Question
So we needed to choose a company of any kind and we chose Reebok. this is the Market Research Implementation Plan: Problem Identification and Project
So we needed to choose a company of any kind and we chose Reebok. this is the Market Research Implementation Plan: Problem Identification and Project Outline. below is just a history of reebok and also target market, if you can answer the last question for me, that would be very helpful thank you. and also add references please?
Reebok founded in 1958 by brothers Joe and Jeff Foster in England.During the 1980's Reebok really began the thrive even expanding their brand to start a clothing line. Their only competitors were Nike and Adidas which neglected the women's market. In the early 1990's Nike began to market as the brand for the professionals.Reebok began to struggle to keep up, trying rebranding and appeal to that market.It seems that the 1980's Reebok had reached its maturity. By 2000's the company began its decline.In 2005 Reebok was acquired by Adidas in the hopes that together they could take on Nike. As time went on Adidas began to gain traction in the market, but Reebok was holding them back.As of August 12, 2021, Adidas announced it had reached a deal with Authentic Brand Group and is expected to be completed by 2022. Since the talks Reebok's pricing has been decreasing and the product can now be found in discount stores such as Walmart and Big Lots.
Researching our target market is essential for our brand to consistently grow. Over the years our target market has been male and female athletes. Performing market research strategies for our target market will help us identify our consumer behavior. Learning our consumers' behaviors helps us meet their needs. This will result in our marketing efforts and investments being more profitable. Also, obtaining information from our consumers can help us make better business decisions (McQuarrie, 2016). For example, we can ask what shoe material our consumers prefer. Another example is the design for our shoes. In addition, we can see if they are satisfied with the costs for our products and services. From there we can develop a plan to make our products more accessible and affordable to appeal to a broader market. We can achieve this by selling our products at discount stores like Big Lots. Some methods we can use are questionnaires, polls, and surveys on our marketing platforms (McQuarrie, 2016). This will help us continue to stay innovative and up to date with the market.
Develop an outline with headings and a brief paragraph for each of the sections that you anticipate having in your final Market Research Implementation Plan? You may decide to change these sections in future weeks.
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