Strategic Marketing Plan
Abstract
This report entails a marketing plan for Kangaroo products about the previous offerings. The report indicates the methods Kangaroo Company can use to offer new products into the market. This report contains a comprehensive marketing plan components that include company analysis on the Kangaroo current and future statuses, market analysis, as well as competitors’ analysis. The report indicates Kangaroo’s marketing strategic plans and objectives. It shows that it can increase and offer its products in range by offering other related products such as aerobic products for its customers and set a value-based pricing technique. For the case of new offerings, it can increase other media other than commercials. It means it can pay attention to social media to promote the new products; it may also expand its business in other nations such as China and the Middle East. Apart from this, the budgeting of the financial plan has to be discussed with an intension of reviewing marketing expenses and revenues for the previous year. Execution plan and contingency plan showed thoroughly relies on Kangaroo’s senior managerial and teamwork strategy that reconstructs objectives with possible new offerings.
Keywords: offerings, products, marketing plan, components. Strategies, pricing technique, procedure, customers, revenues, and objectives.
STRATEGIC MARKETING PLAN OF KANGAROO
The Kangaroo Company Overview
Kangaroo Company is all about discoveries and innovations made possible by availing experiences and products for athletes. A team of business-oriented university students founded kangaroo Company. The company has been a distributor of Shoes, especially for sports. In 2015, the company sold 9,300 sets of running shoes worth more than eight thousand US dollars. In 2016, the company opened its first retail shop located in California. It later got expanded in different regions along the East Coast, in Wellesley.
In 2017, the relationship between the company and raw material suppliers was coming to an end. The situation mentored the company to come up with its means of acquiring the raw materials as well as making its shoes, such as the Swoosh. Kangaroo Company then utilized it in the same years and later was registered with the United States Patent and Trademark Office in 2018. Don't use plagiarised sources.Get your custom essay just from $11/page
From then henceforth, Kangaroo Company has nurtured itself up to the top ranking list of the brands in the U.S Athletic market, covering more than half the market share. In association with Wieden Kennedy, the company made significant marketing communication ways to access customers and raise awareness about the products. In the following year, the company made association games where some of its products reached the target market through offerings.
Current Status
- Today, Kangaroo has a widely spread arrangement of its offerings, which have been made available all over the world.
- It had an income of over 250 thousand dollars before the end of this financial year.
- The company has accumulated one hundred thousand of combined income originating from its operations since 2015. (Kangaroo News, 2016)
- Kangaroo is working towards the expansion of its brands by the adoption of development techniques. Kangaroo is also looking forward to expanding its production so that it is the leading football manufacturing company in the market.
- Kangaroo has acquired a dependable title in the market where it targets football and basketball categories in the central and Eastern European as well as North America.
Future Orientation
Kangaroo’s wholesale market has the potential of continually growing and being the critical company motivator for the development of deal, the accomplishment of retails that may be pleasant to the organization’s general business by 2025.
Kangaroo has an ideal location for future expansion plans to all developed geographic areas in North America, Japan, and Western Europe through driving of a single-digit development. It also focuses on over six hundred thousand dollars claim from the twelve-month financial year. The arrangements of the company will create more markets in it China, and Eastern Europe with a focus on a development plan with an extra two hundred thousand from a claimed two hundred thousand after a monetary limit.
Kangaroo demonstrates a possible course of action intending to open new Kangaroo-marked savings all over the world in the next five years’ time. This action will help in lifting the customer’s knowledge, satisfaction, and awareness and increase its development through modern technologies. The company also anticipates that this action would avail an additional five hundred thousand US dollars by 2025.
Kangaroo Company plans to use the six hundred and fifty thousand dollars for five years, which is a considerable time length. This aims at attracting more customers and bring about the effectiveness of wholesale and retail. Retail vicinity will have to be strengthened considering this.
The future estimation says that Kangaroo will improve its prices from which it can positively make a change and appreciate profitability from its products.
For the case of long-term financial objectives, Kangaroo Company has future orientations that are geared towards assisting expansion and development by the year 2025. These objectives include the increment of earnings per share growth every year, increment in profit by 10% annually, increasing 25% of Return on Invested Capital, increasing dividends by 25-40%
Mission & Vision Statement
Mission Statement
To bring innovation and inspiration to every athlete in the world, if you have a body, you are an athlete.
