Athletics Supreme Marketing Plan
Company Overview and Market Research
Overview of Company
Athletics Supreme is a company that has been in the sporting product industry for 10 years now. The main offices and largest retail store of the company is located in New York City. In particular, the company has become a household name in providing sports equipment, such as tennis rackets and balls, rugby balls and footballs. In addition, the company offers sporting exercise equipment, such as treadmills, weights, rollers and the like. The company has grown, both in scale and size, over the past five years. It has been able to open several other retail stores in different states across the nation. In addition, the company has also been able to expand globally with one store in Canada and another in the United Kingdom. In the contemporary, owing to the increase in demand from consumers and popularity, Athletics Supreme plans on venturing into the sportswear industry. Taking into consideration that it has already become a brand name in sporting equipment, the company considers that this will act as a platform and springboard into a successful venture in the new industry.
The main objective of market research strategies is to successfully come up with a means to solve the problems being faced by the consumers and in a manner that is still profitable for the company. For this reason, marketing research is considered vital, not just for the development and growth of the business, but also in nurturing forthcoming business prosperities. One of the market research strategies that the company will use is the trends assessment. Through this approach, the company will be able to gather and analyze data to ascertain patterns and inclinations in the market and determine the opportunities that Athletics Supreme can take advantage of. This will enable the company to understand what the consumers want and the trend in which the industry is leaning towards. Secondly, the company will use competitive assessment. This will enable Athletics Supreme to ascertain the prospects that may or may not already be utilized by the rival companies in the industry. This research approach will enable the company to comprehend what the rivals are laying emphasis on and where prospects for marketing growth lie (Aders, 2015).
Analyzing Macro-environment-PEST Analysis
PEST analysis consists of four aspects. These are the political factors, the economic factors, the social factors, and the technological factors. These tools enable the business to determine the industry forces and trends from all perspectives and aid the business to acknowledge whether such kind of industry is suitable for it (Warner, 2010).
1. Politics, Rules and Regulations
i. Political Dynamics Diversity
Being in operation in different geographical locations and expanses, Athletics Supreme will have to contend with the different political, legal and regulatory rules set in the various regions. These can hamper the business operations.
2. Economy
i. Recovering Economy
In recent periods, the global economy is gradually recovering from recession. The implication of this is that consumers will have more disposable income to spend.
ii. International Trade
Having expanded internationally, the company will have to content with international trade regulations and rules.
3. Society and Culture
i. Social and Cultural Preferences
Delving into this new industry and market, Athletics Supreme has to take into consideration the social and cultural trends, patterns and preferences. This way, the company is able to determine the niche in which it can base its products on.
4. Technology
i. Social Media: With the advancements in social media, applications, such as Facebook, Twitter and Instagram make it possible for Athletics Supreme to realize the inclinations and the viewpoints of the consumers.
ii. Online Product Ordering: Athletics Supreme in its new product line as well as its other business operations, makes use of technology for product ordering procedures through use of mobile applications as well as business website.
iii. Automation in Production
The advancement in technology has produced an upturn in automated machinery. This has enhanced the level of output. Nonetheless, the sportswear industry is projected to remain labor intensive for the reason that even though some of the manufacturing jobs can presently be mechanized, these automatic everyday jobs are still restricted to basic functions. Therefore, employees will continue to finish majority of the practical functions of the production.
Unit IV: Situation Analysis
Segmentation & Target Market Analysis
Athletics Supreme is targeting sporting consumers, both the young and the old, professional athletes and also individuals in need of sportswear for sporting activities. However, the company will focus on products that distinctively suit the different set of consumers. For instance, the company will produce footwear that is able to track the motion and speed of the wearer. This will enhance the preference of the product. In addition, the company plans on targeting teams in the lower football leagues as the providers of the sportswear and sporting kits. This will serve as a platform for the company to increase its brand recognition.
Competitive Analysis
The sportswear industry is one that is extremely competitive. The three main competitors that Athletics Supreme will face in the market include: Nike, Adidas and Under Armour.
