Prince Sports Case Study
Prince Sports has managed to remain in their field, but the task was not easy. They have been in business for over forty years and have continued to evolve to fit the needs of the consumers while also managing to expand their products. In doing so, they have needed to keep their company ahead of trends that have occurred in the market. So far, they have managed to do so, but with the continuously changing market and economy, Prince Sports needs to constantly be performing research on how to stay ahead. They also have to take in to consideration how these changes are going to affect the products and customers they currently have.
In 2012 Prince Sports filed for bankruptcy protection due to an increasing decline in sales which resulted from a few different factors, but mainly due to their lack of remaining true to their older products. A main problem they faced was their advancement in technology. While it was vital and helped them greatly with staying ahead for certain markets, it also hurt them because of the way in which they handled everything that came before their advancements. Rather than offering their previous products, they simply made it appear as if customers had to evolve with the company. Not every customer is going to want to use the new technology they introduce and some are more comfortable with what they are used to. While they have tried to keep their young customers in mind, they cannot forget those who have helped them stay in business for so long (Benoit & Gleason 2012).
As discussed above, Prince Sports needs to also manage to stay ahead of the curve with technology especially since the competition is rising as interest in tennis grows. With filing for bankruptcy protection and the constant need to advance, they have to strike a unique balance between past, present and future (Benoit & Gleason, 2012).
References: Benoit, D. & Gleason, S. “Prince Sports Files for Bankruptcy”. (1 May 2012) The Wall Street Journal. Retrieved from <http://online.wsj.com/article/SB10001424052702304050304577377880911280286.html> Goodson, S. (2011). “Marketing to Youth Globally - It’s Child’s Play”. Forbes. Retrieved from <http://www.forbes.com/sites/marketshare/2011/07/01/marketing-to-youth-globally-its-childs-play/> Kerin, R., Hartley, S. W., & Rudelius, W. (2013). Marketing. 11th Edition. (Pages 192-212, 220-234,). New York, NY: McGraw-Hill Companies Inc. Rudelius, W. (2013). “Prince Sports, Inc.: Tennis Racquets for Every Segment”. Marketing. 11th Edition. New York, NY: McGraw-Hill Companies Inc.