Strategic focus and leadership of

Peloton
Word count: 3009
Table of Contents
1 Introduction........................................................................................................................................4
2 Measures of Success...........................................................................................................................5
2.1 What Is Success...........................................................................................................................5
2.2 How successful have they been financial.....................................................................................5
2.3 How successful have they been non-financially..........................................................................6
2.3.1 Customer Satisfaction...............................................................................................................6
2.3.2 Employee Satisfaction...............................................................................................................6
2.4 What do these indicators mean for Peloton................................................................................6
3 Reasons for success............................................................................................................................7
3.1 High Employee satisfaction..........................................................................................................7
3.3 First mover advantage.................................................................................................................7
3.4 Customer Experience...................................................................................................................7
3.5 High price point...........................................................................................................................7
3.6 Strong Network effects................................................................................................................7
3.7 Ranking of factors........................................................................................................................7
Factor.............................................................................................................................................7
Rank...............................................................................................................................................7
4 VRIN & AVC of Peloton.......................................................................................................................9
4.1 What endogenous factors does Peloton use...............................................................................9
4.1.1 Network effect......................................................................................................................9
4.1.2 Strategic lock-in....................................................................................................................9
4.1.3 Good corporate culture......................................................................................................10
4.2 AVC of Peloton...........................................................................................................................10
4.3 VRIN Table of Peloton................................................................................................................11
5 Leaderships contribution..................................................................................................................12
6 Strategic Focus..................................................................................................................................13
7 Strategic recommendations..............................................................................................................14
7.1 Offering a meal planning service...............................................................................................14
7.1.1 What is the recommendation.............................................................................................14
7.1.2 Suitability............................................................................................................................14
7.1.3 Acceptability.......................................................................................................................14
7.1.4 Feasibility............................................................................................................................14
 7.2 New EU Factory.........................................................................................................................14
8 References........................................................................................................................................15
1 Introduction
In this essay, I will discuss the strategic leadership and management of Peloton. I will look at how
success can be measured then I will look at 6 reasons why Peloton has been so successful in recent
years. I will then perform an analysis of the endogenous strategy that Peloton has used as well as the
contribution of leadership and their strategic focus. Finally, I will provide a strategic
recommendation to help Peloton capitalize further on its success.
2 Measures of Success
2.1 What Is Success 

Success is a very hard concept to define as there are many ways to measure it and there is no “one
size fits all” approach that works for everyone as investors, employees, customers, and managers all
have a different definition of success.  

There have been multiple ways to measure success and performance such as The Performance Prism
(Neely & Adams, 2002), the Balanced Scorecard (Kaplan, 1992), and their many derivatives such as
the Performance prism and the DMP framework, which all seek to measure how well a business
performs The sheer volume of these proves that each company should be specific about what they
want, who they want to please most and How they are going to measure it. 

2.2 How successful have they been financial. 

Peloton has seen explosive growth over the past 5 years with revenues growing from $218.6 million
in 2017 to $3085 million so far in 2020 (Peloton, 2021) (SEC, 2021). This revenue growth hasn’t
hit the profits of the business much, however as Peloton has only made a profit once in the last 5
years. That year is 2021 (SEC,2021). This shows that Peloton has had a lot of success in recent years
however once the pandemic is over is Peloton going to stay this successful? 

Data collection was very hard as some of the competitors did not file 10K or 10Q forms with the SEC.
(ND means that there was either no data or not enough data to make a meaningful comparison)
2.3 How successful have they been non-financially  

2.3.1 Customer Satisfaction 

Peloton has a rating of customer satisfaction rating of 94% on its website (Peloton, 2021). This is very
high however it is justified as Peloton bikes have satisfaction ratings of 90% on the Trust pilot and a
97% CSAT score overall (Trustpilot, 2021). This proves that customers are overwhelmingly satisfied
with Pelotons Product and service. 

2.3.2 Employee Satisfaction 

Employees are on average relatively happy when working a Peloton. On Indeed reviews, Peloton has
a score of 3.5/5 for work-life balance 3.8/5 for Pay and benefits, and 3/5 for management. This
initially would suggest that Peloton has seen success in inspiring its Employes 

2.4 What do these indicators mean for Peloton

These indicators mean that Peloton is a very successful company in the industry as it outstripped its
competitors on almost every metric found apart from profit which arguably is the most important to
any business.
3 Reasons for success
3.1 High Employee satisfaction
Peloton has a very high employee satisfaction rate (Indeed, 2021). This means that employees want
to come to work and do well with their clients. This has helped to create success as Peloton’s culture
means that every worker sees themselves as part of a very interconnected team.

