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Enhancing the Marketing Plan - Essay Example

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Enhancing the Marketing Plan

Further, the macro environmental factors will also be considered in the paper to understand the significant trend which can impact on the business of the company. Company’s Competitor Geno's Sports Apparel deals in athletic footwear and apparel products and seeks to achieve higher sales and good brand reputation. The athletic footwear and apparel industry is considered as highly competitive as there are several big players in the market where Geno’s Sports Apparel operates. The major competitor of Geno’s Sports Apparel in terms of athletic footwear products is Finish Line which operates in the similar marketing segment. Besides Finish Line, Geno’s Sports Apparel also faces a direct competition from other athletic goods providing organizations such as Payless ShoeSource, Dick’s Sporting Goods among others. The major strengths of Finish Line, one of the biggest competitors is the ability to understand the preferences of customers and act accordingly. Thus, the company offers coupons and discounts to the customers to increase sales. Finish line is much concerned about promoting latest products to the customers. The major weakness of Finish Line has been the number of retail outlets. The number of stores of Finish Line is less which creates difficulty for the company to distribute products effectively. Besides, providing newest products can also cost more and are inefficient in this business environment as many customers can concentrate on saving money and purchasing inexpensive products due to economic downturn (Sweeney, 2009). The other competitors named Payless ShoeSource have good geographic location which provides the company a competitive advantage. Its business is expanded in almost 50 counties within the international market. Payless ShoeSource has great financial strength which helps to spread the business globally. Besides, the sales in women’s shoe category are strong and the company has also strong position in the market of the USA. The major weakness of Payless ShoeSource is higher fixed cost which led to lower profit margin. Furthermore, the company experienced huge amount of loss due to surplus inventory. The business of Payless ShoeSource is highly reliant on third party producers which make the company much vulnerable to survive in the competitive market (Cullin, 2007). Differentiation of Products Differentiation is necessary in order to improve the business and develop a unique brand identity. The main differentiation of Geno’s Sports Apparel with respect to the other competitors is the innovative marketing strategy. Geno’s Sports Apparel will provide tailored retailing programs and develop exclusive store atmosphere which replicates a distinct retailing style than other rivals. The effective enactment of this strategy helps the company to increase the customer base and preserve brand reliability. Geno’s Sports Apparel can also differentiates the brand from closest competitor Finish Line through providing customers with ranges of athletic attires which are designed according to their requirement. The company needs to offer focused collection of sports equipments to the customers which is the other differentiating factor (Sweeney, 2009). Through the advanced marketing communication strategies, such as implementing good customer service model, Geno’ ...Show more

Summary

Enhancing the Marketing Plan Introduction An effective marketing plan is essential for any organization to sustain in the competitive business environment. It is significant for every organization to plan the marketing strategy and implement it in efficient manner so that it can increase the sales and help the organization to make a strong position in the respective industry…
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