- June 24, 2020
MARKETING PLAN 9
1).Develop the company’s branding, pricing, and distribution strategy.
Ourfirm, SPORTYglamis quite explicit of its passion. The firm specializes in sportsapparel such as heavy duty hiking boots, sporty track suits, jackets,leggings, T-shirts, vests, sports bra and so on. Our target marketincludes professionals in the field of sports and learninginstitutions. Also, we target clients who love to enjoy their time inrecreation activities, attending sporting activities as well as thosewho love sportswear clothing. Our clothing comes in differenttextures and colors for our clients to choose from. Notably, thecompany makes men wear, women wear, kids wear and unisex wear. Thispaper details part of the marketing plan that our company is set toimplement in the few three years.
Thesportswear business is very competitive. Thus, SPORTYglam willundertake multiple branding strategies to grow revenues and achieve acompetitive advantage. Accordingly, the company’s brand initiativewill focus on quality positioning, benefit positioning and valuepositioning strategies to improve our brand.
Thequality of a company’s products is a critical element of its brandrecognition(Athanasopoulou, Giovanis, & Avlonitis, 2015).In this regard, SPORTYglam will present itself as a trusted companythat makes high-quality products. We ensure that we partner with oursuppliers to deliver high-quality raw materials that we use to makeour products.
AtSPORTYglam, we believe in providing high-quality and high-valueproducts at competitive prices. Given that there are many substituteproducts in the market, we strive to provide our clients with thebest customer service as well as address their concerns. Towards thisend, we intend to employ more customer care service attendants andtrain them on how best to handle our clients.
SPORTYglamintends to continually highlight the unique benefits that our clientsstand to reap whenever they purchase our products. For instance, ourproducts provides a much needed cooling effect on client’s bodywhenever they train or participating in sporting activities. Again,our sporting gear lasts longer than competitors thus enabling ourcustomers to save money.
Giventhe high level of competition in the sportswear industry, our companyintends to introduce different products for different prices toaccommodate various demographic groups (Johanssonet al., 2012).In addition, our company will provide discounts for repeat customersand conduct monthly sales events to offload slow moving stock.Notably, the monthly sales events will see the company offloadslow-moving stock at half the normal price. This will go a long wayin attracting more clients.
SPORTYglam’sdistribution strategy will largely be web-driven since today’sconsumers are technologically savvy. In essence, customers will berequired to access our website or our app and make orders which willthen be delivered at their preferred points. However, we also plan toincrease our store network for clients who still prefer to shop inphysical stores.The company will establish two chain stores one in Los Angeles andthe other in New York City. The company also plans to launch awebsite to assist our clients in making and processing orders. Thewebsite will be linked with our social media accounts.
2).Classify the company`s major competitors as inter- orintra-competitors. Categorize the competitors` major strengths andweaknesses.
Accordingto Weber(2014),companies have rival businesses trying to sell similar products andservices. It is the responsibility of executives to study theircompetitor’s products, financial capabilities and market positionto remain competitive in the market. For SPORTYglam, we have to focusour attention on other sportswear manufacturers in the country suchas Nike, Gap,New Balance, CAT, and Reeboks.These competitors mainly focus on making sports clothing and shoes.After comprehensive market research conducted by our company, we haveidentified a gap in the provision of customized sports clothing.Currently, none of our competitors has ventured into customization ofsportswear products. As a result, customers resort to externalarrangements to have their names or graphic designs printed on theproducts they purchase from our stores. We intend to fill this voidby introducing this service to our customers.
Suand Tong (2015),postulate that brand differentiation, price, and quality of productswill drive the inter-brand competition between existing players. ForSPORTYglam, the major inter-brand competitors include Nike and NewBalance. These companies that focus more on creating apparel forsports teams. However, they do not concentrate on the creating sportsapparel for education institutions such as high schools and colleges.For SPORTYglam to be successful, we can to expand our market segmentsto include as many customer groups as possible. Educationinstitutions can provide the much needed market for SPORTY glam
Arguably the strongest global brand in making sports apparel
Sponsors international clubs, athletes and sports federations.
A strong brand endorsed by many celebrities globally
Operates through a network of specialty retailers, departmental stores and sporting goods.
