Marketing Plan - Paper Example

Introduction

Gymshark has been improving its performance globally due to a variety of factors. However, a vast number of commitments has attributed its success. The overall performance of Gymshark has resulted in the urge to formulate a more comprehensive approach that can make the company's performance increase since it is yearning to dominate globally. Ideally, more emphasis is channelled towards the sustainability market and how social responsibility is attached to ethics on how it will contribute to the growth achievement of the Gymshark business by the year 2023. Besides, the role of leadership theories, internal marketing, and the SOSTAC approach will be articulated to help navigate the Gymshark Company towards its programmed goals by the stipulated duration.

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Sustainable Market Scheme

Gymshark Company should initiate and implement a sustainable market scheme. Ideally, for Gymshark to achieve its 20% profit growth, the company monitors the usage of its resources. Resources should be utilized to the maximum by reducing the chances of wastage of resources. Besides, the company is entitled to accelerate consumer engagement in their products. The company will gain loyalty among the customers through incorporation since it acknowledges competition from rival companies such as Nike. Consumers' emotions and values are enumerated and subjected to scrutiny in response to the company's expectations under the sustainable marketing scheme. Concurrently, Gymshark Company must monitor and inspect the relationship ties with its shareholder for its adequate prosperity towards its navigation to the anticipated 20% profit by the year 2023.

Adopting the internal marketing paradigm by Gymshark will act as a catalyst towards navigation of the company to the rightful campus. For instance, the company has employees who ought to be equipped with essential skills to increase productivity. Gymshark must introduce an effective mechanism, which assures all customers' needs are addressed to the maximum. Furthermore, the Gymshark Company must provide workers with adequate and reasonable salaries to reduce unnecessary frictions likely to affect products' production. Moreover, innovation should act as a driving force towards the success of the business. By incorporating technology, effective collaboration and communication are experienced, thus will spark the company's profitability and continuity.

Theoretically, leadership is the bedrock of Gymshark prosperity. For Gymshark to implement its plan for 2023 20% growth, leadership models should be embraced and reinforced in conjunction with the interested stakeholders' ethical code of conduct. Through leadership, clear communication is facilitated, which implies the company will have a clear vision and mind-sets towards what is expected to be achieved. Again, the company's differences and problems will be addressed to enable continuity understanding and uniformity towards its production. For instance, the team-oriented model advocates for a collaborative team that is ethically cantered towards the company's objective Nelson et al. (2016). Also, the models allow all employees to be enjoined in the decision-making policies since they account higher towards the achievement of the company's future goals.

Ordinarily, Situation Objective and Strategy Tactics Action and Control (SOSTAC) will account for the 20% profit anticipated by the Gymshark Company. From the SOSTAC model, customer-based views will be scrutinized concerning the competitiveness mostly likely to be encountered by competitors such as Nike (Kusniadji 2017). Furthermore, under the objective bracket, the workable mechanism should be formulated to achieve them strategically. For example, the adoption and opening of online selling and marketing platforms across Canada signify how modern technology will help shape and fulfil the Gymshark Company's plans by December 2023. The adopted modern technology and mechanisms will tactfully illustrate how action control will drive the company to 20 per cent more profit in 2023.

Barriers Associated

Despite Gymshark, having a well-choreographed mechanism that will ensure its high potential towards achieving its 20% profits by 2023 December, it is also essential to note some of the challenges likely to be encountered by the company towards its fulfilment of objective. For instance, the company must remain relevant and innovative to retain its credibility in the market, which means more resources will be invested in technology and innovation. Besides, the competitive nature of the business from rivalry will pose the company's urge to design other alternative approaches of reaching customers in time and across the globe. Moreover, the company must identify its indented customers to ensure there is a continuous flow of cash in the company. The adopted market policies should be worth maximizing returns to the company; however, a clear distinction should be administered. Concurrently, issues attached to the copyrights ought to be articulated well since the company may lose the market due to illegal practices that may reduce the company's sales. For the Gymshark to overcome these challenges, it should have enough funds that can be channelled towards increasing the production rates. Notably, an open-minded mechanism must be appreciated whereby challenges encountered are tackled positively concerning a subdue of competitors. In case of any dispute, legal approaches must be administered where copyright issues have been undermined or violated. Modern techniques of marketing, such as the usage of YouTube, Facebook, and other social media platforms should take centre stage since they will account for the company's success.

Conclusion

Gymshark Company can perform well if a more illustrative team and leadership styles are practised. Generally, for the company to achieve its objective vital features such as unity among the team plays a significant role. For instance, all employees should be incorporated into the company's affairs to ensure coherency. Moreover, good relationships should be generated among workers and leadership to curb any misunderstanding and divergences among them. Also, effective communication mechanisms should have adhered to in the company (Llopis (2020). Through communication, there is mutual understanding and collaboration on the company's mission and vision. A positive working environment must be presented since it accounts for workers' motivation in uniformity towards being open-minded on what the company is likely to engage in for maximum production of its products. Likewise, problem solution approaches should remain relevant and unbiased by ensuring all leaders and workers subscribe to the ethical code of conduct.

Reference List

Business 2 Community. 2020. 7 Ways To Lead Your Company To Success. [online] Available at: https://www.business2community.com/leadership/7-ways-lead-company-success-0967536

Kusniadji, S., 2017. Strategi Komunikasi Pemasaran dalam Kegiatan Pemasaran Produk Consumer Goods (Studi kasus Pada PT Expand Berlian Mulia Di Semarang. Jurnal Komunikasi, 8(1), pp.83-98.

Llopis, G., 2020. The 12 Crucial Leadership Traits Of A Growth Mindset. [online] Forbes. Available at: https://www.forbes.com/sites/glennllopis/2018/04/24/the-12-crucial-leadership-traits-of-a-growth-mindset/?sh=5a81ef575d7a

Nelson, M.W., Proell, C.A. and Randel, A.E., 2016. Team-oriented leadership and auditors' willingness to raise audit issues. The Accounting Review, 91(6), pp.1781-1805.

Saylordotorg.github.io. 2020. Sustainable Business Marketing. [online] Available at: https://saylordotorg.github.io/text_the-sustainable-business-case-book/s10-sustainable-business-marketing.html.