Speedo Environmental Analysis and Marketing Mix - Essay Example

? Speedo – Environmental Analysis and Marketing Mix Introduction Speedo has been a leading manufacturer and distributor of various swim wear and related accessories. The company has seen a lot of evolution after being founded at the start of the First World War. The product range has swelled over the years starting out with simple hosiery to encompass swim wear, related accessories and sportswear. Speedo has emerged as the distinct and recognisable brand name for swim wear all across the globe especially for more athletic crowds. Innovative technologies have been in use at Speedo to improve drag characteristics for swimmers so that the use of Speedo swim wear has become extremely popular with athletes and sports fans. Speedo is already actively operating in the United States, Australia, most of Europe and Great Britain. Speedo has been sighted as the “leading player in the highly fragmented swimwear market” (Qumer, 2009). Given emerging challenges in the swim wear and sportswear markets there is constant need to evaluate the business environment so that a fitting marketing strategy can be developed and implemented. This study will concentrate on the market for Speedo available within the geographical limits of Great Britain. The investigation will proceed first through an analysis of the environment in which Speedo is operating, competitor analysis, followed by an analysis of targetable market segments. Two prominent market segments will be selected and defined after which a fitting marketing mix will be developed for each market segment identified. The study will corroborate its ideas using secondary sources while taking note of their credibility and chronological importance. Furthermore, the investigation presented below will attempt its best to delineate actual market conditions and practice but this study cannot be considered as a holistic solution in itself. Products In general, Speedo has been associated with swimwear due to its traditional branding style and due to the marketing strategy that focuses on swimwear more than on other Speedo products. However, Speedo has a differentiated product range that can be broadly classified as swimwear, sportswear, accessories, footwear, underwear and digital products (Horovitz, 2005). Though it is not common knowledge but both Speedo International and Speedo Australia offer a lineage of underwear that is sold at select David Jones retail stores only (Speedo, 2012 a). Swimwear Speedo is primarily a swimwear manufacturer and distributor. The bulk of the company’s business relies on swimwear. Speedo creates two particular forms of swimwear – professional for athletes as well as simple swimwear for the average swimmer. The specialised swimwear market of Speedo has long distinguished the company from other brands and competition. Speedo’s specialised swimwear has always been highly popular with professional athletics teams around the world. For example, 13 out of 15 swimming records broken at the Sydney Olympics (2000) were broken using Speedo swimsuits. In a similar manner, Speedo sponsored Michael Phelps was able to score eight medals in Athens in 2004 (Speedo, 2012 e). This performance by Speedo’s swimsuits was exceeded at the Beijing Olympics where Speedo’s regular brands and the specialized LZR Racer were able to take 92% of all medals (Speedo, 2012 f). Speedo relies in large part on its specialized swimwear market to distinguish itself from other brands. This distinction allows Speedo to capture the regular swimwear market as well since its sports victories make it particularly attractive to the average swimmer. Speedo’s overall specialized swimwear market is small with an overall volume of $200 million as of 2008 (Qumer, 2009) but it is speculated that this market segment is vitally important for the overall business model. The swimwear offered by Speedo concentrates on two prime objectives – speed and style. The swimwear is offered not only for adults but for children alike. One of the more distinguishing characteristics of Speedo swimwear is the use of innovative materials such as Fastskin, LZR and others. Historically Speedo has been at the forefront of innovative fabric development for swimwear including the introduction of nylon to manufacture swimwear (Convict Creations, 2012). Similarly Speedo has been at the forefront of developing new technology to decrease drag in water, chlorine resistant fabrics as well as the Aquablade series (Speedo, 2012 a). Therefore, it can be surmised that Speedo’s focus lies with swimwear as the primary market product while other products receive secondary focus as per business development. Accessories Speedo has a large accessories range to offer for both children and adults. One of the more prominent accessories offered by Speedo are goggles where it has over seventy different models to offer (Speedo, 2012 b). Similarly, the company offers several different models of watches, towels, sunglasses and aquatic fitness aids. Other accessories for underwater use such as scuba masks, swim fins and snorkels are also available. Beach games equipment is also sold by Speedo in the North American market though it is not displayed on the Speedo USA website. Digital Products Speedo offers two distinct waterproof music players known as the Aquabeat and the LZR Racer Aquabeat. Speedo offers accessories for these music players as well but these music players are not comparable to market competition such as the iPod or Zune. However, these music players gain their competitive selling point as they are water proof while other more technologically advanced music players are not water proof. Another unique feature from Speedo is a digital camera that is also waterproof. Much like the music players the greatest selling point of the digital camera is that it is waterproof. Recently Speedo has begun to offer an armband as well as car and wall chargers for the Aquabeat music player (Speedo, 2012 d). The product analysis presented above makes it abundantly clear that Speedo’s real selling point lies in products related to water such as swimwear, waterproof footwear, electronics and the like. The uniqueness of Speedo’s products in this regard makes them the natural choice for all kinds of buyers whether they are adults or children. Speedo’s specialised swimwear represents the brand’s greatest selling point that has evolved over the years. Other products such as underwear are not Speedo’s distinctive selling point because of other specialised market competition from already established brands such as Jockey, Calvin Klein and the like. Environmental Analysis A number of different factors and levels are available in order to evaluate a business in terms of the environment it operates in. For a comprehensive business environmental analysis it is pertinent to evaluate the internal organisational environment, the micro market environment and the macro market environment based on a number of differentiated factors. Moreover, the competition available to Speedo will also be looked into in terms of competing brands. This investigation will look at Speedo in terms of the internal and external environments as described above. This will be followed by an assessment of Speedo’s capability to survive in the delineated business environment using standardised tools such as SWOT, PESTLE, TOWS matrix and the like. Organisational Environment Speedo’s products are overpriced when compared to the competition (Krull, 2012) which leads to the conclusion that the company’s products especially swimwear carry great value addition. In terms of marketing, Speedo has an average marketing mix as Speedo is not using conventional online means to advertise and sell its products. This may also be true because Speedo is not a B2C model but is instead a B2B model. This contention is supported by the fact that Speedo does not have a single retail store (Kuhne & Jackson, 2009) and relies on other retail stores and chains in order to sell its products. Given this fact, Speedo needs to put in extra muscle behind marketing in order to make its products successful with new niche markets. The previous marketing strategy used by Speedo relies on sponsoring athletes in various sporting events in order to target the sports fans market niche. In order to reach wider audiences for its products, Speedo will need to use more recent means such as Google Adwords, social networking and viral or guerrilla marketing depending on the exact group being targeted. Among other things it also shows that Speedo does not appreciate the market fully across its various segments. Additionally, peripheral markets were neglected traditionally and there is great need to identify and target these markets to expand business (Lees, 2010). Finally, Speedo has a committed personnel team that handles operations throughout the globe. This means that Speedo will not have to hire new people in order to direct its newer marketing and distribution efforts. However, there would still be an active need to train the existing personnel to target new markets and segments. Moreover, a more systematic marketing plan needs to be developed as shown be Speedo’s own investigations (Lees, 2010). The purchasing paths for Speedo are already well settled including provisions for end manufacturers, shipping, warehouses, documentation and the other such stipulations. This in turn ensures that Speedo can handle its operations from this aspect as well. Micro Market Environment The micro market environment depends on the customers, the competition, the suppliers and the channels used for marketing and distribution. When Speedo’s case is looked at in detail it becomes clear that Speedo is trying to target young adults with a sportier outlook on life. Moreover, Speedo’s other business affliction is for professional athletes especially as per the more expensive and specialised swimwear and sportswear. However, it must be kept in mind that this study will narrow the focus down to the UK market for which this study is intended. Purchasing Power For one thing, it must be realised that the global economic crunch has left the United Kingdom gravely affected too. Britain realised its first drop in disposable income for the first time in three decades in 2009 (Barrow, 