MARK101 Report EDIT[2488].docx - MARK101 Assessment 3 – Report Speedo Fastskin Table of contents 1 Pages 1 Executive

MARK101 Report EDIT[2488].docx - MARK101 Assessment 3 –...

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MARK101 Assessment 3 – Report Speedo Fastskin Table of contents: Pages: 1. Executive Summary……………………………………………………………. 2 2. Introduction……………………………………………………………………………. 3 3. Key marketing Concepts and Principles………………………………………………. 4 4. Marketing Mix Consideration…………………………………………………………. 6 5. Socially Responsible and Ethical Issues………………………………………………. 8 6. Information Communication Technologies…………………………………………… 9 7. Marketing Plan………………………………………………………………………… 10 8. References……………………………………………………………………………... 11 1
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Executive Summary: Racing swimsuits are a widely used market for professional and younger athletes in the sport of swimming. This report contains detailed information on the market leading Speedo Fastskin swimsuit. Speedo Fastskin is worn by a large proportion of professional athletes, making it the most popular swimsuit on the market. This report features detailed information on: the brief history of the product, the marketing plan Speedo has implemented for Fastskin to accomplish certain goals, how the product changed since its first release in 2000, how the swimsuit has adapted to technological changes, its ability to connect with its consumers through social media platforms, and social responsibilities that the Fastskin has faced over the years. The Fastskin swimsuit is a inimitable and important part of the sporting industry, as they are partnered with many sporting associations. Through this, they can achieve a greater promotion and can sponsor many famous professional swimmers. These professional swimmers are admired by the younger target audience that Speedo aims to connect with. Speedo is a company that looks out for the environment in many ways, such as using environmentally friendly fabrics and implementing programs into the community. 2
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1. Introduction Speedo Fastskin is a swimwear producer that manufactures swimming products for competitive swimming. They are also the largest selling swimwear brand in Australia and internationally. Fastskin swimwear uses swimwear technology created mainly for competitive swimming by professional athletes. The swimwear was inspired by a similar product, Sharkskin, which were both sleek and hydrodynamic (Speedo, 2019). Fastskin was created by a team in Speedo’s Aqualab in the year 2000; this team eventually were named finalists for Inventor of the Year, as the swimwear was dubbed the first of its kind. The main goal of the swimsuit is to create compression and ridges in key areas developed with a certain kind of fabric. This fabric mimics nature and assists swimmers to glide through the water. Due to the major success with the Speedo Fastskin swimsuit, the swimwear has a market share price of $126.27 per share (Macquarie Group, 2019). In 2011,
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