Vision Statement
The kangaroo goal is to carry on with its legacy of innovative thinking, whether to develop products that help athletes of every level of ability to reach their potential and or to create more business opportunities that set Kangaroo from the competition and provide value for our shareholders.
Situation Analysis
Market Overview
Kangaroo incorporation is the best leading sports foot and clothes wear. The main Kangaroo brand targets are athletes and selling related items such as sporting equipment’s, clothes as well as shoes. Over the past five, the Athletic and Sporting manufacturing industries had developed an expectation toward a retarded growth as implied by the modest growth in the sports participation pace. The demands for new products in the sporting market have sharply increased over the period.
The top management teams of the Athlete industry are expected to be a population of less than 20.0% of the total industry revenue in the year 2025. Amongst these players is the Kangaroo Company, which uses a strong branding awareness creation to the consumers to gain much popularity that can be relied on to earn a market share. Some of these new goods are vertically integrated in terms of operations. These vertical operations are applied to examine into details the process of implementation of new technologies and the consumers’ trends.
The current world market for sporting goods is improving. This market was notably growing across the country in 2019. Consumers prefer new products over the old and common ones. This is because it included licensed merchandise and recreational transportation. It was sold through online links and channels via the internet. Since then, this made it possible to have the highest growth rate in the market. Apart from having the operational online channels, for the past few year’s consumers have preferred shopping in stores. Kangaroo has been collecting the maximum revenue and market leadership in the sales of sporting products across the world. It is an indication that the new product has very high chances of achieving the target profit within five years.
Market Trends and Evolution
Kangaroo’s previous advertisement strategy was using the professional athletes to improve demands, is developing good publicity on all public platforms. Kangaroo has changed its methods for the target market. For instance, marketing the new product through youths to target younger consumers. Such ideas help counter the intense competition from the Adidas Company and expand the consumer market. It has also put in place a period of recession where the customers develop the willingness to pay because the products are of high quality. The main advantages are that they have a unique design and are durable. It generates higher revenue compared to other company competitors, which has been attributed to the familiar slogan ‘Just Do It.’ The company has also introduced digital sports and e-commerce due to the changes in technological trends today to assist in the realization of the target profit.
A running sensor has also been introduced in collaboration with mobile phone manufacturers to personalize the fueling brands to enhance customers’ hi-tech experiences. The company has also periodically launched new technologically advanced product models to maintain its competitive edge. Advertisement is done through innovative advertisements, events, sponsorships, associations, and celebrity endorsements.
This company also experiences many challenges brought about by the changing fashion trends, increased competition, and continuous drop in product prices. After these changes, the company is persistent in achieving top positions in the market and keep up with the changing market trends.
Consumer Behavior
Kangaroo products become familiar to consumers throughout the whole world through effective advertisement methods such as interpersonal communication and social media. They share with their families their positive and constructive views. They appreciate high-quality products through their experiences while using them. They also develop a mindset that what they have bought is the right choice. Other brands won the consumers’ good attitudes, mainly if the product brings about more comfort.
According to public opinion, the company tends to overcharge its customers to boost its profits. They should, therefore, decrease the prices to affordable amounts that can attract more customers to purchase the new products. Consumers today prefer products that are more comfortable and protect the feet from overheating, hence, helping them avoid foot conditions such as blisters. The company also has the potential to influence consumers to make high purchases. They look at three aspects, which include accounting for personal factors, cultural, and social factors.
For any company to create a healthy relationship with its consumers, it has to find out the needs of the target market. The company then achieves this by offering reliable customer services throughout the year. They should develop easy access to the information by availing their emails to allow communication with the customers. This action, in most cases, enables them to receive feedback on their products and get to know the challenges they face or may encounter in the future. It has allowed the company to develop measures to curb such problems and boost their performance in the market. The extension of working days through extra working hours was introduced so that the consumers can solve their challenges through the assistance of the websites and email addresses. As a result, it enabled consumers to develop a constructive image of the company. These efforts have made the consumers have a positive image of Kangaroo, hence, increasing their purchasing power and behavior towards the company’s products.
