Business Plan Market Analysis The implementation of market analysis can assist in forecasting the price trends for children sportswear and its demand in the market among other competitors which can evidently assist 21st Wear in gaining better knowledge regarding its competitors and market trend…
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The US market share is captured by major players such as Nike, Addidas, Reebok, Fila, Timberland, Asics and Converse and others. Among them, Nike might be considered as the main competitor of 21st Wear as the company also targets the young customers. However, the products of Nike are quite high priced due to its premium brand image as compared to others. This can be treated as an advantage for 21st Wear to enter the market of US. The company can follow penetration pricing strategy by offering the products at lower prices as compared to the main competitors in order to penetrate the market successfully. This can enable 21st Wear to enhance its awareness as well as brand equity among the customers. As 21st Wear mainly centers on the teenage sportswear, it should introduce new trendy designs at a low price and promote through internet considering the fact that majority of the teenage customers are consistent online buyers (Magazine Publishers of America, 2004). Furthermore, as 21st Wear is targeting a particular segment, it should include a strong distribution channel and an effective product positioning strategy by focusing on product features such as quality, color and style to establish its brand name in the growing competitive environment of the industry. The company 21st Wear should introduce numerous stores at renowned places of US along with proper availability of its products and it should follow direct selling of the products to the customers. Moreover, 21 st Wear should use market penetration strategy in order to enter the market of US as it is highly competitive. Thus, these strategies can assist 21st wear to differentiate its products among others in the market (Kotler, 1999). Company Description 21st Wear is a US based sportswear company. It intends to offer high quality sportswear products at a reasonable price, especially focusing on the requirements of the teenage customers. The company renders products in different colors and trendy styles which are designed by using good quality of fabric and latest techniques. 21st Wear sport products are mainly targeted to the teenage customers under the age group of 13-18. The product line of the company includes varied types of products such as T-shirts for boys and girls, jerseys, sports shoes, shorts, sports sweaters, pants, skirts, athletic shirts, hoodies, track suits and gloves. Notably, the products offered by the company are available in different fashionable designs and colors to attract the targeted customers. The company uses internet facilities to promote its innovative designs and styles to its customers, considering the fact that teenage customers are a major group of online shoppers in the US market. 21st Wear is comparatively a new market player in the sportswear market segment, and therefore, the company needs to plan effective strategies such as proper distribution, promotion, pricing and proper discounts in order to sustain it in the increasingly competitive market. With this concern, 21st Wear intends to provide a wide range of sportswear selection to its targeted consumers at a cheaper price as compared to other competitors in order to penetrate the US sportswear apparel. Core Ethical Principles of Business The ethical principles on which the business of 21st Wear will operate are trust, teamwork, honesty and mutual respect amid the team members. The core corporate ethics will strictly
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