It produces 25% of its products in the United States while the rest of the commodities are produced in China and the United Kingdom (Yang, 205). The company has more than 400 employees. It attained revenues of $3.3 billion as of 204. The company is headquartered in Boston, Massachusetts.
The apparel and athletic footwear industry are highly competitive. It is dominated by other major corporations such as Nike, Adidas, and Puma among others. Therefore, organizations such as New Balance need to be innovative in designing and marketing their products. Innovativeness is the key driver in the industry. Companies must strive to ensure that their products meet clients expectations while at the same time adhering to safety requirements (Kozar & Hiller, 203). In recognition of the above requirements, the company is keen on innovating and introducing new products that meet the current demands and safety requirements of many sportspeople while at the same time ensuring that it remains competitive and successful in its operations.
For instance, the introduction of the Mens 6 running shoes is an important addition to the companys product portfolio that targets
male athletes in both armature and professional sporting activities. However, the product has had mixed results and reception in the market. Therefore, it is important to implement a good marketing plan, which will drive the new product to achieve the success that the company envisions.
Justification of the Marketing Plan
The marketing plan provides important guidelines that allow a companys marketing efforts to translate into sales that can bring success to the organization (Kozar & Hiller, 203). A good marketing plan considers many factors such as competition, pricing, positioning, and branding, analysis of the target market, market research (trends), marketing strategies, and monitoring and evaluation of marketing efforts (Franklin, 20).
The current marketing plan focuses on identifying the strategies and approaches that can be used by New Balance to move the Mens 6 running shoes in its markets across the world. The marketing plan will help the company to identify external environmental factors, competition trends, and customer preferences that will guarantee the success of New Balances product.
Situation Analysis
External Environment Analysis