2011). This has meant that the disposable income available to people has decreased as well (van de Van, 2011) leading sellers such as Speedo vying for customer’s interests. Given the fact that Speedo’s products are exclusive as per swimwear (due to special material use) their purchase by athletes and other professional sports persons is undeniable but the general segment of population whose disposable income has decreased will buy less of Speedo and other such brands. Competition Speedo’s competition can be sorted out into B2B competitors and B2C competitors of all scales and market levels. Speedo faces stiff competition from a number of smaller B2C companies that get manufacturing done and then distribute the product to markets. A number of names are available that serve as competition for Speedo including (but not limited to) George at ASDA, Bridgeable Outdoor Ltd., Missfit Creations Limited, Marigold International Limited, ASHS Ltd. and the other similar names (Business Week, 2012). These names serve as competition for Speedo’s low-end swimwear for the average swimmer. Moreover, these brands provide competition to Speedo’s beach and luxury wear market segments as well. Given that Speedo is already weak in these markets, these brands are able to dominate the market share in Great Britain (Mintel, 2011). Market estimates suggest that Speedo only has less than 1% of the beach and leisure swimwear markets (Stone, 2010) while it has around 80% of the professional swimwear market (Qumer, 2009). Since the rules provided by FINA are getting stringent on technological advantage provided by Speedo, it is imperative that Speedo look to other markets to diversify its business. Speedo also faces competition from larger B2B and B2C companies such as Tyr and Nike. This competition is all the more felt in the professional swimwear market segments but Speedo has managed to hold and dominate this market segment successfully. One distinct advantage that Speedo has over these brands is its lines of specialised swimwear that are a natural choice for athletes and sports fans around the world. Speedo has already managed to remove Nike from its list of large competitors in 2008 when Nike decided to remove itself from the professional swimwear market altogether (Qumer, 2009). However, Tyr has been consistent in its competition of Speedo in the professional swimwear market with its own research being pursued at the University of Buffalo and the State University of New York. Speedo still dominates the segment by a large lead since Tyr has been unable to replicate the results achieved by Speedo’s LZR Racer and other such product lines. It must also be mentioned that Tyr has been able to dominate the beach and leisure swimwear market segments especially in the United States since it is based there and understands the market segmentation exceptionally well. Tyr’s operations in Europe are limited so it provides Speedo with limited competition in Great Britain. Speedo is the market leader for performance swimwear in Great Britain with an overall share of 65% (Qumer, 2009). Instead, the competition in Great Britain comes from the smaller B2B and B2C companies. Macro Market Environment The macro market environment depends on highly externalised factors such as social, political, legal, economic, environmental, technological and similar issues. Political The current volume of Speedo’s products is too low to expect an environmental outrage and an ensuing political move to ban such products. The specialised materials being used to manufacture these products are not bio-degradable so they must be recycled separately. Furthermore, on the political front Speedo’s business in Europe is being favoured by the creation of the European Union common market concept. Speedo can easily use this to its advantage by selling more and more products to the European Union region. This is all the more true for sales that are geared more for the common swimming enthusiast rather than the athlete and professional sports persons. Economic Economically the global economic crunch has effectively lowered per capita consumption due to significant decreases in disposable incomes. Great Britain has experienced a decrease in per capita income or the first time in three decades indicating the severity of the situation. It is expected that the situation would recover in the future though providing a timeline is beyond the scope of this text. Social In terms of social factors, more and more consumers are looking for greener products that look good and provide aesthetic appeal. Speedo’s products are well distinguished from the competition due to their aesthetic appeal although the products are not as green as they ought to be. However, the particular buying segments involved in Speedo seem not to take Speedo’s environmental side into consideration much. This is particularly true for professional athletes who tend to focus more on advantage rather than sustainability. The other major market segment for Speedo is youth particularly people less than 25 years of age who show an active interest in swimwear. This market segment shows the greatest interest in swimwear (Mintel, 2011) so its social considerations as per sustainability need to be taken into account. This could be done through appropriate packaging that highlights sustainability built into Speedo’s appropriate products for this market segment. Technological Technologically Speedo has a number of distinct advantages over its competition including the use of high end fabrics, introducing innovative technologies such as aqua fins, underwater music players and the like. This ensures Speedo’s competitive advantage is fortified enough in the market. Speedo has always relied on its ability to push technological advantage for marketing purposes. The company sponsors myriad athletes and swimming teams each year to popularise its technological advantage. This ensures that this advantage is projected onto other market segments whose desirability for Speedo products increases given the performance of athletes sponsored by Speedo. Legal Speedo has been under legal scrutiny for its use of specialised equipment on athlete suits. Athletic requirements stipulate that athletes can only adorn costumes and not devices (FINA, 2012) while Speedo’s swimsuits are actually specialised devices. Initially it was expected that athletes using Speedo swimsuits would be stripped of their medals but further investigation resolved the issue. The swimsuits being manufactured by Speedo were later granted legal cover under the legality of FINA sanctioned suits. Environmental Speedo needs to improve its environmental image by stressing on sustainability and the green nature of its products. Currently there is no move on Speedo’s part to classify the greener side of its products which may lead environmentally conscious buyers to go elsewhere. Though there does not seem to be much danger as yet but there might be problems in the future. It would be best if Speedo were to look into its environmental problems now rather than a few years from now as it would cost more to provide coverage then. Tool Based Analysis In order to appreciate Speedo’s relative market position better it is suitable to use a few tools. This investigation will use SWOT (strengths, weaknesses, opportunities and threats) (Menon, 1999) along with a TOWS matrix that will be used to delineate Speedo’s line of action. SWOT Strengths Weaknesses strongly established brand with clear market presence as Speedo products are available throughout the UK; historical association with sports events and athletes provides clear differentiation from competition; efficient supply chain mechanisms are already in place. confined focus on swimwear alone; confined focus on athletes and sports professionals only; high product costs compared to the competition. Opportunities Threats sportswear markets have room for expansion; range of beachwear and leisure swimwear can be expanded further; footwear and accessories lineage can be diversified further; online sales could be exploited since currently Speedo does not sell online. global economic crunch has reduced the spending power of consumers; new market entrants especially Chinese manufacturers and distributors; previous competition is gaining on Speedo such as Tyr, Adidas and Mizuno stricter environmental regulations. 1.1.1. TOWS Matrix Strengths strongly established brand; historical association with sports events and athletes; efficient supply chain mechanisms. Weaknesses confined focus on swimwear alone; confined focus on athletes and sports professionals only. Opportunities sportswear markets have room for expansion; range of unique underwater products can be expanded; footwear and accessories lineage can be diversified further. SO Strategies use the strong brand image to enter the sportswear markets; endorsement of underwater products by swimwear athletes will aid in marketing; footwear and accessories can be bolstered using the efficient supply chain mechanism. WO Strategies focus on swimwear can be shared with sportswear; focus on athletes and sports professionals can be diversified using focus on common people using sportswear from Speedo. Threats global economic crunch; new market entrants especially Chinese manufacturers and distributors; stricter environmental regulations. ST Strategies strongly established brand name and historical sports association will allow countering new market entrants; supply chain mechanism’s efficiency can ensure that Chinese competition can be kept at bay. WT Strategies focus has to be changed to include sportswear as well in order to deal with economic crunch and new market entrants; sports professionals and athletes could be used to promote environmentally friendly sides of Speedo. Summary of Environmental Appraisal The environmental appraisal of Speedo shows that the company has a strong and well established brand name that is endorsed by top athletes such as Michael Phelps. Moreover, the company’s chief strength lies in its unique product offering especially as per its swimsuits and underwater accessories. However, currently the company’s overbearing focus remains within the athletic goods domains. This needs to be countered by diversifying the product base to include beach and luxury swimwear