American company THOR engaged in the production of sports socks. Thor faced a drop in the company's
Question:
American company THOR engaged in the production of sports socks. Thor faced a drop in the company's sales and marketing share in the early 1990s. the marketing department executes integrated market research, the study found that: The total market for sports socks is up to $ 900 million Socks in the market are always white or colorful socks made of cotton. only a printed name and some colorful lines The weak elastic makes the socks slip on the foot during sports Most athletes suffer from Sticking fingers' disease.
As a result of the study the company: change a company's mission from sports socks production to "foot health products" through an integrated effort between marketing, design, and R & D has taken several forms design socks do not slip on the foot Design new foot health socks with toes of the foot to prevent friction and sticking fingers. Allocation of 20% of the profits for research& development Procurement of new machinery and providing multiple designs. Application of a new segmentation policy in the socks market, producing stockings for each category such as football socks, tennis socks, golf socks, volleyball socks, basketball socks, socks for sport skiing.... etc, with emphasis on a set of high-level games. Segmenting the market according to gender by producing a set of stockings with beautiful colors and lengths to suit the ladies. Socks men athletes with dimensions and colors that reflect them.
Using outlets deal with higher social classes and open branches in many clubs. Using the pricing policy in accordance with the capabilities of the consumer to pay using promotional efforts to illustrate developments were added to the product, and to justify the high price and linked to the respect of the goods by using a set of distinguished world champions in ad campaigns for young people. Get support from the American Medical Association and a number of senior American institutions adopted on stockings company primarily for its workers. With a number of reports published in medical journals.
What are the marketing techniques, in this case, that can you use successfully in your company?
Cost Management Accounting and Control
ISBN: 978-0324559675
6th Edition
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan