Market Research for North Shore Sports Medicine
Sports medicine is a sub sector of the medicine industry providing individuals with
rehabilitation techniques, physical fitness, and optimum nutrition information. This practice has
become evident in the late 20th centenary as there is a monumental movement among society in
regards to fitness and health. The market and practice itself has become more significant, Sport
and Exercise Medicine has emerged as a distinct entity in health care.
North Shore Sports Medicine (NSSM) is a company based in North Vancouver. The
company has been present for 24 years and has established 3 local clinics located in; North
Vancouver, Brooksbank and Capilano University. The company provides customers with
essential cares such as physiotherapy, massage, acupuncture, kinesiology, Pilates, dietitians,
manual therapy, aquatic rehabilitation, gym, and women’s health. In a fast growing society with
consumers becoming more accustomed to a “fit” lifestyle, NSSM is a positive attribution to the
North Vancouver community.
Demographic
Physical health trends are interesting, because they can be seen as a reflection of the
attitudes of a society. Attitudes from the past that involve gender and physical fitness were a lot
different than todays. The rise of equality of gender has led to the creation of co-ed gyms. Also,
obesity is rising faster than ever, creating a new market for sports medicine clinics.
Gender is also vital when considering all-male or all-female gyms. Most gyms were
segregated until the 1970’s. As women began to join the corporate world, they began to
assimilate into all-male centers. Gyms that included men and women began to become more
popular.
The creation of co-ed gyms inspired the creation of activities such as kickboxing, crossfit, and boot camp, which began trending. This trend will benefit the partnership with Twist
Conditioning, a cardio and weightlifting program and also NSSM.
With obesity rates rising in North America, 31% of Canadian kids aged 5 to 17 years of
age are overweight. NSSM has a dietitian service where it provides for those who are looking to
manage their weight. With growing populations and increasing popularity of youth sports, the
north shore is a great spot for the business.
Socio-Cultural
Today’s media encourages people to adopt more healthy lifestyles. Consumers now pay
more attention towards their general well-being. This can be realized through the rise in
organic/healthier foods, cyclists, “healthy” restaurants and so forth. Sports medicine can identify
this as one of their, if not, biggest advantage. NSSM also offers massage therapies and advice on
preventing injuries. This allows them to cover the entire spectrum of potential customers and
through continuous improvement; this aspect could be seen as the biggest window of opportunity.
A Woman’s duties were once restricted to that off a devoted house wife or homemaker.
This is no longer the case. Today, women are an ever growing part of the work-force. Sports
medicine will benefit from this change in attitude and thinking as women now hold well-paid jobs
and are able to afford the lifestyle of their choice. Sports medicine can now market services to a
wider range of consumers.. Services offered by sports medicine promote a healthier lifestyle and
by recasting their image of single adults, Sports medicine is tapping into an even larger market for
the future.
Age is only a number. That statement is proven to be true right now more than ever.
Eighty is the new sixty. The general concept of aging is being challenged in recent times. The
elderly want to feel in touch with their youth and lead a more active lifestyle. Sports medicine
offers services to ensure that seniors are made to feel confident in undertaking laborious tasks
that may otherwise be stressful. This arrangement is one that serves well for both consumers and
sports medicine.
One distinct cultural factor that could restrict increasing revenue we’ve identified is;
‘Generation Go’. The traditional barriers associated with starting up one’s own business have
been shattered through technology. People now view starting up your own business, as the most
definite way to attain success. For NSSM this could mean that they would have to continuously
work on means of how to retain customers. They have to prove to customers that they are the
best value-for–money option in the industry. Consumers would usually opt on a more personal
and cheaper service, forcing them to visit doctors/masseuse who practices from their homes. If
continuous innovations are implemented to products, NSSM would be able to have the upper
hand on this distinct threat.
Competitive
Many factors influence the competitive position of an industry or market. These
competitive forces include; bargaining power of the buyers and sellers, the threat of new entrants,
and rivalry amongst existing companies. Bargaining power is the relative ability of parties in a
situation to exert influence over each other.
NSSM does not have a huge threat of new entrants. This is because; it possesses such a
large portion of the market on the north shore, is the largest chain of sports medicine clinics in its
area, and owns some of the most advanced technology. NSSM tries to discourage new entrants
by aggressive expansion and other forms of entry barrier tactics. Many of NSSM’s competitors in
the area have unique marketing mixes in their companies’ strategy. A marketing mix is a
company’s product they sell, price, promotion in which they promote their product, and place in
which they develop and do business with customers.
Central Lonsdale Massage clinic is a direct competitor of NSSM. They offer a wide
variety of massages for specific purposes such as pregnancy massages, sports massages, and
traditional Chinese medicine. Pricing ranges from $51 for 30 minutes to $171 for 120 minutes.
They attract consumers by advertising in newspapers, online, and through word of mouth.
Lonsdale Massage clinic provides online booking for customers to provide convenience. The
“clinic in the sky” offers a panoramic view of coal harbor and lions gate bridge.
Technological
NSSM emits prominence not only because they utilize their up to date technologies and
techniques, but also in regards to the expertise of the staff, all having post-secondary education
in their respective areas. After visiting NSSM and having personal experiences with the services
there, we’ve learned about the technology which is provided by NSSM. The clinics utilize their
high-tech equipment such as inferential current, which uses a mid-frequency electrical signal to
treat muscular spasms and strains, ultrasound, laser treatment to reduce pain, reduce
inflammation and also to promote wound healing, just to name a few.
