Markets, marketing mix, segments and marketing strategies Assignment
Task
In a marketing audit you need to consider and evaluate the opportunities and threats, the marketing mix, organisation's segments and the consumer decision-making process for their primary target market. Using Under Armour website, as a case study, and incorporating theoretical concepts into your discussion from chapters 1, 2, 4, 5 and 6 of the Pride, et al. (2015), and with the use of other theoretical sources and secondary research, please discuss the following:
1. Briefly describe the industry market for your organisation and applying the PESTLE macro model, evaluate current opportunities and threats facing Under Armour.
2. Discuss marketing orientation concepts (i.e. the marketing concept, the selling concept or production concepts). Explain with examples which concept Under Armour follows.
3. Outline and describe the 8 marketing mix concepts theoretically and apply the components to one of Under Armour's product offerings. As part of your application be sure to explain and evaluate all of the 8 Ps'of marketing (product, price, place, promotion, people, processes and physical evidence).
4. Using secondary sources regarding consumers' retail shopping behaviour, identify the major market segments for Under Armour, and outline and evaluate your primary and secondary target markets.
5. Given your research for question 3 and 4, discuss the elements of marketing mix and the target market of Under Armour which should provide you with enough evidence of how Under Armour position itself in the market, use your understanding and provide recommendations for Under Armour (not more than eight recommendations). Your recommendations should focus on each of the 8Ps' and illustrate how contemporary issues may impact on Under Armour and its marketing strategy.
For example, for this report, contemporary issues may include, but are not limited to, Corporate Social responsibility (CSR), social media interactions, advances in technology, ethical concerns, environmental concerns and globalisations etc.
Rationale - This assessment assesses the following learning outcomes:
- be able to find relevant and important information about organisations, their industries and marketplaces from secondary sources;
- be able to evaluate the key marketing aspects of segmentation, targeting and positioning (STP) and be able to analyse an organisation's approach to STP.