Finnish fitness industry 2014
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Finnish fitness industry descriprion and analysis. Statistical data PESPEL analysis Upcomming trends 5 forces analysis Current business model
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Finnish fitness industry 2014
- 2. 19% 16% 15%15% 7% 28% % share by value, 2013 United Kingdom, 6.3 Spain, 5.3 Italy, 5.0 Germany, 4.9 France, 2.4 Rest of Europe, 9.5 1. Fitness market in Europe 2013 market: $34 million 2017: increase of 27% since 2013 $42 million SOURCE: MARKETLINE Industry background Industry analysis Conclusions
- 3. 94,727 195,189 0 50,000 100,000 150,000 200,000 250,000 2009 2013 TURNOVER YEAR Operating revenue (turnover), th USD 1. Fitness market in Finland Industry background Industry analysis Conclusions The fitness industry is one of the fastest growing industries in recent years in Finland. However, it is still in its infancy. In 5 years the industry grew up almost by 100%
- 4. 531 14031 -236 7,607 -2000 0 2000 4000 6000 8000 10000 12000 14000 16000 2009 2013 P/L before tax & net income P/L before tax th USD P/L after tax [Net income] th USD 1. Fitness market in Finland Industry background Industry analysis Conclusions It’s hard to imagine Finland without sports and exercise – keeping fit and active is second nature to the Finns. According to a survey by the European Commission (2010), Finland tops the podium in physical activity in Europe, and it also places among the most active countries in the world.
- 5. 80411 104337 0 20000 40000 60000 80000 100000 120000 2009 2013 Total assets Total assets th USD 1. Fitness market in Finland Industry background Industry analysis Conclusions Observers of the Finnish success story are now working on how they can bring such drastic improvements to their own countries.
- 6. 1. Fitness market in Finland Industry background Industry analysis Conclusions -69.99 124.1 -100 -50 0 50 100 150 2009 2013 Profit margin Profit margin % From the start, the Finnish plans benefited by shifting money away from Helsinki to local authorities and making them responsible for exercise promotion.
- 7. 969 1866 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2009 2013 Number of employees Number of employees Meanwhile, in the Finnish town of Jyväskylä, local authorities were concerned that the elderly were staying in, especially during winter, because it was dark and the pavements were slippery. To make it easier for them to exercise, they persuaded the bus companies to stop by day centers and old peoples' homes and then at the local swimming pool. 1. Fitness market in Finland Industry background Industry analysis Conclusions
- 8. 1. Fitness market in Finland Industry background Industry analysis Conclusions 90% • football (soccer) • ice hockey • floorball • various forms of gymnastics under 18 are physically active. Favorites include: adult population exercise at least twice a week 90% 50%exercise at least four times a week. • running • gym • exercise classes
- 9. oliticalP• Promotion of health by government • Funding from government • Responsible policy conomical • GDP 2015 1.4% growth • Investment grow in 2014 • 2014: rise in consumer prices 1.9% • 2015, inflation slow to 1.7%. E ocialS• Life is movement • Activity prevents diseases • Self-responsibility • Sports is second nature to the Finns echnologicalT• Training aids • Personalized web-based workout monitoring • safe workout environment cologicalE• Clean natural environment • People encouraged to walk rather than drive egalL• Sport is a cultural basic right/Finnish Constitution • Local governments are responsible for sport needs
- 10. 2. Industry analysis Industry background Industry analysis Conclusions Information systems Social media Loyalty program Trends….. HIIT Zumba CrossFit Personal training
- 11. Rivalry high: - Intense and active competition - High exit barriers - High fixed costs + High switching costs + High market growth + Possibility ot differentiate offer + Power of brand identity Threat of new entrants: - Government subvention - Market growing + Major entry barrier: Capital requirement + Specific qualification + Construction of brand identity Customers: - Concentrated geographically - High Price/Quality sensitivity -/+ Word-of-mouth communication/reputation + High switching costs Threat of substitutes: - Immediate availability - Attractive Price-Performance ratio Suppliers negotiation power: - Essential equipment - High switching costs - No substitutes + Fitness centre are the major customer + Low differenciation of offer 2. Analysis of 5 forces Industry background Industry analysis Conclusions Industry Rivalry Potential New Entrants Customers Substitutes Suppliers
- 12. 2. Figures Industry background Industry analysis Conclusions Company name Profit margin % 1 FOREVER HELSINKI OY 29.55 2 FOREVER VARISTO OY 20.20 3 FOREVER HAMEENLINNA OY 19.65 4 OY ELIXIA FINLAND AB 19.01 5 FOREVER MATINKYLA OY 18.12 6 STUDIO LADYLIKE OY 17.25 7 SUOMEN KASINOLLA OY 16.86 8 KLAARI OY 14.80 9 ACTILIFE OY 14.31 10 FD GROUP OY 13.82 Top 10 – Highest profit margin Company name Operating revenue th USD Profit margin % 1. OY ELIXIA FINLAND AB 39,430 19.01 2. FYSIOLINE FRESSI OY 16,998 6.74 3. VUORISTO-YHTIOT OY 16,077 -0.90 4. FD GROUP OY 15,488 13.82 5. KYYHKYLA OY 14,770 0.05 Top 5 - Highest Operating revenue Top 5 – Lowest Operating revenue Company name Operating revenue th USD Profit margin % 1. ACTILIFE OY 738 14.31 2. FB HYVA KUNTO OY 678 2.33 3. LADY PALATSI OY 653 -13.42 4. KUNTOKOTKA OY 512 0.25 5. MESALUS OY 24 n.s.
- 13. 2. Business Model Canvas Industry background Industry analysis Conclusions KEY PARTNERS Partnerships: universities, sport club Suppliers: material and equipment providers Key activities of suppliers: selling material and equipment, providing advice for arrangement KEY ACTIVITIES Getting new customers Retaining existing customers Providing services expected Maintaining communication and promotion Managing the update information Managing customer registration KEY RESOURCES HR: Trainers, Managers, Nutritionist, subcontractor, Capital: building, equipment CUSTOMER RELATIONSHIPS Regular communication Personal service CUSTOMER SEGMENTS 18-35 years old Men and women (40%/60%) Active middle class and students Willing to stay fit, lose weight and/or relax VALUE PROPOSITION Sports facilities Convenient access Diversified offer Practical advice on using sport equipment Personalized program Advice on nutrition CHANNELS Direct sales Word of mouth communication COST STRUCTURE Facility Equipment HR: Reimbursement REVENUE STREAMS Membership Additional services and products (protein bars, personalized advice)
- 14. 3. Conclusions Industry background Industry analysis Conclusions Challenges… Maintaining customers Customer information history Competition Small market
- 15. 3. Conclusions Industry background Industry analysis Conclusions Increasing competition Customer retention Profitability on long term High growth Attractive Market Free segments