and by appealing to other market segments. This has become all the more necessary given foreign competition and receding consumer spending levels due to the global economic crunch. Speedo has pushed its advantage in the professional swimwear market long enough and needs to boost sales volumes by looking to other market segments. There are chances that as FINA clamps down on technological advantage, Speedo might see its share in the professional swimwear market decrease as well (Qumer, 2009). In order to deal with this emerging crisis, Speedo needs to look to new market segments and products to sustain its business operations. Marketing Objectives Speedo requires better marketing in order to hold down to its traditional market share in professional swimwear and to exploit new market segments. The marketing plan delineated below will be based on the objectives listed below: to maintain Speedo’s traditional lead in the professional swimwear market; to exploit the beachwear and leisure swimwear markets to expand the existing customer base; to increase Speedo’s current market share in beachwear and leisure swimwear to around 40% in three years. Customer Segment Identification In order to present a balanced marketing mix it is necessary to know the audience that is being marketed to. The characteristics of the identified audience make it possible to market products according to their demands and perceived needs (Gregory, 2010). Given the product range at Speedo’s, it is pertinent to note that most of Speedo’s customers are people who are young and energetic enough to use these products. This segmentation can be further bifurcated to reveal two separate market segments including amateurs and professionals using Speedo’s swimwear. The characteristics of these market segments are described below in detail with reference to the market in Great Britain. Segment One: Amateurs The first market segment worth exploring is amateur swimmers and beach goers. This segment can be classified as people between the ages of 16 and 35 years who use swimwear as a means of recreation during swimming. This market segment also involves people who utilise beachwear and luxury swimwear. The most active part of this market segment is people under the ages of 25 as indicated by Mintel (2011). Another notable aspect is the influence that professional swimwear athletes have on this segment. According to Mintel (2010): “Adapting Olympic training regimes for recreational participant use can give consumers a common focus.” This effect can be seen to exist regardless of the gender being explored. For the purposes of this study, it is safe to assume that little to no gender differences exist in the behavior of this market segment. It must be kept in mind that the spending power of young adults is bound to increase and that these groups use their disposable income the most (Wansink & Sobal, 2007). Moreover, the strongest competition that Speedo has to face comes in the folds of this group in terms of luxury swimwear and beachwear. Already the market presence of Speedo in this group in Great Britain is under 1% so it is important to focus on this market segment as a whole in order to boost sales. Another notable aspect related to this market segment is the competition offered by larger competitors such as Tyr and Nike. Already Nike has chosen to focus on this market segment in place of professional swimwear. Given the B2C presence of Nike in Great Britain, it is important that Speedo work out a comprehensive strategy to gain more business. Segment Two: Professionals The second market segment worth interest is people training to become professional athletes. At this point in time, Speedo holds the majority the professional athletics swimwear market segment in Great Britain with an overall share of 65%. Globally its share is as high as 80% for professional swimwear (Qumer, 2009). Though the overall business volume for this segment is lower than for amateur swimmers but this segment tends to define Speedo’s strategies. Speedo has historically retained this segment through the use of large sponsorships that ensure that top athletes remain aligned with Speedo’s products. As mentioned before, the performance of this market segment has a direct bearing on the amateur swimwear market segment as well so concentrating on this segment is vital. Already Speedo is the official sponsor of British Swimming. Speedo has announced that its partnership with British Swimming would continue well into 2016 (Qumer, 2009). This tends to have great affect for Speedo’s products since swimwear as well as other apparel and accessories from Speedo are used for various teams under British Swimming. In a similar manner, Speedo remained the exclusive sponsor of Expedition 360 that aimed to circumnavigate the world using human power. The expedition began in 1994 and ended in 2007 providing Speedo with a large marketing focus. However, new challenges are emerging as FINA is looking to tighten the amount of technological advantage that a professional swimmer’s suit can provide. This is expected to land Speedo in some trouble as the overall sales to professional swimmers