Samantha Tauferner, Charlotte Tenebrini Steckart, Isabella Tripp, Everett Wieczorek, Keaton Uecke
Product Life Cycle
The pace at which our product will move through the product life cycle will be the same as most other competing shoes with some differences. For the first phase, the introduction, we will start to push the product by doing some major advertising including places like social media for younger people and paper advertisements for the older people who would most likely be buying the product for the high schoolers. In the growth phase, we will continue to advertise the product and push for more sales whether that be including promotions or having even bigger and better advertisements. For the maturity phase, that is when we will start to see some pullback from the advertisements and promotions. We would not push the product as much anymore and we will just let the product run its course. This will start to be around the time that the track and field season starts to come to an end so the product is not needed as much as the beginning of the season which would have been in the growth phase. And for the decline phase, this is when all advertising and promotion has stopped, and the product is not in its prime anymore. This will of course be after the track and field season so there is no need to buy this product. Some of the factors that will impact this movement include how many people are seeing our advertising for the product. If not so many of the older people like parents are seeing the advertisements, then there might not be any incentive to buy the product for their children unless they ask for it specifically. Location is another factor that would impact the movement of our product because if it is in an area that is not able to access them so quickly as other areas then the incentive to buy this specific product might not be all there because it is not fast and efficient for the high schoolers. The product life cycle will impact the marketing of our product by having it sell really well in the first two phases as that is when it is most popular and in most demand. After the first two phases, then we will see our product start to slowdown in demand and then eventually stop as it is not needed as much because of the end of track and field season.
Nike Product Attributes
Quality: Nike Awesome provides the customers with the best quality fabrics, cushioning, light weight, and affordable track shoes on the market. The durability of the shoe will sustain all the miles each track and field runner take in these shoes.
Price: Nike Awesome will be an affordable shoe for all the high school track and field runners. The price for the comfortable light weight track shoe will be $55.
Size: Nike Awesome will feature regular and wide shoe sizes to provide to all our high school track and field customers’ needs.
Color: Nike Awesome will provide multiple vibrant colors such as red, black, blue, green, orange, white, etc. The track and field customers will have the option to possibly pick the color of their shoes based on their school colors.
Light weight: Nike Awesome uses a rubber bottom combined with recycled polyester, cotton, and nylon fabrics to create the best light weight shoe on the market.
Price Strategy
As a manufacturer of affordable track shoes for high school runners, it is important to develop a pricing strategy that will allow us to reach our target audience while still maintaining profitability.
Firstly, we need to determine our target market and price sensitivity. High school track runners are typically cost-sensitive and may not be willing to pay premium prices for running shoes. However, they still need a shoe that is durable and provides adequate support and cushioning. Therefore, we will price our shoes competitively, in line with similar products in the market.
One way to achieve competitive pricing is to use cost-effective materials and manufacturing processes. We will source materials that are both durable and affordable, without sacrificing quality. Additionally, we will focus on a streamlined manufacturing process to keep production costs low.
Another pricing strategy we will implement is offering discounts and promotions. For instance, we could offer discounts to high school track teams who purchase a certain number of shoes. This will incentivize teams to buy in bulk, which can help increase our sales volume while offering savings to our customers.
We will also consider offering lower-priced entry-level shoes to attract new customers. This shoe will have basic features but still, provide adequate support and durability for high school runners. As customers progress in their running careers and require more advanced features, they can upgrade to our higher-end models.
Finally, we will strive to create a strong brand image and customer loyalty through exceptional customer service and community engagement. By building a community around our brand and engaging with our customers, we can foster long-term relationships that will result in repeat business.
In conclusion, our pricing strategy for our affordable track shoes for high school runners will focus on competitive pricing, discounts and promotions, entry-level options, and exceptional customer service. These strategies will help us reach our target market and build a strong brand image while maintaining profitability.
Channel Management
The distribution channel that the Nike Awesome shoes will use will be a multichannel market. It will be a combination of traditional and direct to consumer marketing channels. By providing these two channels it will give the consumers a choice to purchase our product online or in store. Through the traditional channel the product will go between intermediaries to reach the distributors at the store. Through the direct to consumer channel the product will be purchased off the Nike website and the shipping cost will be of no cost as long as the consumer spends $50. Once the consumer purchases the product off the website the manufacturer will get the product off to the delivery system.
Sales Promotion and Advertising Plan
Public Relations Opportunities & Promotional Strategy
The main public relations opportunities for this product are in advertising and campaigning. One way we can do this is by going to different high schools and having student athletes use the shoes in a race. We could sponsor this race to promote the shoe and give recognition to student athletes. Another PR opportunity would be to connect to more student athletes with a high social media presence, for example anyone with over 3000 followers and work with them to promote the shoes on their platforms of choice such as Instagram Tik Tok and Snapchat. Sending them a free pair to test run and give an honest review would be a great way for more people to want Nike Awesomes for themselves. Utilizing the athletes will be a key in the release of the shoes. The main promotional strategy is taking advantage of the people we are selling to and using them to advertise for us, that is why the social media presence is so important. Running ad campaigns as well through Instagram, Snapchat, and Tik Tok will reach a large audience of highschoolers because most of them are on social media platforms already. Nike has already been proven to be a trustworthy company in the eyes of the public therefore we have already built a relationship with our consumers. Many highschoolers already own a pair of Nikes if not for sports, then for fashion. Because of this it will be easier to promote our shoes with this generation. Another strategy is in the price. We are not sacrificing quality over pricing, and this will speak for itself when the athletes wear the shoes.
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