Instructions Before You Start Making Decisions In News Shoes

Instructionsbefore You Start Making Decisions In Newshoes It Is Impor

Before you start making decisions in NewShoes, it is important to develop a strategic plan. Begin by writing a mission statement that communicates a vision for the company. Identify measurable goals that your company should achieve to support your mission. Plan the strategy you will use to meet those goals, including plans to enter markets, marketing mix strategies for each market, and product development budgets.

Research your target market, the athletic shoe industry, and key business concepts to effectively address the specific questions related to your strategic plan. Consider who your company will serve and how large your target market is. Define the scope of your product line and services offered and analyze the effect your business has on consumers. Reflect on how you want the world to perceive your company.

Set measurable goals such as profit, return on sales within a specific period, market share objectives, and customer satisfaction targets. Develop strategies for market entry in each targeted region, and determine the marketing mix—product, price, place, and promotion—for each market. Establish budgets for product development for each identified market segment.

Ensure your plan incorporates the application of relevant concepts and theories learned from course materials, supported by practical examples that generate ongoing interest. Synthesize insights from other course activities to enhance your strategic approach. Present your work in a well-organized, clearly written format, free from spelling and grammatical errors. Properly cite all sources using APA 6th edition formatting, integrating references seamlessly into your paper.

Paper For Above instruction

The strategic development of a company's marketing plan is a critical process that involves articulating a clear mission, setting measurable goals, and devising effective strategies to attain those goals. When launching a new line of athletic shoes, such as "NewShoes," the first step is to craft a compelling mission statement that encapsulates the company's vision for innovation, quality, and customer engagement. This mission aligns with the broader goal of establishing a distinctive brand identity within the competitive athletic footwear market.

Understanding the target market is essential. For NewShoes, the primary customer demographic includes athletes, fitness enthusiasts, and young consumers seeking both performance and style. Market research indicates that the athletic footwear industry is burgeoning, driven by increasing health consciousness and fashion trends. The target market size, in terms of potential consumers, is projected to encompass millions of active individuals globally. This extensive target allows the company to develop a broad product line, from running shoes and training sneakers to casual wear, catering to diverse consumer needs.

The company's impact on consumers extends beyond product function; it influences lifestyle choices and self-image. Customers associate the brand with quality, innovation, and reliability. To shape public perception, NewShoes aspires to be viewed as a pioneer that promotes an active lifestyle and environmental consciousness, incorporating sustainable materials and eco-friendly manufacturing practices into its business ethos.

Measurable goals form the backbone of strategic planning. Key performance indicators include achieving a specific profit margin within the first year, attaining a targeted market share percentage, and maintaining high customer satisfaction levels measured through surveys and reviews. For instance, a goal might be to secure a 10% market share in the athletic footwear industry within 12 months, with customer satisfaction ratings exceeding 85%. These quantifiable objectives guide the company's operational and marketing strategies.

To meet these goals, NewShoes must develop detailed strategies for market entry and expansion. Considering the diversity of the target markets, entry strategies may vary from direct online sales in urban areas to establishing retail partnerships in suburban and international markets. The marketing mix for each segment needs to be tailored accordingly:

• Product: Customized shoe designs emphasizing performance technologies and sustainable materials.
• Price: Competitive pricing aligned with premium quality offerings, with occasional promotional discounts.
• Place: Distribution through e-commerce platforms, specialty sporting goods stores, and flagship outlets.
• Promotion: Digital marketing campaigns, influencer partnerships, and community engagement activities.

Product development budgets should be assigned based on market potential and resource allocation. For example, higher investments in R&D might be allocated for markets demanding advanced performance features or eco-friendly products. Budget considerations also involve marketing expenses, manufacturing costs, and logistics planning, all aimed at maximizing return on investment while adhering to sustainable practices.

In conclusion, creating a cohesive strategic marketing plan for NewShoes entails meticulous research, clear goal setting, and tailored strategies across various market segments. The plan must integrate fundamental business concepts with practical implementation details, ensuring the company develops a competitive edge, meets consumer needs, and builds a strong brand presence globally. Consistent evaluation and adaptation of these strategies will be crucial in maintaining long-term success in the dynamic athletic footwear industry.

References

• Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction. Pearson.
• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson.
• Hollensen, S. (2015). Global Marketing. Pearson.
• Leibman, M. (2017). The Basics of Business Strategy. Routledge.
• Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. Free Press.
• Ryan, D. (2016). Understanding Digital Marketing. Kogan Page.
• Smith, P. R., & Zook, Z. (2016). Marketing Communications: Integrating Offline and Online with Social Media. Kogan Page.
• Walker, O. C., Mullins, J. W., & Boyd, H. W. (2017). Marketing Strategy: A Decision-Focused Approach. McGraw-Hill Education.
• Yip, G. (2012). Total Global Strategy. Prentice Hall.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.