Throughout This Course, You Will Compile A Comprehensive ✓ Solved
Throughout this course, you will compile a comprehensive
Throughout this course, you will compile a comprehensive marketing plan based on one of the product scenarios below. The company that you will choose to submit a marketing plan for is a fictional start-up company based upon the scenarios provided. The goal is to provide your customers with “one-stop” shopping opportunities, maintain their brand identity, and still maintain a profit. During this unit, you will compile the “Company Overview and Market Research” and the “Situation Analysis” portions of your marketing plan, based on the company you selected above.
In the “Company Overview and Market Research” section of the marketing plan, you will introduce the fictional company you have selected, allowing the reader to understand the company, product/service, and any other pertinent details. Explain the marketing concept and holistic marketing concept as they apply to your company.
Explain the research strategies that will be used by your company. In the “Situation Analysis” section of the marketing plan, you will analyze the macro environment using a PEST analysis to understand how changes in the political/legal, economic, socio-cultural, and technological environment will affect your company. Then, complete an application of segmentation of the market for your fictional company, including behavioral, psychographic, demographic, and geographic criteria. Identify the target market that your company will focus on, including your rationale.
Compile a detailed competitive analysis examining the top three or four competitors and differentiating each competitor from your company. Finally, assemble and explain a SWOT (strengths, weaknesses, opportunities, threats) analysis with a minimum of three elements under each area, using the subheadings: Company Overview and Market Research, Situation Analysis.
Your APA formatted assignment should be three pages in length (not including the title and reference pages). Be sure to use the subheadings as given above.
Paper For Above Instructions
Company Overview and Market Research
The company selected for this marketing plan is "Athletics Supreme," a fictional start-up that has been in business for 10 years. Originally specializing in a variety of athletic equipment, Athletics Supreme has noticed the growing trend for sportswear and aims to expand its product line to include a range of sportswear items and potentially other related goods. The vision of Athletics Supreme is to offer customers a convenient “one-stop” shopping experience while maintaining their brand identity and achieving profitability.
Athletics Supreme’s marketing concept revolves around the understanding that customer satisfaction is key to the company’s success. This involves not only providing quality products but also creating a compelling shopping experience. The holistic marketing concept is equally important; it encompasses the idea that all aspects of marketing should work together to deliver greater value to the customer. For Athletics Supreme, this means integrating product quality, customer service, branding, and promotional strategies to enhance customer satisfaction and loyalty.
A robust marketing research strategy will be vital for Athletics Supreme as it seeks to understand the marketplace. This includes conducting surveys to gauge consumer preferences regarding the types of sportswear they desire, analyzing trends in the sportswear industry, and benchmarking against competitors to refine the product offering. Secondary data sources such as industry reports, academic journal articles, and online market analyses will also inform marketing strategies and assist in crafting a competitive advantage.
Situation Analysis
The situation analysis will be initiated with a PEST analysis. This analysis helps identify external factors that might impact Athletics Supreme. Under the Political/Legal aspect, regulations concerning sporting goods and labor laws are important. The current supportive legislation for small businesses can favor start-ups like Athletics Supreme. Economic factors include consumer spending habits, which have seen a shift towards online shopping due to recent global events. Understanding the current inflation rates can help pricing strategies. In the Socio-Cultural category, increasing health consciousness among consumers is significant; people are more inclined towards fitness and sports, enhancing the demand for sportswear. Finally, in the Technological domain, advancements in manufacturing technology can aid in creating high-quality, durable sportswear, and e-commerce platforms are crucial for reaching a broader audience.
Market segmentation is equally important for aligning Athletics Supreme’s marketing strategies with consumer needs. Utilizing behavioral segmentation, the company will focus on fitness enthusiasts and casual athletes, while psychographic segmentation will consider lifestyle choices, values, and attitudes toward health and fitness. Demographic criteria such as age, gender, and income level will also play a role, targeting primarily young adults aged 18 to 35, who are increasingly concerned about health and fitness. Geographic segmentation will focus on urban areas, where the demand for sportswear is higher due to a concentration of potential customers involved in physical activities.
The target market for Athletics Supreme is identified as young adults aged 18 to 35, with a focus on fitness enthusiasts. This demographic is characterized by higher spending power and an increasing focus on athleticism and wellness. Marketing strategies will include collaborations with fitness influencers, targeted social media advertising, and engaging content that resonates with their fitness journeys, emphasizing the quality and functionality of the sportswear line.
Competitive Analysis
In assessing the competitive landscape, it is crucial to identify key competitors in the sportswear market. Major competitors include Nike, Adidas, and Under Armour. Nike is renowned for its branding and extensive product range, positioning itself as a leading sportswear provider. Adidas competes with its innovative products and eco-friendly initiatives. Under Armour focuses on performance and technological advancements in its products. Athletics Supreme will differentiate itself by promoting quality at competitive prices and offering a personalized customer experience, accompanied by community-oriented marketing initiatives.
SWOT Analysis
1. Strengths:
- Established reputation within athletic equipment
- Diverse product line capabilities
- Strong customer service focus
2. Weaknesses:
- Limited brand recognition in the competitive sportswear market
- Lack of diversified marketing channels
- Dependency on a single product category initially
3. Opportunities:
- Growing awareness of health and fitness among consumers
- Expansion of e-commerce sales channels
- Potential partnerships with fitness brands and lifestyle influencers
4. Threats:
- Intense competition in the sportswear industry
- Shifting consumer preferences and trends
- Economic downturns affecting discretionary spending
In conclusion, this comprehensive marketing plan equips Athletics Supreme with a strong foundational understanding of its market environment, enabling informed decision-making and strategic direction as it expands into the sportswear segment. Continuous market research, coupled with swift adaptation to changing consumer demands and competitive dynamics, will be essential for long-term success.
References
- Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
- Hollensen, S. (2019). Marketing Management: A Relationship Approach. Pearson.
- Armstrong, G., & Kotler, P. (2020). Marketing: An Introduction. Pearson.
- Malhotra, N. K. (2019). Marketing Research: An Applied Orientation. Pearson.
- Schindler, R. M., & Dibb, S. (2020). Selling and Sales Management. Pearson.
- Wright, R., & Henson, R. (2021). Competitive Analysis for Marketing Strategies. Journal of Marketing Management, 37(5), 743-759.
- Burns, A. C., & Bush, R. F. (2020). Marketing Research. Pearson.
- McDaniel, C., & Gates, R. (2019). Marketing Research Essentials. Wiley.
- Homburg, C., & Bucerius, M. (2021). The Importance of Marketing Research. Journal of Business Research, 122, 173-179.
- Lee, N. & Carter, S. (2020). Global Marketing Management. Oxford University Press.