QUESTION TO DO - overview sheet

An overview sheet of the company below in detail

Part 1- Company Introduction

1. Briefly describe the company's business.

The Canadian company Gorila Fitness was founded to give Canadians access to top-notch home workout equipment. They were once known as GORIL, one of the toughest creatures in the forest (which is kind of a hilarious way for Quebecers to say "Gorille" in French). At initially, they only wanted a catchy name for their Squat Rack; they had no actual plans to turn it into a business. Martin was really serious about this assignment because he had a high aptitude for both marketing and logo design. This is how the name Gorila Fitness was created.

Any fitness equipment required to set up a home gym, such as bars, plates, racks, and rigs, as well as strength equipment like dumbbells and kettlebells, is popular among them. They are also interested in exercise equipment and clothing. The Gorila creators believe that a product should be useful, long-lasting, created in the area, and have minimal environmental effect. The fitness industry's environmental issue will be addressed using business as inspiration and implementation as of 2021, according to the fourth criteria.

Even though the worldwide epidemic had affected everyone in 2021, Gorila stood distinct. Their Chambly store was no longer able to accommodate the growing demand for home gyms due to a lack of room. As a result, they bought their first facility in Saint-Pie, Quebec, measuring 25.000 square feet. The majority of the products are still made by hand today, and they are constantly looking for ways to manufacture some of their best-selling items in Canada. Also, their staff goes above and above to lessen its ecological impact. These are four of the many things that differentiate them from their rivals, along with quality and competence.

1. Describe the significant features of the company's products.

While brothers Vincent and Martin were still enrolled in school and working out five days a week but hoping to squeeze in a sixth workout and stretching session, everything began. They made the decision to construct a home gym in their house's back shed in May 2012. Because on a tight budget, they began with the bare essentials: an Olympic barbell and bumper plates. They paid exorbitant customs and freight fees for these transactions at the time.

They immediately realized that a squat rack, which is essentially the centrepiece of any successful home gym, was something they could not afford. They only realized it would be considerably simpler and less expensive to make it ourselves when they recalled Vincent's welding knowledge. They can customize home gyms to your demands and specifications, which is what distinguishes them and gives them significance. The Gorila Rig is the company's most well-known or popular item.

1. Describe the market potential for the company's products.

The exercise equipment market was worth $13.2 billion in 2020; by 2028, it is anticipated to grow to $15.4 billion, with a CAGR of 0.3% between 2021 and 2028. In terms of market share for fitness equipment in 2020, the sector for cardiovascular training equipment was in the lead, and it is anticipated that it will continue to hold that position for the duration of the forecast. Because of a rise in health consciousness, there is a greater demand for workout equipment internationally.

Also, it is suggested to exercise when receiving some medical treatments. Treadmills, ellipticals, stationary bicycles, weightlifting & strength training machines, and other pieces of fitness equipment are among the most popular. The expansion of the worldwide fitness equipment market has been significantly aided by the rise in health consciousness and the prevalence of obesity. The adoption of exercise equipment is also fueled by an increase in government measures to support healthy lifestyles, a rise in the sale of in-home equipment, an increase in the urban population, and a surge in the number of gym memberships.

Due to the growing influence of COVID-19, it is anticipated that more people would utilize home exercise equipment during the next years. The demand for at-home exercise equipment is expected to increase in 2020 as a result of market closures, rising self-care product awareness, and expanding fitness trends among the general population. Additionally, the use of in-home fitness equipment is a result of sedentary lives and busy schedules. The cost of a gym membership is reduced by using fitness equipment at home to exercise. Nevertheless, a lack of available space and expensive equipment impede market expansion.

Fitness Equipment Market By Type 2020 2028 II Cardiovascular Training Equipment Strength Training Equipment Others