Prince sports case study
Prince sports case study
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 mall 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.
Prince Sports can stay ahead of the hangers they possibly face if they keep in mind when Linda Glasses said “ It’s learning, it’s studying, It’s talking to people who understand where the market Is going” (Peg. 241). In order to stay ahead and take on any challenges that come their way, they need to employ research moments Tanat can Nell teen solve tenet problems Ana come up with new ideas for marketing their products.
Besides using the Five-Step marketing approach, there are specific aspects they should pay close attention to.
More importantly, the difference between the countries within Europe. Watching this segment allows them to consider different prices, marketing tools, which tennis pros may be more liked there and lastly, it allows for them to consider what may be worth introducing in certain areas based on how it works in other areas (Kerri et al 2013; Rudderless 2013).
Another place where Prince can improve their marketing is with the youth, specifically school athletes. Tennis is a sport offered in many schools and Prince has a goldmine of youth that they can target. They can do so by donating promotional posters to schools, hosting vents at schools, donating products to schools, and offering summer camps with tennis pros.
Lastly, their constant desire for innovation is needed. They Just need to keep a healthy balance and remember to not forget the products and customers that came before. They cannot rely on Just sitting on the products they currently have and they cannot rely on constantly rotating their inventory with new high-tech products. One way they can attempt to manage this balance is by investing more time to listen to their customers. With the proper research techniques used, they could analyze the wants and needs of their customers and the market of potential customers.
They can do so by collecting both primary and secondary data. Through surveys, social media, panels, internal and external data, they can analyze their findings and come to a proper conclusion as to what would be the best course of action (Kerri et al, 2013). Furthermore, Prince Sports has a relatively good step up on competition even though they have filed for bankruptcy protection. While financially they have experienced setbacks, their markets are seeing rises and they have the resources to dig in to them and create a more secure niche for themselves.
