8.docx - Running head Strategic marketing plan Page no 1...

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Running head: Strategic marketing plan Page no.- 1 Context Macro-environmental issues or forces can increase or decrease the market demand and need for the products. Businesses need to be aware of changes in the general population. Major changes in the three above discussed markets, future potential shifts, population is an important factor to be considered for the business. Recession makes consumers less willing to spend their disposable income. Therefore, the economy of this area is changing, and greater percentage of people are married and employed which indicates that the consumers can be more willing to spend their disposable income (Armstrong, 2017). The values of society changes with time and lifestyles from different perspectives like medical factors that include healthy eating habits, exercises, lifestyle, economic factors like employment, loss of jobs, budget cuts etc., cultures such as music, foods, living accommodations etc., technologies like cheap electronics, internet shopping etc. Legal factors include the tax systems, various laws, and consumer Act. Which all affects the prices, condition of the business. Technology has huge impact since it makes our company and business gain competitive advantage over the competitor. Technology makes it easier for consumers as well as us, the company to communicate about the products, trends in the market. Therefore, it is equally significant to maintain a good relationship socially with customers and community to help grow our business. Competitors and understanding competition. A thorough competition analysis is a must for any business to know about its competitor’s strength and weakness. Our major competitors are Boom Boom, FedEx shoes, Shoe innovators, Delta, RunX, Skyd Shoes and Man shoes. We control 7.6% of the overall market. Our results in domestic and home market have been really good but we lost our track in foreign market as we
Strategic marketing plan Page no.- 2 were unable to generate sale sin foreign market and were only able to get 0.2% of the market share. We are deciding to leave foreign market and invest that money to reach more customers in Home and domestic markets. The strengths of our competitors are that they have secured a huge market share with good sales and profit margin and overall customer satisfaction. Competing them in the next five years is going to be tough but we have a good marketing plan in action that could help us get over and win the competition. We are looking forward to having successful business growth in terms of internal and external analysis, market position, competitors, products, and organizational structure. One of their advantages is they have a strong marketing strategy which helps them to earn a profit in the market. The major strength of any company is to know their customers depending on the locations of the customers in that area. Our competitor knows what the customers need to achieve peak performance in their chosen sport. They also have an advantage as they are an established brand in the area. Companies like Shoe shoppers should have

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