Free Essays - Marketing Essays
Sports Market
Making sports affordable
2.0 Executive summary
Look good sportswear will be one of the leading sportswear in the Britain market with clearly focused vision, mission, and strategic focus on adding value to market segments; the small business, big scale sellers, personal trainers, in the local and international market.
Our marketing challenge is to position our product offering new technology, high quality; stylish, trendy alternative to local hand made wears in an affordable price.
The business partners Martin & Sri, have experience and academic knowledge in fashion and sports wear. Look good is an organization which produces more than 30000 clothing pieces per month with more than 50 staffs.
With this new marketing plan look good expand its business with new spaces and latest technology equipments. Look good ambition with this plans are:
- Getting a thorough knowledge of the market
- Educating the staff about the market and company mission, vision.
- Building the brand of “look good” towards a successful way
- Identifying strengths and weaknesses
Look good hopes this marketing plan creates a long term success , and position our brand on the top list
Look good –“making sports affordable”
3.0 Situation analysis
3.1 Internal influence
Look good has experimented and well served last couple of years and also management has good knowledge of the market and aware of the value of their future market. look good will be servings and designing their future marketing and product plans according to their experience. Management is ready to develop new strategies and be implemented to compete strongly with the competitors. Also they will leverage this information to better understand what should be given priority and how good can look improve their service.
Adoption of new space and more staff also new technology must be adopted to improve the overall efficiency and productivity .that would lead to huge growth in sales and productivity. Also customer satisfaction, increasing demand by staying in date with the additional amount order and correctly delivered.
3.2 External influence
Among the competitors look good stands in a very firm position by providing quality which is similar to imported brands.lookgood works on a slim margin to be price competitive, but look good offers more colours and a wide range of styles. Also look good started to accept design from free lancers who are in touch with the market.
3.3 Demographics
Since look good operate in vast differentiated competitive market, it takes huge effort to identify the customers. So it can serve according to the customer needs.
- Age range 4 – 65
- 52% are women and 48%are men
- 39% at lease play one game
- 11%are professionals in sports
- 20% are under 11 years
3.4 Behaviour factors
- 9% are brand conscious
- Tends to pay more for a prominent brand
- Fashion conscious on sportswear and always about the new releases
- Also influences from overseas brands, homemade products socio cultural changes, safety inventions can affect the market and change the demand for sportswear.
4.0 Marketing key objectives and needs
Look good is providing the market with wide range of sportswear and accessories competition with prominent brands e.g. Nike, addidas, etc
Selection - widest selection of fashionable wares designed by professional designers and also more colours comparing to other brands.
Quality – quality is similar to imported brands, clothing uses nylon, lycra cotton, cotton and various combinations of each of their garments, so that clothing returns to its original shape after stretching fits like a second skin and its absorbent to keep the body cool.
Competitive pricing – look good work on slim margin to be price competitive to the leading brands in the market.
Accessibility – look good supplies sportswear to major department’s stores through ought the United Kingdom and exporting to the Europe.
Customer service – customer support information is provided to all the stores, product information is labelled with free phone contact numbers.
Strength ness
- Sufficient finance has been budgeted and new plans been implemented.
- Products are available throughout the country
- Low prices
- Attractive designs
Weaknesses
- New to the market
- Limited reputation and resources
- Launching a new brand product where existing brands have high influence on the market
Opportunities
- Developing new products with low price can improve the goodwill among the customer and can have a monetary value in the future
- More opportunities to build a brand.
Threats
- Huge competition with lots of overseas new brands
- Products made in third world countries are sold at very cheap prices
- Changing trends and new restrictions, this could affect the business and the demand
- Imitations and fake brands
4.1 Market trends / needs
Market trends for sportswear are on a common design elements which are comfort ness, fashionable, affordable. Since its sports wear over the past years there has been a several design variations from those base elements. All the brands are including few characterises to the base element by marketing with own developed brand .this is a considerable threat as it increases over heading the form of inventory. This can be solved by producing many different styles.
Analysis of competition and buying patterns.
- Nike – Nike offers huge range of products at a premium price.
Very professional designs and also at the top of the market
- Reebok – very stylish and comfortable, with often new releases.
- Adidas – premium brands covers all the accessories
Competitions among those brands are huge. None seconds to each other. Prices differ from brand to another, even though features of the products are same and with many common elements.
Also there are number of indirect competitors who repairs , tailoring according to the particular requirements., special prescribed wears.
