MARKETHING

Marketing Problem faced by Speedo International Limited

Marketing Problem faced by Speedo International Limited

Introduction

'Speedo' is a well-known brand name for every UK citizen. Speedo International is continually seeking progress to have a competitive edge in the global market. Speedo produces swimwear of all kinds for recreation and also for competition. This marketing plan exemplifies the plans that the company is using in order to get retain its customers and to win others. It also illustrates the strategies that the company is employing in order to cope with the rigid struggle which is in the market. Until some years ago, Speedo enjoyed an almost monopolistic business with few competitors and definitely none in its league. In the beginning of the decade, giants like Nike and Adidas diversified their business to include manufacturing swimwear. This brought about unexpected stiff competition. As a result, the company has taken a new look at its marketing strategies in order to beat this competition. In this paper, an internal environment situational analysis has been carried out on products, financial and non-financial situation and channels of distribution of the products.

Marketing Problem

The company has to devise strategies in order to keep the lead in the market. In this market plan report, the plans and strategies are laid down, not only to retain its market lead, but also to ensure that the company raises its profits. Mission Statement Speedo International is an organisation that believes in giving swimmers an opportunity to excel and to stretch their wings to reach their full potential in the swimming sport. The organisation has been doing his by spending huge amount of money in experimenting on better quality and fashionable gear. Speedo has a history of manufacturing innovative and fashionable swimsuits. (Morrin 2010, 28-30)

A Definition Of The Organisation/Product/Service To Be Researched

Products manufactured by Speedo are high quality and durable, the reason why the company has maintained its share of the market for such a long time. Use of state of the art technology and creating customer satisfaction has always been the company's driving force, a fact that gives Speedo great advantage over other competitors. The company also sponsors learning swimming and lifesaving programs. Notably, the company provides gear for competitors in many major competitions. In the Beijing Olympics, Speedo had provided swim suits to most of the winners. It is the vision of the company that the hold in the market will continue in the future. (Rangaswamy 2008, 63)

Significance Of This Research In Marketing Decision Making

Currently, Speedo has focused of winning health-conscious swimmers in selected countries but in coming years the company must also do something else to stay ahead of the competitors. This has come about after realisation that never before have people been so health conscious. This time everybody is talking about health and health hazards and it therefore came as an open opportunity. Increase the number of consumers of the company's products steadily and maintain a steady growth, and also retain the old ...