MARKETING

COMPONENT-A

The Marketing Mix- Sonee Sport

NASEEFA AHMED
AC10911

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 The Marketing Mix - SONEE SPORTS (AC10911)

INTRODUCTION

Sonee Sports is an inspirational portfolio of well-diversified iconic sports, lifestyle and fashion
brands presented through unrivaled creativity and innovation. At Sonee Sports we deliver
branded products, exceptional service, unparalleled customer support and operational
excellence to create highest value to our customers, employees and suppliers. Through a
thorough integration of our human resource, state of the art ERP system and E-commerce
platform, we create value to our customers. With the rise of the demand for the sportswear,
we Sonee sports provide the best products to the customers across the Maldives. We use
various method of marketing strategies to promote and increase our sales.

Marketing Mix 4ps

The marketing mix is the set of controllable, tactical marketing tools that a company uses to
produce a desired response from its target market. It consists of everything that a company
can do to influence demand for its product. It is also a tool to help marketing planning and
execution. Our company uses the both the young and old generation with the sportwear
which they require for sports or other out door activities. In Maldives the living standard has
been rising for the past few years with more and more people choosing to live a healthy life
by going to gym or doing other outdoor activities such as jogging and swimming to stay fit.

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 The Marketing Mix - SONEE SPORTS (AC10911)
We target these specific customers and provide them with the best quality accessories
necessary for their activities. With the rising demand for such products there are many other

suppliers in the market such as Grand sport or Aksani sports whom are slowly dominating the
market with their brand and products. There are other small up and coming business such as
i7 sports, the marathon and sports pro which are making their mark in the market. To
compete and to dominate the market we must use certain business strategies or marketing
mix to increase our brand name and sales.

Sales

Sonee sports Grand sport Aksani sport others

From the above chart you can see the market share between the competitors. As of now our
company is dominating the market. However, in the long time the other competition may
slowly gain more of the market. We must use various ways to keep our company dominating
the market. We must use the four P’s of marketing to keep this consistency. We must change
our marketing strategy.

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 The Marketing Mix - SONEE SPORTS (AC10911)
Grasping the concept of the four P’s of marketing is essential since they fit together with the
marketing mix to develop a marketing plan. The four Ps of marketing are the key factors that
are involved in the marketing of a good or service. They are the product, price, place, and
promotion of a good or service. Often referred to as the marketing mix, the four Ps are
constrained by internal and external factors in the overall business environment, and they
interact significantly with one another.

PRODUCT

The 4 Ps are used by companies to identify some key factors for their business, including what
consumers want from them, how their product or service meets or fails to meet those needs,
how their product or service is perceived in the world, how they stand out from their
competitors, and how they interact with their customers. The first step is deeply analyzing a
product’s features, benefits, and advantages over the competition. Competitive analysis can
help determine the differentiating features of their products that can be highlighted in their
marketing materials. Companies may also conduct market research to discover the elements
that customers find most appealing about their products. Our product has better quality
and we need the customers to be aware of that and meet their expectations creating trust
and reputation of our brand. Our products are long lasting and created in quality
manufacturing material and better packaging.

PRICE

Price is the cost consumers pay for a product. Pricing products is both an art and a science.
The price point for any product must be profitable for the company while covering costs
and adding an adequate profit margin. Beyond that, determining retail price is a matter of
comparing similar products in the market, their price points, what prices the target market
is willing to pay, and how to leverage the psychological impact of price. Marketers must
link the price to the product's real and perceived value, but they also must
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consider supply costs, seasonal discounts, and competitors' prices. In some cases, business
executives may raise the price to give the product the appearance of being a luxury.
Alternatively, they may lower the price so more consumers can try the product. Marketers
also need to determine when and if discounting is appropriate. A discount can sometimes
draw in more customers, but it can also give the impression that the product is less
exclusive or less of a luxury compared to when it is was priced higher.

Depending on the target audience and the brand strategy, the final price point may be a
luxury price, bargain price, or something in-between. We need to have a pricing standard
with our own products. Our products should be affordable but not too low or we wouldn’t
make any profits. However, to compete we can give discounts and reduce some of the prices
after thoroughly researching the market and competition. We must set a price depending
on the quality of the product. What makes us unique is that we create innovative, high-
quality products. We are able to accomplish this by procuring our fabric from our material
manufacturer partners, securing stable, high-quality materials at low cost by ordering in
large volumes, and continuously seeking the highest-quality and lowest-cost material in the
world.

