Potential Competitors (1.5 marks) [pic] More people are concerning the quality of life and they adding spa into their lifestyle preferences. The spa industry in Singapore is booming since 2003 ( Verikios, 2007). Competition can be either direct or indirect that will affect the overall potential for success of your business. Competitors within the spa industry include the following:
Direct competition would be companies offering similar products and services.
Direct competitors for Banyan Tree spa include (not limited):
Spa Elements at The Cathay Ikeda Spa
Aramsa – The Garden Spa Jean Yip Spa Infinity G. Spa Estheva Spa Citi Spa Aura Day Spa Kenko Reflexology & Fish Spa Ning The Fusion Spa
Some companies are providing luxury spa service with unique environments, with more type of spas, better services and relatively higher price. Such as Ikeda Japanese spa, which is one the famous spa in Singapore provide service with traditional Japanese style of decoration. And it promises an authentic Japanese inn experience to customer. Another kind of spa is it offers common spa and facial services with cheaper price like Citi Spa and Jean Yip. Discount and promotions are frequently given by these companies for attracting more customers. Massage treatment stores are also strong competitors of Banyan Tree, many customers who are suffering cervical vertebra or muscle problem will seek for massage service which offering cheaper price yet better effect.
Indirect competitors are businesses that offer slightly different products and services, but target the same group of customers with the goal of satisfying the same need (Oman, 2011). As the Banyan Tree Spa provides a wide...
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