Find out how our expert essay writers can help you with your work...4.2 Product offerings
- Sportswear
- men’s
- women’s
- kids
b) Dance wear
- men’s
- women’s
- kids
c) Accessories
4.3 Marketing objectives
Look good strives to build a prominent brand in the market and to have the largest selection for an affordable price.
Look good will accomplish this by
- Increasing repeat customers by 3%per quarter.
- Having in stock different sizes of style.
- Having different styles for different sizes
- Categorising the products as menswear, women’s wear, kids
- Having more varieties in each and every category
- Professionally designed according to health and safety procedures.
- Expand the channel of distribution by making products more available
- Providing marketing and promotional offers to retailers to increase the brand awareness.
- Maintaining strong relation with our suppliers and buyers to establish more corporate relation
5.0 Marketing strategy
- Brand awareness by introducing a marketing campaign
- Targeting the middle class families
- On location marketing programmes
- Promoting the product through personal trainers
- Appointing a brand ambassador
- By building a brand name brand equity comes which can increase share price and market share which can help to position the product in the markets
5.1 Target market
Sports professionals - these are full time sportsmen and women, mostly sponsored by companies therefore have the need for much different selection and spend fair amount of money. Look good will be introducing its premier brand “premier look good” for this target group. Look good target to sell 25% of its whole production to this category
Normal customers – they typically earn below £30,000 per annum them selves. They purchase sportswear for leisure time and use it as additional wears. Look good target to sell 75% of its whole production to this category.
5.2 Positioning
Look good will tries to position its brand with the concept of “making sports affordable”. Selling in all the premier malls, major supermarkets, online, Look good recognizes that there s no single brand that offers wide range of selection of decent quality sportswear for the money conscious customers.
6.0 Marketing mix
Look good will be serving using differentiated targeting strategy
Pricing - look good pricing is designed to be competitive to other brands “making sports affordable” to more reality. Look goods targeting price margin Is 20 % which is 30% less than competitors price in the market.
Premium brands will be priced with 35% margin and look good doesn’t afraid of challenging the market price.
Place – all products will be delivered to wholesale buyers directly. Online customers will e having two different optional postal services.
Warehouse: warehouse will be leased in sales regions according to the convenience of buyers. , where transportation cost will be minimized.
Product - wider range of stylish sportswear, dancewear, accessories, catering categorised customer groups using different strategies.
People – exceeding customer expectations by providing products worth money
Packaging – look good will be concentrating on cost efficient packaging carefully selected and environment friendly.
7.0 Financial analysis
Look good targeting a 35%growth in 2nd year and 50 % in the 3rd year in order. With the new marketing plan and the sales team look good management is confident that it can meet the above target. Special promotional offers and new expanded market is on its way.
As look good promise “making sports cheaper”, its margin ratio is given below.
- A 20% margin on its normal brands.
- 35% on its premium brands.
Expected sales PremiumNormal
- Year 1 7,500 22,500
- Year 2 10,12530,375
- Year 3 15,00030,000
Gross profit expected considering initial £80, 000 investments remains also year profits are been taken off
Profits premium/normal
- Year2 7,000.0012,000.00
- Year3 8,663.0014850.00
To achieve a healthy growth in profit annually and to keep the function of the company steady look good will be targeting above amounts of profits annually.
- As company space expands a cost of 0.5%will be added to fixed overheads.
- Administration costs will be increase by 12% annually
- On conservative inflation 0f 3 %per year and 1.5% on allowance should be considerable
9.0 Control process
No marketing plan will be completed with out the control process. A timeline guide, control officers will be supervising the process. This measures any part of the business.
Look good should draw objective before implementing the marketing the strategies. And proper strategies have to be evaluated. Data’s should be stored in order to compare the financial situation of look good. by comparing the data companies future progress can be predicted.
Marketing control process
Marketing objectives
↓
Performance standards
↓
Compare results against standard
↓
Correction and alterations
Control involves evaluation and monitoring resources .so it’s important to control marketing plans.
Below process will be supervised and will be corrected if necessary.
- Share analysis
- Sales
- Budgets
- Achievements
- Marketing research
10.0 Appendices and references.
- Principles of marketing by Philip kotler and Gary Armstrong - Page numbers 101 – 131 , 44- 59 , 445.
- Marketing management by Geoff Lancaster and Lester massingham - Page numbers 11- 22.
- Internet web pages are below
- www.google.com
- http://www.quickmba.com/marketing/pla http://www.consultancymarketing.co.uk/marketing-plan.htmn/
- http://www.knowthis.com/management/the-marketing-plan.htm
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