Question:
Discuss about the Intellectual Property and Strategic Management.
Strategic management defines the formulation and implementation of major goals and objectives of an organization through assessing its external and internal market (Daspit et al. 2017). This study will assess Icon Health Club of Dublin. Icon Health Club is a popular health club in Dublin, Ireland, which provide innovative fitness services to the customers towards their healthier life and wellbeing (Dublin. et al., 2017). The study will discuss the T.O.W.S Matrix of the health club. It will assess the strategies for the health club for getting success in the market. Apart from that, the study will also assess the external market of the health club through analyzing PESTLE model.
In this strategy, an organization can use its internal strength towards grabbing right and huge external opportunities. In case of Icon Health Club, the organization can use its strong brand reputation towards focusing in different customer groups towards enhance the total fitness members. On the other hand, with strong financial services, Icon Health Club can include more services towards enhanced business potentiality. Advanced Milon technology fosters innovative fitness training, which can enhanced its brand reputation in international market. It will also enhance its potentiality towards more international expansion (Mitchell and Leiponen 2016). In this way, the internal strength of the health club can immediately grab its external opportunities.
In this strategy, an organization can use its internal strengths towards avoiding or minimizing the external threats. In case of Icon Health Club, strong brand reputation and technically advanced equipments can assist the organization in beating the competitive pressure in the external market. On the other hand, strong financial strength can help the fitness club in coping up with the higher cost of advanced and up-to-date fitness equipments in the market (Vogel and Güttel 2013). Furthermore, highly trained and educated personal trainers can assist the health club in competing with the low cost and home accessible health equipments.
In this strategy, an organization can overcome the internal weakness through using the opportunities of external opportunities. In case of Icon Health Club, effectiveness advertisement of the fitness services will enhance the subscription rate of the fitness members instead of higher cost of personal fitness training sessions. On the other hand, adoption of advanced technology can improve the effectiveness of customer service (Gans and Ryall 2017). Furthermore, adoption of advanced technology can also lower the long subscription method of Icon Health Club.
In this strategy, an organization reduces the level of weakness for avoiding the external threats in the external market. In case of Icon Health Club, the organization needs to enhance its adequacy of personal trainers towards beating the fitness service effectiveness. It will actually help the organization in beating the competitive pressure in the external markets. On the other hand, the organization also needs to reduce the cost of personal trainers towards beating the competitive pressure of low cost and home accessible health equipments (Greco, Cricelli and Grimaldi 2013). Such low cost of personal fitness training will enhance the subscription rate of the fitness members, which will enhance the business profits. Such enhanced business profitability will actually help the organization in beating the higher cost of advanced equipments.
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P.E.S.T.L.E Analysis of Icon Health Club |
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Political Factor |
· Support from Ireland government · Stable political condition can also be helpful for the health club · Changing government rules can hamper the business process · Changing government policies regarding the health and safety regulation can impact the health club · Free trade agreement can facilitate the international expansion of the health club |
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Economic Factor |
· Developed and wealthiest economy of Ireland can enhance the return on investment of the organization · Frequent inflation rate can affect the pricing of fitness services · Currency fluctuation can impact on the international business of the health club |
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Social Factor |
· Increased disposable income of the customers can enhanced the potentiality of subscription rate in fitness centre · Inclination of people towards more healthier life is highly positive for this fitness club · Consumer habit to purchase more low cost and home accessible fitness equipments can be threat for the fitness club |
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Technological Factor |
· Technological advancement in Ireland can help the health club in incorporating more advanced fitness equipments · Advancement in digital media and social media can help the club in better business promotion |
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Legal Factor |
· Health and safety legislation cab be restrictive for Icon Health Club · Reduced tax rate of Ireland can also minimize the overall business cost of the health club · The health club also adhere to employment regulations of the country |
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Environmental Factor |
· Environmental regulation of Ireland may limit some process of health spa in this health club · It has to adhere to environmental concerns of the country |
Table 2: P.E.S.T.L.E Analysis of Icon Health Club
(Source: Zietsma, Greenwood and Langley 2014)
According to Harrington et al. (2014), stable political condition of Ireland can improve the business condition of Icon Health Club with flexible business policies. Changing government rules and regulations regarding the health and safety of people can limit the business process. Free trade agreement can provide flexibility to the health club in enhancing its international markets. Boyd et al. (2013) pointed out that developed and wealthiest economy of Ireland can enhance the potentiality of business through increased return on investment. However, frequent changes in the inflation rate will influence pricing policy of the fitness services. Changes in the inflation rate can increase the equipment cost of the fitness club for which the club can enhance the price of the fitness services. Furthermore, the currency fluctuation often hampers the international business of the health club. On the other hand, Shen and Gentry (2014) opined that wealthiest economy of Ireland has actually increased disposable income of the people. Such increased disposable income of the consumers has increased their spending power. It actually increased the potentiality of fitness subscription rate in the health club. Furthermore, enhanced inclination of people towards healthier life has actually enhanced the customer subscription rate of the health club.
