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Business model and marketing strategies in the wellness industry : (nutrition and healthy lifestyle sectors)
conference contributionposted on 06.12.2017, 00:00 by J Baker, Arthur Jackson
This paper provides some background on the wellness industry and its nutrition and healthy lifestyle sectors. Four different specialist businesses in the sector were investigated. The concepts of 'the business model' and 'strategic innovation' are shown to be valuable marketing tools in this Industry if properly applied with all three component parts: careful targeting and focusing on the best customer segments; product offerings that offer excellent value to them; and economic and operational processes that are best able to deliver core business profits. In addition, the vision and central role of the firm's entrepreneurs, and the strategic complexity and inimitability of their business model, were also found to be very important, suggesting a five-legged stool model for successful marketing strategies in this industry.