After researching technology of other competitors in the market, and visiting some of
those businesses, we have seen that NSSM possesses some of the most up to date and
intelligent technology that there is to offer. Having the most advanced technologies and
professional staff greatly benefits the company by allowing them to provide a great experience for
the consumer, leading to positive review.
Economic
British Columbia’s economy has been able to flourish for the past ten years as it has
unlimited accessibility to our vast amount of resources, and its geography in relation to the
access of the province through local shipping ports. The province has been able to contribute to
Canada’s GDP growth significantly at relatively 8 percent due to its exports and imports of natural
resources. British Columbia’s real estate market is currently in a slump; the housing market
remains stationary, as most of the newly developed homes are not selling.
The market indicates that most of the lower mainland is developed and ready to be sold,
but the buyers are confident that the prices of housing will continue to drop, which is stalling
future development and the present products being sold. Sales levels are reaching decade lows,
particularly in the Lower Mainland, most economists still expect the market correction to continue
this year. TD is forecasting average home prices in B.C. to remain essentially flat over the next
two years after falling nearly 10% in 2012.
Immigration activity is declining; immigrants are fleeing to Alberta as the cost of living
there is much cheaper. The Asian community has been a dominant purchasing power, which has
assisted in British Columbia’s incline in the market.
In terms of unemployment rate, BC is at 6.8%. The future of the region is tied to global
market conditions and the desire for B.C. to deepen trade linkages with faster growing Asian
markets. This relationship with Asian markets has been integral in developing the Prince Rupert
deepwater port, which represents the closest port to these markets on the west coast. Since
2008, container traffic has more than doubled, reflecting major gains in coal, logs and other
agricultural products. These future speculations affect us all, including NSSM indirectly. They
suggest that the future of BC’s economy will put more money in the consumer’s pockets thus,
more to spend on services such as exercise therapy.
Regulatory
NSSM clinic and the field of sports medicine itself is governed by many laws, in place
either for public safety or to ensure business being conducted in an ethical manner, which
includes paying dues such as taxes. Two specific regulations being; mandatory licensing of
practitioners and providing the available discount for residents in BC who are enrolled in the
Medical Services Plan (MSP).
In a real world example of how NSSM clinic would be affected by laws regarding
practitioners would be; when hiring a registered Massage Therapist (RMT) they must be licensed
to practice in the province of British Columbia.
Some laws in place to ensure that these healthcare professionals aren’t a hazard to
public health include; practitioners being required to have the necessary credentials regarding
education along with being licensed and in some cases being required to take continuing
education and subject to peer review. A negative to this all may be not being able to hire aspiring
RMTs and put them through their own condensed training program and although training is paid
there’d be the trade-off of being able to provide a lower wage.
In summary, NSSM greatly benefits by these laws, as they allow for the hiring of
proficient practitioners in addition to minimal to zero hours spent on paid training This allows in
being able to provide good service, which in turn, generates a larger consumer base.
Psychological
Fitness and health shifted into the North American society as people are more educated
and aware of the harms of unhealthy eating and not being active. The perception of the lifestyle in
Vancouver has grown into an active community, whereas before one would rarely witness people
walking around in fitness gear or take part in activities such as boot camps in the local park.
This perception and lifestyle has encouraged young, mature, and elderly people to
become more aware of their present condition and to act upon it. More importantly, these facts
support the idea of fitness companies and can flourish in this given society due to this standard of
care on each individuals body and fitness goals.
In regards to NSSM, I perceive that in the years to come, will experience higher volumes
of customers, as a good portion of the lower mainland has jumped into the active lifestyle. NSSM
will provide all active “winners” services in regards to health, fitness, and therapy in relation to
their active lifestyles.
Social Cultural
There are over fifteen post-secondary institutions in North Vancouver. This allows for
communication to take place amongst peers, making word of mouth a powerful personal
influence. If customers are satisfied with the service provided, they would be able to recommend
NSSM to their peers, conversely, customers are far more likely to discuss a negative experience
with their peers. However, if they leave with a positive experience they are more prone to mention
North Shore Medicine if the situation calls for.
NSSM could develop promotions and discounts that would seek out and attract families
in the vicinity. By creating family influence through the process of consumer socialization the
clinic would be able to target a younger audience. The clinic can offer treats or toys to a younger
audience, as a means of retaining them. Children are then more likely to exert ‘pester power’,
thereby forcing their busy parents to conform to their demands. Parents could also find it less
stressful than taking their children to visit the doctor, meaning that some would choose NSSM
because they value their leisure time, even if you might end up paying more.
Situational
In addition to psychological and social cultural influences, there are situational influences.
Three specific ones that affect NSSM directly would be; the purchase task, physical surroundings
and antecedent states.
The purchase task is the reason for engaging in the decision in the first place. Once
consumers feel that they’re in need of visiting a sports medicine clinic for one of the many
services available for any reason, the purchase task has been carried out.
In regards to looking for therapy of any kind, a number of factors come into play under
the purchase task. Some of the main ones being; they evaluate alternatives, seek out information
regarding the available clinics and to seek out a clinic they deem not only worthy of their business
but also competent enough to treat their hindrances towards their well-being.
Physical surroundings can either attract or turn consumers away. If NSSM were to let
their appearance down and not keep cleanliness, they could see bad reviews. Lastly, antecedent
states will affect decision making by whether or not the consumer can afford a massage or even if
they’re in a bad mood and not willing to purchase anything that day.