Marketing Plan Outline Essay Sample
- Word count: 922
- Category: sports
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Marketing Plan Outline Essay Sample
A. Executive Summary
Classic Sporting Goods is a New York based corporation dealing with manufacture and distribution of high quality sports equipment and gear. This marketing plan outline provides a snapshot of strategies to be used in selling its new product, a ski that changes stiffness by detecting snow conditions, to different world markets. Though competitors are in the process of developing similar products, Classic Sporting Goods is the first company in the industry to launch this innovative equipment. We are, in this regard, ahead of the completion and are set to capture significant potion of market share. The company is in collaboration with strategic distributors that will be stocking the product in respective stores.
- Product Challenge
Classic Sporting Goods is releasing to the market an innovative ski that changes stiffness depending on snow conditions and therefore improve performance. The product is destined to become a market leader given that it is the first of its kind; competitors are still n the initial development process of their brands. Our company’s goal is to sell some 100,000 units in the first year of production. This figure is expected to rise to 200,000 to 350,000 in second and third years respectively. The company will in the long run strive at maintaining the market leader position in this segment.
- Situation Analysis
The ski is destined to achieve the high performance observed in other products from our company, main reason being the efficient distribution channel, which ensure that the products get to target consumers worldwide. Indeed, the wide network of distribution channels, which spreads through continents serves as one of our company’s strengths. Given that the ski would only be used during winter season and in Norther Hemisphere, only stores in close proximity to ski regions would be supplied with the product. However, the company will follow best practices of marketing by allowing individual distributors’ liberty to stock this new products in any of their shops (Banks, 1995, p.45 ).
The company is well aware well aware that competitors would be developing similar product in the next three years. Some of them have wider distribution network, as well as capacity for economies of scale. The 100 percent market share in the initial stages of selling the product will therefore start diminishing once competitor brands hits the market in three years. Other than the challenge that will be posed by competition, the current global warming crisis might end up affecting demand. This is in consideration that snow accumulation has recently been slow, which has greatly reduced ski seasons (USA Today, 2007). The ski market has, however, indicated serious demand, which will be exploited accordingly.
The market for the product will have two segments, sporting and leisure. The sporting segments will especially target professionals who would be using the product in most period of the year. Products sold to this segment will have a higher price tag compared to the leisure segment. The increase in price will especially develop from enhancement that will be made on the product to ensure durability and performance. In addition, the company will ensure to monitor the performance of the product by following up on customers. Each customer will indeed be provided with a technical representative. The company will strive to provide best services to the athletes, because it is through them that rest of the world would understand our product’s high performance (McDonald & Milne, 2003, p. 215). The leisure segment would pay less for the product given their price sensitiveness. The skis sold to this segment will also be of high quality, which will help in passing such information to potential customers.
- E. Projections
As illustrated earlier, the first tow years of operation are destined to achieve higher sales targets. The product popularity in the market means that most customers would embark on snapping the product before the beginning of the comings season. The introduction of competing products in few years could however mean that the company will start experiencing decreased sales. The goal is to therefore undertake aggressive marketing in the next three years before competitors embark on selling their products. Our marketing team and collaborators are working towards popularizing the new product in the marketplace to the point where competitors will find it hard to penetrate the existing market share.
Classic Sporting Goods is following on its long tradition of preparing a market plan for every new product. The current ones involves an innovative ski that changes stiffness depending on snow conditions. An aggressive global marketing campaign will be conducted despite the product commanding a higher demand in the international market. Marketing will be done through the international distribution channel that is already known for high permanence. The same channel has been used to market other product lines with much success. This product is destined to perform well because competitors are yet to finish developing their brands, meaning that our product will have total market share in the initial years. The product’s market is segmented into professional sports and leisure. Both will be provided with high quality products, just as the company tradition demands.
Banks T., (1995). Distribution Law. Washington, DC: Aspen.
McDonald M., & Milne, G. (2003). Cases in Sports Management. New York: Jones Bartlett.
USA Today. (2007). Global Warming and Skiing. Retrieved July 17, 2008, from, http://www.usatoday.com/weather/climate/globalwarming/2007-01-10-Utah-skiing_x.htm