3.2 Highly skilled staff

Peloton pays a lot to not only trainers but also the general staff. This means that staff who are more
skilled and effective are incentivized to come and work at Peloton. This means that Peloton spends
less overall on wages for good successes such as the Peloton connect app which allowed Peloton to
vertically integrate and capture consumers who may not have been able to afford a Peloton bike

3.3 First mover advantage

Peloton is the first major company in the fitness industry to offer high-quality classes and a very
good quality exercise machine. This gives them a first-mover advantage meaning that they enjoy a
temporary competitive advantage against other companies such as Equinox or, Flywheel which they
filed a patent suit against (New York Times, 2018)

3.4 Customer Experience

Peloton offers a brilliant customer experience and this can be seen through the sales of the Peloton
connect app. This app charges $19.99 per month and is responsible for 35% of revenue in 2020( SEC,
2021). This proves that there are a significant amount of people who want the customer experience
but can not afford the full Peloton bike.

3.5 High price point.

Peloton has a very high margin on its physical products which can be stated to be as high as 45%
(SEC, 2021). This allows for Peloton to sell in fewer numbers to more affluent consumers and since
the product is very diversified from other exercise bikes such as the Equinox bike it can command a
much higher margin

3.6 Strong Network effects

Peloton benefits a lot from networking effects. Peloton has a strategy of hiring only the best people
and then paying them large salaries. This has caused Pelotons success as it allows them to capture
more clients than their normal marketing channels could reach. As Peloton attracts big names in
training they bring a lot of customers with them.

3.7 Ranking of factors

Factor Rank
Strong Network effects 1
First mover advantage 2
Customer experience 3
Highly satisfied staff 4
Highly skilled staff 5
High price point 6
4 VRIN & AVC of Peloton
4.1 What endogenous factors does Peloton use
4.1.1 Network effect
The network effect that Peloton receives comes in 2 ways. Firstly, the benefit of customers coming
with their favorite trainers and secondly, the effect between these customers in their private
networks. This is a strategic competitive advantage as it is valuable as this means that the company
gets more customers per dollar spent on marketing (McKinnon, 2021). It is very rare as very few
companies can attract such talent. This is inimitable as a competitor would have to pay the trainers
and employees a significant amount more to leave and have better corporate culture. This is non-
substitutable as every trainer brings their energy and personality to their classes.

This adds value to the content creation and consumption of the fitness classes as each trainer can
bring a partially built community with them. This helps to build the cult spirit that Peloton is so
famous for (Petter, 2020). This also adds value to the marketing processes of Peloton as less money
needs to be spent to achieve as great of a return.

This adds value because it is easier to attract customers through word-of-mouth advertising. This
allows for a more successful strategy because the effect of advertising and salaries have more reach.
This, therefore, means that money Is being spent more effectively and therefore less is needed to be
spent to have a successful campaign (McKinnon, 2020).

This contributes to the success of the company as it means that Peloton gains a long-lasting benefit
as they reach and attract more customers and because their customer retention rate is 92% (Dean,
2021), they keep most of the customers they attract.

4.1.2 Strategic lock-in

The strategic lock-in that Peloton receives is from the social aspect of their experience. There are
very high switching costs when changing to a competitor as the equipment is around $1000 and the
loss of the social experience will mean that it is more costly for consumers to switch. This is very
valuable as once peloton has a customer it retains 92% of them (Dean, 2021). This is rare as other
competitors such as Equinor or Flywheel are struggling to get good quality alternatives to market.
Flywheel was sued by Peloton for patent infringement and Equinox launched a bike at a higher
starting price point than Pelotons lowest cost model.

This is adding value to Peloton in the customer care and customer retention areas of the AVC. This
also adds value to the design process as even if there are bugs it is harder for Peloton subscribers to
move to a competitor. This gives the design team more chance to keep a customer and make a
mistake.

This contributes to the success of Peloton as it increases the barriers a customer will face when
trying to switch. Customers also seem to switch only when dissatisfied (Verhoef et al., 2009) with the
service, and since Peloton has a customer satisfaction rating of 97% (Canal, 2021) (Peloton, 2021), a
consumer is unlikely to switch.
This contributes to the future success of Peloton as it has built an almost captive market. Peloton
can market to these consumers more easily, Know what they want a lot better using data analytics,
and thereby sell more services and products to this particular market.

