Life Time Fitness was founded in 1992 by Bahram Akradi and has grown significantly since then. It now operates 91 fitness centers across 20 states. The company focuses on providing a full lifestyle experience for customers of all ages with its wide range of fitness classes, sports activities, spa/salon services, and healthy dining options. Life Time uses promotional campaigns like "I Can Do It All In My Lifetime" to market this broad range of amenities and activities available to members. While competitors like Bally Total Fitness and Gold's Gym focus more specifically on goals and strength, Life Time promotes a balanced healthy lifestyle through lifetime membership.
4. 1998 was the year that FCA, Ltd. officially changed its name to Life Time Fitness, Inc.
5. The company currently operates in 20 states and has 91 exercise and recreation centers.
6. In 1994, the company was reporting $4 million in revenues, which has grown significantly to $912.8 million at the end of 2010.
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9. Fitness program options include; Weight Loss, Group Fitness, Personal Training, Cardio, Strength Training, Yoga, Pilates, Assessments & Testing.
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11. Competition Bally Total Fitness “FOR PEOPLE WHO LOVE FITNESS AND LIVE A HEALTHY LIFESTYLE” Wants customers who are motivated, have fitness goals and are interested in achieving them. “And, as the trailblazer in personal training, Bally continues to successfully educate and motivate thousands of members each year to fulfill their personal fitness goals” (Bally Total Fitness Website, para 5). Gold’s Gym “KNOW YOUR OWN STRENGTH” Wants customers to find their inner strength and find their goals. “Today more than ever, people are looking for strength. Whether it’s the strength to be a better parent, the strength to overcome diabetes or the strength to be a better athlete- strength comes in many forms” (Gold’s Gym Website, para 6).
15. Fitness Centers: 91**All information is based on fiscal year 2010** Gold’s Gym and Bally Total Fitness Gold’s Gym: Memberships: 3.5 Million Fitness Centers: 700 Public Relations: Spent $1 Billion in 2010 Bally Total Fitness: Memberships: 3.5 Million Fitness Centers: 270 Currently under investigation for invalid past due letters mailed to over 11,000 former club members. Filed bankruptcy in 2007,2008 and 2009.
16. Life Time Fitness’s Revenue from 2001 -2010 This revenue performance chart was taken from Life Time Fitness’s 2010 annual report and proves that the marketing and promotional campaigns are working in favor of the company as it has proven to increase their revenue year after year.
17. Marketing- Mix Product: Memberships Nutritious Items, energy drinks and much more at the LifeCafe Variety of exercise equipment Variety of classes to be a part of Variety or activities Salon and Spa Price: Trial membership is Free and allows you to try out the gym before purchasing a membership Memberships are approximately $50.00 a month for the Gold Membership and $60.00 a month for the Platinum Membership with a one time enrollment fee. Currently Life Time Fitness is offering memberships with a $0.00 enrollment fee. Place: Operates 91 exercise and recreation centers in 20 states. Centers average size are 100,000 square feet. Headquartered in Chanhassen, Minnesota Promotion: Offers a member advantage program in which members can get discounts at businesses that wish to participate, such as hotels, restaurants, clothing stores, etc. An example is Great Clips Imax Theatre is currently offering 1 free admission with a paid admission to Born to Be Wild in 3D. Also, a clothing company called, Mainstream Boutique is offering 25% off any item. Offers a MyLTBucks rewards program that allows members to earn dollars and purchase items on the website.
18. Marketing Principles – That have made Life Time Fitness Successful Price Product Promotion Place Product Differentiation Loyalty/Rewards Programs Adhering to customers wants, needs and desires Reaching Target Markets: Families, young, middle-aged and older people who want to live a healthy lifestyle.
19. References Answers.com. Ed Dinger. March 15 2011. Hoover’s Company Profiles. 4 May 2011. http://www.answers.com/topic/life-time-fitness-inc “I Can Do It All In My Lifetime”. YouTube, 4 May 2011. Video. 27 Dec. 2010 http://www.youtube.com/watch?v=okXNRSd_IM8&feature=player_embedded. The Leader in Fitness. Bally Total Fitness. 4 May 2011 http://www.ballyfitness.com/company.aspx Gold’s Story. 2011. Gold’s Gym. 4 May 2011. http://www.goldsgym.com/golds/ 2010 Annual Report- Life Time Fitness. 8 Mar. 2011. Life Time Fitness Inc. 4 May 2011 http://investor.lifetimefitness.com/phoenix.zhtml?c=136737&p=irol-latest
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