Strategic Marketing Management Assignment Sample
Introduction
In an era of rapid change, firms must maintain a sustainable strategic advantage in order to adapt and prosper. Through strategic management, they may establish, maintain, and exploit competitive advantage. Businesses can develop strategies whose execution leads to a long-term competitive advantage. Marketing tactics appear to constitute a significant subset of these techniques. Traditionally, firms could design marketing campaigns depending on their core competencies and external position using an integrated strategy that merges resource-based view (RBV) and market-based view (MBV). In this report I am going to analyze the market and my business strategy for better returns. It is obvious that for establishing a good brand image it is important to maintain brand quality and also depends on many factors. So in this report I am going to explain all of this.
Discussion
With the assistance of our instructor, our business plan group consisted of four members: myself, Richard Hamill, Rob Cook, and Adam Johnson. We decided to meet after lectures to discuss various business ideas from each member of the team, and we decided to focus on the marketing and development of shoes for men and women following verification with our class lecture. The roles were assigned based on specialty in order to allow for participation in the form of concepts as the marketing strategy preparation progressed (Morgan et al. 2019). The criteria for role allocation were efficiency, expertise, comfort, and understanding of how things are done for the organization’s growth.
The marketing plan
We addressed all jobs in our team in order to offer everyone an opportunity to recommend not only the task they decide to cooperate on, but also how to create the components in the business strategy. For example, week after week we would have to work on one job, each on our own, and then at the end of each week we would gather to debate the concepts and decide which was the best. Every member of the team specialized in those responsibilities based on criteria outlined above, with which she felt most comfortable delivering the greatest thoughts on the field (Olson et al. 2018). As I am now working in this position, I am working on a marketing strategy; it is my obligation to produce effective planning. It was simple for me to complete the marketing portion for our marketing plan.
There are many companies in the market in these sectors. In my opinion, marketing strategy must be unique to attract millions. Report analysis shows that sneakers are mostly preferred by the younger generation. As well as men as well as women who are involved in daily workout there is huge demand for this product (Chernev, 2018). Moreover national level playing activities there are also in demand. So in this context as a marketing manager this is a huge opportunity for product selling. Currently marketing size is 109 billion US dollar and it is expected to grow 170 billion US dollar by 2030. So it is a huge jump in this sector. There are different troubles that emerge while working in a group, for example, keeping fixed on an objective, partitioning the work decently, and choosing a solid chief. In light of all of this, I would agree that we gave our all through the gathering and managed the little imparting difficulties. This experience instructed me that I am an equipped pioneer and that I can deal with an undertaking great. Accordingly, my underlying vocation objective is to work for an incredible firm, ideally in the making of green and overall drives. I’m sure that the capacities I have obtained up until this point will empower me to succeed in both nearby and worldwide examination of the association, permitting me to fire thinking of versatile answers for future extension.
STP marketing plan
Segmentation
There are many segments in the sneakers sectors and have several advantages for each segment. I am discussing these factors with various business analysts. Among all sport segments, the fashion and budget segment is most profitable and has potential to give good returns. So in this segmentation sector I am focusing on this sector. Reason behind this is simple, the current market is youngster’s focused and has another’s level of craze. All of the customers can not afford the premium range so everyone is budget oriented and here in the budget segment sneakers have huge demand. People are often seeking a high-quality sporting shoe that will assist people in their chosen area of interest (Martins, 2018). Most of these customers must go to the gymnasium or an exercise class on a daily basis, or they would enroll in some type of extracurricular activity.
Figure 1: Weekly Demand of sneakers in kid section
(Source: https://businesssimulation.edumundo.com/)
Targeting
In my opinion the main target would be the young generation. Recent data reveals that there are not only crazes in sport sectors but also crazes among children. I am focusing on various models that would be suitable for children’s fashion. Currently the demand is quite good but for the long term it is going to rise and for that unique targeting strategy is ready to deploy in the market.
On the other hand we also have a budget friendly category where all types of sneakers are available for both boys and girls. New type of design is introduced for the sport of athletics (Campbell et al, 2020). Our team has firm determination that this targeting strategy is definitely going to boost the sales and make a notable reputation in the market.
Figure 2: weekly data for men sneakers demand VS purchased (2022)
(Source: https://businesssimulation.edumundo.com/)
Above chart data it shows that the demand of the product is going high on a weekly basis. As in my opinion young stars are the main motivators for market targeting. Analytical skills, in my opinion, will be my strength in market analysis and in overseeing the strategic marketing procedure.