4.1.3 Good corporate culture

Peloton has a very good corporate culture that people want to work in. This means that attracting
the best staff is not as hard as it may be at a company such as Amazon which is known to have a bad
culture. This is very rare as not many other companies in the fitness industry have a high employee
satisfaction rating I refer back to the table in section 2.2. This is also very valuable as research has
shown that employees work better when they are more satisfied (Javed, Balouch & Hassan, 2014)

This is creating value throughout the value chain. This is because a good work environment allows
for each part of the chain to function more efficiently.

This creates success for Peloton as it helps to attract more talented people who are strong in what
they do and are can create the customer experience that Peolotn offers. This also helps Peloton
succeed as they are seen as an ethical company. This means that their consumers who are also
affluent people in the Major US, British, and German cities can know that they are making a
difference with how they spend their money.

This creates value for Peloton because it creates an environment that an employee feels happy. This
is good for the employees as they are more productive and so less of the businesses money needs to
be spent on salaries and wages as they can attract and retain staff who can do the jobs of two
people.

4.2 AVC of Peloton

Strategic Lock in of Consumers
Infrastructure
Digital and Physical Infrastructure

Good Corporate culture for Employees

Leadership - CEO John Foley
HRM Chief Chief Marketing offi cers - Dara Peloton Customer service
Chief Supply
Network Effect for Employees Chief Content offi cer - Operations Treseder & Karina Kogan team
Chain Offi cer -
& Trainers Jennifer Cotter offi cer - Tom
Jon Adee
Cortese
Data is collected about
Use of data from Peloton Security concerns around
Tech Use of Market research Data popularity of classes & who
connect camera access
prefers each
Hiring of very skilled staff by
Quality Assurance and Delivery of Classes and Consumer Lock in via
Procuremnt divisional managers and John Cost Calculations Very High margins
community building Equipment via Direct Methods ownership of Pekitin connect
Foley
Demand for
Products

Talent Content Marketing and Customer

Manufacturing of Distribution of
Aquisition Design sales Retention
content and machines content and machines

Customer
data
Suppliers of
Talent,

Manufacturing of Manufacturing of
High quality trainers and employees High quality trainers
machines in Taiwan machines in Taiwan
and employees
4.3 VRIN Table of Peloton
5 Leaderships contribution

As the CEO of Peloton John Foley has repeatedly talked about how he leads his company. He aspires
to hard-working people looking up to leaders such as Angela Merkel or Michael Bloomberg for their
compassion, hard work, and leading from the front attitude (Liu, 2018). 

Foley allows for his managers and staff to have a lot of autonomy. In an interview with David Ross a
chief editor for linked in he said about his managers “You run your department and I trust you”
(Foley, 2019) This suggests that Foley has a transactional style of leadership which is based on Bass’
Transformal-transactional distinction (Bass, 1985;1990). He shows a lassiez-faire attitude to his
employees and sees to only manage passively by exception also seen in the interview with Daniel
Ross.

There are many benefits to Foley’s style of leadership and they are  

 Higher employee satisfaction 
 More efficient departments 

However, this can prove an issue for Peloton as, if they wish to Scale-up and become even bigger 
 If every manager is allowed to run their department as they wish then this means there is
less cohesion between departments. This makes communication and decision-making slower. 
 If decision-making is slower it could mean that key opportunities are missed and this could
hinder the growth of Peloton. 

Overall Foley has had a good leadership style as he has allowed for the substantial growth of Peloton
into a multi-national corporation. Foleys style of leadership is good for a small company and he has
said so. He likes to get to know people and to create a nice culture that someone wants to work
in. He has shown to have a very laissez-faire approach which can harm organizational performance
(Baldegger & Rauthmann, 2012)

The largest problem with how he leads is that he delegates a lot of responsibility and this means that
each department could be run completely differently. This can lead to issues in communication,
scheduling, and decision-making.  He does, however, seem to have a strong team that is willing and
able to achieve its goals so his Lassiez-faire approach has a positive effect on organizational
performance (Yang, 2015).
 
However, as Foley is very good at delegating responsibility he may find it very easy to set
up subsidiary companies in new markets allowing for the better rise of Peloton in emerging and
untapped markets such as Mexico, China, or the EU more generally. 
6 Strategic Focus
The peloton had the option of 2 different business strategies: Being a cost leader or diversifying the
product. Peloton has gone for the diversification of its product. Peloton has built a business that
doesn’t only sell a physical bike but fitness as a whole (Foley, 2020). They integrated their fitness
class aspect into it and used this to take advantage of the economics of technology companies.  

