Purpose of Assignment
The purpose of this assignment is to help students think through the importance of social, legal, and ethical issues that may arise with their product or service and the implications of decisions made within those frameworks. It is designed to help the learners understand ethical and legal issues related to marketing practices. This knowledge helps to prevent such issues when developing the marketing strategies in their marketing plan. The executive overview of the marketing plan is not a summary and conclusion, but an overview of what the plan entails and what it does not address.
Note: the Social, Ethical, and Legal Implications assignment is part of the total marketing plan as outlined in the grading guide. It is not a separate paper.
Resources: Marketing Plan and Outline
Producing and marketing a product without regard to ethical, legal, and social considerations is detrimental to the overall success of any company.
Assess in a maximum of 700 words the ethical, legal, and social issues affecting your product or service in two markets: the United States and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S., then your other market is required to be the U.S. marketplace. This will be added to the Target Market section of your Marketing Plan.
Include the following:
- Develop a process to monitor and control marketing performance. This process could be a flowchart but a flowchart is not required (flowcharts do not count towards your word count requirement).
Formulate a maximum 350-word executive summary including at a minimum the following elements to include in your marketing plan:
- Required executive summary elements:
- Strategic Objectives
- Products or Services
- Optional executive summary elements:
- Resources Needed
- Projected Outcomes
Integrate the previous weeks' sections, and incorporate corrections and suggestions from the instructor's weekly feedback. The marketing plan should contain elements from each week of the course, including:
- Understanding Target Markets (Week 2)
- Promotion and the Product Life Cycle (Week 3)
- Price and Channel Strategy (Week 4)
- Marketing Communication and Brand Strategy (Week 5)
- Executive Summary, Legal, Social and Ethical Considerations (Week 6)
Format your assignment according to APA guidelines.
Explanation & Answer
Here you go. In case of any further inputs, please let me know.All the best!I appreciate working with you!
Running head: FILA
Fila’s Marketing Plan
Founded in 1911, Fila is an Italian sporting goods company with its subsidiary in Korea
since 2007. The company has undergone several transitions and ownership changes and is
currently operated from South Korea. The firm that commenced by making of clothing for those
in the Italian Alps is currently manufacturing sportswear for men, women, athletes, and children.
Currently, the company is the largest sportswear firm in Korea, headed by Yoon-Soo Yoon. In its
second quarter of 2018, Fila reported revenue of $706 million a figure that increased from the
$619 million that was in 2018 (MorningStar, 2019).
In this paper, the strategic objectives to be achieved include full comprehension of the
target market, execution of promotion and product life cycle, price and channel strategy,
marketing communication and brand strategy and examination of the legal, social and ethical
considerations. Understanding the market is the first critical step that helps in development of
effective relationship marketing. In ensuring effective relationship marketing, each firm has to
comprehend the targeted buying influences and behaviors of consumers. In affirming the place of
the consumer in the market, the consumer analysis has to be done, the profile needs to be created,
there is need to have continuous monitoring and research of consumer. The target market entails
the demographics and psychographics analysis. As part of price and channel strategy, setting of
prices is meant to assist in comprehending the best way through which price is set and the ways
that different mechanisms of market distribution relate with one another and impact on the
growth as well as profitability of the business. Part of the objective here is to help understand the
concepts of pricing and distribution and given general understanding of matters.
The branding strategy and marketing communication plan helps in understanding the
interrelationships that exist between brand strategy and communication message to the targeted
audience. The achieve the requirements of branding strategy, there is need to incorporate the five
elements of situational analysis which include Product, Place/Distribution, Promotion, and Price
Strategies. At the end, it is projected, that there will be full comprehension of the market and that
the objectives set in place will be met.
Understanding Target Markets (Week 2)
Overview of Demographics and Psychographics-Target Market
The target market for Fila’s products is persons aged 18-35 years. Most of the individuals
targeted are those who want to look sporty in their daily lifestyles and are so much into being in
innovative sportswear. The target market is both men and women (Willer).
There is a threat to the brand presence of the product. The brand has been around for a
long time though much is required to have the presence felt in many areas. Fila is not very
aggressive in its marketing and promotional strategies like some of its competitors. Nike and
Adidas are into serious marketing of their brands hence boosting their presence. Fila needs to
have proper and well-thought strategy to see its adverts. While it boasts of a sound community
on social media, it still needs to do so much to cover the competitors. The brand may end up
being diluted in competition owing to the brand visibility of the competitors.
Changing Trends, Preference and Taste
Keeping pace with the younger generation remains a challenging aspect for the Fila
brand. The firm is not doing as much to ensure that it has collaborations with the influencers.
The content marketing strategies are weak, an aspect that has not guaranteed that it remains
relevant in the minds of millennials. The trends keep on shifting, and it remains quite a challenge
to reach the top and create engaging products to the millennials who have an ever-changing taste.
The company has been relying so much on its past as a way to revamp the older products.
Changing Political Environment
There is also changing the political environment, especially with the US and China trade
war, coupled with issues of Brexit. The changes in the political climate have affected the Fila
business in the local as well as the international market.
Distrust of Institutions
There is increased mistrust and increased threats that Fila is facing especially in regards
to legal actions. Fila has to cope with WTO regulations and laws, which are a challenge to
enforce. The legal procedures in place have also been costly and often long drawn processes to
implement. The result is Fila finding it challenging to invest in the emerging markets.
Currently, Fila has several potential areas in which it can grow, make profits, and even
realize increased market share. First, customer preferences are fast changing. Currently, most of
the clients are facing increment in the level of income, secure information access and rapid rate
adoption of technological products, factors that impact the preferences so much. Hence, the
customer has a chance of carefully examining the broader trends and vouching for their products
and growth on the shifts. The patterns can be both on the office supplies industry and the more
general consumer/non-cyclical sector.
Currently, most markets are experiencing a lower inflation rate that Fila can take
advantage of. The lower inflation rate can result in more market stability and hence allow for
credit at a lower interest rate to the customers of Fila. The result will be an increase in
consumption of Fila products.
Increased affinity for higher-end products. The market is experiencing the increased need
for products to migrate to the higher end products, which is a greater chance for Fila. Migration
to higher-end products helps the firm, given that it has strong brand recognition in the premium
segment. This is a win situation for Fila if it exploits it successfully.
The rapid expansion of the economy is also a positive for the firm. The US economy is
fast expanding than most of the developed economies, and this is bound to provide a broader
market and opportunity for expansion of the US market. Fila has an added advantage of the skills
and experience of operating within the US competitive market.
Future Potential Threats
While the businesses are doing as much as possible to gain competitive advantage, lack
of addressing the underlying weaknesses may result in threats foreseeable in f...