may see an overall decline. Marketing Mix The marketing mixes for the target market segments presented above will be delineated by relying in large part on the 4P’s formula (product, price, place and promotion). Clear marketing objectives are essential to creating a balanced marketing mix (Doran, 1981) (Stone, 2001). Moreover, the marketing mix will be strictly limited to the target market segments presented above. Segment One: Amateurs Market Positioning: Speedo is a market follower in terms of amateur swimwear as well as beachwear and luxury swimwear. With an overall share of less than 1% in the beachwear and luxury swimwear segment in the United Kingdom, Speedo needs to enhance its overall marketing plan to gain greater market utilisation. Marketing Objectives: Increasing sales in this segment to claim position as a market leader in Great Britain (long term); Introducing amateur swimmers to all forms of products (swimwear, footwear, accessories etc.) to boost their interest (medium term); Introducing new accessories and digital wear for this segment (short term). 4P’s Marketing Mix Product Core Product: swimwear, beachwear and luxury swimwear Augmented Products: related accessories including digital accessories New Product Development: Footwear Currently the products being offered by Speedo and its competition are nearly the same except for subtle differences in the fabric. The case of underwater digital accessories is highly differentiated since Speedo is the only brand to offer such products in such a large product variety. This tends to provide Speedo with a distinct advantage in terms of digital products although their sale may not be as high as expected. Instead, the sales of beachwear and swimwear are more critical since they yield high volumes for sales (Qumer, 2009). Price Currently the prices of Speedo swimwear tend to vary depending on the particular technology they use. The older Aqua Blade technology swimsuits tend to range between $50 and $60 while Fastkin swimsuits are priced around $100 (Slide Share, 2012). In a similar manner, jammers are priced at around $120 while briefs vary between $15 and $35. When comapred to the compeition such as Tyr or Nike, the prices offered by Speedo are more than those of Tyr but less than those by Nike. A typical Nike swimsuit may cost more than $150 since Nike targets the luxury swimwear market. However, Tyr tends to concentrate on the average swimmer and provides the same kinds of swimsuits for around $25. Tyr can provide swimsuits at this low price since it does not use specialised materials in its lineage of swimsuits. The best way out for Speedo would be to develop certain non specialised forms of swimsuits that can be sold cheaper than the comeptition’s price. Additionally, the prices of digital accessories offered by Speedo are far higher than those offered by the competition since the competition is typically small non branded companies. Manufacturing in China may be seen as providing these smaller companies with the price advantage over Speedo. Place Distribution channels will remain limited to retail store distribution as previously as far as brick and mortar establishments are concerned. It is recommended that Speedo start to collaborate with other stores such as Club 18-30 (to target amateur swimmers and beach goers) and with Cath Kidston (to boost sales for children products). This effort can be augmented by establishing seaside front stores such as at Brighton to provide Speedo with direct retailing exposure (Stone, 2011). Given the rising trend of online sales and promotions it is highly pertinent to selling online. This contention is also supported by the fact that Speedo already has well established supply chain mechanisms that will be able to support such sales. In addition, it will provide Speedo with a direct communication channel with the prospective high end customers. Promotion The target audience for this segment are young adults who are more exposed to the internet than other market segments. In order to take advantage of this fact it is pertinent to use online social networking websites with a hint of viral and guerrilla marketing in order to market products better. Specific apps can be developed for smart devices being used by this market segment such as apps for the iPad and the Android platforms (Stone, 2011). Moreover, this method will ensure that targeted marketing takes place at relatively low cost using Google Adwords and similar techniques. Rather than trying to look for the customer, these methods allow the customer to look for something similar and find you. The budget for such promotion would need to be little more than 10,000 thousand pounds per annum because this form of advertising only costs if the customer uses it (Stone, 2011). Segment Two: Professionals Market Positioning: Speedo is the market leader when it comes to professional swimwear. A large market share (65%) in Great Britain as well as numerous sponsorships within and outside Great Britain provided to professional swimming teams indicates Speedo’s position as a market leader. Marketing Objectives: To retain market leadership even if FINA rules make it harder to hold onto the lead (long term). 