Company
is Under Armour!!!!(clothing line and shoes)
-Executive
summary. Briefly explain the key features of your business plan and why
your product or service is better than that of your competition in the eyes of
the target market. Remember that your goal is to give the intended audience the
most essential information up front, while convincing them to read further for
details.
Context. This
section should provide leadership and potential investors with background
information on the company’s current brand and how the newproduct or service
fits with that brand. Be sure to do the following:
– Lay
out the key defining features of Under Armour’s brand and how these features
drive business decisions. For example, how are these factors an extension of
the company’s mission, vision, and values? What are the non-negotiables for a
product or service to carry the Under Amours name?
-Assess
how the new idea fits with the company’s existing brand and how that impacts
your business plan. Support your response with relevant research and analysis.
For example, will the product orservice be part of a new brand
or an existing brand? How will that affect the way you
market the product both within thecompany and to consumers?
-Evaluate
the effectiveness of Under Armour’s existing branding efforts (or branding
efforts for similar products or services if yours is a new company).What does the evaluation suggest for the new product or service?
Support your response with relevant analysis.
Define
your target market and its unique characteristics. Be sure to discuss the
following:. Basic demographics. What
are the key demographic features of the individuals or businesseswho are most likely to purchase your
product or service? Support your response with relevant market research. For
example, how might age, purchasing power, decision making authority, or other
factors affect the product or service’s appeal to potential customers?
-What
otherbehavioral or psychographic
characteristicsof your target market might affect
their purchasing decisions? Support your response with relevant research.
-How
does the new product or service meet a specific want or need of the target
market that you identified? In other words, what principal benefits or key
features would the target market find appealing?Support your response with relevant market research.
–Based on your analysis above,
why is this target market the best strategic choice for the success of your
product or service?
-Assess
the company’s tangible and
intangible strengths in providing the new product or service, along with any
weaknesses or gaps.Your response should
comprehensively address different aspects of the business, establishing clear
links between thestrengthsand weaknessesyou identify and how those
affect planning for the new business activities. The factors you identify will
depend on your business and idea, but might include things such as staff
capabilities and turnover, organizational culture, production capacity,
location, customer loyalty, supply chain relations, financial stability, or
ability to acquire funding.
-Assessthe opportunities and threats that emerging
consumer trends and company ethics may present to the success of the new idea.i.
Consumer trends. How might emerging trends in consumer preferences (e.g.,
buying local, support for green technologies, organic foods, etc.) impact the
branding and business success of the new product or service you are launching
in the current global marketplace? Justify your response, identifying the
trends that are most relevant to your product or service and how they apply to
your target market.
Ethics. How
might perceived ethics violations affect the branding image and ultimate
success of the new product or service in a global environment? Support your
response with specific examples. For example, do different target populations
have different perceptions ofwhat constitutes ethical behavior? How do
consumers respond to those violations and what is the impact on business (e.g.,
productavoidance, lobbying for new regulations, etc.)?
-How might the factors you
identified above affect branding and operations across different departments in
the company?How
does your business plan take this into account? For example, does
organizational structure help or hinder branding and launch activities? Do
departmentshave competing interests? Do they communicate effectively?
-Core
competencies. Assess aspects ofUnder Armouror
new idea that set you apart from the competition and provide long-term
sustainability in the market. How do those competencies affect your business
plan? In other words, what things about your company, product, or service
provide significantvalue to the customer and are very difficult to duplicate?
How can you use that strategically?
-Whatare the fixed and variable costs to the
company of producing, marketing, and selling the new good or service, and how
do those fit with thecompany’s short- and long-term objectives? Support your
narrative with a table showing calculations and any assumptions.
–Howmuch is the target market willing and
able to pay for your product or service? Use target market analysis and
research on competitors’prices to support your answer
-Aretargeted consumers willing and able to pay
more for your product or service if it (or the organization, more generally)
aligns with their preferences for socially responsible and ethical behavior?
Justify your response with evidence.
–Inlight of your analysis, what pricing
strategy and price is most appropriate for this product or service and why? For
example, would skimming,penetration, economy, or premium pricing be most
appropriate? What should the initial price be?
-How
and when will you evaluate the successof the new product or service and its
branding? Be sure to suggest processes that occur at regularintervals and
extend across the business, explaining how results will impact decisions on
whether to continue or to initiate exit strategies.
-What
regular, business-widefeedback loops and processes
will you implement to support the new idea, keep it on track, and make
mid-course corrections as needed? For example, will you adjust business
functions and/or facilitate regular communication across departments? How will
you collect relevant information and ensure its accuracy?
–In planning for the future,
how will you identify and integrate other factors that might affect
implementation of the new idea into your business decisions and planning? In
other words, what other things do you need to consider when moving forward?
