As the new Big Foot Consulting firm’s consultant, I have some advice from the product & market expansion grid to profitably grow the New Balance account.
Explanation: Market Penetration focuses on the current market and the current product. It increases share, increases usage, and adds new applications by taking customers from other competitors. New Balance shouldn’t change what it does; just execute things better and tactfully. New Balance doesn’t need to change its focus, but should run an ad campaign that gives users new reasons to use its products.
Suggested Strategies: Some ideas for New Balance’s ad campaigns could include billboards, newspaper coupons, and email coupons. New Balance could also throw in some free trials, promotional events (similar to CollegeFest), sales campaigns, booths at outdoor competitions & athletic events, and TV commercial themes (like the cavemen or gecko for Geico). New Balance could also get involved with sponsorships for things relative to New Balance products such as professional teams, athletes, club teams, and schools teams (New Balance…The Official Shoe of ________ ). The company could also try a “New Balance Triathlon or Marathon,” as a company sponsored event that offers products as rewards.
Explanation: Product Development means that New Balance has an existing market and they know what their brand represents. New Balance should build on that by offering customers a new flavor or product.
Suggested Strategies: New Balance should match up with its competitors such as Nike...