The marketing mix
“Marketing is a critical component of corporate success”. I must choose which clients to target. I need to “figure out” how I’m going to reach and gain new clients. I should guarantee that present customers are fulfilled. Furthermore, to remain serious, I should continually inspect and further develop what I do. My business system should fill in as a data reference for executing my advertising approach. It spreads out unambiguous objectives and frameworks how I plan to achieve them. Perhaps most essentially, it thinks about how I can make my objective a reality.
More than that, I am prepared to inspect showcasing chances since I have a superior handle of the four P’s “Item, Place, Price and Promotion” (Nadiia et al. 2019). Second, I need to foster my methodology with the goal that I can grasp how to put resources into the organization’s weapon media interchanges. At long last, I comprehended during this preparation that imagination is a significant component of a fruitful firm. As an outcome, by embracing the establishment choice, I will actually want to achieve my definitive objective of possessing my own overall firm.
My marketing mix strategy is how I implement my marketing plan. As a result, it should be a realistic representation of my plan. If I know the economy well enough, I should be able to divide it into separate sections and groups of comparable buyers. For instance, I can divide the company market into companies in the same industry and of comparable size. For each sector, I must consider what buyers demand, what I can provide, and how the competitors compare. I would like to “discover market” categories in which I have a strategic advantage. On the other hand, I should consider if I can predict high sufficient revenue to make the category worthwhile.
Usually, the most attractive categories are ones in which I already have consumers. Look at what I could do to increase sales to these consumers. If I want to reach out to new consumers, I need to make sure I have the means to do it efficiently. Once I’ve settled on my target audience, I need to figure out how I’m going to position myself inside it. For instance, I may provide high-quality line drives at a massive premium or a customizable local solution. Some firms attempt to establish a distinctive branding as well as identity in order to stand out. Whatever method I choose, I must distinguish myself from the competitors in order to persuade clients to select my company first. After determining my marketing aims and method for “achieving them,” I must plan how I will make the approach a reality. Many firms find it useful to think about the 4ps:
Product
What my product output that my consumers appreciate, and what I should modify my products to fulfill client demands. Products are classified into three levels: inner core, real product, and enhanced product. First and foremost, the core product is not a real, physical object, because the core product is the basic advantage that running shoes may provide to the customer, as well as the primary reason why the user purchased it (Uddin, 2019). The primary advantage of athletic shoes is that they reduce the chance of injury when participating in sports activities. The physical manifestation of the footwear is the original piece on the second level. The marketer will establish the layout, style, branding, quality, and packing of shoes at this level. This phase is critical since it is how the marketer distinguishes their athletic shoes from any competitors.
Pricing
For example, I may basically try to approach the opposition’s evaluation or to charge more exorbitant costs for a great help or item. I might need to pick between setting less solid expectations and selling all the more yet with lower unit benefit. Remember that a client might lean toward a low cost to match their funds, however others might view a low cost as an indication of value guidelines. Product offering cost, discretionary item evaluating, hostage item estimating, side-effect valuing, and item group estimating are the five situations for item blend valuing technique. Item blend valuing methods for sport shoes incorporate product offering evaluating, which suggests that the firm sells a few renditions of the shoes, for example, running shoes, ball shoes, football shoes, etc, and each model of shoe is estimated in an unexpected way.
Place
What I sell or where I promote it This is basically an add on utilizing several distribution methods. For instance, I may sell on the Online or via stores. The distribution channel is the method through which a manufacturer sells a product to clients, either through distributors or straight. Our network of distribution routes includes two middlemen: a wholesaler and a retailer. Wholesalers will purchase vast quantities of various sorts of footwear from shoe manufacturers, then split them down into tiny quantities and sell them to various retailers. Because the retailer is the individual that interacts with the client, they will make recommendations based on the consumer’s likes and dislikes. Dark color football sneakers, for example, are more preferred than white color soccer sneakers because white color is easily filthy.
Promotion
How I connect out to current and future customers For example, I could employ marketing, public relations, direct mail, and personal sales.
Publicizing, deals advancement, advertising, individual selling, and direct showcasing are the five types of showcasing advancement blend. Tennis shoes Company use deals advancement, promoting, and individual selling (Kwilinski et al. 2018). Each Christmas, each store has a business deal to convince clients to get it as a Christmas present. Each store has advertisers that will eye to eye make sense of their merchandise for clients and help them in choosing the most proper shoe size; this is known as private selling. Our organization’s publicizing has its own site.
