My new company will manufacture and distribute sneakers, competing for business and customers with the already established brand, Nike. Here are the four P’s of my marketing mix:
- Product - product/service is a wide variety of sneakers available in a wide range of colors.
- Price - price will be competitive to Nike because of the quality of my product for a lower price. If we lower the price, we will make more profits in the long run.
- Place - shoes can be shipped anywhere in the world at a low cost. The shoes will be mainly marketed to the US.
- Promotion - shoes will be promoted through the use of billboards, a website, and TV ads. My company will also donate to various charities to gain a positive reputation and further promoting the brand.
My marketing mix is better than that of my competitor, Nike, because of the lower price. Nike’s Free Run 5.0 shoes cost around $100, while my analogous product will be around $89. I will also use strategic ads to give my company the right exposure to my target market, reeling in new customers.
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