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The term "sneaker" is frequently used to refer to athletic and sporting footwear that is used for fashion and leisure. Prior to the rise of the athletic shoe subculture, the name "sneaker" had a number of vague associations, and Webster described it as a shoe made for persons who spend their time participating in sports. The world of footwear has been greatly impacted by sneakers. The global footwear market is predicted to be worth $52 billion in 2016, according to the National Shoe Retailers Association. This essay focuses on earlier research that helped spur new entries to this massive and global business sector. The analysis is centered on the 7ps of marketing which is part of the main aspects learned in this course. Planning to enter this huge industry of sneakers, the following literature review will absolutely help you establish a resilient background.
In most of the developing states, a variety of imported goods are making a lot of competition in the domestic and local markets. According to (Hassan, 2011), the markets have become more rigorous, and consumers have access to more product choices. Entering the market means understanding the situation of the sneaker products in the local market. Whenever planning to enter the business of sneakers and footwear one should understand the enthusiastic acceptance of the product within his or her home country. Hassan also extends the school of thought about the product by focusing on the need of understanding the international marketing situations and roadmaps. The demand and supply structures of the product within the country forms a critical component of the fundamental aspects needed before the business entity kicks on. The product should be designed to ensure that its competitive edge is strong and the market enjoys its presence in the market.
In the structure of 7ps of marketing, Price takes the second space. Addis Ketema sub-city, (2011) shows the essence of developing the culture of continually examining the market prices of the product to be stored in the Sneaker Stores. The price should be reasonable and typically appropriate to the current market realities. Sometimes you will be forced to reduce and standardize your price. Rising prices of the Sneaker shoe products does not translate to direct profit addition. It may lead market splitting, and a certain percentage of the customers may be lost. Great care is needed whenever dealing with the sensitive price changes, and the prevailing market conditions should be elegantly considered.
Sales Promotion and Advertising through the different modes are the components of the promotion mix in the 7Ps of the mix of m arketing. Kotler and Armstrong, (2010) affirms that marketers formulate promotion and communication strategies as well as design advertisements based on their profitability margins. To capture the mindshare of customers in the most efficient way possible these strategies should be available. Since consumers fail to register much concern on low engagement, they own perceptions that advertisement as a forgettable series of images of uncased and unread content. A low theory of involvement where one considers high commitment to become more of an activity of the left brain and low involvement in the activity of the right brain was formulated. According to (Kotler and Armstrong, 2010) consumers will be able to recall the sneaker brand in promotion and advertisement s with appeals of informational value the moment they are highly engaged in the product categories. For categories with lower involvement, consumers recall product brands which have appeals of positive emotions. On matters of new products branding, these two experts affirm that advertising and brand extensions, as well as marketing teams, should ensure that their new product distinctiveness to the very best limits. New products bearing different brand names do attract and pull attention but may sometimes suffer from a lower recall on the brand. High-risk perceptions for products like the sneakers attract the elements of delayed promotion.
Entering a new business, for example, the sneaker stores investment needs the new products to be positioned and perceived as improved and different with benefits and special features which are made to sufficiently meet the functional, social and aspirational needs of the users or consumers. According to Wang and Liang, (2014), if the products are of low complexity, enough and adequately supplied pieces of information from the marketers should reach the consumers so that they have a clear picture of understanding the product and its functionality properties. Furthermore, he acclaimed that in case of a new product of new innovative components which are complex the consumers should be reached vividly to ensure that they don't get hard times during their usage. The study also provided limelight and directions for future research to have plenty of information to position the consumers with adequate information about the new changes and development in the sneaker and shoe products (Wang, and Liang, 2014).
Proper Packaging is critically essential for any business, footwear business included. According to Taylor, (2013), the new entries in every business should consider five crucial drivers of a channel which ensure that packaging equity we sustained. They are communication, commitment, trust, customer orientation, and dependence. Any packing conducted on the new brands and products should be made to ensure satisfaction of the critical drivers of channel equity (Taylor, 2013). The packaging process should never hinder the consumer from understanding the quality of the product before him, or she utilizes it. The role of channel management and lower cost of packaging were also outcomes of the research conducted by this guy. Performance measures should be maintained in the new and competitive packaging designs. The packaging should not affect the real performance of the product or distort its original structure to avoid confusion between the customer and the supplier.
Place here refers to the locations which supply the product. According to Z. Amani, (2015), the Sneakers stores and other business organizations should develop the habit of effecting and reviewing the exact location where the customer can strategically meet and engage the salesperson. The consumer should technically search for a place where his location and outlet is accessible by customers at ease. To boost performance and output, the business should focus on the essence of expanding its marketplace. Technology should be incorporated in the systems which help the business reach consumers at the more convenient way (Z. Amani, 2015).
The marketing mix contains a P component referring to People. It is always critical to developing the habit and culture of thinking in line with the various people entities both inside and outside the Sneaker Stores business. These people are the ones responsible for each element of the marketing strategies, activities, and sales. Bonconcelli (2017) research proved that the entrepreneur should engage other stakeholders in the industry. The marketing mix and marketing strategy are key elements which require total attention to the issues of decision making and policy. Upon entering the new business of Sneaker Stores and products, your strength and ability to recruit, select, hire and retain the right people, equipped with the abilities and skills to undertake the prospected job in the business are far much important than anything else. Success in any business is not achievable without the presence of those carry out each role, responsibility, and task. In most cases, it is not possible to make progress until the Sneaker stores ownership gets the services of the right person in the right position. In this regard, the entrepreneur should understand that the most promising business plans to be developed are lying untapped because the key process of acquiring the best people to execute the plans was faulty.
Literature review offers sufficient information to assist the entrepreneur lay a strong basement in the industry to effectively face the wrath of market competition. He or she should be ready to implement the demands and requirements of the seven Ps of marketing. Challenges will be part of life in the whole process of idea implementation in the Footwear sector. Business collaboration and ethical practices of competition will help the business get the seven Ps in good shape for sustainability.
Addis Ketema sub-city. (2011). Revenue Office Report. Addis Ababa, Ethiopia.
Bonconcelli, R. (2017). No Business is an Island: Making Sense of the Interactive Business World. 311-314.
Hassan, A. B. (2011). Factors Affecting the Consumer‟s Decision on Purchasing Power, . Available at http://ifrnd.org/JEBS/2(3)%20 Mar% 20 20 11/Factors%20Affecting%20the_Consumer%E2%80%99s%20Decision%2 0on%20Purchasing%20Power.pdf, Accessed on November 07 2017 .
Kotler and Armstrong . (2010). principles of marketing, 13th Edition. Pearson education United States of America .
Taylor, D. (2013, October 02). Grow the core for brand success. Retrieved November 07, 2017, from Market Leader Quarter: https://www.marketingsociety.com/the-gym/grow-core-brand-success#yJIQYbAeidZmHq1s.97
Wang, Wang and Liang. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision 52 (2) , 230-258.
Z. Amani. (2015). Commitment as a mediator of the relationship between trust and relationship loyalty to retailer. Journal of Business Studies Quarterly 6 (3) , 144-163.
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