4P’s Marketing Mix Product Core Product: professional swimwear Augmented Product: related accessories including digital accessories New Product Development: accessories only Speedo has been a market leader in the professional swimwear segment through its innovative technologies such as Aqua Blade, LZR Racer etc. Speedo needs to keep up its market lead by introducing new and more innovative products through continuous research and development. For the future Speedo will have to balance its technological lead with regulative constraints such as those placed by FINA. Price Professional swimwear offered by Speedo is heavily priced given its technological advantage against other professional swimwear brands. The newer series of professional swimsuits such as the LZR Racer cost around 500 pounds for professional competitions such as the Olympics. This provides Speedo with steady revenues from this market segment since the value addition is high and there is little competition to the brand. Place Distribution for professional swimwear by Speedo occurs through a number of retail stores throughout the United Kingdom that house Speedo products. Speedo professional swimwear for training is available from stores such ranging from the John Lewis Partnership to smaller sporting stores. The more team specific or athlete specific sponsored professional swimwear is available through direct orders from Speedo. The current distribution channels are robust enough to handle future marketing and distribution too. Promotion Promotion to professionals is possible through the use of multiple sources such as print, broadcast and other online media. The use of Speedo swimsuits in international competitions is in itself the real marketing required to promote the professional swimsuits by Speedo. Currently Speedo utilises all of these facets to market itself to professional athletes around the world including Great Britain. Implementation, Monitoring and Control In order to take complete benefit from a marketing plan it is essential to monitor the marketing plan and to control it according to inputs. The marketing plan presented for Speedo above needs to be monitored for a number of factors including increasing brand recognition, the number of customers who bought Speedo products (first time and regular customers) as well as the overall market share. For the first year, a number of vital steps need to be taken which would be followed up in subsequent years for monitoring and control. These are briefly outlined below. Year One Task Start End Responsibility Measure Creating new linkages with high end retailers to sell Speedo’s leisure swimwear. June 2012 December 2012 Marketing Manager Sales Manager Total number of high end retailers signed up. Expansion of regular retailers selling Speedo’s beachwear. June 2012 December 2012 Marketing Manager Sales Manager Total number of new retailers signed up. Introduction of Speedo to social networking and social media. January 2013 February 2013 IT Staff Social Media Consultants Number of sign ups on social networking outlets. Creating linkages with a marketing agency and a public relations firm. November 2012 February 2013 Marketing Department Agreements and roadmap between Speedo and requisite agencies. Launching of Speedo’s products in high end and low end retail stores. March 2013 March 2013 Sales Department Number of products introduced. Print Ad campaign, TV campaign, newspaper and magazine advertisements. March 2013 December 2013 Marketing Department PR Consultant Marketing Consultant Amount of sales generated in new and old products. Budget 5 million pounds Year Two For the second year Speedo will organise amateur sports competitions around Great Britain to target the nascent professional market segment along with the amateur market segments. Using a mix of community based targeted ad campaigns before an event will ensure that marketing money is spent in the right fashion. The estimated costs for these events and the accompanying marketing efforts are around 3 million pounds. Year Three Given the performance of the first two years, the third year’s marketing budget may be increased or decreased as per the achieved results. If marketing is successful then the budget would be decreased to cover up outlying marketing efforts such as billboard ads, beach ads and sporadic newspaper and magazine ads. However, if more marketing muscle is required then the marketing plan would have to be reconfigured to produce a new marketing mix. Conclusion Speedo has a nice niche market carved out for itself as far as swimwear is concerned but the company needs to expand its frontiers by enlisting and focusing on new products such as sportswear. Additionally the company should try to diversify its existing customer base by concentrating on potential customers as well as the needs and demands of existing customers. References Armstrong, M., 2006. A handbook of Human Resource Management Practice. 10th ed. London: Kogan Page. Barrow, B., 2011. Take home pay falls for the first time in 30 years. 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