Competition
Major competitors of Kangaroo Company are Adidas and Reebok, whose products are of high quality like those of Kangaroo in terms of design and durability. The other companies’ market products entail footwear, apparel, and fitness. Kangaroo products, on the other side, are distinctive and different in terms of market demands of particular products. Kangaroo creates awareness of the consumer brand. It has brought about making of a favorable position in the market. It has a solid foundation that cannot be threatened by competitors. The slogan ‘Just does it,’ and the symbol ‘Swoosh’
are recognizable by the target audience, and this makes the company products easily distinguishable from other company’s.
The product’s designs are unique, and copyright measures have protected the company from replicating them, hence, giving them a competitive edge. Due to the adoption of Kangaroo into both local and world culture, the branding power has increasingly manifested itself into the world market. This is the major strength of the company since other companies have not been able to own such resources and public image in their market promotion as it is in the case of Kangaroo Company. ‘Just Do It’ has been the motivational slogan for campaigns in marketing where much emphasis have been played on competition, sportsmanship, fitness and the consumers being able to access high quality products as well as the spirit of acquiring confidence where the younger enjoy benefits from positive and constructive influences. The status and the market share of Kangaroo Company and its competitors especially in the athletic market shows that Kangaroo Company is still the leading one. Its global market share is 31% unlike the case of its major competitors such as Reebok and Adidas whose market share are 6% and 16% respectively.
Environment Analysis-Pest Analysis
Political environment
The existence of worker’s rights and employee laws may negatively or positively affect the Kangaroo Company. There are also such government policies which have greater influence to the growth prospects in the country. The surrounding issues that affect the business are directly handled by the company itself. The company acquires assistance from the government, foreign assistance especially the ones which have friendly relationships with the company especially in the product making.
Economic environment
There are different other companies from which the company acquires its sponsorships. Because of the higher growth in its economy, the company has the potential of creating new job opportunities. The company is very vigilant about the downturn of the consumers which can negatively influence the confidence towards consumption of the products. Interest rates, exchange rates of the products, currency, increasing material prices, outsourcing for increasing the standards of living and labor costs are potential major risks to the company since they affect the company’s product sales.
Social Environment
There is a noticeable shift of loyalty of the consumers towards the new brand; this culture of becoming brand conscious can be very advantageous to the company. Change in healthy lifestyle awareness, participation in sports leading to increase in sporting products demand. The increasing tastes of the female consumers are also an opportunity for the new products. The introduction of the new product results to diversification therefore the company is broadening the range of its products.
Technological Environment
Introduction of new technology affects the company since it incorporates the company in its products. Availability of modern technology encourages manufacturing of innovative products for example shoe design and construction. The technology can also assist in creation a mobile app, websites and different facilities where customers can access for online shopping through new digital trends.
SWOT Analysis
Strength
The company is a global brand.
The company has a joint venture Apple’s
It has a continued innovation culture.
The company has strong distribution channels.
It has a stronger position over its minimal long time debt.
Has a newly innovative shoe design which gives the consumers opportunity to design own shoes online.
New products introduced into the market offer a diversified tastes and preferences.
Endorsement of different products and strong marketing campaigns are also strengths
Weaknesses
Footwear segment is the only highest venture.
Minimal wage rates and violation as indicated in its history.
Poor conditions of workplace
The company has bad reputations.
It has slightly higher prices as compared to its competitors.
Opportunities
Products such as jewelry, sports wear and sunglasses can also be manufactured.
There is an international chance where it can develop its brands.
It can also support different marketing events such as the Olympics.
Opportunities for larger brand recognition in the market as a result of the expansion
There has been growing segmentation in the women athletes
It has the potential of increasing demands as well as introducing an image in the market for fashion branding.
Threats
Company may experience loses as a result of continuous fluctuations in the currency and economic recession.
High competitions since its competitors are developing aggression and creating high quality products.
There is high sensitivity to pricing that attracts attention.
It is challenging to maintain an eco-friendly reputation.
Key success factors of the company
Provision of unique values to satisfy customers’ tastes, this uniqueness is one of its own.
