Gymshark Marketing Strategy Analysis

This assignment requires an in-depth analysis of Gymshark's current marketing strategies. Students need to utilize tools like SWOT, PESTLE, Marketing Mix, and STP models to evaluate the effectiveness of their marketing efforts. The analysis should highlight both strengths and weaknesses, culminating in recommendations for improving Gymshark's overall marketing approach.

Principle
of
Marketing

EXECUTIVE SUMMARY
Marketing plan refers to a guidelines which is developed by an organisation in order to
design marketing strategies and plan that will adopted by a company in future and it may be after
month, quarter or year. It is essential for a company because by it they able to identify
opportunities as well as threat that help them in develop plans and policies in effective as well as
appropriate manner. Along with this by it company also able to develop objective which they can
fulfil in appropriate time period in order to attain respective objective in proper way. For this
assignment Gym shark company is taken which is founded in year 2012 and they are offering
fitness as well as gym clothing through online source. They conduct analysis of macro and micro
environmental factors by using PESTEL and SWOT analysis. By using this respective company
able to evaluate factors which may affect respective company, it may be internal factors or
external factors. Through this they able to develop strategies and plans in effective as well as
appropriate manner. Along with this they also develop SMART objective which help them in
developing plans for attaining goal. The respective company also conduct analysis of marketing
mix so that they can identify target customers.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Environmental and Competitor Analysis....................................................................................1
SWOT Analysis..........................................................................................................................3
SMART Marketing Objective:....................................................................................................3
Marketing Strategy:.....................................................................................................................5
Implementation of Marketing Mix on Gymshark.......................................................................6
CONCLUSION................................................................................................................................7
REFRENCES ..................................................................................................................................8
.........................................................................................................................................................8

INTRODUCTION
Marketing plan refers to a report or framework which develop guideline for marketing
strategies which an organisation will adopt in up coming year, quarter or month. Generally it will
a complete overview of a business units, its marketing activities as well as advertising goals and
objectives. Along with this it include current plans and strategies which can be adopted by a
company for gaining high position at a marketplace. Marketing plans is important for every
company because by it they able to identify marketing opportunities as well as threats. By it a
company also able to focus on their objective and identify future development plan which help a
company in growing their business in effective manner. Organization taken for this assignment is
Gym shark which is a established in year 2012 and they are conducting their business through
online medium on that they are providing fitness clothing. Such as vests, hoodies, T- shirts and
leggings (Baker and Saren, 2016). Moreover they are offering their products on global market
which include 177 countries like USA where they are selling their 40 percent of products. Topic
include in this report are analysis of micro and macro environmental factors by using PESTEL
and SWOT of respective company. It also include SMART marketing objective as well as it
include marketing strategy of Gym shark company. Along with this it include marketing mix in
respect of Gym shark company which is used for growth and market shares. By analysis all these
factors of respective company will develop their marketing plan which help them in developing
strategies as well as policies accordingly which leads to growth.
MAIN BODY
Environmental and Competitor Analysis
For analysing environmental and competitors Gym shark company adopt PESTEL
analysis through which they able to know external factors which are affecting them in their
activities, explanation of this are mentioned below:-
Political factor:
These factors are whole regarding how and at what level government interfere into
economy or particular sectors (Carins and Rundle-Thiele, 2014). It involves corruption, tax
policy, trade restrictions and so on. As Gym shark operates into fitness sectors so it have to
follow the some political regulation to ensures that their business is functioning in ethical way. In
event that United Kingdom have strong democratic traditions. Respective country have respects
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for human rights and civil liberties as well as public industry is accountable and transparent. So,
this factors affects the particular sectors as government of the United Kingdom promotes healthy
lifestyles so, it is a good opportunity for the company Gym shark as it is operating into the
fitness sectors.
Economy factors:
These types of factors are considered as a determinants of a specific performance of the
economy. It involves exchange rates, interest rates, economic growth, unemployment rates and
many more (Chernev, 2018). It directly or indirectly effects the firm for longer periods. Also,
this impact the buying power of the consumers and can change demand models into economy.
Due to this leisure items sales impacted. So, enhancement in gym membership as well as
individuals interested in developing health can effect gym apparel sales in positive way.
Social factor:
These factors present the demographic features, customs, norms and so on in which firm
operates. It involves the population trends like income distribution, lifestyle attitudes etc. as
residents of UK enjoy the living standards as compare with another developed nation. Respective
government concentrates on improving inequality of income. Thus, with the help of this Gym
shark can obtain the opportunity to extend their market size.
Technological factors:
This refers to the factor which is related to technological factor or resources which are
adopted by a company in order to conduct their work in effective and appropriate manner.
Change in technology help a company in developing products and services in more affective
manner by using new technology (Crittenden and Crittenden, 2015). In respect of respective
company they use their own technology in order to produce products. So when technology
change they have to adopt it in effective manner that leads to reduce in wastage.
Environmental factors:
It is essential for a company to develop products and services by considering economical
factors which include society and nature. It is also responsibilities of a company to develop those
products which are environment friendly. In respect of Gym shark company they adopt
production process generate very low pollution as well as waste. Moreover they are also using
natural material in order to develop products which are skin friendly.
Legal factors:
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It is essential for a company to adopt legal practices so that they conduct work in more
effective and appropriate manner. In respect of respective company they have to follow various
legal rules and regulation because they are operating their business in international market. Due
to which they must consider regulation of national as well as international government in
effective manner.
SWOT Analysis
It refers to strengths, weaknesses, opportunities and threats of a certain organisation in
order to establish the use of various elements in which the organisation is working (Duncan and
Goddard, 2016). This helps in analysing the internal and external environment of the business.
Strengths One of the major strengths enjoyed by the brand is that it has grown popular in
the market at very small time which is possible due to the quality of products.
Also, the cost of products of gymshark is very cost-effective which helps them
in reaching the mass level.
Weaknesses It is new in the industry which makes people to less trust the firm. Also,
Gymshark is not planning to expand themselves in the industry which is not a
good sign as it will loose lot of new opportunities for themselves. Another
weakness is that the founder himself is young and does not know how the
market operates yet.
Opportunities A growing need of people to be healthy is an opportunity for the company as
now more people will join the gym and will need clothes for that and may trust
the brand.
Threats Threat of Gymshark are global brands like Nike, Adidas who works
effortlessly and captures major market share of the industry. Other than that,
the firm is new in the market and not acquaintance with the market culture as
the founder itself is young.
SMART Marketing Objective:
To demonstrate an efficient marketing plan it is necessary to have an effective plan ready.
And this can be achieved with the help of SMART Objective (Heinze and et. al., 2016). It consist
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of Specific, Measurable, Achievable, Realistic and Timely. These elements helps in establishing
the objectives and tells the plan on how to achieve it. It refers to:
Specific: it refers to specific objectives set up the organisation in order to achieve their
goals.
Measurable: It refers to objectives that need to be measured. It suggests that the
objectives which cannot be measured have no purpose and can be measured.
Achievable: Goals and objectives that cannot be achieved have no purpose and the
organisation should try to set up goals that are tough to achieve but can be achievable.
Realistic: the goals should be realistic in nature and should be able to attain with the
specific time framework.
Timely: The goals should be achieved in a timely manner and have to be time bounded.
 To increase sales up to 25% till next year.
 To introduce a new line of clothes within a year
 To attract a new segment of population by offering different varieties in clothes.
The application of SMART would be:\
Objective Specific Measurable Achievable Realistic Timely
Sales
increment
To increase
sales upto
25% till next
year.
Through the
sales volume
Yes Yes Within a year
New line of
clothes
To introduce a
new line of
clothes within
a year
Through the
new segments
Yes Yes Within 6
months
Target new
segment
To attract a
new segment
of population
by offering
different
varieties in
Targeting new
segments
Yes Yes Within 9-12
months
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clothes
Marketing Strategy:
Marketing Strategy refers to the strategy implemented by an organisation to achieve their
goals effectively and efficiently. It consist of mainly three types, Segmentation, Targeting and
Positioning (Järvinen and Taiminen, 2016). These strategies are used by organisation so that
they can take up a major share of the market and maximise their profit in order to grow and
develop. Three types of strategies used in this model are:
Segmentation
Targeting
Positioning
Segmentation: It refers to dividing of large sun of population in to small attainable parts
so that a company can achieve their targets easily. This is done because targeting a large
population is not easy and cannot be achieved at the same time. This helps the firm to direct their
operations to create and market the products accordingly. Currently, Gymshark is segmenting
groups of man and women who are going to gym but it will not be effective in the long run. So,
for the long run Gymshark can target other groups of people who can use the products of
Gymshark like kids or old age people to increase their market growth and profit maximisation at
the same time.
Targeting: It refers to targeting the segments chosen from the last step. It helps in
effective development of strategies so that the segmented group can be targeted efficeintly in
order to achieve their goals and objectives. New enterprises like Gymshark who is just launched
and has tasted the success should know how to do it so that they can sustain their market
position. As the founder of Gymshark is new and may not be aware of all the tactics that are
needed so what he can do is to hire a experienced marketer in order to grow more in the market.
