Marketing plan III

MARKETING PLAN

Introduction

An advertising arrangement is a point by point, investigated and composed report that a business utilizes as a part of request to layout the moves that ought to be made to clients and customers and measures taken to convince them to buy the item. It imparts to the clients on the estimation of products and administrations. Advertising workforce assesses the outcomes showcasing choices made in earlier years and the business sector in which a business works to settle on the right choices. Market segmentation involves the art of exhaustively diagnosing a market and then trying to identify a smaller section of the market in which your company can fetch more customers. To build loyalty in the face of high competition from other companies offering the same services or goods is no easy task. Therefore, this skill is very instrumental in this context. In this comprehensive plan, I will segment the market that suits Athletics Supreme Company. After that, I will narrow down to singling out and analyzing the target market for the products from my company. This will go an extensive way in preserving product development and promotion.

Athletics Supreme Company:

Athletics is an industry that is increasingly becoming popular with time. Due to this, the demand for athletic equipment and related sportswear is on a steady rise. Companies that cover this niche are mushrooming and bringing stiff competition in this industry. Athletics Supreme, being one of these firms, has not been spared by the implications of this competition.

The products that our company produces include T-shirts, shoes, and other sportswear equipment. These products are inarguably in high demand, but the competition is equally enormous. Athletics Supreme is considering to discover demographics for such sportswear needs, and what other companies may be overlooking. This is in a bid to create customer loyalty and trust, hence increasing our profit margin. To achieve this, the company will need to perform a detailed qualitative research of the market.

Market segmentation

Basing my line of thought on the major product from Athletics Supreme Company, my market segment is apparently predefined. Athletic sportswear is used by people from almost all walks of life and across every age bracket. The older population usually wear them when going to the gym or just to appear fashionable. But for the young population, these products are used during athletic practice sessions, during actual athletic events in schools, colleges or organizational competitions. Other youngsters just use sportswear to do their hobbies that involve athletic events. Our products hence fall under several market segments. However, the best of all to optimize is the criteria of geographic cum demographic market. Sports equipment and wears are universal products, judging from the findings of my research. All people from the five major continents across the globe conduct athletic events including in Africa, where the sports have become very widespread ad familiar. However, local geographical market (in this case, the US and neighboring countries) is preferable for now. This depends on the resource and capital base of Athletic Supreme Company though the ultimate vision is to have a global coverage. I have chosen this demographic and geographical vastness that I intend our products to first harness customers from preferably the young population, create loyalty in our brands and further our spread. (Armstrong, 2011).

Target market

I ought to create a competitive edge within my market segment if customer loyalty is anything to believe. After conducting a thorough research via oral interviews and simple questionnaires on a sample of prospective customers within my segment, I discovered that people don’t just buy sports equipment. In fact out of the sample, 75% of them said that safety precaution and fashion factors are very pivotal when it comes to deciding which brands to use for athletic purposes. Personal safety and fashion are everyone’s concern in the current society. The public, especially the young people, have been made to understand that the sports equipment that you use for playing influences your precautionary measures directly. Therefore, our company’s focal point of the market target should be based on manufacturing equipment that observe high precautionary standards. (Pride, 2011).

Competitive Analysis

Despite having done all that, Athletics Supreme still faces another major threat to its external environment; competition. Other companies are producing the same goods to the same customers. How do we go about that? Our products are appealing to the safety and fashion-conscious segment and is building brand loyalty and customer base. To create a competitive niche, media advertising comes in handy. Our company should ensure our products are aired through media outlets such as TV and radios. The adverts should come just before if not within popular programs and news bulletins to enjoy maximum audience (Enis, 2013).

SWOT ANALYSIS

In our efforts to carve a sustainable niche in the chosen demographic market, we need to comprehend the strengths, weaknesses, the opportunities ahead and the threats the company is facing.

1. Strengths

•Uniqueness: Our products are unique in that they contain specific colors and fashions and precautionary cum safety approved properties. This makes them more appealing to customers.

•Strategic advertising: Our brands are regularly advertised and at a particular time when the audience is at its peak.

•Our company has an exclusive selling proposition, thus having an upper hand in making higher sales.

2. Weaknesses

•Capital base: Our Company is founded on a substantially lower capital base that in turn brings forth low yields in the end. Thus, there is a need to increase my capital base.

•Labor: Sports equipment manufacturing requires highly skilled labor. The hired people demand big salaries, and we must oblige if the quality of our final products is to be guaranteed.

•Delivery: Our mode of delivering the goods to the market should not be clumsy and slow. It is advisable to outsource fast and reliable courier services to ensure I satisfy our customers.

3. Opportunities

•Upcoming trends: those particularly include roadshows, which have become a major advertising stronghold

•Diversification: We need to produce a wider range of sportswear for the different groups based on primarily age groups.

•Technology: We should invest in technology such as resources on production. In the light of technology, we shall realize better, high-quality products to satisfy our customers better.

4. Threats

•Unfair completion: some entrepreneurs are out to make money for good and for worse. They even convince customers that my products are substandard to win them.

•Bad debt from non-loyal and unfaithful patrons and business partners

•Legal requirements: the government is imposing new and stringent rules now and then to govern the manufacture of such goods. This weighs down on my company negatively and threatens its progress.

References

Enis, B. M. (2013). Marketing principles. Santa Monica, Calif: Goodyear Pub. Co.

Kotler, P., & Armstrong, G. (2011). Principles of marketing. Englewood Cliffs, N.J: Prentice Hall.

Pride, W. M. (2011). Marketing principles. South Melbourne, Vic: Cengage Learning.