Controversies emanating from poor labor practices in third world countries
High product prices.
Its brand reputation is under threat following increased cases of duplication of its products by unscrupulous businesses.
Failure to address to adequately address recent controversies thus affecting the company’s reputation.
3).Develop the differentiation strategy about the closest competitor
SPORTYglamto stand out and differentiate itself from its rivals, it must focuson building a brand as opposed to just striving on increasing sales.The firm’s differentiation strategy should be based on throughresearch on business development, personnel, products and customersservice(Su & Tong, 2015).In developing our differentiation strategy, we ought to keep in mindwhat our close competitor is doing or rather not doing. In thisregard, Nike our closest closest competitor because of their narrowfocus on sportswear and fashion clothing. In addition, they are wellrespected and recognized in the market because of the quality oftheir products. Our company will differentiate itself by launchingitself as a fitness expert. With the quest for healthier lifestylesincreasingly becoming popular in recent days, the market is likely torespond positively products or services that promise sustainablehealthier lifestyle. In this regard, our company should open a numberof training/fitness clubs for athletes and non-athletes alike. Thisstrategy is likely to position our brand as consumer conscious.Another way in which SPORTYglamcan differentiate itself from Nike is through image differentiation.In this regard, the company should work to build its image whileavoiding controversies that are likely to dent its reputation. Assuch, the company should ensure that its operations and ethical andabove board.
4).Establish whether the company`s intention is to be a leader orfollower within the industry
Intoday’s increasingly competitive market, companies are constantlyinnovating with an aim becoming dominant players in a particularniche. SPORTYglam is a business that has the intention and aims to bea leader in the sportswear market. However, the company is alive tothe fact that there are other companies in this industry who havebeen in the industry for a long time. Notably, a company like Nike isnot only a dominant player in the US market but dominates the world’ssportswear industry. Since our company’s is fairly young in theindustry, it would be impossible to compete on the same level withindustry’s giants such as Nike and Adidas. However, this does notmean that we are not ambitious. We have our strengths and weaknesses,and we hope to capitalize on our strengths in order to build a strongbrand that is well recognized and well respected in the United Statesand beyond. To begin with, we hope to become a leader in the segmentthat we currently serve. As aforementioned, our closest competitorsin our target segment include Reebok and Nike. If we can be able tooutsell our closet competition, this will set our pace going forwardas we seek more market dominance. In the near future, we hope to beleaders in our target segment. We can only achieve this by exploitingour rivals’ weaknesses while improving on our weaknesses.
5).Specifytwo (2) social media and media tools that you would use as youdevelop your plan. Justify each of your chosen tools.
Advertisingis critical for businesses. It helps companies to reach a widercustomer base. In SPORTYglam, we can utilize our media for ourmarketing plan. Since our target segment covers person’s who areinto sporting activities or sports lovers, we can advertise ourproducts in sports magazines and sports televisions channels.
Socialmedia is another advertising channel that is gaining root in thecontemporary business world. Our company can utilize the two mostpopular medium in social media Facebook and Twitter to advertise ourproducts. Unlike traditional media, social media is less costly andhelps to reach much more people compared to television and newspaperadvertisements.
6).Suggestthe integrated marketing communications that are most relevant toyour marketing plan. Relate each marketing communication to yourcompany`s advertising strategy
Anintegrated marketing communication plan allows businesses to combinesome strategies for their marketing campaign(Caemmerer, 2011).As part of our marketing plan, our marketing campaign will includesales promotion and advertising.SPORTYglam’sadvertising strategy will involve placing ads on its social mediawebsites, its main website, sports magazines and television channels.By advertising in sports magazines and television channels,SPORTYglamhopes to reach sports lovers who are the major consumers forsportswear. Notably, the company will develop classy ads that appealto the young demographic group, apparently, who participate insporting activities. Strategic ads on social media can also help pushthe company`s brand. The advantage of social media is that it is lesscostly and is bound to reach a wider geographical population.
Salespromotion strategy is another way in which SPORTYglamcan reach more customers. This strategy entails partnering withretailers who stock our merchandiseto provide discounts to our customers. Again, our company can offer adiscount to customers who purchase products in bulk as well as repeatcustomers.
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