Twisted Hot Yogas target market Market Opportunity

distorted acerbic Yogas tail grocery grocery store Opportunity malformed het up Yoga does not have any direct competition in the location of Aspen Estates and therefore there is the luck to posterior the higher income aim consumers skirt that area. Due to only having one recreation meaning burn up aspen states in a continuously growing community of interests, Twisted Hot Yoga can give access to their si latey conscious consumers a innovative hot yoga studio fulfilling many of the new tick offness conscious cut offs. This especial(a) area of the city, the due south West quadrant, is currently in the process of expansion. There are many communities touch Aspen woods that are being developed. Up to this date, there are no hot yoga studios in the surrounding area of Aspen Woods.Target securities industryTwisted Hot Yogas sign trade can be delimitate as higher income health conscious consumers. More specific on the whole toldy, women amongst the ages of 20 and 34 that live in the South West part of Calgary within and surrounding the new communities of Aspen Woods. This specific brand market takes presumption in reasoned busy lifestyles and cash in ones chipss in an active voice community (Environics analytics, 2010).Market surface found on a 2008 Yoga in America study, it was found that Americans spend 5.7 billion dollars a year on yoga classes and products, including equipment, clothing, vacations and media (DVDs, videos, books and magazines), present an 87% increase since the previous study in 2004 (Yogajournal.com, 2010). The study too found that 6.9% of US adults or 15.8 one thousand million people practice yoga and out of those who do not, the study found that 8% or 18.3 million Americans utter they were in truth or extremely interested in yoga (Yogajournal, 2010). The data that was collected on age, sexual urge and other demographic factors showed that out of all the yoga practitioners, 72.2% are women, 27.8% are men, 40 .6% are 18 to 34 eld old 41% are 35 to 54 and 18.4% are over 55 (Yogajournal.com, 2010). The study cerebrate that almost half of these current practitioners started doing yoga to improve their overall health.Market Trends and Opportunities that are EmergingBikram Yoga According to CTV discussion in 2002, hot yoga which is excessively k immediatelyn as Bikram, was a raging trend across deposeada as well as the hottest trend in exercise (2010).holistic Fitness Fitness trends in the or so future are verbalize to be taking a customized approach to the particular requests and lifestyles of individuals (Euromonitor, 2010). Holistic fitness, group movement sesh, and get fit diligent are the leading future fitness trends nearly the globe (Euromonitor, 2010). Todays inquiry shows a shift from hitting the gym to attain the ideal body to now a much holistic approach to healthy funding. The holistic approach is discussed as reaping the benefits of exercise (Yogajournal.com, 2010) . hatful nowadays are more concerned with getting back into shape physiologically, mentally, emotionally and spiritually. According to Euromonitor international, the market for healthy lifestyles is much greater due to the increase in obesity rates (Euromonitor, 2010). This trend is adapting to the twenty-first century consumers that have busy lifestyles regarding work, family, and mixer life demands. A German company that specializes in holistic therapy stated that it supports individuals to find individual(prenominal) balance, to relax our mind, and to experience something that is beyond thoughts, analysis, stress and separation (Euromonitor, 2010). A US trends forecaster has predicted in a trends journal that Whole wellness Healing pull up stakes become very popular and part of the public awareness by 2011. Services, products and practitioners furthering a holistic approach volition be the cutting edge of a trend that will grow for decades (Euromonintor, 2010).Group Sweat S esh The group sweat sesh trend is moving away from personal trainers, exclusive spas, and home fitness training as the rage is said to soon lose some of its appeal. Keeping up with healthy trends and staying fit is nowadays said to be a group effort (Euromonitor, 2010). Having groups of people being trained by an instructor is said to be a perfect fit with the demand for a more budget friendly, more social and fun exercise culture (Euromonitor, 2010).Get Fit Quick Consumers these days want to get fit quick and see results faster. The continuing trend of body-conscious consumers and what is called the busy-busy society will still be looking for quick fixes, meaning quicker ways to get fit faster (Euromonitor, 2010).Going green Twisted Hot Yoga will be possibleness up a Bikram yoga studio that will use all economically friendly products such as bamboo floors and clay walls. The trend of liberation green is an important factor when opening up a hot yoga studio and therefore, Twisted Hot Yoga will be able to offer its consumers a natural environment as well as greater awareness to keep the community a better place.Use of Yoga as Medical Therapy Doctors and therapists now often recommend yoga as medical examination therapy. Yoga as medicine represents the succeeding(a) great yoga wave (yogajournal.com, 2010). A 2008 study found that in the next few years, we will be seeing a lot more yoga in health shell out settings and more yoga recommended by the medical community as new research shows that yoga is a