Peloton Spent a significant amount of money to develop the bike as they couldn’t do

their original idea of simply slapping a tablet onto an exercise bike and have so developed this
product out of a desire to be excellent(Foley, 2020). This proves that they have a diversified product
as they have had to set up their production lines to create this. If Peloton wanted to be a low-
cost leader then they would have taken advantage of already existing infrastructure and focused on
lowering input costs such as salaries, shipping, or manufacturing. 

Peloton has also developed supporting products around its bikes. These are the Peloton connect app
and the merchandise. This creates other ways for Peloton to receive revenue and keep consumers
who can not afford a full Peloton bike in their sales funnel.  
 
The fact that Peloton has created a strategy around diversification means that they can charge a high
price point and their margins of 39.9% (Peloton, 2021) on the physical bike proves this. Peloton also
has a temporary first-mover advantage which they are trying to keep. Flywheel developed their
version of a peloton-style exercise bike and Peloton filed a patent lawsuit against them to protect
their advantage. 

Peloton currently exists in a blue ocean and this has allowed for great financial performance (Lindič,
Bavdaž & Kovačič, 2012) however, this is not going to be for too much longer as a cost-
conscious consumer can now buy a similar style bike from a competitor such as Nordictrack,
Flywheel or Equinox (the parent company of soul cycle) and pay the $19 per month for the Peloton
app. This may mean that Peloton will need to decrease their margins and this could enter a red
ocean for the physical bikes whereas the Peloton connect will stay in a relatively blue ocean. 
Peloton as a company has always had a consumer focus. In an interview with Goldman Sachs Foley
said that his focus was almost entirely on growth (Goldman Sachs, 2020). 
7 Strategic recommendations.
7.1 Offering a meal planning service  

7.1.1 What is the recommendation

Peloton is a brand that is focused on Fitness. Peloton has had major successes around the exercise
side of fitness with the Peloton bike and treadmill. This leaves out the other part of Fitness, which is
diet. I recommend that Peloton start its meal planning service which can work alongside services
such as blue apron.

This helps to capitalize on Pelotons lock-in (discussed more on pages 8 & 11) of its consumers and it
applies to the current Peloton audience as they are middle-income people in major cities in the US,
UK, and Germany.

This recommendation will allow for greater integration as a health and fitness brand and not just a
fitness one. The food industry is a very red ocean however Peloton could avoid having to set up its
supply chains and utilize other companies in that field.

7.1.2 Suitability
This recommendation is suitable for Peloton as it is a way for them to benefit from the customers
they already have as their demographic is very time conscious, as this is the reason they bought a
Peloton bike. This would be suitable for Investors as well because it would likely increase revenues
and therefore profits.

7.1.3 Acceptability
This recommendation is acceptable to suppliers as they will gain a new customer. This is also
acceptable for Investors because there is an almost insignificant start-up cost as the current trainers
could put together a weekly meal plan or even share their own.
This would be acceptable to the employees as there would be only a small amount of administrative
work to be done for the takers of the co-operation deal.

7.1.4 Feasibility
This is a very feasible recommendation because it is well within the companies capabilities to do. It
will not have to expend much cash to achieve a partnership with a food delivery brand such as Blue
Apron.

7.2 New EU Factory

Peloton should open a new factory in Europe. This means will allow them to meet more demand
from inside of the EU. The fitness industry in the EU was worth 27.2 billion euros in 2018 (Deloitte,
2019). This means that there will be a large international market that Peloton can begin to tap.

This capitalizes on the benefits of John Foley's leadership as he has a very lassiez-faire attitude and
places a lot of trust in his directors. This will work well when working across borders because the
company will be able to function in a similar way to how it does now and it will not require a change
of corporate structure.
This is suitable for Peloton as it opens them to a new set of customers. This is suitable for the CEO as
he will not have to change his style however, will gain access to new markets.

This may not be suitable for some risk-averse investors as they may see the entrance into the EU
market as too risky and may sell off their shares. This may also not be suitable for some trainers as
Peloton classes will need to be translated into the 25 languages of the EU and this will significantly
increase costs of trainers.

