The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market (Economic Times, 2016). This is made up of price, product, promotion and place. These include, product strategies, pricing strategies, place strategies, and lastly, promotion strategies.” (Kotler & Keller, 2012). Each of these strategies work together. Here at Supreme Athletics we will take a look at the marketing mix and its use of the four Ps as it relates to our offerings.
Product Strategies Athletic Supreme will be introducing products ranging from athletic gear for intramural and high school sports to hunting and fishing gear and apparel for fans of all sports. We will be introducing products that will differ
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We will use overseas manufactures to get the most feasible pricing on gear and apparel that will be shipped directly to the store. After a few years the online store will be operated independently at an online fulfillment center that we are currently building in Columbus, GA. The logistics of our apparel will be an evolving process and will currently be stored at or near the local store. As online sales begin to increase we plan on starting warehouses in many other areas. Once inventory objectives are reached re-order points will be established to balance the risks of stock-out against the cost of overstock (Kotler, P., & Keller, K. L. 2012). Our customizable apparel is set to be bought and shipped from manufacturer to customer to reduce cost and delivery times. Athletics Supremes’ goal is to get the product ordered to the customer as soon and as inexpensive as possible with an outstanding level of customer …show more content…
We plan to use a value branding strategy that allows us to hover between budget and luxury branding strategies (Ingram, 2013). We will look closely at economic issues and factors and use promotional pricing ideas such as special event and sponsorship pricing, special customer pricing and free shipment for orders over a set price on their online store as offered by many of our competitor’s online stores. Temporary pricing strategies are going to attract in store and online visits. The temporary pricing strategies the company will use are seasonal discounts and internet flash sales that offer extremely discounted prices online briefly or until the item is sold out. We will observe the price elasticity of demand over the first several years during apparel production to achieve the most feasible pricing strategy. We are dedicated to flexible and appropriate pricing
Sports apparel often focuses on performance wear and true sports: basketball, baseball, or soccer. Fitness clothing tends to be more closely tied to gyms, fitness activity groups, and non-sport fitness. Also fitness clothing tends to have more need for fashion consciousness. The target segment
Large players can offer competitive prices if they buy in bulk. Smaller players can differentiate themselves by offering niche products and superior customer delight at a premium price.
The other problem people face with many other online clothing retailers is the inconvenience caused if they need to return a product. With our service, the customer does not pay the price for the product and has considerable amount of time to come to a decision as to whether or not to buy the product. This removes any remaining doubt in the customer’s mind and increases customer confidence levels.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
Mihai, Alexandru. “The Strategic Sports Marketing Planning Process.” Manager. Manager Journal, 2013. Web. 6 December 2013.
Marketing Overview: We will be targeting athletes and people who like sportswear. Our competitors will be various other companies like Nicky’s Sports, Dick’s sporting goods, Soccer Central, Soccer Loco. Our competitive advantages are having an indoor field, the newest products from Nike, Adidas and all those brands that have monthly packs with the best quality and comfort. We will make sure our customer walks out with the cleats/product that best suits them and if not the can always return or exchange the product with a receipt.
As stated by Lamb, Hair and McDaniel (2011), marketing mix involves combining different approach such as product, promotion, place and pricing, commonly known as the four Ps, to achieve common understanding with the target consumers or market. Based on the news article, the marketing mix theory will better assist in the analysis as it complements the key sections that were written in this article, for example, analysing the
The final dress will be directly delivered from The Closet to the end customer. This will be beneficial for the business since using a direct method will cut down significant costs and expenses from the overall system because as a fashion store, The Closet will not be required to pay profits to intermediaries such as wholesaler, distributors and retailers. Moreover, the business will be able to reduce its expense of shipping and establishing a distribution intermediary, as a result, lead time will ultimately be shortened. Direct shipping will help the business have a better opportunity in controlling over distribution and its entire procedure since the business will be the main head that will oversee the entire process. Also, The Closet will have additional control and authority over how dresses will be displayed, advertised and delivered to customers. Furthermore, because of
is an international retailer and distribution of sports, Athletes, fashion, footwear, apparel and accessories Company, established by David Makin and John Wardle at Bury, United Kingdom in 1981. The company operates over 800 stores across Europe, covering both sports and branded fashion. The company operates across eight (8) different countries UK, Ireland, France, Spain, Australia, New Zealand, Canada and Hong Kong. (MARKETLINE, 2014). After comparing the two companies, the price of its shares. I chose sports direct because of its huge involvement in sports and the number of companies it has acquired in recent time, and also an increase in its revenue.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer. As companies start out in an industry, many marketers learn about putting the right product in the right place, at the right price, at the right t...
In order for my product to be successful, I strategize a marketing plan. Market Research is one of the main steps taken in the initial process of strategizing a marketing plan, The primary function of market research is to identify the customers needs and views. During the market research of my product, I discovered that because of the competition, (Herbal Essence Shampoo brand) my product would really need to stand out on the market. Also, during that research I discovered that Herbal Essence?s sales had dropped 6% over the last 2 years, because of their marked up prices. These were great pieces of information, as they will serve helpful during the marketing mix portion of my marketing strategy. The marketing mix is one of the first steps taken in applying an overall marketing strategy for your product. A Marketing Mix is the combination of product offerings used to reach a target market for the organization. (Armstrong & Kotler 2007) The marketing mix includes product, price, promotion and place (also known as distribution)
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Nike will need to showcase our differentiating elements of the company as runners are very brand loyal customers. Even so, Nike has 60% of the market currently. You mentioned that you feel we can improve in this area, so this is what we’re going to do: massively increase innovation and development for our running shoes, and increase brand reputation. Nike has been a historic leader in running technologies. Recently we released the electronically tied running shoes, just like from the movie Back to the Future. We need to continue to push boundaries and see what new technologies can do to revolutionize the sport. The second focus for this market is to increase our presence in specialty running stores and in third party eCommerce sites. Making sure Nike is seen and heard by this market is going to increase our success with them. Dedicated runners were found to go to specialty running shops more often than making any purchases online. Nike needs to have a bigger presence where the customers actually
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.