when employees are productive they boost the company’s productivity.
Some of the critical success aspects facing Bounce Fitness include high costs related with personal and customised services; inability to work on a huge volume business model and high costs used to attract big company clients.
Bounce Fitness areas that need improvement include expansion of its fitness services to suite the growing market demand.
Task 4: project –scope marketing opportunities
The marketing opportunity for viability include probability for growth of the market because of the increase in the fitness demand.
Strengths: Bounce Fitness uses wellness strategies which are fascinating and capable of maintaining customers.
Bounce fitness has well trained professionals who provide in-depth health fitness programs which have long-term effects.
Weaknesses: Bounce Fitness wellness are expensive thus cannot be affordable by low-income people. Bounce Fitness is still growing hence unable to handle huge volumes of business model.
Opportunity: There is a possibility for Bounce Fitness to enlarge because of the growing market.
The wellness program has been warmly embraced by the community hence fitness companies can further improve health of more Australians.
Threats: Stiff rivalry from well-established fitness companies.
Bounce Fitness has started to target small and medium-sized companies within the cities especially Sydney, Brisbane and Melbourne. As a result, the business is convincing top management leadership of these SMEs companies in need of wellness programs. Therefore, Bounce Fitness is interacting with these companies to foster a stronger brand name. Similarly, it is using the same approach to market its wellness services to big companies.
The critical success factors to improve Bounce Fitness advertisement should involve advertising and promotion using different advertising channels such as printed materials, and advertising of industry specific journals through websites.
Task 5: Project: Formulate Marketing objectives
The long-term objectives for Bounce Fitness business include:
To foster a healthy corporate production by enhancing the well-being of employees using wellness programs.
To develop the quality of life among participants using fitness and health services and practices.
To ensure that corporate employees adopt a healthy active lifestyle
To provide fitness and healthy well-being of corporate employees at an affordable cost.
To improve physical health among corporate employees through constant exercising
To strengthen employees bones and muscles through regular exercise.
The above objectives are compatible with the organisation’s projected capabilities since physical exercise and strengthening of bones and muscles does not involve complex tools.
To ensure that the fitness meet both ethical and legal requirements Bounce Fitness trainers will ensure they act in accordance with the Australian Fitness Code of Conduct s of UusREPs by discharging their duties and responsibilities in a professional way (“Fitness Australia Code of Ethics”, 2018). Also, the fitness will ensure that they maintain confidentiality with the clients, and respect the rights of their clients.
The best way to manage risks is to identify and evaluate possible risks, evaluate the severity of the probable risks and then come up with strategies to regulate these likely risks. For instance, most injuries are caused by free weights among weight lifters due to failure to utilise a spotter. Therefore, Bounce Fitness facility should provide instruction on the acceptable lifting techniques as well as warning signs by placing a spotter for specific types of lifts by conspicuously being posted close to free weights. Moreover, for exercise machines they should be regularly inspected to check for loose cables as well as other damages (Sekendiz, 2014). The fitness facility should also ensure that its staff are highly trained on the way to handle the exercise machines which are not in perfect working conditions to avoid clients from attempting to use them.
References
Australian standards. (2018). Retrieved from https://www.business.gov.au/products-and-services/fair-trading/australian-standards
Bekaert, G., & Hodrick, R. (2017). International financial management. Cambridge University Press.
Fitness Australia Code of Ethics. (2018). Retrieved from https://fitness.org.au/articles/policies-guidelines/fitness-australia-code-of-ethics/4/73/20
Health & Fitness Industry Association. (2018). Policies & Guidelines. Retrieved from https://fitness.org.au/articles/category/policies-guidelines/4/20
Sekendiz, B. (2014). Implementation and perception of risk management practices in health/fitness facilities. International Journal of Business Continuity and Risk Management 27, 5(3), 165-183.
Zietlow, J., Hankin, J. A., Seidner, A., & O’Brien, T. (2018). Financial management for nonprofit organizations: Policies and practices. John Wiley & Sons.
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