This is an acceptable recommendation to the CEO as it again requires very little effort. This is
acceptable to Investors as it will bring more profits

This is feasible as Peloton already has operations in the UK and Germany although, they are much
smaller than the US. This will require a large investment however it will be very manageable with
Pelotons revenue.

8 References
(2021). Retrieved 28 May 2021, from https://www.zoominfo.com/c/soulcycle-inc/226820464

Abad-Santon, A. (2021). SoulCycle’s exclusivity was its secret weapon — and its downfall. Retrieved
29 May 2021, from https://www.vox.com/the-goods/22195549/soulcycle-decline-reopening-
bullying-bike-explained

Bowflex is rated "Poor" with 2.3 / 5 on Trustpilot. (2021). Retrieved 29 May 2021, from
https://uk.trustpilot.com/review/www.bowflex.com

Canal, E. (2021). 4.4 million users, 97% satisfaction, and $1 billion in revenue: How Peloton mastered
user engagement to become the Apple of fitness. Retrieved 3 June 2021, from
https://www.businessinsider.com/pelotons-high-customer-satisfaction-cemented-its-cult-status-
2020-9?r=US&IR=T#:~:text=A%20whopping%2069%25%20of%20Peloton,from%20the
%20investment%20firm%20Wedbush.

Carson, B. (2021). Peloton CEO John Foley Faces the Skeptics Again: This Time, Buyers in Its $8 Billion
IPO. Retrieved 1 June 2021, from https://www.forbes.com/sites/bizcarson/2019/09/26/peloton-ceo-
john-foley-faces-the-skeptics-again-this-time-buyers-in-its-8-billion-ipo/?sh=6f89f4743498
Chang, S. (2010). Bandit cellphones: A blue ocean strategy. Technology In Society, 32(3), 219-223.
doi: 10.1016/j.techsoc.2010.07.005

Cosgrove, E. (2021). Peloton doubled production capacity, but supply won't catch up until 2021.
Retrieved 2 June 2021, from https://www.supplychaindive.com/news/peloton-production-capacity-
factory/585057/

Dean, B. (2021). Peloton Subscriber and Revenue Statistics (2021). Retrieved 3 June 2021, from
https://backlinko.com/peloton-users

Dominic, A. (2021). Life Fitness Reports 5.6 Percent Decrease in Q4 2018 Revenue, Amid Spin-Off.
Retrieved 3 June 2021, from https://www.clubindustry.com/news/life-fitness-reports-5-6-percent-
decrease-q4-2018-revenue-amid-spin-off

European Health & Fitness Market. (2019). Retrieved 3 June 2021, from
https://www2.deloitte.com/content/dam/Deloitte/es/Documents/acerca-de-deloitte/Deloitte-ES-
TMT-European-Health-Fitness-Market-2019.pdf

Farrell, S. (2021). Peloton Marketing Strategy: Uncovering Key Lessons For Rapid Growth - NoGood™:
Growth Marketing Agency. Retrieved 3 June 2021, from https://nogood.io/2019/10/16/peloton-
growth-marketing-strategy/

FORM S-1 REGISTRATION STATEMENT. (2021). Retrieved 27 May 2021, from

https://www.sec.gov/Archives/edgar/data/1639825/000119312519230923/d738839ds1.htm

Furtner, M., Baldegger, U., & Rauthmann, J. (2013). Leading yourself and leading others: Linking self-
leadership to transformational, transactional, and laissez-faire leadership. European Journal Of Work
And Organizational Psychology, 22(4), 436-449. doi: 10.1080/1359432x.2012.665605

Goldman Sachs. (2021). John Foley, Founder and CEO of Peloton [Video]. Retrieved from
https://www.youtube.com/watch?v=ocUz3kyJfXM

Gross, D., & Cassiman, B. (2021). Business cycle. Retrieved 1 June 2021, from https://www.strategy-
business.com/article/Business-Cycle?gko=ef508
Hart, T., McCarthy, M., Nayak, V., Hart, T., & Evans, P. (2021). Connected Fitness Company Echelon
Lands $65 Million Investment. Retrieved 3 June 2021, from https://frontofficesports.com/echelon-
65-million-investment/#:~:text=Like%20many%20home%20fitness%20brands,100%2C000%20users
%20through%20its%20app.