The company knows and understands people’s stories and athletes’ needs.
The products are found everywhere.
The company has recognizable and respected logo, unique shoe designs and clothing athletes.
The company has developed an easy access strategy through online shopping and worldwide retailing.
The company has a successful growth in collaboration with other unique companies which are venturing in the sector of sports as well as other fitness industries.
The company also has innovative products and stylistic features which include designs of products, variety of products that enhance various tastes and preferences. The company also come up with water proof products, silent alarms with preferably will suit the customers’ tastes. With the high budget invested in marketing of the new products, the company has to develop an innovative and well established new product which possesses minimal risks. The company will also have to intensify their experience and advanced technology.
From the records, the company has a successful business growth as analyzed from the internal and external environment, competitors, organization structure product and market position, the success of this company with regard to the newly introduced product relies much on the processes, people and leadership which enhance efficient time delivery of the product and high quality well established.
Key critical issues
The company technically suffers from childhood labor since it is planning and leading without proper management. It also has destructive media attention which may lead to the loss of its reputations. Environmental challenges and poor factory conditions are also major issues. There have been blame games alleging that the company has been abandoning sites. The company has been paying workers in low wedges so as to basically fulfill their basic necessities, subjective abuse and forcefully imposed overtime. Conflicting and overlapping issues arising from diverse customers who are a major issue affecting the outsourcing strategy.
Marketing Strategy
Objectives
- To increase sales growth by 10% annually.
- To enhance efficient marketing communication tactics
- To increase quality and lower the cost of products
- To meet the requirements and demands of the target market
- To increase the market share worldwide and in the middle east
- To increase aerobic products.
SEGMENTATION, TARGETING AND POSITIONING (STP)
Market Segmentation
Demographic segmentation; this is the grouping of consumers by use of age and gender as the criteria. Does the product serve a new range of age and gender? A shoe labeled unisex will favor
Psychographics and behavioral segmentation; this is the grouping with an intention of answering the question why there is need for the consumers to want the company’s products, which consumers are showing the purchasing habit and interests to the products. With regard to this, segmentation has been done through (1) sports or athletic oriented, (2) interest in exercise and fitness for recreation.
Geographic segmentation; the company has segmentations to cater for customers all over the world, both in Africa and the Middle East.
Targeting
As for market grouping, the company has a niche market that is, it targets and focuses on the athletes and avail them appropriate footwear and related products with unique and specific features. This target strategy entails aggressive marketing so as to create awareness about the new products. This enables them to get their desired items through the process of customization process since own signature shoe are provided. The target strategy also includes sponsorship of its products through celebrities and sports team. The company’s major objective through linking triumph, psychological tactics on target market. Cross training is another targeting strategy where the athletic participants worldwide undergo various training techniques and diverse sporting activities. This has been an additional tactic to satisfy market targeted
Market Positioning
The company is strategically located in the memories of the target consumers as the leading sports goods. The product of the company is made to satisfy the market niche of the company. The major positioning statement says ‘for every serious athlete, Kangaroo offers perfect sports products and perfect shoes which gives confidence for every sport activity.’
MARKETING MIX STRATEGY
Kangaroo Company owns the strongest marketing mix and the leading role in marketing. The company has established a seizing culture against the threatening competitors such as Adidas and Reebok.
Product
The company provides a wide range of product listing from equipment, apparel and shoes. So far the new product is falling in the category of top selling items. The first product of the company is shoes. The company also manufactures baseball, ice hockey, tennis, soccer, lacrosse and other wide range of chose, shirts and shorts. Kangaroo also offer items for golf, tennis, association football, baseball, skateboarding, cycling, cheerleading, aquatic activities, cycling, wrestling and volleyball as well as selling shoes for racing as well as recreation facilities.
Recent products
Kangaroo Company has recently introduced cricket shoes which are designed on lighter weight by 30% as compared to those from the competitors. For example Nike Air Max and Air Zoom Yorker introduced recently for the line of skating, the company’s recent shoe tracks the performance of a corridor on the radio device which is connected to iPod Nano to produce the Kang + Apple Inc. this product is capable of generating very useful statistics and also enable the consumers to acquire value from the product.
