Evaluating and Developing Marketing Strategies for Speedo (MKTG 1170)

This report provides a comprehensive analysis of Speedo's marketing strategy, focusing on the brand's objectives, STP (Segmentation, Targeting, and Positioning) analysis, and marketing mix. It examines Speedo's product offerings, pricing strategies, distribution channels, and promotional activities. The report also explores the organizational implications of the marketing plan, including resource allocation and staff training. Furthermore, it presents a detailed action plan with a timeline for implementation, along with an evaluation and monitoring plan to assess the effectiveness of the strategies. Finally, it includes a budget outlining the financial resources required for the marketing initiatives. The report concludes with a critical evaluation of Speedo's current marketing practices and recommendations for future improvements.

Fashion and textile marketing

Executive summary
The marketing is the set of activities for generating, collaborating, distributing and
exchanging offerings which have value for the customers, partners and civilization. This
report evaluates and develops the strategies of Speedo. Speedo is identified as the fitness
clothing and Accessories Company for the swimming and athletic activities. In 1951, Speedo
turned into the public company and started functioning in USA. The company also make
expansion in some other countries like Europe, China, England and more. The changes taking
place in the fashion industry puts great impact on the fashion companies. The fashion is
required to be current and adapted as per the trends, time, needs and the customers. The
sustainability is driving change in the industry and the changes have been seen in the material
development, up cycling, circular economy, block chain traceability of the clothes and new
emerging models. The brands have also started experimenting VR and AI technologies in
order to bring experience to the physical stores. All such changes are kept in mind when the
brand looks for the marketing.

Contents
Executive summary...............................................................................................................................1
Introduction...........................................................................................................................................3
Marketing objectives.............................................................................................................................3
Analysis of the Marketing strategy........................................................................................................4
STP....................................................................................................................................................4
Marketing mix...................................................................................................................................5
Organizational implications...................................................................................................................6
Action plan/time table...........................................................................................................................7
An evaluation and monitoring plan........................................................................................................8
Budget...................................................................................................................................................8
References.............................................................................................................................................9
Appendices..........................................................................................................................................11
Appendices 1...................................................................................................................................11
Appendices 2...................................................................................................................................12

Introduction
Speedo is a universal brand involved in manufacturing swim wear for men, women and
teenagers. The product classification of the Speedo comprises swimsuits, aqua shorts,
tankinis, maternity suits, two pieces, swim toys, toddler products, and accessories like cap,
bags, towels, footwear and more. The company markets and retails its products through the
retailers, stores and online. Speedo was established in 1910 to response growing beach
culture of the Australia. There are changes taking place in the market like sustainability,
digitisation and consumer shifts. The fashion is required to be current and adapt as per the
time, trend and customer’s requirements. If the company do not go with it, then it cannot stay
in the game for the long. The sustainability practices demand change for the CSR and
transparent value chain. Finally, the digitization is required to be used for bringing experience
to the physical stores. The report is going to include marketing objectives, marketing strategy,
structural implications, action plan along with the assessment and monitoring plan. The
budget is also at the end.
Marketing objectives
Speedo is having marketing objectives in order to enhance its business in the near future.
Speedo has decided to use transactional marketing to emphasis on the single, “point of sale”
transactions”. The focus will be given on maximizing the proficiency and capacity of the
single sales than just emerging a connection with the buyer. This strategy is centred on the
outdated elements of the marketing such as product, price, place and elevation. The
marketing objectives of Speedo are:
 Speedo has decided to add 10 more products to its portfolio as per the on-going
trends. These products will meet to the demand of the customers. The company has
even decided to increase profit by 25%.
 The product price will be established by Speedo which will be profitable along with
being attractive to the customers. Speedo has even confirmed to increase sales by 40%
on the annual basis.
 The efficient distribution chain has been decided to establish for the products.one
more channel will be added to the chain (Kim, and Eastin, 2015).