How To Start A Protein Bar Company - Starter Story. (2021). Retrieved 3 June 2021, from
https://www.starterstory.com/how-to-start-protein-bar-company

ICON PLC and Subsiduaries. (2019). Annual Report 2019 (pp. 6-14, 28-33). Dublin: ICON PLC.
Retrieved from https://investor.iconplc.com/static-files/618a4609-9f24-46de-9a21-fe7e39adc6bb

INFORMATION STATEMENT Life Fitness Holdings, Inc. (2021). Retrieved 27 May 2021, from
https://www.sec.gov/Archives/edgar/data/1757158/000114036118042910/s002502x1_ex99-1.htm

Javed, M., Balouch, R., & Hassan, F. (2014). Determinants of Job Satisfaction and its impact on
Employee performance and turnover intentions. International Journal Of Learning And Development,
4(2). doi: 10.5296/ijld.v4i2.6094

Kaplan, R., & Norton, D. (2021). Putting the balanced scorecard to work. Harvard Business Review,
2(1), 2-30.

Kappel, M. (2021). 6 Ways To Measure Small Business Success. Retrieved 27 May 2021, from
https://www.forbes.com/sites/mikekappel/2017/03/08/6-ways-to-measure-small-business-
success/?sh=91ee78c18f46

Leadership Traits - List of Top Qualities of an Effective Leader. (2021). Retrieved 1 June 2021, from
https://corporatefinanceinstitute.com/resources/careers/soft-skills/leadership-traits-list/

Life cycle's revenue and customers. (2021). Retrieved 28 May 2021, from
https://www.owler.com/company/lifefitness

Life Time Fitness, Inc. company revenue 2012-2019 | Statista. (2021). Retrieved 27 May 2021, from
https://www.statista.com/statistics/348909/life-time-fitness-inc-revenue/

Lindič, J., Bavdaž, M., & Kovačič, H. (2012). Higher growth through the Blue Ocean Strategy:
Implications for economic policy. Research Policy, 41(5), 928-938. doi: 10.1016/j.respol.2012.02.010
Massey, J. (2021). Peloton review. Retrieved 29 May 2021, from
https://www.which.co.uk/reviews/exercise-equipment/article/home-gym-equipment-brand-
reviews/peloton-review-azAmR8p4rBdY

McGowan, E. (2021). What Peloton Knows About You | Avast. Retrieved 31 May 2021, from
https://blog.avast.com/what-peloton-knows-about-you-avast

McKinnon, T. (2021). 8 Facts About Peloton’s Marketing Strategy You Need to Know. Retrieved 2
June 2021, from https://www.indigo9digital.com/blog/jpelotonmarketingstrategy

Miles, S. (2021). In Fitness Industry, Vertical Platforms Cater to Specialized Operations | Street Fight.
Retrieved 3 June 2021, from https://streetfightmag.com/2019/11/04/in-fitness-industry-vertical-
platforms-cater-to-specialized-operations/#.YLhC0qhKiUk

O'Halloran, K. (2021). Insider Spotlight How Peloton Empowers People to Take Control of Their
Fitness — and for Employees, Their Careers. Retrieved 3 June 2021, from
https://www.builtinnyc.com/spotlight/2019/06/11/peloton-company-culture-nyc-and-abroad?
__cf_chl_captcha_tk__=d58c45791da0c6f00389c33f0e146413d7b5e453-1622678845-0-
AcgKmkRziQqazfxVxBYaz_BMXi9BY7taJSHm9LOBdPxsgMLROSwPyWDXQ6vIAM0KMStDhBCuGvoG1S
Lc7Hap37kgtiHXHaE14_RRyDwjlgLMV5vuIZ_76FSu5sQfj5FY7DFYz5ymnS5zDzUO53JI3yTjfYojOnjxm9T
CAC40F8CrJGAX46i082dOaIk4fWwDPxacWzz9RNw_ISeHwkyOFuu55vi4q_Zv-
flGrikMwGpJNQuBKdrEBqgsta4HrV4j-6SWI9JjcA05lYQmTiir3lQ9XZ4Im1xX9Mry7G4XuRogL-
hj4sifsWeR4aGsvHXGDZALg7crIRdjOBIBt95USnIGRMrdy3Y6mtwcfszxPD55_t2jIKhSTKDLY5lcIkqa9LNP
WtgzAsMePGZmbuyZXLMwRjz4_xHrgUUMhD9KSJkxLhqObp2GYfDWNlGn4RswTDn5PTenbFpBEqx80
Gvb-G-RWuVb0aSabB1RQ_cnYOxk94xB0Q4khtxtYC8V-
8ux8CZPy41R8ubgdFiN46TaA4lv_s_pmBqGNgFId2XEUjRYYFWFxrrC-YuH-
80sU54AfOiH7RfefTf5ypuxJQZKw6Pv_G9su2QMaGCSnfLoG1wX8PCpLd3S4gJn3MS3xsVylWpDaCc9jX
Bz-DwXy_uQvKt4i2tpypnpWvAgKafQOhq84QoIEIQCNuRicVluGkOtVg

