M2. Case Study Analysis - Prince Sports, Inc. Quick and fast changes in an environmental market place such as social growth (globalization and the growth of social networks), economic instability (crises), industrial progress, fast growing competitive world and firm marketing regulatory mainly have an effect on the work of most of marketing companies or marketing and brand image divisions of the companies. In order to put into practice a winning marketing plan or a boost in sales and customer awareness companies have to stay in pace with the new marketing environment and take into thought every likely detail that might help out or ruin the image of a company or product. This case study will examine the marketing principle and vision in the background of Prince Sports, Inc. The main emphasis of the case study is Prince Sports, Inc segmentation and positioning.
To break away from top competition like Red Bull, Rockstar, and Full Throttle, Monster Energy Co. needs to implement an advertising strategy that will increase brand awareness, sales, and target market size in order to accelerate growth. This advertising plan will include television commercials, magazine advertisements, and athletic endorsements to reach these objectives. They will also need to continue to innovate on past marketing promotions that have made them so successful in the past. These tactics, coupled with new distribution deals with Coca-Cola and Anheuser-Busch, should bring the popular energy drink to a more mainstream audience and reach the necessary goals. The project will be monitored with many of the traditional methods for tracking.
Question 1 In order for successful expansion of the new line of energy drinks that Snazzy Sodas are promoting careful considerations in the marketing strategy will feature. (Armstrong 2012 p52) The market targeting strategy has to maintain a customer centred motivation. Through dividing distinctive markets by processes of individual and personal characteristics, wants needs and behaviours of the consumer the basis of the marketing segmentation is established (Armstrong 2012 pp52-55). From this position greater classification of the market segments can be maintained. The target market for the energy drink would redevelop and associate with varied amounts of current markets to carefully build and generate profitably whilst upholding customer value.
They have a competitive advantage. Being the largest sports drink producer allows them to reach out to many more consumers then others can, and as well have many for manufacturing plants all over the world. With manufacturing plants across the world, Gatorade is able to reduce prices. Gatorade has become the most popular sports beverage. It is widely known and is easily distinguishable among its competitors.
It showed that 2011 figure was increased by 7.3%. Coco-Cola is one of the largest and well-known beverage company all-over the world as Coca-Cola sells beverages to more than 200 countries. Coco-Cola could make a long-term investment at the current price, the valuation given the ratios to be margin in a safe way. Revenue Growth: 8.5%. Cash flow Growth: 8%.
A number of approaches were considered to help Lowe’s lower expenses and increase profits. One approach was to grow Lowe’s brand recognition through new advertising approaches, such as social media, which will get the most out of the strengths. To overcome some key flaws, Lowe’s has a duty to provide cross training to all employees in all sections and jobs of the store prior to working alone. In addition, the execution of a quality assurance program to standardize the Total Quality Management (TQM) of products would help Lowe’s address various weaknesses and threats. Some of Lowe’s strengths include having the second largest market share in the industry, their creative ideas classes and videos, and their corporate social responsibility.
The main ingredient of Red Bull is caffeine that can help people keep energetic. So young adults who need replenish energy such as athletes, ravers, night clubbers, daredevils, shift workers, excutives, long-distance drivers and the hip-hop crowd.4 To put all into a nutshell, the primary target market will be the young urban males who need replenish energy in high income countries. According to the textbook, there are five criteria that can be used to select the target market. They are market size, expected growth, competitive position, cost of reaching the target market and compatibility with the organization’s objectives and resources. 1 The size of target market
Clorox also has a large marketing budget, an experienced research and development team and most importantly, brand recognition. Clorox can use their large market share to attract customers to new or improved products. Also brand recognition will be very important in the sale of the faucet filtration systems. They claim to have the best tasting water and according to their research, customers are more concerned about taste than removing contaminants. Even though the Brita products are a bit more expensive, people are willing to pay at that price for greater tasted water.
In this report, Darren Rovell stated, “The Company sent a picture to the press of Rodriguez holding the product, which did $40 million in business in 2010, with the goal of hitting $100 million in sales this year (Rovell).” Just a picture of Alex Rodriguez drinking the product helped the company gain a lot of profit. Even though he is the highest paid player in baseball, he is able to promote anything he wants because of his
As the theoretical definition states – this type of knowledge is context specific. In this case we are shown many other types of tacit knowledge that helped the development of Nike. These include the movement of its original manufacturing processes to Taiwan and Korea, where Knight knew he could cut costs and increase profits. Also, in a later phase of Nike, his knowledge of competition behavior, as well as the way in which he would battle competitors by increasing innovation. Although these were important examples of tacit knowledge that helped Nike grow, we are able to see the importance of this type of knowledge in relation to explicit knowledge by concluding that what really lifted Nike to the limelight was its marketing strategies by sponsoring football teams as well as using Michael Jordan as its main icon.