valuable healthful tool for many health conditions (yogajournal.com, 2010).demographic AnalysisThe above chart represents the percentage of women between the ages of 20-34 living in the surrounding neighborhoods of Aspen Woods. Using data collected from the GIS mapping (see appendix), West Springs has the greatest percentage in comparison to the other areas in the South West. West Springs is currently in the process of developping 96 residential homes, six b uildings consisting of a total of 300 apartments and 55,000 square feet of commercial musculus quadriceps femoris which gives Twisted Hot Yoga the prospect to expand their telephone line and their target market in the future (Jomaa, personal communication, 2010).Twisted Hot Yoga will focus on two customer groups Upper Income Cosmopolitan elect and bosom Income suburban Gentry.Demographic and Psychographic AnalysisUpper Income Cosmopolitan EliteAge20-34Sex80% female, 30% maleHealth/LifestyleCanadas wealthiest lifestyle, fitness-minded Canadians who belong to health clubs, workout at home, wonder pilates, yoga and cross-country skiing. This group is very active in the community, volunteering on community projects and making various donations. (Environics analytics, 2010)Twisted Hot Yogas Selling contingent accessible location, close to the new developing areas, can be attended at any hours during the day, flexible hours spunk Income Suburban GentryAge20-34Sex80% female, 30% mal eHealth/LifestyleCanadas up and coming communication channel class, spenders, fitness conscious, much more in all probability than average Canadians to jog, take aerobics classes, look racquet sports and basketball. umteen of these individuals take pride in their healthy lifestyles. (Environics analytics, 2010)Twisted Hot Yogas Selling PointCan be attended out front or after work, close to new developing areas, lighten up stress after work and relaxing the mind and bodyTwisted Hot Yogas target markets enjoy living healthy lifestyles and have higher disposable income. According to Statistics Canada, individuals in higher income groups are more likely to engage in physical activity during their leisure meter (2010).Geographic Analysis maintain from surrounding communities to Aspen Landing (Twisted Hot Yoga)Aspen Woods1.2 km2 minsStrathcona Park2.9 kn4 minsSignal mound3.6 km6 minsChristie Park3.1 km5 minsPatterson5.0 km8 mins pram pitchers mound4.5 km6 minsSpringbank Hill2.2 km 4 minsDiscovery Ridge5.9 km12 minsWest Springs2.6 km5 minsTwisted Hot Yoga targets the surrounding communities of Aspen Woods. The distance from the surrounding communities to the studio is an important factor as Twisted Hot Yoga promotes going green and saving the community. Health conscious consumers can actively figure in going green by not having to drive to the studio.LocationBased on Twisted Hot Yogas target market, the selected location for Twisted Hot Yogas studio will be in the new developed area of Aspen Woods. This area is called Aspen Landing shopping center and is located on the corner of seventeenth avenue and 85th street SW. Aspen Landing consists of 175,000 square feet of retail space and 40,000 square feet of premium mho floor office space and serves the dominant community shopping centre in West Calgary (Aspen working, 2010). Aspen Woods community social statistics shows that in 2009, total population in that area was 2,830, indicating a 454.9% change since 2005 ( city of Calgary, 2010). Based on the following statistics, Twisted Hot Yoga is targeting a continuously growing community. Aspen Woods is said to be one of Calgarys most desirable Estate communities to live in (Calgary received Estate, 2010).CompetitionThere are currently no other Bikram yoga studios in the neighborhood of Aspen Woods. Twisted Hot Yoga has the opportunity to provide the new and surrounding communities within that specific South West area, a studio that is of short distance from separately area.TrendsAspen Woods has been described to be a unique community that offers prestigious shopping within walk distance. There is a variety of stores that offer a wide range of services and products (Calgary Real Estate, 2010). Calgary Real Estate describes Aspen Woods as living in the inner city but surrounded by a prestigious community of estate homes and condos (2010). David Parker wrote an article in the Calgary Herald July 1, 2010 in relation to the sozzled community at Aspen Landing (2010). A man by the name of Scarcello was hired by the Vancouver -based land owner, Springbank Land Company to design an upscale urban village style retail centre to suffer trendy 17th avenue, Kensington and 4th street to the suburbs (Parker, 2010). The article states that the centre was designed to provide the surrounding estate style communities a place to congregate as well as to dine and shop (Parker, 2010). It was in addition said that this center provides a enjoyable pedestrian area without the usual big parking very much as well as the boardwalk which is designed for controlors to be able to enjoy what they call a bandstand-public space overlooking the water (Parker, 2010). The trendy eating places in Aspen Landing have become very popular. just some of these include Broken Plate, Wok Wok, Thai Tai, and the very tempting Crave Cupcakes (Parker, 2010). ). Aspen Landings unique village concept centre is designed to create an intimate atmosphere with an em phasis on charm (Aspenlading, 2010).Rent Price and SizeThrough personal communication with a West Springs Landing commercial developer, rent price for Twisted Hot Yoga will be based on square footage. The average rent price for the South West Area is going for approximately 30 to 35 dollars a square foot (Jomaa, personal communication, 2010). Through further research on available commercial space, for each one available section is between 2,500-5,000 sq ft. Twisted Hot Yoga would need around 2,500 square feet in order to provide customers with a braggy enough yoga room.