Providing the best level of satisfaction by taking into consideration the needs and the requirements of the customers is the main motive of the concept of marketing. The concept is concerned with the activities and the operations of a business corporation which are executed by adapting some approaches and theories for promoting and advertising the offering of the business corporations. These are the activities which aid the entities in the attainment of the pre-determined and desired goals or targets in the most efficient and effective manner and are also considered as the backbone for any of the industries (Peter and Donnelly, 2011). Due to a successful exchange the best or the ultimate outcome can be expected by the business corporation. The below presented report has been analyzed on the marketing plan of Addidas, Nike and Puma these all the multinational corporations. These are the entities which are rate on top in the sector of footwear, apparels, sports-wear and accessories and other related services (Hollensen, 2015). Moreover the further report will be focusing on the marketing plan which has been developed for the above mentioned companies and the following points will be described for the same, such as SWOT analysis and the critical issues associated with the company, marketing strategies for the entities.
Nike, Addidas and Puma are the top leading brand names in the sector of footwear, apparels, sports-wear and accessories and other related services on which the below presented report has been made focus and also the marketing plan has been developed. The below analyzed plan has been developed on the some of the significant points which has been considered as significant and most relevant in the development of the marketing plan. Establishing a product in the market place and also enhancing the market share are the main attainments which can be achieved by the help of a marketing plan. The following are some of the most essential points which are required to be considered as the most reliable while developing a marketing plan, such as SWOT analysis, marketing gaps, marketing strategies followed by the corporation and marketing metrics.
Strength: The business corporations are making use of the best and the most updated technologies and mechanisms for manufacturing processes so as to provide the best outcomes and the highest level of satisfaction. This also helps in the attainment of the desired goals and which aids the business corporations with an increase in the increased market share (Westwood, 2016). There is excellence in the management of the assets with great marketing skills: advertising athletes for products through commercials, ads and even games for a wide range of games systems. Customer queries and solving them on priority make the corporation more efficient and this is one of the biggest strength.
Weakness: Intensification in the competitive environment can be one of the biggest weaknesses of the business corporations in the sector (sites.google. 2017). There is diversity in the products but the focus has been provided on some of the selected items. Political and the legal differences and the restrictions on the international trades are also problematic and can come-up as one of the biggest weakness.
Opportunities: Expanding the markets to those regions where the companies are not operating at the current time. Also the company should focus on the other products rather than focusing on some of them. Due to the globalization and popularity all over the world, the revenue generated is more and there is lot to spend on high valued sporting goods, research to make new products, and advance further in the sports-wears market.
Threats: Intensification in the competitive environment and the increasing number of rivals can be one of the biggest threat for the business organizations (Bahasin. 2017). Currency differences of the various countries in which the companies are operating the business.
Assessment of the differences and fluctuations in the performance levels of business operations, operational activities, the business information systems or software applications, perceptions, requirements of the customers and the expectations of the business corporations which are fulfilled or not and if not then what will be time required and also the essential and effective strategies and plans for attainment of these plans successfully. The term Gap is the term which has been used for defining the space in between “where we are” (the present state) and “where we want to be” (the target state)). For bridging these gaps the best sets of strategies which can be adopted by a business corporation is the gap analysis. The below mentioned are the different types of gaps in the above mentioned business entities:
Service quality gaps: In the growth, development and success of any of the business corporation the service quality provided by the business corporation can be considered as one of the most prominent and vital element (Farris and et al, 2015). It has also been accepted by many of the marketing heads that service quality is liable in influencing the customers for distinguishing the competitors and also provides contribution in the customer satisfaction. For instance, when there is difference in the consumers’ expectations and that management thinks about the perceptions for the expectations of the consumers i.e. the business corporations are unaware about the needs of the consumers, improper quality standards, also there is a difference between the service quality specifications and the actual quality delivered .i.e. the performance gap.