Company’s strategy and objectives
In today’s business world, the focus of each business is to invest in a “financially secure” environment with the objective of attempting to make profit, maximizing rates of return on invested capital, and “keeping the interests” of the corporate debtor, as well as the interests of consumers in mind, in order to gain a competitors profited by continuing to work on core “competencies of the organization.”
Simulation result
Year 2022
To be the predominant player, we established that in year one, we would make a 1% beneficent gift, which would help bring down the expenses due by the firm at the finish of each financial year. In addition, the corporation would participate in worker diversity programmes. The corporation also determined that at the end of each year, a specific amount of our unsold stock would be available for price reductions.
Year 2023
The models provided and the discount offers were the organization’s provincial benefits in year two. The stock leeway was left during the principal year, accepting that it would empower more shoppers. In year two, the blemishes were style and realness, the distributer value provided to dealers, conveyance time, superstar fascination, and free conveyance.
Mission and vision
The simulation’s main approach was a diversification strategy, which tries to deliver goods or services with benefits that vary from rivals and are highly appreciated by purchasers. Sneakers Inc. provided high-quality goods and began with a somewhat cheaper pricing for a high-quality product. The goal was to gain a competitive advantage by providing better products or services at a lower value or by increasing margins marginally (Akramovich et al. 2019). Although Seasonal products may be similar, they may be distinguished by the following criteria:
- Best quality product
- Reasonable price
- Unique product design
- Wide range of product
- Niche market
Differentiation strategy is an additional approach for building a market presence, and it must be appreciated by potential customers in order to be effective. Our firm is secured by items that make copying by competitors exceedingly difficult. Most profitable and strong organizations today sprang from business models that were beautiful, convincing in logic, and strong in economic opportunities as some form of the value chain that supports company. The firm also had certain flaws in various areas, such as design and quality, retail chain, and delivery schedule. In year four, the return on capital was 9.4 percent. The gross revenue value for the year was 10.5 percent, owing to the dividend given to shareholders throughout the year. The simulation’s underlying strategy was a diversification strategy, which tries to create goods or services with advantages that vary from rivals and are highly appreciated by purchasers. Supply chain also emphasizes the processes by which underdeveloped countries and their operations have improved their operations and connected to manufacturers and customers in the world economy, or will do so in the coming in a way that can lead to sustained income gains. The findings of this sort of study should point the way to policy solutions for the corporate and governmental actors involved in or supporting the network.
The Corporate “Strategy Game” is a troublesome practice wherein understudies are isolated into groups and given the obligation of working an athletic footwear firm in up close and personal rivalry with ventures worked by different understudies. The exercises of the organization are like those of veritable games footwear firms. Companies fight in a global market arena, much as they do in the real world. Students learnt how to make judgments on production plant, shipping and warehousing processes, employee wages, online stores on the company site, marketing and business, and finances.
The test is to make and execute a genuine strategy that conveys a respected brand picture, stays inside question for overall market authority, and produces extraordinary money related execution as assessed by pay per share, benefit from adventure, stock worth appreciation, and FICO score. All pieces of “The Business Strategy Game” duplicate the movement of this current reality athletic footwear industry, allowing me to think doubtlessly and authentically in sorting out what to do and get huge practice in choosing an extent of various business decisions under sensible genuine conditions. “The test for every association’s administrative gathering” is to make and execute a genuine method that results in a respected brand picture, stays inside question for overall market organization, and conveys incredible financial execution. All associations start the movement on a comparable equilibrium as per an overall perspective with identical arrangements volume, overall slice of the pie, earnings, benefits, costs, thin quality and execution, memo ability, and so forth. The graduates have a wide fundamental degree in checking out a market position and dealing with their show. Associations can Employ a negligible cost drive framework and seek after a high ground keyed to having lower costs and selling at lower costs than rivals.
Adopt a separate approach that distinguishes our company’s footwear from other companies based on features such as a good score; more styles the change from which to choose, and promotional criteria such as more advertising, stronger celebrity attraction, or bigger mail-in rebate (Nawawi et al. 2019). Use a greater value-for-money technique, such as offering excellent quality footwear at a cheaper price than other decent quality companies, in which a firm’s competitive edge is the capacity to include enticing qualities at a cheaper price than competitors. Concentrate strategic efforts on being the undisputed industry leaders in one or more market categories, such as retail spending to footwear stores, Internet sales, or personal sneaker manufacturing for network retailers. Concentrate strategy effort on one or two geographical areas rather than contending in all locations.