The segmented group can be targeted by the efficient utilisation of marketing principles.
Positioning: It refers to position the product in the market so that the firm can efficiently
attract the customers. The role of marketers here is to grow and develop (Jefferson and Tanton,
2015). The product should be positioned in the market such that the customers feel it is part of
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them and knows how it can improve their life for the betterment. Gymshark should make their
product a home name for the people so that they are aware of all the activities related to the
brand and how it is important to have such a product. The positioning of Gymshark can be done
with the help of gyms and various health institutes by collaborating with them and effectively
attracting the customers.
From the above strategies, the first thing that Gymshark can do is to know which group
they need to segment to maximise their profit (McDONALD, 2016). After that, the firm can
target the desire segment with the effective strategies and then position their products effective
and efficiently in the market for the growth and development of brand and the company.
Implementation of Marketing Mix on Gymshark
Marketing Mix refers to the elements that are controllable by firm in order to influence
customers to buy the product offered by the company. These elements are maintained by the firm
in the long run so that the firm can attract customers and able to sustain themselves in the
marketplace (Wind, 2014). It is an effective way to control the activities inside the firm for the
efficient management of operations. There are four types of marketing mix elements that an
organisation or a company needs to consider for the long run. Gymshark as well need to have a
strong hold on these elements in order to grow and develop in the business environment. Those
four elements are:
Product
Place
Price
Promotion
Product: It refers to the product or service offered by the company to the customers. This
is the main component and the first thing which customers sees in order to judge the company
and make the decision of buying (Pike and Page, 2014). If the customer feel that the product or
service can meet with the needs of customers then only they make the decision of buying. The
product of Gymshark consist of gym clothes that can be used by man and woman as these are the
only segments in which Gymshark is right now dealing. It has been able to attract customers till
now with it.
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Place: it refers to the place at which product is selling and working on. It consist of cost
incurred by the firm to take the final product from the place of manufacturing to the final user
that is consumer. Gymshark has a very effective process of distribution as it has been done with
the limited cost possible as the factory where clothes are manufactured is near to the place where
products are sold.
Price: it refers to the price at which customer is willing to buy the product from the
customers (Vellas, 2016). It should be nominal as no custromer will be willing to pay high price
of good he or she feel is not worth of. The price of products of Gymshark is very low which is
why customer is ready to buy the product and it is an advantage to the firm.
Promotion: It refers to the promotion of product done by the company in order to attract
the customer to buy the product. It should be effective. Gymshark right now is not using any
specific marketing strategy to attract customers but they need to implement it soon to target more
people.
CONCLUSION
From the above study it can be concluded that the marketing is very important to
company in regard to whatever activities done by them or whatever product sold by them. It is
very crucial for any firm to understand the objective of any organisation in order to establish the
marketing strategy of that firm. In this report, marketing principles like SWOT Analysis,
PESTLE Analysis, Marketing Mix elements, STP model is implemented to derive the best
marketing strategy of the organisation chosen.
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REFRENCES
Books and journals
Baker, M. J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Carins, J. E. and Rundle-Thiele, S. R., 2014. Eating for the better: A social marketing review
(2000–2012). Public Health Nutrition. 17(7). pp.1628-1639.
Chernev, A., 2018. Strategic marketing management. Cerebellum Press.
Crittenden, V. and Crittenden, W., 2015. Digital and social media marketing in business
education: Implications for the marketing curriculum.
Duncan, S. F. and Goddard, H. W., 2016. Family life education: Principles and practices for
effective outreach. Sage Publications.
Heinze, A., Fletcher, G., Rashid, T. and Cruz, A., 2016. Digital and social media marketing: a
results-driven approach. Routledge.
Järvinen, J. and Taiminen, H., 2016. Harnessing marketing automation for B2B content
marketing. Industrial Marketing Management. 54. pp.164-175.
Jefferson, S. and Tanton, S., 2015. Valuable content marketing: how to make quality content
your key to success. Kogan page publishers.
McDONALD, M. A. L. C. O. L. M., 2016. Strategic marketing planning: theory and practice. In
The marketing book (pp. 108-142). Routledge.
Pike, S. and Page, S.J., 2014. Destination Marketing Organizations and destination marketing: A
narrative analysis of the literature. Tourism management. 41. pp.202-227.
Vellas, F., 2016. The international marketing of travel and tourism: A strategic approach.
Macmillan International Higher Education.
Wind, Y. J., 2014. Toward a new marketing paradigm. In The Routledge companion to the future
of marketing (pp. 38-59). Routledge.
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