1. Nike
2. Adidas
3. Under Armour
SWOT Analysis
1. Strengths
i. Brand Recognition and Reputation
Already being recognized as a company that offers proper sporting equipment, the company will be able to obtain new consumers and retain them, owing to its brand reputation.
ii. Diversity By delving into this new venture, the company will have a competitive string suit in terms of diversity and variety in products that are offered to the consumer, that is, sporting equipment, sporting wear and even footwear.
iii. Distribution Control
One of the strong suits that the company has is that it has a strong control over its distribution channel. In addition to a new product line, the company will be able to ensure that its products get to the right consumers.
2. Weaknesses
i. Intense Competition
One of the weaknesses is the intense competition that the company stands to face in the market place. There are already established brands, such as Nike and Adidas, which have already become household names.
ii. Loyalty to Brand Names
The other weakness is that the company is a brand on equipment and not sportswear. This could be a weakness as it will be very difficult to appeal loyal consumers already used to brands such as Nike, Adidas and Under Armour.
3. Opportunities
i. Collaboration
The company has a great prospect of collaborating and cooperating with other online retailers to offer Athletics Supreme products. This will enable the company to retail more products and reach a wider number of consumers.
ii. Social Media
Social media serves as an opportunity for Athletics Supreme to make the most of its name to attain new consumers and grow its brand. Through social media, the company is able to reach an extensive range of consumers and also interact with them on a personal and cohort basis to understand their preferences and needs.
4. Threats
i. Reputation of other Companies
Athletics Supreme faces the threat of the string reputation of other renowned companies, such as Nike and Adidas, in the apparel and also footwear industry. The company might find it hard to obtain a strong and loyal consumer base.
ii. Duties and Levies
One of the threats that is bound to negatively impact the business operations and success of Athletics Supreme is the continuing challenges and difficulties with regard to import and export duties iii. Raw Material Price
The company also faces the threat of the increase and rise in the price of raw materials. This will increase the total cost of the company’s production, which might preclude the capacity of Athletics Supreme to succeed in the venture.
Unit VI: Marketing Strategy
The marketing mix is a business research method that is employed in marketing products or services produced and retailed by a company. This specific method is important as it helps in ascertaining the unique retailing point of a commodity or product. The marketing mix method is made up of four dissimilar constituents or strategies and these consist of product, promotion, price and place strategies (Smith, 2012).
Product Strategies
Product strategies have a significant role to play with regards to the marketing mix. This is for the reason that it is the product package being offered by the company that displays how unique or how well-matched it is for the consumers set against other packages offered by other rival companies. One of the product strategies to be used by Athletics Supreme in the market is product positioning. In essence, this is the way a product or a service is perceived by the consumers, together with its key features set against the products of the competitors. The competitive advantage which Athletics Supreme will have over its competitors is the diversity in the features that it will offer. For starters, the product packages of Athletics Supreme will be positioned in the market as an economical option in comparison with competing products. Furthermore, Athletics Supreme will offer three different product lines. There will be the sporting equipment, sporting apparel and sporting footwear (Pearce, 2007).
Place Strategies
Place strategy in the marketing mix takes into account the way a company plans to distribute the products or render the services it is retailing using different channels to the end-user or consumer. So as to be efficacious and fruitful or effective in its operations, it is vital for the company to distribute its products at the right place and at the fitting time. Being a sports products facility, Athletics Supreme will make use of direct distribution to the consumers through its different walk-in retail stores and also online through its websites. The company will also use indirect distribution through different retailers, such as hypermarkets and supermarkets, that stock and sell sports products (Lamb, Hair and McDaniel, 2012).
Pricing Strategies
Pricing plays a significant role in the marketing strategy with regard to ascertaining the pricing approach that will essentially appeal to consumers within the business’ target market. There are a number of pricing strategies that Athletics Supreme will employ. At the outset, being fresh in the sportswear industry, in order to attract new consumers and become recognized in this sector, Athletics Supreme will utilize competition pricing. In essence, the business will offer retail prices that are more economical and fair compared to competitors in the market. The company will offer similar and lower prices compared to the rival companies and provide the same services and the same amenities to the consumers. This move will serve as a ploy to appeal to more consumers. Secondly, Athletics Supreme will utilize product line pricing. This is centered on the diverse product packages offered by the company. For instance, apparel and equipment purchased in bulk will be significantly cheaper compared to single purchases. In addition, the better the services rendered, the greater the sales the company is bound to make, both through the apparel and equipment sales. This sort of price discrimination will help Athletics Supreme in maximizing its turnover and returns (Smith, 2012).
