The Study of Factors Influencing Economic Sustainability Growth in the Yoga Business: A Qualitative Perspective
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Abstract
Yoga has grown rapidly over the last decade worldwide. The need for yoga classes in every part of the world results in many yoga entrepreneurs entering the industry. Nevertheless, a lot of them face the challenge of growing and retaining their business. Even though yoga involves a spiritual practice that may contrast with economic value, profit is essential in every business, including the yoga industry. Yoga entrepreneurs need more knowledge on which factors can influence their business’s success. Therefore, this study focuses on profit growth and business stability following the definition of the economic component in TBL theory. This study aims to (1) Explore how social value impacts profit and business stability in the yoga business. (2) Explore how marketing mix 7P's impacts profit and business stability in the yoga business. The study used a qualitative method with an exploratory study through a semi-structured interview and analysed data by content analysis to reach the research purpose. Regarding yoga being an international business, 21 samples: yoga business owners, yoga teachers, and academic consultants from North America, Europe and Asia-Pacific regions.
In conclusion, the results show that social value and marketing mix 7Ps impact the yoga business's profit and stability. However, the impact of each element is relevant to the type of services and customer segments. Quality of service, policy, and people are the top three most essential elements influencing income and growth. In addition, the study contributes practical definitions of the effective marketing mix 7P’s for the yoga business. Moreover, social value in the yoga business in this study is defined as building a strong community that critically impacts customers’ loyalty and business expansion. Lastly, the region has no impact on yoga entrepreneurs’ perspectives on how they run their yoga businesses.
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