Market Analysis Research – Nutrisystem

Market Analysis Research – Nutrisystem

Section 1: Business Overview, Mission, and Vision

Nutrisystem is a company that offers effective, safe, and scientifically packed weight loss solutions to the population. Nutrisystem is believed to be a leader in the weight loss industry and has managed to help millions of customers across the world to lose weight in the last five decades. Overweight and obesity are pretty prevalent in the current world, and thus, the company claims to offer reprieve to the people willing to cut down their weight to maintain their health. Nutrisystem’s plans include; delicious, balanced diet foods created with the right balance of carbs, fats, and proteins (Nutrisystem.com, 2021). Other plans include comprehensive support and coaching options from trained weight-loss coaches. Certified diabetes educators and registered dietitians. The personal plans have calorie goals and personal progress in the entire weight loss journey.

Mission Statement: Nutrisystem will help you transform your life inside and out with a personalized weight management experience that’s effective, simple to follow, and made just for you.

Vision: To be the best firm that provides weight loss solutions to our customers

Section 2: A Market Analysis That Includes the Following Components

Competition

The weight loss industry in the American market has grown strong over time. The growth in competition in this industry is attributed to the many persistent calls by health experts about the rise and dangers of overweight and obesity in American society. Therefore, many Americans became aware of this health challenge and its cost and, thus, developed an interest in finding solutions. The demand for weight loss and health food products rose and thus attracted many players, making the industry competitive (Rosa, 2020). Nutrisystem is one of the oldest players in the industry and has proven to be among the best companies offering better solutions to the challenge. Numerous competitors are competing with Nutrisystem by offering products that are almost similar to those of consumers. Examples of these competitors are WW, Jenny Craig, Slim-Fast, and Medifast. These weight loss companies strive to rebrand to fit in the current business environment by focusing on wellness, sales, and expansion. These companies are exploring untapped niches to develop plans that offer consumers customization and personalization and offer virtual and offline programs at a varied process.

Market size

The global market size of weight loss products is estimated to be $254 billion and is said to reach $377 billion by the year 2026. The market growth is pegged at 8.2% per annum. This means that the weight loss industry is one of the few promising industries in the wake of the Covid 19 pandemic (Rosa, 2020). The demand for weight loss products and plans is pushing the market to grow at this high rate (Allied Market Research, 2021). More indications of the market growth show that the size of this market will still expand further in the future due to the continued awareness of the overweight and obesity problem. The public members will continue developing an interest in enrolling in weight loss plans and choosing diet formulae that promise to cut their weight. Technological advancement is another factor that will still push the market sizes to expand. Companies operating in this industry use the latest technologies to develop new food formulae that fit individuals who wish to cut their weight. Therefore, more and more people want to use weight loss plans and formulae foods as time goes by.

Market value

The weight loss market is divided into various segments: the nutritional plans segment, the physical exercise plans, and the natural medicinal supplements. The nutritional plans segment is known to be a segment that has high value. This is because most firms in this industry make food formulas that have a balanced diet that helps consumers cut their weight (Allied Market Research, 2021). The physical exercise plans entail exercising procedures and plans that ought to be followed by the consumers to help them cut weight. The natural supplement plans involve special medicinal supplements that help in metabolisms and cutting of the body weight. Each of these segments is growing steadily, making the entire industry highly valued. It is hard to value the whole market, but reports reveal that it is valued at $254 billion today.

Recommendations

• Nutrisystem should invest more in research and development to develop unique products that will outdo those of the competitors.
• Nutrisystem should revise its pricing strategy to adopt a strategy that would ensure a fair price to all people.
• Nutrisystem should think of expanding to new markets to reach new customers.
• Nutrisystems should think of specializing in a particular niche so that it could command the market in the future.

References

Allied market research. (2021). Weight loss and weight management diet market. Retrieved from https://www.alliedmarketresearch.com/weight-loss-management-diet-market

Nutrisystem.com. (2021).  Nutrisystem. Retrieved from https://www.nutrisystem.com/jsps_hmr/about/index.jsp

Rosa, J. (2020). $71 Billion U.S. Weight Loss Industry Pivots to Survive Pandemic. Retrieved from https://blog.marketresearch.com/71-billion-us.-weight-loss-market-pivots-to-survive-pandemic

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Market Analysis Research – Nutrisystem

Purpose
MBA Business Plan component

Context
One of the most important elements in a business plan is the market analysis. A market analysis is a qualitative and quantitative assessment of a market. It includes data collection and estimation in reference to the market size and value, characteristics of the intended customer base, in-depth evaluation of the competition, barriers to entry, and the regulatory environment. An accurate and detailed market analysis allows entrepreneurs to determine whether the market is sufficiently large to build a sustainable, profitable business. In this assignment, you will complete a market analysis for your proposed organization and create a report that can be included within a business plan.

Instructions
Write a 525-word report that includes the following sections:

Section 1: Business overview, mission, and vision
Section 2: A Market analysis that includes the following components:
Section 3: Recommendation

Use the Market Analysis Research document for details on what to include in each section.

Cite references to support your assignment.

Format your citations according to APA guidelines.