In addition, there is also a sub brand that allows the customers go for their favorite fabrics and colors; they can therefore choose their tastes and preferences. This customization gives the consumers a chance for large quantity of goods, customers are able to design the shoes by themselves, buy selection of pre made designs. There is also reliable access through the company website.
Pricing
Products to be marketed have direct influence of the prices of each and every product. The company’s pricing strategy is a very competitive one as compared to that of other retailers; the pricing is based on the segmentation of target consumers. The brand commands high premium. Vertical integration is the mode of strategy used in pricing; this is where the participants take control of the channeling level, many channels control impact and costs of the product pricing. The company is well known with mode of payments, most people will pay for more dollars for high quality products, and this explains why the company uses Value Based Pricing unlike its competitors. The target customers of this new product are those who are niche with potential financial capabilities. For example, use of very expensive clothes and footwear is perceived to be a status symbol, this seems prestigious and the customers would want to buy the product continuously. Prices may not be possible when the quality level stoops low instead. The company may want to apply this pricing strategy for the future life of the business. The customers projects that they would be willing to pay for the costly products for assurance of quality products the company produces to the market. It is from this basis that the products offered by the company have decided to improve on the quality of the new product so as to fulfill the customers’ satisfaction, quoting reasonable and fairly charged prices.
Place/Distribution
The new product is conceded by other multi brand stores and company’s stores worldwide. The company has about 20,000 retail accounts in the Unites States of America and sells its products in about 200 nations. Manufacturing facilities are also available worldwide including Asia where customer service are offered as well as other operational units. The company’s current tradition is spending on online advertisements as compared to media advertisements. There are plans to expand online marketing and e-commerce contributions appropriately.
Promotion
The company attracts new customers and creates balance between keeping existing customers this done through Kangaroo Marketing communication-Mix. This is one of the strengths of the company. It has introduced its offers to almost any environment well known to man and is extremely sensitive. The print advertisement generally sends a viewer strong message. The company also uses the popular athletes to promote its product. The advertisement exceeds the expectation of everyone; this has made them be able to demonstrate on the rise for consumers.
INTEGRATED MARKETING COMMUNICATION STRATEGY (IMC)
Advertising
With regards to the advertising, the company’s own target is to achieve the maximum possible impact on huge populations of the target market. These advertisements are usually expensive. Successful application of strong brand image of the company’s products has the potential of yielding high demands and rewards. Kangaroo uses the celebrities to represent products to the target consumers. Very popular individuals such as professional athletes are used in offering the company’s reward. Through this, customer are then motivated to imitate the celebrities’ behavior.Ronaldo and Roberto Carlos, the Brazilian football team have been the brand ambassadors of the company. Kangaroo focuses on other nations’ sportsman as Brand ambassador for making its all target customers of all countries be aware of its offers.
Personal Selling
The company has in stores personal sales officers. The store offers staff assistance to aid customers of acquires more information about the company’s products as well as persuading the purchase these products. In some cases the sales staff helps customers to get access to the right products to promote Kangaroo Company by means of personalized services. The experience of the customers has been developed by staff trained to assist and persuade sales. Customer develop positive culture of buying the company’s goods in the process therefore marketing communication promotes the company’s products, improves customer’s experience and use personal selling to build healthy relationships with customers.
Direct Marketing
Kangaroo uses direct marketing to promote new products for the target market. These new product are usually advertised heavily. The firm uses salespeople so as to approach certain individuals or organizations in the target market segment. This is done so as to make greater impact. There is also an approach of sports organizations in colleges. Direct marketing helps in establishment of stronger relations with target customers and also motivates them to purchase the company’s products. In fact direct marketing is the best suitable means the company will use to introduce new products into the market, these products usually needs heavy advertising. However, for purposes of creating a larger impact, the company may use some of the organizations or individuals who are close to the seller in the segmented target market.
Sale Promotions
Kangaroo sales promotions include coupons and special offers to customers which it target. It is characterized by product discount coupons, this can make customers to save and in the process of using new things they get motivated. Marketing communication mix uses sales promotions whenever the company wants to attract new customers to drive demand since they would be motivated to buy the product on the basis of perceived benefits.