As per Theriou (2015), technological advancement of Ireland has increased the scope of the health club towards incorporating more technically advanced fitness equipments. Such advanced technical fitness equipment helps the health club in providing more innovative fitness services. Furthermore, advancement in digital media and social media has improved the advertising effectiveness of the health club towards attracting more customer groups. Mitchell and Leiponen (2016) opined that some health and safety regulations has become the restrictive factor for the health club. However, the reduced tax rate of Ireland has minimized the overall business cost of the health club. Icon Health Club has to adhere to some environmental regulations, which influence the service like health spa.
Conclusion
While concluding the study, it can be said that strong brand reputation of Icon Health Club can assist it towards attracting different customer groups and enhancing international market expansion. Strong brand reputation can also help the health club in beating the competitive pressure in the external markets. However, Icon Health Club needs to reduce the cost of personal fitness training services, which can facilitate it towards beating the competitive pressure. Huge support of Ireland Government can improve the business potentiality of the health club. On the other hand, the developed economic condition of Ireland has enhanced the return on investment of the health club. Inclination of people towards healthier life has enhanced the business scope of fitness services.
Reference List
Bettis, R.A., Ethiraj, S., Gambardella, A., Helfat, C. and Mitchell, W., 2016. Creating repeatable cumulative knowledge in strategic management. Strategic Management Journal, 37(2), pp.257-261.
Boyd, B.K., Bergh, D.D., Ireland, R.D. and Ketchen Jr, D.J., 2013. Constructs in strategic management. Organizational Research Methods, 16(1), pp.3-14.
Daspit, J.J., Chrisman, J.J., Sharma, P., Pearson, A.W. and Long, R.G., 2017. A Strategic Management Perspective of the Family Firm: Past Trends, New Insights, and Future Directions. Journal of Managerial Issues, 29(1), pp.6-29.
Dublin., Y., Faster, S., classes., H. and Training., P. 2017. Icon Health Club: Gym Dublin | Gyms Dublin 2 | City Centre. [online] Icon Health Club. Available at: https://www.iconhealthclub.ie/ [Accessed 20 Oct. 2017].
Gans, J. and Ryall, M.D., 2017. Value capture theory: A strategic management review. Strategic Management Journal, 38(1), pp.17-41.
Greco, M., Cricelli, L. and Grimaldi, M., 2013. A strategic management framework of tangible and intangible assets. European Management Journal, 31(1), pp.55-66.
Harrington, R., K. Chathoth, P., Ottenbacher, M. and Altinay, L., 2014. Strategic management research in hospitality and tourism: past, present and future. International Journal of Contemporary Hospitality Management, 26(5), pp.778-808.
Mitchell, W. and Leiponen, A., 2016. Virtual special issue on innovation, intellectual property and strategic management. Strategic Management Journal, 37(13).
Shen, W. and Gentry, R.J., 2014. A cyclical view of the relationship between corporate governance and strategic management. Journal of Management & Governance, 18(4), pp.959-973.
Theriou, N.G., 2015. Strategic Management Process and the Importance of Structured Formality, Financial and Non-Financial Information. European Research Studies, 18(2), p.3.
Vogel, R. and Güttel, W.H., 2013. The dynamic capability view in strategic management: A bibliometric review. International Journal of Management Reviews, 15(4), pp.426-446.
Zietsma, C., Greenwood, R. and Langley, A., 2014. Special issue of strategic organization:“Strategic responses to institutional complexity”. Strategic Organization, 12(1), pp.79-82.
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