The New Balance Company is attempting at entering the environment of the global economy with its latest Men’s 611 brand. However, competing with the brands that have already become household names is bound to be rather tricky. Therefore, the firm will need an elaborate branding strategy and an efficient Marketing Mix that will lead it to further success.
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Action Plan for Men’s 611
Goal and Objective
Although Men’s 611 must be able to attain every goal that its leader has set, at present, only a few matters for the further success of the organization. Because the firm needs to be established in a new market and, therefore, attract the attention of the entirely new audience, it will be necessary to meet the primary goal and the following objectives: increasing the brand awareness of the new product to be promoted to the target denizens of the population, accumulating the customers’ satisfaction by implementing the quality management strategy that will help maintain product quality rates at the required level and introducing the principle of a regular market analysis as the basis for the identification of the proper marketing strategies regularly.
The action plan, in its turn, addresses mostly the above objectives and goals. Although it can be assumed that the successful implementation thereof will trigger a gradual rise will affect the completion of other objectives (i.e., it can be assumed that the increase in the brand awareness rates will be carried out through the modern information technology tools and, therefore, will also require updating the firm’s marketing channels), the focus will remain on attaining the objectives listed above (Solomon, Hughes, & Chitty, 2012).
As was explained in the previous paper, professional and amateur athletes are the primary audience that the company will target when designing its marketing strategy and promoting the product. It should be borne in mind, though, that a flexible market segmentation strategy should be adopted based on the needs of professional and amateur athletes. For instance, the shoes for professional athletes should be designed with additional orthopedic qualities, which will help them remain in good health while participating in sports activities. Therefore, male athletes, as well as the men who engage in amateur sports activities, can be viewed as the primary target audience that the organization will aim to attract when carrying out the product promotion process. In other words, male sportswear (including both the shoes for athletes and the ones for amateurs) is the primary market that Men’s 611 will target at.
Description of the Action Plan
The action plan under analysis is expected to help the organization gain popularity in the target environment, therefore, gaining enough credibility to attract the required number of customers and appeal to the target denizens of the population. In other words, the plan will incorporate the strategies that are aimed primarily at expanding into the new economic environment.
In order to create a detailed and elaborate approach that will help gain the necessary weight in the designated environment, one should consider the adoption of the 7P Marketing Mix. The more elements the analysis will embrace, the more accurate the assumptions will be. Therefore, the organization will be able to succeed in the specified environment in a rather expeditious and efficient manner.
When it comes to establishing the product, the organization should focus on promoting the brand that it has been working on. In other words, Men’s 611 must be the highlight of the promotion process and the key item that should attract the audience’s attention. By offering the target members of the population an innovative concept that sets New Balance aside from the rest of firms operating in the designated area, the entrepreneurship is likely to become the center of attention for the time sufficient to establish its presence in a rather efficient manner (Gerristen & Olderen, 2013).
Because the target market is already saturated with incredibly popular brands that offer admittedly impressive products, it will be a good idea for the company to adopt the pricing strategy that will make an adequate price-to-quality ratio. in other words, the firm should set the prices that are slightly above average yet rather low compared to the ones of the brands with global recognition, such as the above Adidas or Nike.
The promotion process, in its turn, should not be carried out in an aggressive fashion, which may pay lip service to New Balance, making people feel uncomfortable about their forceful policy. Instead, the organization should consider the idea of using the tools that will seem as unobtrusive yet have a nonetheless strong effect on the target customer. Particularly, the use of networking as the primary channel for the product promotion needs to be named.
Seeing that the product that the entrepreneurship is going to introduce to the audience belongs to the environment of the sports industry, suggesting single-brand stores as the key place would be a sensible idea. While organizations such as Adidas, Puma, etc., may be quite comfortable in the environment of tough competition, Men’s 611 needs a much more comfortable environment, in which it may be represented to the people interested in the product.
Next, New Balance should design the packaging strategy that will help the firm become easily recognizable. For instance, it can be suggested that New Balance should use the color patterns that are not typical for men’s sportswear yet still appeals to the above audience.
It is essential that the people that New Balance targets should have a positive image of the organization. Although creating a strong brand image may contribute to the increase in the company’s popularity, the firm still must possess the unique characteristics that will help it take an easily noticeable spot in the designated market environment. Therefore, New Balance should create a very strong corporate image based on its ethical stance, principles of customer relations, etc. Particularly, the entrepreneurship should consider putting customer satisfaction at the top of its priorities and redesigning its vision and mission correspondingly (Masterson & Picton, 2014).
Last but not least, the significance of allocating the existing human resources in a manner as efficiently as possible. It will be necessary to adopt the transformative leadership strategy so that the participants could remain motivated and eager to complete the project with stellar success.
The program will take place from July 2016 to October 22016.
It is expected that the company leader (responsible for planning), the Marketing Department managers (responsible for supervision), and the employees operating in the above department (responsible for completion of the project goals) will be the key people involved (Chaffey & Smith, 2013).
Budget and Estimated Profitability
Given the production capacity of the organization is 150 shoes per day, the cost price being $40, and the price set for the customers being $75, it will be sensible to consider spending approximately $5,500 on the production process. The promotion, in its turn, will require at least $100,000. Therefore, the company will have to consider the fact that the above steps will require at least $105,500. Based on the current production rates, the above amount will be covered within at least a month given the possible hindrances in the company’s operations.
The success of the above action plan will be measured by comparing the expected outcomes (including the costs taken and the financial resources acquired) to the actual ones.
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Chaffey, D., & Smith, P. R. (2013). Emarketing excellence: Planning and optimizing your digital marketing. New York, NY: Routledge.
Gerristen, D., & Olderen, R. (2013). Events as a strategic marketing tool. New York, NY: CABI.
Masterson, R.,& Picton, D. (2014). Marketing: An introduction. Thousand Oaks, CA: SAGE>
Solomon, M., Hughes, A., & Chitty, B. (2012). Marketing: real people, real choices. New York, NY: Routledge.