Evaluation on personal performance
It is being considered that the company Sneakers Inc., is being used as the way to evaluate strategies for developing marketing decisions for the scope and terminology thus used. The sneaker industry where I belong to has been designed with a personal simulation computer software or application or game to know the current strategy of the market. I have been provided with regular feedback, while the market performance to be incorporated with the financial performance that has been taken from me based on the results to be contributed in association with competitors’ decisions. I feel that the dynamic contribution with the analyzing of the effect that I understood with the research contribution for the analysis of the market to get analyzed for the feedback. The strategy for the market analysis has been evaluated with the challenge of the game to improve the software output with the running definitions for several weeks.
I have been well observed with the company to get the Sneakers Inc. to elaborate with the details of the studies in deriving the factors promoted for the company. One Nation Sneakers Inc. is a well-known distributor in the United States. One country sneaker inc distribution network information report provides corporate data, major importers, international suppliers, locations used, and more. One Country sneakers inc gets their importation information from the United States’ import maritime time databases, governmental organizations, and other sources. Data about exporters is regularly updated. Buyer information for One Nation Sneakers Inc has just been modified in May of 2021. Import data with One Nation Sneakers Inc and based on contract of carriage, contracts of shipping, and invoicing submitted at customs, US ports, and other locations. I let it redefine with the possibilities to undertake with the driving conditions to commemorate the game simulation that I observed when Sneakers Inc., is being used to reconsider the data. The US importer’s original data is just an excel format document that stores the names, contact details, and recent moves of the leading US importer and exporters over the past number of years. It shows a collection of US importers that can be used to discover which American exporters imported one of most items, at what rate, under what quantity and type, out of which foreign nation and region (Ilmudeen, 2019). I need to design the type of engine used, the manufacturer’s descriptions, the amount of time required to complete the shipping, the date and moment the shipment was received, and so on and so forth.
I admire the top hierarchy conditions of the management, where the company focuses more on the manpower system to hire more and more skilled workers. I took care of the selection process to handle the taking of new talent for the company and thus branding and promoting for the company in any type of social media. Muddy Sneakers is engaging in some kind of a development position to enhance growth of the regional market after four years of programs in the Piedmont of North Carolina. We’re searching for a skilled fundraiser who appreciates fostering relationships all while striving to develop a strong programming strategy. Through private giving, community engagement, program development, and sponsorship deals, the position’s goal is to enhance revenues for “Muddy Sneakers’ Piedmont” programming. The Administrative Assistant will be accountable for MS’ Home Office in Brevard, NC, along with providing support to the WNC Campaign Office, which also is housed in Brevard. Overseeing the institution’s technology needs, administering office administration needs, supporting workplace expansions as necessary, completing accounting procedures, and assisting with local community engagement activities are really just a lot of small responsibilities.
I compose with the required data that have been formulated with the data in deriving certain features to detailing with the provinces to have an idea with the facts for every year that have promotions with the branding and products quality. In its complaint, The Products claimed that after attracting and retaining a former manager as a store employee at its Enterprise, Ala., branch, Sneakers terminated him because of his disability without conversation or contemplation of any reasonable adjustments. Kyle Dalton, the employee, had visual acuity loss while participating in the United States Army, but after being honorably released, he tried to return to his past employment as a store employee at Sneakers.
Sneakers dismissed him following just under a week, without ever even investigating if a reasonable accommodation, such as with a magnifying lens or a modern computing display, could well be possible. The EEOC also asserted that Sneakers provided non-disabled personnel special privileges, including postponing firing them whenever they demonstrated signs of poor productivity. I understood the company’s strategy in branding with the marketing of every tactic to control the format of the company (Ardito et al. 2018). This organization is dedicated to eliminating workplace discrimination against persons with disabilities. Employers that refuse to serve handicapped workers are nevertheless committing a criminal act, but businesses also may be losing down on well-qualified employees when they do not make appropriate modifications. The EEOC is already in charge of regulating federal laws preventing discrimination in employment. The Commission issued 25,957 complaints claiming discrimination based on disability in Fiscal Year 2013, included 683 in Birmingham.
Conclusion
From the above topic and based on the discussion made so far it can be concluded that the report is being considered as the strategic marketing management of Sneakers Inc. The company is a shoe company which has sneakers for both Men and Women. The company has a long history that they started and expanded gradually to every part of the world. The company consists of various brands of sneakers, where there is a computer simulation to give on everything that is needed in the market. The company is being branded with awesome shoes with reasonable prices and high class product quality. The company is keen to replace the goods if any dispute products are found within the shoe box. The simulation that The Company acquired gives details of everything that the market has. Company’s simulation based on the strategy has been recorded every year they tried to improve based on the suggestions given or taken from every consumer they had.
Reference list
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