MARKETING PLAN

Marketing plan



Marketing Plan for Speedo International Limited

Marketing Plan

Speedo uses a model as a decision-making tool, which may also aid in decisions on related marketing issues. For instance, what affect does one promotion has on other similar items produced? Or, what happens if the dates on the promotion are altered slightly, to move the incremental sales to other weeks? Also, is the promotion running simultaneously with a promotion run by another division or segment of the company? As managers begin to analyze the impact of marketing decisions on the entire supply chain, these decisions become part of the overall product strategy for the company. The threat to the brand is the lower cost competitors in United States. Substitute products are the major threats for the Speedo.

SWOT Analysis

Speedo has strong brand equity. It has been ranked 29th on the list of world's top most brands, whereas, Speedo's competitor Arena, was ranked 69th on the same list. The advantage of Speedo against the competitors is the strong brand equity; this equity has remained intact although the competition in the industry became aggressive. Speedo makes the most of this equity through easy launch and acceptance of its products worldwide. However, Speedo faces aggressive competition from Aqua Zone and Turbo, as well. This competition arises in the form of price wars, and product line innovation. A brief account of Speedo's SWOT analysis is given below.

Strengths

Innovation capability

Strong brand equity

Wide product portfolio

Vertical integration

Strong distribution and supply

Competitive marketing strategies

Weaknesses

Minimum revenue growth and operating margin

Price constraints in the third- world countries

Opportunities

Increase in online retail spending

Global untapped markets

Threat

Aggressive competition

Marketing Objectives

Speedo aims to employ a wide range of marketing communication tactics to cater the target market, depending on the nationalities, geographical location, gender and age group in United States. To achieve this, Speedo introduces new products through marketing communication group that can strengthen Speedo brand position. These promotions are in the form of visual aids and point of purchase advertising. In connection to this, Speedo continuously aims to apply marketing tactics that are appropriate with the people who reside in these kinds of nations. For example, aside from traditional advertising in the form of television and billboards, Speedo also makes use of contemporary marketing instruments such as the Internet. Some marketing objectives are

To employ cost effective marketing programs

To translate Speedo's brand equity in the marketing communication

To show the social responsibility aspect through brand communication

To utilize the online marketing medium effectively in order to target potential customers

The cost effective marketing programs can be achieved through online marketing.

Speedo should increase its presence on the online social media to expand market share (Brown 2009, 9).

Strategies of Targeting Consumers

Speedo employs different strategies to target immediate consumers; athletes and other sportspeople. The targeting strategy includes general consumers, professional and celebrity athletes and college athletic teams. This strategy is helpful in reaching a large number of athletes. If the athletic team manager prefers a certain type of swim suit made by Speedo, the trainees will certainly buy ...