Market MKT

Introduction

1. The role of targeting marketing in the sales of the product.

2. Montreal Hexoskin Company is a multinational organization that sells sports products.

3. Founded in 1982, the company is UK’s leading sports-goods retailer.

4. Currently operates approximately 600 stores.

5. Sports Direct plans to launch smart shirt product in its UK market.

Rationale for Selecting the Product

1. Smart shirts can be consumed by both sports and non-sports consumers (Nowak, 2016).

2. There is a growing demand for smart shirts.

Rationale for choosing the Target Market

1. The UK market has more sports persons and sports consumers than Canada.

2. In UK, there is a wide demographic group of sports persons, ranging from children to adults.

Rationale for choosing the country where the product will be made

1. The product will be made in Canada because there are low production costs.

2. The labor costs are low in Canada.

3. Raw materials are easily accessible compared to UK.

Strategies for Product Launch

1. Product testing (Meyers, 2010).

2. Provision of free trials to target market.

3. Gaining of consumer feedback.

Organizational Structure for the Product launch

1. The organization will use a functional structure.

2. Each portion is organized into a set of functions.

3. The marketing function will lead the product launch.

Sales and Marketing Aspects

1. Various marketing strategies will be used.

2. The product will be promoted via social media, print, and broadcast (Blythe, 2008). 

3. The product will also be distributed throughout the company’s store outlets next to sports grounds, supermarkets, and schools. This is because effective distribution strategies are required (Sanfelice, 2014).

Financial Management Considerations

1. A detailed budget will be developed.

2. Important aspects of the product will be prioritized.

3. This will ensure that costs are saved.

References

Blythe, J. (2008). Essentials of marketing. New York, NY: Pearson Education.

Meyers, Y. J. (2010). Target marketing and the product: categorizing products to understand the resulting marketing communication outcome measures. Journal of Management and Marketing Research, 5, 1.