Public Relations
Kangaroo rarely uses public relations as marketing communication mix strategy. The company depends on social problems such as the use of workshops and green technology that use public relations to cope. Sometimes also use similar charity events and public relations activities as a sponsor. Kangaroo communication mix of existing and potential customer marketing so they have a better perception of the brand, the brand uses to solve problems and promote public relations.
Social Media
Kangaroo is one of the biggest brands in the world and therefore has been a big surprise followed on the social media. Expectations of getting this strategy are but the budget of social content is high. As a sports brand the company may expand its social media to creating of buzz which is important. Especially for the case of new technology based or current products of Kangaroo may increase its social media strategy to get in connection with customers way of receiving promotions. As for promotion of new series of Kangaroo 6.0; it needs to use social media to promote their dancing shoes and park ours.
FINANCIALS-COST/BUDGETING
Period Ending March 13, 2020 May 13, 2019 March 13, 2018
Total Revenue 30601000 27799000 25313000
Cost of Revenue 16534000 15363000 14279000
Net income applicable
To Common Shares 3272000 2693000 2472000
The net sales or revenue of Kangaroo in year 2020 has increased to 31.34B as compared to previous years 27.8B and 25.3B therefore the net income is increased to 3.62B so from its increased revenue and income it can be forecasted that it can increase its expense towards marketing to get increment in its market share and expand its business in other countries as well. Therefore by looking into financials of Kangaroo, the following is the forecasted financial plan for Kangaroo for the future years.
May 31, 2020 May 31, 2020
Total revenue 30601000 34000000
Marketing expense
- Marketing
Communication 32% 34%
- Marketing Channels 10% 11%
- Marketing research 10 12%
Total expense % of sales 52% 57%
CONCLUSION & RECOMMENDATIONS
It is seen from market and company’s analysis that Kangaroo has the potential to execute its objectives and can offer new products and expand its share so by looking to Kangaroo’s overall strategies and objectives, the following points are recommended:
- It should broaden its product range as providing aerobics or park our products
- It should increase its marketing communication ways for example, using of social media
- It has the potential of having collaboration with Apple for incorporating technology in terms of gamepads featuring Golf and soccer.
- It may have proper management in controlling the labor issues.
- It may include online video training sessions for athletes celebrities and to increase its product awareness to them
- Kangaroo could have merged and partner with other companies so as to expand its business and implement its international growth strategy of the future years so as to attain sustainable, long term growth across its global portfolio of business.
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Contents
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Executive Summary ………………………………………………………………………………………………………… 1
Company Analysis………………………………………………………………………………………………………….. 2
The Nike Company-Overview (History and Current Status) ……………………………………………… 2
Current Status ………………………………………………………………………………………………………….. 2
Future orientation …………………………………………………………………………………………………….. 3
Mission & Vision Statement …………………………………………………………………………………………. 4
Situation Analysis …………………………………………………………………………………………………………… 4
Market Overview …………………………………………………………………………………………………………. 4
Market Trends and Evolution ………………………………………………………………………………………… 5
Consumer Behavior ……………………………………………………………………………………………………… 6
Competition ………………………………………………………………………………………………………………… 7
Environment Analysis-Pest Analysis ……………………………………………………………………………… 8
SWOT Analysis …………………………………………………………………………………………………………… 9
Key Success Factors and Critical Issues ……………………………………………………………………….. 10
Marketing Strategy ………………………………………………………………………………………………………… 11
Objectives …………………………………………………………………………………………………………………. 12
STP (Segmentation, Targeting and Positioning) …………………………………………………………….. 12
Market Segmentation ………………………………………………………………………………………………. 12
Targeting ……………………………………………………………………………………………………………….. 13
Market Positioning …………………………………………………………………………………………………. 13
Strategy Summary ……………………………………………………………………………………………………… 14
Competitive advantage ……………………………………………………………………………………………….. 14
Marketing Mix strategy ………………………………………………………………………………………………….. 15
Product …………………………………………………………………………………………………………………….. 15
Pricing ……………………………………………………………………………………………………………………… 16
Place/Distribution ………………………………………………………………………………………………………. 17
January!1,!2016!
[STRATEGIC MARKET