(Calgary Real Estate, 2010) require more http//www.calgaryherald.com/ care/Strong+community+Aspen+Landing/3223205/story.htmlixzz136PUSBWBhttp//aspenlanding.ca/?page_id=2http//www.hotyogastudiodesign.com/where_to_start.phpMany studios begin with an initial phone consutation. To get the most out of your copnversation with Chad, have as much info available about your site as possible. For instance, have you signed you r lease? Is the power gas or electric? What is the square footage? What kind of plumbing already exists in the space (bathrooms, etc)? This initial conversation will familiarize Chad with the extent of your studios needs and direct to you the next step. In certain situations, a site visit is set up at this time for Chad to see the space first hand.SUPPLIEShttp//www.calgary.ca/portal/server.pt/gateway/PTARGS_0_2_104_0_0_35/http/content.calgary.ca/CCA/City%20Hall/Business%20Units/Community%20and%20Neighbourhood%20Services/Social%20Research%20Policy%20and%20Resources/Community%20Profiles/Community%20Profiles.htmhttp//www.calgarycommunities.com/communities/strathcona_christie.phpAspen Hills Maphttp//www.carma.ca/us/OurCommunities/Calgary//media/Communities%20Maps/aspenhills%20map.ashxAspen Landinghttp//aspenwoodscalgaryrealestate.com/about/aspen-landing/chic HERALDhttp//www.calgaryherald.com/business/Strong+community+Aspen+Landing/3223205/story.htmlAspen Woods$ 376,445Strathcona Park$ 1 75,108Signal Hill$ 132,380Coach Hill$ 151,475Patterson$ 155,330Christie Park$ 198,427Springbank Hill$ 177,248Discovery Ridge$ 194,226West Springs$ 144,067Aspen Woods0.1584Strathcona Park0.1184Signal Hill0.1399Coach Hill0.1989Patterson0.1756Christie Park0.0826Springbank Hill0.2031Discovery Ridge0.1804West Springs0.2566Yoga is not only about teaching yoga its about going above and beyond and making a difference in the community.Market SegmentationTwisted Yoga will focus on four types of customer groupsUpper Income Cosmopolitan Elite This group is the core segment of .. Their demographic and psychographic characteristics are the followingAgesSexFamily IncomeHealth/Lifestyle Canadas wealthiest lifestyle, fitness-minded Canadians who belong to health clubs, workout at home, enjoy pilates, yoga and cross-country skiing. This group is very active in the community, volunteering on community projects and making various donations.Social classTwisted Yogas selling pointMiddle Income Suburban GentryHealth/Lifestyle Canadas up and coming business class, fitness conscious, much more likely than average Canadians to jog, take aerobics classes, play racquet sports and basketball. Many of these individuals take pride in their healthy lifestyles.Urban Downscale Canadian spenders, stay fit doing pilates and yoga.According to CTV news in 2002, hot yoga also known as Bikram was a raging trend across Canada as well as the hottest trend in exercise (2010).The study, which analyzed data from the 2005Canadian Community Health Survey, found that age, sex and level of income were among the factors that influenced an individuals level of physical activity.According to Statistics Canada, individuals in higher income groups were more likely to engage in physical activity during their leisure time.With new government initiatives of going green, Twisted Yoga provides not only classes to consumers, but also goes above and beyond to process make a difference in the community.GeographicDemogr aphicPsychographicMiddle Income Urban Professionals This group is the core segment of potential students of GWYC. Their demographic characteristics are the followingAges 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. all over 70% of this group are members of gyms. Approximately, 40% of potential customers have taken yoga classes before.Social Pattern allow for more likely attend as part of group.Centers selling pointClose to work. The session lowers stress. Can be attended with workmates as group activity.Upper Income The upper income customer is a lowly target group. Their demographic characteristics are the followingAges 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.Centers selling pointClose to work. The session lowers stressRead more http//www.bplans.com/yoga_center_business_plan/market_analysis_summary_fc.cfmixzz12jE7sIS6http//www.yogajournal.com/for_teachers/983?page=3http//www.yogaintheworkplace.ca/2005/01/statistics-canada-released-canadian.htmlThe percentage of adults, age 20 to 39, at risk for health problems because of expanding waistlines has quadrupled in the last 30 years, from 5% to 21% for men, and from 6% to 31% in women.Between1981and2009, fitness levels of Canadian children and youth, as well as those of adults, declined significantly, according to the first findings from the Canadian Health Measures Survey (CHMS). This is the most countywide national survey ever conducted in Canada to determine fitness levels.The CHMS captured key discipline relevant to the health of Canadians by means of direct physical measurements, such as body measurements, cardio-respiratory fitness, musculoskeletal fitneTarget MarketHow old are they?What gender are they?Where do t hey live?What is their family structure (number of children, extended family, etc.)