THE NATURAL MYSTIC
The Natural Mystic’s Marketing Plan
Keller Graduate School of Business
Marketing Management – MM522
Professor Glen Forbes
1.0 Executive Summary
Several major trends are driving the growth of wellness as an industry. These trends not only directly impact the spa industry and its customers, but also are opening new opportunities for spas to play a leading role in a paradigm shift toward more proactive ways of taking care of ourselves (Pilzer). According to economist Paul Zane Pilzer, the wellness industry is new and is currently a $500 billion worth industry. Pilzer also predicted that 10 million millionaires will emerge from the wellness ...view middle of the document...
Most Baby Boomers are becoming more interested in wellness centers so that they can avoid high medical bills as they age and their health declines. The demand is there but very little supply exists to answer the call.
The Wellness Cluster
2.0 Situation Analysis
The Natural Mystic is a new business and does not have any history presently. It will seek to establish roots in the health and wellness industry with Baby Boomers (customers born 1946-1964) as the niche market. There is an estimated 77 million Baby Boomers and statically they have higher average household income ($76.5K) of all adults (Poulos, and Dametra 1997). The current market is up-and-coming and is said to become a gold mine by experts. The Natural Mystic will uphold high business ethics and values and professionalism. This will boost the image of the company and the products (Aqius 2008).
The Target Market
Fortunately for The Natural Mystic, the demand is great and supply is low. Baby Boomers are living longer and want to live a more holistic health conscious life. The U.S. Census Bureau estimated Baby Boomers to be one of the largest generations in U.S. history (Anderson 2011).
The market is ripe, the attitudes and behaviors of Baby Boomers demand a product like The Natural Mystic, and the company intends on giving it to them. Baby Boomers want to retain youthfulness, be responsible for their own health and wellness, and ultimately find a program that works for them for the long term. Baby Boomers typically head south for retirement and with this fact in mind (Poulos and Dametra 1997), The Natural Mystic is expected to grow exponentially over time due to its location in South Georgia. The U.S. census shows that Baby Boomers accounts for more than 26 percent of the U.S. population9. Not all Baby Boomers are in the position to retire (Poulos 1997). The Natural Mystic will aim to closely target these customers needing more energy and time to relax which will be a profitable long term source.
Baby Boomer Population Forecast
Source: http://jd-anderson.com/blog/?tag=spending, Baby Boomers: Customers ready to buy (J.D. Anderson Strategic Relations Blog)
2.1 Market Summary
Spa and Wellness Centers make up a big part of the health and wellness industry. This particular industry is a certain facet of healthcare that put emphasis on the improvement of health and well-being. The wellness industry aims to promote a dynamic and healthy lifestyle rather than focusing on the treatment of various diseases (Aqius 2008).
The consumer group that The Natural Mystic will target is referred to as Baby Boomers and are said to be customers who are well educated, passionate about life, purpose driven, and have a higher purchasing power. These customers are said to have an aggregate household income of $1 trillion and are said to be prime targets for marketers. Baby Boomers are...