Promotional Strategies
These strategies are deemed vital for the company, in making certain that its brand is well recognized by the general public, and also as a means of attracting new consumers. Athletics Supreme will utilize numerous dissimilar promotional strategies so as to advance in the new venture market. One of the promotional strategies is the use of social media. Athletics Supreme will make use of social media platforms, such as Facebook, Twitter, Instagram, Google + as well as a fashion website of its own to promote the new products that it intends on rendering to the target market population. The company will attain a competitive edge because through social media, the range is quite extensive and can effortlessly grow the consumer base. Furthermore, being fresh to the market, the company will be able to get in contact with its prospective consumers on a more subjective level. Another promotional strategy that will be used by Athletics Supreme will be markdowns on new customers and product freebees. For example, the company will offer 10% discount for the first 1,000 customers to buy the products. In addition, the company will offer 50% discount for the next product bought, if a consumer bought products worth $2,500. This will offer a competitive edge to Athletics Supreme in attracting new consumers and also appealing to consumers of rival corporations, such as Nike and Adidas (Pearce, 2007).
Unit VIII: Marketing Metrics
Marketing Metrics Overview
The marketing metric is a measure, which a company can employ in measuring its performance level. There are several marketing metrics that can be used by a company to measure its level of performance.
Application to Athletics Supreme
The following are some of the marketing metrics that will be used by Athletics Supreme to measure the performance level of its business operations:
1. Sales Metrics
Sales metrics are company rations and performance indicators. They are utilized to ascertain the effectiveness of the company’s retail sales, promotional activities and sales practices. Taking into consideration that Athletics Supreme will be entering a new market, it will use direct sales of the product. The company can gauge the sales growth attained between the inception and its first year in the business. This can be obtained as indicated below:
Sales growth = (Sales generated in T+1 — Sales generated in T) / Sales generated in T x 100
The measurable objectives of this metric will be handled in percentages. For example, Athletics Supreme will project a 25% growth in its sales (Mars, 2013).
2. Consumer Willingness to Purchase Metrics
Customer centricity is defined as an approach to examining a business’ operations in the sense that the company lays emphasis on generating a positive and reliable experience for the customer and shopper at the point of sale (Mars, 2013). This context requires connectivity through each network of the business, allowing the consistent distribution of the most appropriate level of service, well-being, and consumer care to every section of the customer base. The Customer Readiness to ‘Buy’ metric that will be used by Athletics Supreme is preference. Entering into a market that is dominated by other brands, the company will gauge its performance by examining whether the consumers will have a preference for the company’s products over those of rival companies. The more products that the consumers have a preference for implies greater revenues generated by the company. Considering this, Athletics Supreme will gain the capacity to provide a great consumer experience to its customers, which in turn will increase the number of consumers and the revenues generated (Mars, 2013).
References
Aders, A. (2015). The 4 Essential Research Strategies in Content Marketing. Retrieved 25 January, 2016 from:http://www.inc.com/aaron-aders/the-4-essential-research-strategies-in-content-marketing.html
Lamb, C., Hair, J., McDaniel, C. (2012). Essentials of Marketing. Ohio: South Western Cengage Learning.
Mars. (2013). Sales metrics and the sales process for early-stage tech startups. Retrieved 25 January, 2016 from: http://www.marsdd.com/mars-library/sales-metrics-and-the-sales-process-for-early-stage-tech-startups/
Pearce, B. W. (2007). Senior Living Communities: Operations Management and Marketing for Assisted Living, Congregate and Continuing Care Retirement Communities. Maryland: The John Hopkins University Press.
Smith, T. (2012). Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures. Ohio: South Western Cengage Learning.
Warner, A. (2010). Strategic Analysis and choice: A structured approach. New York: Business Expert Press, LLC.
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