 The company has decided to create a perceptible profile for the product which will be
tempting enough to the customers. It will increase brand awareness and positive
attitude among the customers.
 It is also the objective of Speedo to increase sales within the six months from the
starting of the financial year.
Analysis of the Marketing strategy
STP
Segmentation
Speedo has categorised the target market into 3 sections. The 1st section includes the expert
swimming athletes. The 2nd section makes up male and female between the ages of 17-34
years who are gript in the amalgamation of sports, custom, leisure and lifestyle. The 3rd
section includes young girls and boys within the ages of 1 and 16 years (Kubacki, Dietrich,
and Rundle-Thiele, 2017).
 The segment of the professional athletes is associated with the swim wear which can
guarantee their performance. The company has proved itself as designing swim wear
scientifically which offers swimmers a competitive advantage (Duane, Schevenhoven,
and Selten, 2018).
 The second target segment of the company which is UK women and men within the
age of 17-60 years of age belongs to the middle income recipients who are known to
the Speedo and are interested in associating themselves. It also includes the
individuals who are involved in the leisure activities like sunbathing, swimming and
jogging (Zheng, Jiang, Wu, and Chang, 2015).
 The last segment comprising of the girls and boys in the age of 1 to 16 are having
perception of looking smarter with the Speedo products. This segment depends on
their guardians and parents to buy what is required by the kids (Venter, Wright, and
Dibb, 2015).
Targeting

The target market of the Speedo includes coaches, swimmers and swimming fanatics. The
brand identity of the Speedo is so devoted with the Olympics that Speedo 2012 Olympics
graphics at Olympic trial event fascinated to the almost 200,000 audiences. The main
concentration of the Speedo has been on the competitive swim wear market (Andaleeb,
2016).
Positioning
The products are positioned by the Speedo as the ultimate solutions to the professional
swimmers who are pursuing for the swim wears which can enhance their performance. There
are several approaches which are adopted by the company in positioning the products so that
it can meet requirements of the target customers. The feature positioning has been used by the
company to position as the ultimate best products (Gengler, and Mulvey, 2017). The
additional features will be presented like durability and fashionable. The product positioning
will also be used in order to adopt marketing initiatives and present products best in the
market in the comparison of the competitors. The benefit positioning will be used to highlight
the products with the aim of fascinating potential customers so that they purchase the
purchase the products (Schlegelmilch, 2016).
Marketing mix
Product
The core product of Speedo for the teenage is swim wear. It will assist young swimmers to
compete well in the pool. The company will be using its computational fluid dynamics
technology and can even launch a LZR racer junior to support the young swimmers (Kenyon,
2016). The fluent technology can also be of much help. The fabric used by the company that
is LZR pulse is of ultra-light weight and water repellent which will permit young swimmers
to learn swimming and capable enough for the competitions. The Speedo sculpture has
already been taken in the market as a fashion and lifestyle product. In such a scene, bikinis
and men’s water shorts can under the product range as leisurewear and beachwear (Fan, Lau,
and Zhao, 2015).
Price

The target market of the company includes teenagers so Speedo cannot charge premium
prices. The company should go for the market penetration strategy and depend on the sales
volume in the initial year of the marketing plan. As soon as the brand is established in the
market and the market becomes competitive, it can charge higher prices. In the initial year of
the program, trade and quantity discounts can be given as a part of the promotion strategy
(Priya, Zunke and Mitra, 2016). For instance, the company can offer swim wear to the
complete team of the students or some teams. The company can even prolong the credit
facility and sponsor to the recognized teams. The premium prices can be charged from the
persons having interest in the leisure and visiting beaches (Abril, and Rodriguez-Cánovas,
2016).
Place
The products of the Speedo are vended in over the 4,000 retail stores. The products by the
company can be vended in the alike way but a few changes can be made to make healthier
placement. The use of the traditional channels can be alike effective as the brand is
previously recognised (Sinapuelas, Wang, and Bohlmann, 2015). But Speedo can make few
changes by proposing license to precise swimming pools and the companies which
systematise the swimming oppositions. The company can even create its stores in all over the
globe having specialization in the fashion swimwear and beach wear (Stead, and Hastings,
2018). These stores will surely captivate to the customers very well.
Promotion: Speedo can use the same promotional strategy concentrated on the sponsorship
of the swimming teams and of specific elite swimmers. The company can also make use of
the advertisements for more benefits. The company can keen on the sponsoring school and
college teams in order to popularize the brand among the teenagers (Wongleedee, 2015).
Speedo can even train and teach elite teenage swimmers in the same way swimmers are
trained professionally in the Olympics. Speedo can invest heavily in the advertisements to
promote fashion wear and leisurewear. The advertisements can be helpful in sponsoring the
fashion wears. The investment made in the persuasive budget and commercials can be useful
in the coming years (Wu, and Li, 2018).

