Under Armour Executive Summary
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Under armour executive summary Continue Content: Executive SummaryUnder Armour has grown significantly over the past decade to become one of the most popular sports companies. Its sales have increased with the company increasing its offerings to reach a wider market by diversifying its products. The company has also benefited from collaboration with some of the world's leading sports personalities, and this has allowed its products to appeal to a larger population. These successes have allowed Under Armour to retain control over young customers. The company is a pioneer of clothing performance. The equipment keeps athletes cool, dry and easy during a workout or game. The company keeps athletes comfortable at all times despite the weather. When it's hot, they have HeatGear, in the cold season there's ColdGear and AllSeasonGear for all the seasons in between. Under Armour's brand mission is to make athletes better through design, passion and commitment to innovation. The Under Armour brand is strengthening on a daily basis as the company increases its visibility around the world. Initially, the company focused on the U.S. market, which prevented it from entering the market of other countries. The process of entering new markets outside the country has been slow, but at least some progress has been made. Under Armour recognizes that having a global market for its products is critical to improving profitability. The U.S. market is large, but it is very competitive and dominated by better-known companies like Nike and Adidas. Recently, the company has expanded and opened an outlet in North America in an attempt to clear stocks and enter new markets. The company plans to open more stores abroad and enter other markets. The strategy will allow the company to manage its stock more efficiently and raise awareness of its brandIn the company has experienced significant growth since its founding, there is more room for greater growth. All athletes tried to be on top of their sports participation. Athletes want the best products to achieve their best results. Under Armour strives to be a leader in the sportswear market. They can only achieve this by producing high quality products. Production of high quality products requires Under Armour to conduct research and development to improve the quality of its products. The company should invest in improving its products and invent new ones. Customers are looking for the best products and they are willing to spend their money on buying high quality products. The company must ensure that the products remain at competitive prices. They should not be too expensive and out of the reach of customers. Company... Not exactly what you need? Thank you for your interest in our services. We are a non-profit group that runs this website for document sharing. We need help to maintain this this To keep our site running, we need your help to cover our server costs (about $400/m), a small donation will help us a lot. Please help us share our service with your friends. 1 UNDER ARMOUR IMPLEMENTATION PLAN STUDENT NAME: LECTURER NAME: COURSE NAME: SUBMISSION DATE 2 EXECUTIVE SUMMARY Under Armour is a major supplier of sportswear, clothing and accessories. Kevin Plank is the company's founder and CEO. He founded the company in 1996 when he was a football captain at the University of Maryland. The drive behind its creation was the desire to design superb T-shirts that had the ability to compress and wick sweat from the skin, able to regulate body temperature and improve performance 3 Company is the creator of sunscreen and wind-stopper clothing known as gears. The company has a variety of products for children, women and men to choose (Executive Summary. (2013). His mission is to make all athletes better through design, passion and relentless pursuit of innovation. Complex technologies are behind the success of their mission due to the development of sportswear. Armour has prepared an implementation plan that will be a tool for identifying steps and procedures, identifying problems, costs and activities that will lead to its strategic objectives. 4 This implementation plan is to advertise and market its products. The program is related to the positioning of products in the market and how to improve their market share, given how competent the industry has become. Demographic forces and geographic factors affecting the company were discussed in detail; purchasing behavior, marketing goals and swOT analysis. 5 INTRODUCTION Under Armour is a well-known sportswear and footwear company and is recognized for its high quality products. In recent years, the company has focused on expanding its market share and its business. The company is gaining its success by specializing in compression fabrics, which has been initiating the power of momentum in business colors (Lim, C., Kim, K., and Cheong, Y. (2016). Introducing a new line of products, known as Heat-Gear and Cold-Gear, that consistently keeps athletes comfortable in a variety of environments other than gear. 6 The company has several goals, both long-term and short-term. Clean and arrived. As for concept of transmission performance, the company will need a plan to successfully implement this project to achieve its strategic goals. 7 Analysis of the situation (factors that can convince the audience)Competition under armour participates in a real gaming atmosphere, despite the fact that there are several dominant companies in the market. The market is clean because companies sell the same products at the same prices (Lim, C., Kim, K., and Cheong, Y. (2015). The main competitors under armour are Nike and Addidas, whose revenues are estimated to be as much as 25 and 19 billion respectively far beyond the armor. income growth. Adidas' neoconservate behavior gives Armour an opportunity to expand its market share, and negative competition trends continue to benefit Armour. 9 Economic Factors There is an obvious growth of the sportswear market giving under armour opportunities to increase their income. While the sportswear market may continue to grow, under Armour can not succeed capitalizing on it offers high prices for their products compared to their competitors. Therefore, market growth can be beneficial to generic and cheaper companies, rather than original and more expensive companies such as Under Armour. 10 With the high unemployment rate in the U.S., spending rates will also decrease, and consumers will prefer cheap and lower-quality sportswear rather than spending more money on a quality product. People's fear of losing their jobs is a negative trend for a company that considers it higher. The potential huge profits will come in case the market grows with the economic recovery 11 Social Factors Healthy Lifestyle is the desire to be accepted by most people (Lim, C., Kim, K., Chong, Y. (2016). And with this trend, armor should expect booming sales including women's performance clothing. Under Armour initiated a campaign of women athletes, which aimed to redefine female athletes. Under armour through this campaign has managed to build its reputation and boom sales. This competition is seen as a way of advertising considering sports for women becoming visible. 12 Regulatory factors All companies in the U.S. face the same rules as protecting acts for consumers from monopolistic activities. With market rules, the government can maintain fair competition. Business is affected Rules. Corporate use manufacturers produce most of their products, In order to keep product prices competitive (Kapoor,., Kapoor, R., Kapoor, S. (2011). Given that these companies cover foreign labor, laws restricting this kind of work will be harmful, especially under armor. because with the help of technology they got their starter advanced materials. Currently, the same materials pose a threat as a result of external forces such as Clima-Cool for Addidas and Dri-Fit for Nike both use similar materials as under armor. The lines of these competitors under armour have lost some of their consumers mainly to those interested in compression gears. The same technology that brought customers under armor, the same that drifts them into the hands of competitors. 14 SWOT analysis (strategically selected and detailed information)Strong under armour is considered a leader in the sports apparel industry because of its many forces. Its online sales are strong, earned customer loyalty, innovative culture, strong product recognition and high brand capital. Employees are encouraged to work daily and the attractiveness of the basketball field at the headquarters. This culture brings smart and talented young people under Armour staff to work for the company. Their high quality is also available in the sporting goods market. 15 Under Armour good reputation give it a good image because it's not showing negatively in the media, unlike Nike, which is associated with the slanderous use of sweatshops. This image is in connection with the armor code of ethics, which requires its manufacturers to hold on to the quality and conditions of the products strictly. The fact that Armour is still in the growth phase is an advantage because it will continue to grow. Nike does a good job while Adidas has been inconsistent. These strengths reflect why under armour they grow rapidly. 16 Weaknesses under armour, weakness is based on the reality of high prices, lack of line setting, limited product range, and no focus on women and has not gone globally. The company manages its online sales, but has not introduced a setting on its website. It remains a mystery why the company cannot use the available technology for personalization. Only a quarter of their sales come from women's clothing, and the company is stepping up efforts to improve the line through campaigns. The company's focus is on domestic market share.