PLACE

Place may happen online or in a store, but knowing where people are likely to encounter,
discover, and learn about products is essential. Place can occasionally be easy to find. When a
company makes decisions regarding place, they are trying to determine where they should
sell a product and how to deliver the product to the market. The goal of business executives
is always to get their products in front of the consumers that are the most likely to buy them.
In some cases, this may refer to placing a product in certain stores, but it also
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refers to the product's placement on a specific store's display. In some cases,
 The Marketing Mix - SONEE SPORTS (AC10911)
placement may refer to the act of including a product on television shows, in films, or on web
pages in order to garner attention for the product. With the rise of technology most of our
customers are using virtual platforms. We must use we sites and other online platforms to
promote and sell our products.

PROMOTION
Promotion includes advertising, public relations, and promotional strategy. The goal of
promoting a product is to reveal to consumers why they need it and why they should pay a
certain price for it. Marketers tend to tie promotion and placement elements together so
they can reach their core audiences. Promotion refers to the activities chosen to advertise the
product and how to distinguish and differentiate it in the marketplace. People often equate
promotion with marketing, but without product, price, and place, it’s difficult to find the right
promotional mix without wasting time and money. We shall use various forms of
advertisement to promote our products. We should use other sales techniques such as sales
promotions and special event give away to attract more customers.

Difference Between marketing strategy and tactics

It’s important to understand the difference between marketing strategy and marketing
tactics (marketing mix). Strategy is the long-term, forward-thinking plan that addresses sales
in the market. The strategy to reach the target market comes first. Then, the marketing mix
(tactics) is developed to support the strategy and sell a specific product to a specific,
identified market. For example, Progressive Insurance's strategy appears to be to dominate
the market for home and auto insurance by promising low prices. To do so, they use a
recognizable spokesperson (Flo), television commercials, search engine marketing, and social
media marketing. Developing a marketing mix increases the chance of reaching more people

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in the target market. It is the confluence of these elements right product, right time, right
place, right person that results in a sale.

Each element of the marketing mix can be tested, measured, and improved. Many companies
implement regular testing strategies based on their marketing mix and may analyze website
data (e.g., traffic, search, and response patterns) to find ways to make improvements. New
products need time and exposure to the target market to gain recognition and market share.
Therefore, new product launches depend heavily on awareness campaigns. The marketing
mix for new product launches may lean heavily towards mass advertising via television and
internet channels. Mature products with a clearly-defined target market may lean more
towards direct response tactics, product tweaks, add-ons, and coupons to drive sales.

Strengths

Marketing mixes are constantly adjusted as products move through their life cycle to find the
optimal mix that drives sales. The ultimate goal of a marketing strategy is to achieve and
communicate a sustainable competitive advantage over rival companies by understanding
the needs and wants of its consumers. Whether it's a print ad design, mass customization, or
a social media campaign, a marketing asset can be judged based on how effectively it
communicates a company's core value proposition. Market research can help chart the
efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line
goals and increase sales. A clear marketing strategy should revolve around the company's
value proposition, which communicates to consumers what the company stands for, how it
operates, and why it deserves their business. This provides marketing teams with a template
that should inform their initiatives across all of the company's products and services.

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Weaknesses

Marketing mix elements aren’t fixed but change over time. We shall test various elements of
the marketing mix to determine which tactics achieve the highest. We could use Product
reviews system to know what exactly the customer wants and get feedback of our products
which in turn will increase our reputation. As of now we have been using billboards in various
areas in male’ and we must expand it and place more billboards in other locations and islands
close to male’. We do online sales and delivery which has been our main focus for the last
few years. With the digital platform its easier to do the business. Hence, we must focus more
on social media influence and advertisement. We must use various platforms to promote our
brand. Social media has changed the way we function as a society, including the way we
connect with one another. As platforms like Facebook, Twitter, and Instagram took off,
businesses also took notice. They began to use these sites to further their interests through
social media marketing. That's because these sites are able to change consumer behavior.

Marketing Strategy Chart

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 The Marketing Mix - SONEE SPORTS (AC10911)

From the above chart you can see the forecast for the next few years that we can achieve by
optimizing the marketing strategy that we discuss above. Our product will rise at year by year
because we will be using the feedback from our customers and improve our quality of the
products. Also provide more variety of products according to the demand of the market. We
shall use and R&D section to create more unique products as per the customers feedbacks.
The prices are getting lower in the second year and its recovering in the third year. It is
because of the rise in competition in the market we must reduce the prices in order to attract
more customers. But when we get more reputation and new customers, we must slowly rise
the prices according the quality of the products. The placement of the product is same for the
next 2 years because we do not have a reason to rush our long-term plan of slowly placing
our products across the Maldives. As of now it’s a slowly progressing procedure which we
must hold and focus int the rising competition which is slowly gaining the market share. We
must get rid of the competition by using certain pricing policies and sales techniques. The
promotion will be rising tremendously each year because of the increase of social media
campaigns and influence. We must priorities our products in virtual platforms the first year
creating and influencing the online market. Most of the customers use online platforms
nowadays so we must be prepared.

THE END