Patel, N. (2021). Is Peloton Building a True Competitive Advantage? | The Motley Fool. Retrieved 30
May 2021, from https://www.fool.com/investing/2020/06/14/is-peloton-building-a-true-
competitive-advantage.aspx

Peloton® | Exercise Bike With Indoor Cycling Classes Streamed Live & On-Demand. (2021). Retrieved
27 May 2021, from https://www.onepeloton.com/company/team
Petter, O. (2021). How an at-home spinning community became a pandemic obsession. Retrieved 29
May 2021, from https://www.independent.co.uk/life-style/peloton-lockdown-instructors-change-
lives-b1759232.html

Quarterly Results | Peloton Interactive, Inc. (2021). Retrieved 27 May 2021, from
https://investor.onepeloton.com/financial-information/quarterly-results

Reiff, N. (2021). How Peloton Makes Money. Retrieved 30 May 2021, from
https://www.investopedia.com/insights/how-peloton-makes-money/

Roth, D. (2021). No one believed in Peloton's CEO as he built the company. Here's how
John Foley just kept climbing. Retrieved 1 June 2021, from https://www.linkedin.com/pulse/one-
believed-pelotons-ceo-he-built-company-heres-how-john-daniel-roth/

Santos-Abad, A. (2021). SoulCycle’s exclusivity was its secret weapon — and its downfall. Retrieved
28 May 2021, from https://www.vox.com/the-goods/22195549/soulcycle-decline-reopening-
bullying-bike-explained

Schieber, H. (2021). The Network Effect: Why Peloton’s Community is its Secret Weapon amidst
Competition | Schieber Research. Retrieved 3 June 2021, from https://researchci.com/the-network-
effect-why-pelotons-community-is-its-secret-weapon-amidst-competition/#:~:text=Peloton%20is
%20also%20partnering%20with,to%20the%20content%20and%20equipment.&text=This%2C%20in
%20turn%2C%20creates%20a,more%20likely%20to%20consider%20it.

Stock, K. (2021). Bloomberg - Are you a robot?. Retrieved 30 May 2021, from
https://www.bloomberg.com/news/newsletters/2021-02-07/peloton-pton-is-desperate-to-
overcome-its-supply-chain-woes

Stolberg, S. (2021). Biden Has a Peloton Bike. That Raises Issues at the White House. Retrieved 31
May 2021, from https://www.nytimes.com/2021/01/19/us/politics/biden-peloton.html

Team, T. (2021). Peloton Stock: Is Peloton A Fad?. Retrieved 31 May 2021, from
https://www.forbes.com/sites/greatspeculations/2020/12/08/peloton-stock-is-peloton-a-fad/?
sh=732b39d119af
The Peloton Business Model - How Does Peloton Work & Make Money?. (2021). Retrieved 30 May
2021, from https://productmint.com/the-peloton-business-model-how-does-peloton-make-money/

Top 5 Peloton Bike Alternatives of 2021. (2021). Retrieved 27 May 2021, from
https://www.fitrated.com/exercise-bikes/peloton-alternatives/

Verhoef, P., Lemon, K., Parasuraman, A., Roggeveen, A., Tsiros, M., & Schlesinger, L. (2009).
Customer Experience Creation: Determinants, Dynamics and Management Strategies. Journal Of
Retailing, 85(1), 31-41. doi: 10.1016/j.jretai.2008.11.001

Why People Pay $34 A Class For The Most Popular Cycling Work Out In America. (2021). Retrieved 29
May 2021, from https://www.businessinsider.com/why-people-pay-34-for-soulcycle-2014-9?
r=US&IR=T

Yang, I. (2015). Positive effects of laissez-faire leadership: conceptual exploration. Journal Of

Management Development, 34(10), 1246-1261. doi: 10.1108/jmd-02-2015-0016

Yao, R. (2021). Auditioning for SoulCycle. Retrieved 30 May 2021, from

https://roseyao.medium.com/auditioning-for-soulcycle-94a7364c0c78