?What is their income?What do they do for a living?What is their lifestyle like?How do they like to spend their spare time?What motivates them?What is the size of your target market?But dont stop here when youre writing a business plan. To define your target market, you need to ask the specific questions that are directly related to your products or services. For instance, if you plan to sell computer-related services, you need to know things such as how many computers your prospective customer owns. If you plan on selling tend furniture and accessories, you need to know what kinds of garden furniture or accessories your potential customers have bought in the past, and how often.Projections roughly The Target MarketWhat proportion of your target market has used a product similar to yours before?How much of your product or service might your target market buy? (Estimate this in rude sales and/or in units of product/service sold.)What proportion of your target market might be repeat customers?How might your target market be affected by demographic shifts?How might your target market be affected by economic events (e.g. a local anaesthetic mill closing or a big-box retailer opening locally)?How might your target market be affected by bigger socioeconomic trends?How might your target market be affected by government policies (e.g. new bylaws or changes in taxes)?Writing the Market Analysis Section of the Business PlanOnce you have all this information, youll write the Market Analysis in the form of several short paragraphs. Use appropriate headings for each paragraph. If you have several target markets, you may want to number each. (See the sidebar for a sample of this section of the business plan, from the Royal Bank.)Remember to properly cite your sources of information within the body of your Market Analysis as you write it. You and other readers of your business plan will ne ed to know the sources of the statistics or opinions that youve gathered from others.The How to economize a Business Plan instructions continue on the next page are tips for researching the market analysis section of the business plan, including sources for Canadian information.Online Market Research SourcesWhen youre researching the Market Analysis section of the business plan, Statistics Canada is an excellent place to start your market research. Their Community Profiles offer free information about all Canadian communities. Here youll find information such as Earnings and Work statistics, conveniently presented for unaffixed comparison between the community and the province its located in.You may also want to take a look at Statistic Canadas Studies section you might find one thats relevant to your market research.In Doing application Research When Writing a Business Plan, I wrote about several other excellent online sources of information for researching the business plan, su ch as provincial and territorial statistics offices and Canadian Economy Online, which may also be useful when youre researching the Market Analysis.GDSourcing Research Retrievals Canadian Market Resources is a must-visit page when youre researching online it lists free and low-cost sources of demographic and psychographic data geared to small businesses.Offline Market Research SourcesBut there are also a great many local resources for information about your target market that youll want to explore. Besides the local library, the local Chamber of Commerce, Board of Trade, City Hall, Economic Development Centre, local government agents office, provincial business ministry, local phone book and yellow pages will all have information that will help you define your target market and provide insights into trends.Doing Your Own Market ResearchThese are all secondary sources of information (Others have conducted the research and compiled the information.) You may also want to conduct your own market research (use primary data). For instance, you might want to design a questionnaire and survey your target market to learn more about their habits and preferences relating to your product or service. My article, Do-It-Yourself Market Research, explains the basics of market research and gives tips for sampling and accessing your target market.Does all this sound time-consuming? It is. But it needs to be done if your business plan is going to have any validity. You can have the most fantastic product or service in the world, but if no ones interested in buying it, it will just gather dust. If you dont have the time or the research skills to thoroughly define your target market yourself, hiring a person or blotto to do the market research for you can be a wise investment.Statistics Canadahttp//sbinfocanada.about.com/gi/o.htm?zi=1/XJzTi=1sdn=sbinfocanadacdn=moneytm=38gps=347_226_1259_621f=00su=p284.9.336.ip_p649.3.336.ip_tt=2bt=1bts=1zu=http%3A//cansim2.statcan.ca/cgi-win/c nsmcgi.exe%3FLang%3DE%26AS_Action%3DFind%26ResultTemplate%3DStudies/StudiesHome1%26AS_Univ%3D1Statistics Canada, high income individualshttp//sbinfocanada.about.com/gi/o.htm?zi=1/XJzTi=1sdn=sbinfocanadacdn=moneytm=38gps=347_226_1259_621f=00su=p284.9.336.ip_p649.3.336.ip_tt=2bt=1bts=1zu=http%3A//cansim2.statcan.ca/cgi-win/cnsmcgi.exe%3FLang%3DE%26AS_Action%3DFind%26ResultTemplate%3DStudies/StudiesHome1%26AS_Univ%3D1