Yeezy Boost 350 vs Nike Airmax: Current Market Situation (Essay Sample)
Yeezy Boost 350 vs Nike Airmax
Assignment and points
1. Executive Summary 5 points (5-10 sentences)
Summary of the main goals and recommendations of the plan for management review, helping top management to find the plan's major points quickly.
2. Current Marketing Situation 15 points (1-2 pages)
• Market description: define the market and major segments, then reviews customer needs and factors in the marketing environment that may affect customer purchasing.
• Product review: with a detailed description of the product and its characteristics
• Competition Review: Identify and offer a brief overview of at least 3 competing solutions, as well as explanations for how your product will compete with them. *Note substitutes from other firms or existing offerings from your firm are as valid as direct competition.
3. SWOT Analysis 10 points (Approximately 1 page)
Assess major strengths and weaknesses of your product and company, as well as external threats and opportunities. Identify at least 3 considerations for each letter/area of the analysis.
4. Objectives and Issues 10 points (Approximately 1 page)
• Objectives: The specific marketing goals (i.e. sales, brand awareness, market share, etc.) that the company would like to attain during the following two years.
• Issues: Any key potential issues that may inhibit achieving your stated objectives.
5. Marketing Strategy 20 points (2-5 pages)
The marketing strategy that helps you create customer value and relationships. How will the company create value for customers in order to capture value in return?
• Value Proposition: Answer the customer’s question of “Why should I buy your product rather than a competitor’s?” What benefits will the product promise to deliver? – Discuss at least 3 benefits the product will deliver. Also, develop a tagline/slogan for the product.
• Differentiation: What unique qualities/features of the offering will you emphasize in order to stand out from competitors?
• Positioning: Describe the branding image strategy for product. What will you emphasize in order to create a distinct impression in customers’ minds?
• Product Strategy: Decisions on packaging, labeling, logos, color schemes, warranties
• Pricing: What price(s) you are going to charge and rational for why.
• Place(ment): Describe the distribution strategy for this product.
• Promotion: Identify at least three promotional tools to be used as part of this strategy.
6. Action Programs 5 points (Approximately 1 page)
• Concrete/Specific marketing actions that you plan to take within the first year.
• What will be done? When will it be done? Who will do it? How will it be done?
7. Budget 5 points (1 paragraph with calculations)
Estimate expected revenues (forecasted number of units sold and the average net sales price) and expected costs of production, distribution, and marketing. Difference = projected profit.
8. Monitoring and Control 5 points (Approximately 1 page)
How you will monitor the progress/results of this plan and adjust course if needed?
9. Recommendations and Conclusion 5 points (Approximately 1 page)
State your top 3 recommendations for this product offering (*Note - can be things you’ve already mentioned in the paper, this just puts them here in a convenient place) and provide a brief 1-2 paragraph conclusion to wrap up the paper.
Yeezy Boost 350 vs. Nike Airmax
The sneakers market is quite large and by 2013 it was worth more than $23 billion dollars with positive growth trend in the United States, and even higher growth at the global level at an estimated 40% compared to 30% in the US since 2004. Majority of the people that by sneakers are those that train for sports, professionally or simply casual. The Yeezy Boost 350 is a sneaker that embraces technology and innovation compared to the Nike Air max. The Boost shoe from Adidas offers knit technology, breathability, comfort, durability and quality. Despite the fact that is quite expensive, the product has great potential in the market with estimated profits at $2 billion dollars.
Current Market Situation
The sneakers market is formed of persons that love sports or that are actively involved in the sports. These are shoes that include trainers and athletic shoes, worm for their comfort (Molloy & Teyhen, 2010). Sneakers are designed is a manner that ensures that the person wearing them does not just enjoy the aesthetics, but also the practicality of the shoes. These are shoes that are highly developed with some of the most sophisticated software and massive research. For a company like Adidas and Nike, they invest massive amounts of resources to the research and development sections of their business. This is to make sure that they come up with the next best footwear that clients can were as they train. The shoes have to be very flexible and take into account the comfort of the customers (Molloy & Teyhen, 2010). As such, the company has to be precise on the various aspects of the shoes and the customer needs.
By the year 2013, the sneakers industry was worth more than $ 22 billion dollars in the United States. In the last few decades, the industry has experienced massive growth (Powell, 2014). Various companies have joined the industry and the competition has been building up, from the various players reigning in the market. Companies have to come up with quality and innovative products to make sure that they maintain their market share. Customers want the best out of the footwear that they buy. Since the year, 2004 the industry has experienced more than 30% in growth in the United States (Powell, 2014). Internationally, the industry has grown quite fast, with more than 40% (Powell, 2014). However, it is important to note that the American market has been the largest contributor to the industry relative to the sales. This means that the United States is the largest market for the sneakers (Powell, 2014). Companies such as Adidas have for the longest time concentrated to selling their products in the United States relative to the level of adoption of the new designs and products.
There is a specific segment of the market that they relies on to buy the shoes. The majority of persons that buy the shoes include people that are constantly training for sports (Leach, 2015). This includes persons that take part in sports professionally or as a social event, which is part of their hobbies. For the professional athletes such as in the basketball, athletics, tennis and soccer. In the case of the persons that are not involved in the professional realm, this segments involves persons that are active in some sports activities such as, running, playing basketball, tennis, going to the gym and walking. As such these are a basically activities that may be directed at the health benefits associated with exercise or the casual enjoyment of a hobby (Runner's World, 2013). There is also a third segment that involves persons that would want to wear the products for the casual appeal associated with the image that the shoe brings out. Some of the shoes, relative to the fact that they are associated with certain per...
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