Offline and online trading: One of the biggest reasons for development of gaps in the business entities the offline and the online trading if both adapted by the corporations at a time. As there are differences in the transactions in the online and the offline channels, for example sometimes the costs are very much high while purchasing from the online medium while they are comparatively less in the offline means.
The marketing strategy of Nike has been focused on the brand image of the product which is favorable and has also due to which the development into the best multinational company has become possible.
The product icon which is favorable for the business corporation has been kept optimistic as it has a strong bond with the company’s logo which has distinctive features and it is somewhat unique and also the slogan used by the business corporation is also very popular which has been utilized in commercials for a long period of time (management-slides. 2017). A lot of investments have been done by the business entity in the promotions and advertising.
Product diversification: The Company has diversification in the products range.
National brand Ambassadors: The entity has links with a number of celebrities for endorsing their offerings (Puma. 2017). Number of sports athletes is connected with the company for doing promotions.
Online selling facilities for Asian countries: The business entity has developed online portals which are being used for dealing and executing the online transactions.
The business corporation has been making use of the differentiated targeting strategies and approaches for attracting the targeted young adults, adults as well as children who have passion for fitness & sports (Bhasin. 2017). Although the company targets customers in the age group of 13-40 years but majority of the consumers are from the age group of 15-30 years who hail from upper middle class or the luxury class of customers. User & benefit based positioning strategies are being used by Adidas for creating a distinctive image in the mind of the prospective consumer.
By the development and the enhancement of the better and improved methods and processes and also the quality of the products the business corporations are trying to attain competitive advantage (Farris and et al,2010). By making an effective adaption of these business metrics the company can bring an enhancement and an improvement in the quality of the services. For example, improvements and modifications in the errors and which will be proven beneficial in solving the problems faced by the consumers. Financial report metrics is one of the businesses metric which provides access over the Price-to-earnings ratio, revenue per customer, revenue per employee and market share growth (Sheth and Sisodia, 2015). Identification of the Proportion of the various expenses of company that go to waste and also through which no or very less value is produced for the customer can also be done by the business metrics. For instance balanced scorecard method, Six Sigma and return on investment evaluations are some of the formal business analysis approaches have been made dependent on the business metrics.
From the above carried out analysis it has been inferred that the above mentioned industries are those industries which are growing with a great boost. The further report has been analyzed on the marketing plan of the Nike, Puma and Addidas and the following are the points which are essentially required to be considered while development of the same, such as SWOT analysis, marketing strategies, marketing metrics and marketing gaps.
References
Bhasin, A, 2017, Marketing strategies of Adiddas, Assessed on 19th May 2017, https://www.marketing91.com/marketing-strategy-of-adidas/.
management-slides, 2017, Marketing strategy of Nike, Assessed on 19th May 2017, https://sales-management-slides.com/marketing-strategy-of-nike/.
Puma, 2017, Strategy, Assessed on 19th May 2017, https://about.puma.com/en/this-is-puma/strategy,
Peter, J.P. and Donnelly, J.H., 2011. Marketing management: knowledge and skills: text, analysis, cases, plans. Plano: Business pub., INC.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Westwood, J., 2016. How to write a marketing plan. Kogan Page Publishers.
Borowski, A., 2011. Adidas Marketing Strategy-An Overview. GRIN Verlag.
sites.google, 2017, SWOT analysis, Assessed on 19th May 2017, https://sites.google.com/a/email.vccs.edu/bus100sturciosnike/home/swot-analysis.
Bahasin, A, 2017, SWOT of Nike, Assessed on 19th May 2017, https://www.marketing91.com/swot-nike/.
Farris, P.W., Bendle, N., Pfeifer, P. and Reibstein, D., 2010. Marketing metrics: The definitive guide to measuring marketing performance. Pearson Education.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Farris, P., Bendle, N., Pfeifer, P. and Reibstein, D., 2015. Marketing Metrics: The Manager’s Guide to Measuring Marketing Performance. FT Press.
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