Organizational implications
The plan of the Speedo will require certain resources. The company is required to do research
and development for the digitization. It will require software engineer who can always work
on the applications. The website is also required to be continuously updated by him. The
software engineer will also experiment with the VR and AI technologies in order to bring
experience to the physical stores. For the sustainability practices, Speedo is required to make
some changes in the material along with some practices (Jackson, and Ahuja, 2016). The
company will use the material which does not harm to the environment and will be comprised
of the high quality. Such material can be attained by the company only at the higher prices.
Speedo is also required to stay update with the changing trends so need to make innovations.
So, the staff is required to be trained on the regular basis. It can help company to keep update
with the trend (Bahadir, Bharadwaj, and Srivastava, 2015).
Action plan/time table
The new marketing strategy will be launched in the coming month for the next one year.
Business strategy Transactional marketing to focus on the
single, “point of sale” transactions
Grow sales Speedo has decided to add ten more products
to its portfolio
One more channel will be added to the
distribution chain
The products will be sold to the overseas
market
Increase profits The company has decided to increase profit
by 25%
Speedo has even confirmed to increase sales
by 40% on the annual basis
Speedo has decided to add new product range
in the market
Build customer awareness The awareness will be enhanced by using
more promotions like offering sponsorship

and through the advertising
The customers will be interacted through the
campaigns and promotional events
Market expansion Speedo has decided to expand in the new
regions of Australia.
Two stores will be operated in every region
New business tools Speedo has decided to plan on doing a ton of
personal outreach.
Speedo will be investing in the good contact
management
PR and marketing The company will involve in Ad age and
Adweek
The PR team of Speedo will have more
exposure in the vertical trade publication.
Performance Speedo will hire new team for planning sales
in the next year
A new profile will be emerged for the better
decisions, it will help company to attain
opportunities in the market
An evaluation and monitoring plan
The only purpose of this marketing plan is to serve as a guide for the company’s objective of
increasing the market share along with facing the challenges taking place in the market. In
this concern, the marketing plan is well executed for attaining the desired objectives; it has to
be regularly monitored. The monitoring will comprise the marketing department which is
going to conduct market research involving the questionnaires to the common public along
with some surveys. The leading purpose of the market research is to identify whether the
common public is aware of the products offered by the company. As per the findings of the
market research, it can be said that adopted marketing strategy will be successful. During the
3 years of the marketing plan, the marketing department will undertake whole accountability
for monitoring the success of the plan. After the end of the 3rd year, the success and failure of

the new plan can be determined by the increase or decrease in the total revenues. When the
company will indicate a 40% share in the leisure and beach wear industry of Australia then
the plan will be called successful.
Budget
The budget will include the following items:
Advertising: The advertising will include recording of the TV and radio averts along with
booking adverts spots. It will cost $ 18000 to Speedo.
Marketing agency: It will include public relations and creating target press list. It will cost
almost $ 15,000 to the company.
It department: This is going to include functions like digitization and investment in the
technologies for the physical stores and will be costing around $30,000.

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