Internal and External Influences Marketing Discussion

Description

Resource: Consumer Decision Making Grading Guide

Utilize the same product/service your team chose for Week 3.

Develop a 175-260 word response that analyzes the following:

  • Discuss the potential importance of each type of situational influence in developing a marketing strategy for your product/service.

Explanation & Answer length: 260 Words.

 The MultiShoe Christopher Truant, Rebecca Tucker, Toni Vajen, Francisco Valdivia, Anna Warvell, and Aleigha Woodruff Professor Tucker MKT/435 July 26, 2020 University of Phoenix 2 The MultiShoe Ever just wanted one pair of shoes that would substitute the place for multiple pairs of shoes? Buying shoes for every activity can get expensive and time to break down. The MultiShoe can fit the need of any situation. Being price effective and various materials to pick from, the MultiShoe can fit any person’s need or want in a shoe. MultiShoe Inc. MultiShoe Inc. is an American shoe manufacturer and retailer located in Los Angeles, California. The business was founded by Learning Team 3 in 2020 based on creating a multipurpose shoe that can replace all the different kinds of shoes in a household with just one pair of shoes.

The team always wondered if it was possible to replace all of their shoes with only one pair that can be used for all occasions. As a result, they came up with the idea of “MultiShoe,” a shoe with a replaceable sole, so that it can be used for different purposes. For example, one can replace the jogging sole with a tennis or basketball sole based on their needs. The business was named MultiShoe to highlight the multipurpose functionality of the shoes. MultiShoe Inc. operates in the California shoe industry and is a new upcoming startup. The business hopes to capitalize on its unique idea and value proposition to establish itself in the competitive California shoe industry. Product Details The MultiShoe is available in various sizes, heights, and materials. This product features removable soles that can easily be removed.

The MultiShoe will make a positive impact on admiring nature as described in out textbook. “ Firms that convince environmentally concerned consumers that their products are environmentally sound can reap huge rewards.” (Mothersbaugh & Hawkins, 2016) Consumes can be given the option not to buy as 3 many shoes to match different outfits; instead, there will be an assortment of colors and materials. However, these materials will be made from sustainable sources. Cork sheeting: a soft and lightweight material that is 100% natural raw material, 100% reusable and recyclable. MuSkin: One of the greatest inventions for leather replacement replicating the look of suede; however, it is extracted from mushroom hats. In addition to processing mushroom skin into leather, the mycelium that mushrooms produce will be processed to make another leather replacement. (Muskin, 2018) Similarly, to the fruiting bodies of mushrooms, mycelium is 100% animal-free and 100% biodegradable. Another great material that can benefit many farmers and utilizes no extra water, pesticides, land, or water is Piñatex; it is made from pineapple fibers.

This material features a soft, durable, breathable, and flexible textile. To provide different sole colors: Alternatively, to conventional dyes made from synthetic petrochemical substances, low-impact reactive dyes feature 0 toxic chemicals or mordants. (Pinatex, 2020) These new technologies will potentially change the industry as it has excellent potential to succeed. Marketing Implication The value that MultiShoe Inc. identifies most with is the environment-oriented value; risk-taking, problem-solving, and performance is what we strive. The marketing campaign is centered around these values by showing how efficient the shoe is. Demonstrating how user-friendly the shoe is and showing it in action is critical for this product since it is something new to consumers. The fact that consumers will only have to buy only one pair of shoes solves the problem of buying multiple shoes for multiple different activities, which is very costly. The MultiShoe is designed to be lightweight, durable, and budget-friendly, so it will appeal to anyone 4 who cannot afford to buy a different shoe for every activity they partake in and anyone who enjoys innovation.

Reference Groups MultiShoe Inc. revolutionary patented multi-sole footwear is specifically designed to appeal to consumers who have varied interests in activities and require footwear to be as versatile as possible. MultiShoe Inc. feels that an excellent reference group to attach the product line to come within the growing fitness community. The main competitors in this sector come from some of the largest shoe companies in the world. Nike Metcon, Reebok Nano, and No Bull currently dominate this section of the market. However, none of these products or brands have our multi-sole technology. Many gym-goers and athletes continue to carry several pairs of shoes and are known to change them even during workouts. Specifically, our research shows these athletes typically carry up to three pairs of shoes at a time.

One for running, one for heavy weightlifting, and one for dynamic movements. The combined average cost to consumers of these products 400 dollars for the life cycle of products. Additionally, we see an excellent opportunity to market the product in similar but more traditional athletic spheres. Tennis, running, golf, basketball are all activities with multi-sole product designs. Campaigns will target partnerships with similar famous athletes, crushing their drive on the 18th hole, quickly changing the soles of their shoes to grab lunch after or make a trip to the grocery store. These strategies will capitalize on reference groups that value versatility in a sport like versatility in life. The sports and fitness clothing community are projected to grow 65 billion over the next five years to nearly 200 billion worldwide.

That is much-buying power! After 5 gaining traction in this community, MultiShoe Inc. sees the opportunity to expand into developing its full potential. Marketing Demographic The aging population and the environmentally friendly groups will have a significant impact on MultiShoe. According to Viens (n.d.), “The global population is aging rapidly- as fertility rates decline worldwide, those in the 65 years and older age bracket are steadily increasing in numbers.” Our product will need to appeal to that age group mostly compared to the other age categories because they have the most buying power. Another demographic shift we should notice in the next ten years is consumer spending. As stated earlier, the buying power is shifting to older households. Viens (n.d.), “Global consumer spending from those over 60 years is predicted to nearly double, from US$8 trillion in 2010 to a whopping US$15 trillion in 2020.”

On the other hand, the environmentally friendly groups are looking for a shoe that will sustain the time, but also healthy for the earth when it comes time to discard the shoe. With the eco- friendly material substitutions, the MultiShoe is able to be safely discarded and not sitting around in a land fill for years to decompose. More parents are starting to but eco-friendly shoes that are durable, recycled products, and are able to be passed down from child to child. (Masterson, 2008) MultiShoe Inc. wants to take it a step further and give the parents the chance to buy one shoe, but an option of soles so that they will last longer and in the long run save everyone money. Conclusion The MultiShoe is the next best money saver for those that like to buy shoes. Being able just to change the sole and go gives the consumer the freedom to be able to do more activities.

6 For the consumers that are more environmentally healthy, the waste of shoes is over. MultiShoe Inc. is helping change the world with the durable and dependability of just one shoe that can have the lifespan multiple shoes put together. 7 References Masterson, D. (2008, April 13). Dear EarthTalk: I’ve found environmentally friendly shoes for myself, but have had trouble finding similar shoes for my kids. Are they out there? EarthTalk: Questions & Answers About Our Environment.

A Weekly Column. Retrieved https://link.gale.com/apps/doc/A178121546/GIC?u=uphoenix&sid=GIC&xid=30cdbcb6 Mothersbaugh, D. L., & Hawkins, D. I. (2016). VitalSource Bookshelf Online. Retrieved July 27, 2020, from https://phoenix.vitalsource.com/ Muskin. (2018, September 11). Retrieved July 27, 2020, from https://materialdistrict.com/material/muskin/ Piñatex. (2020, March 26). Retrieved July 27, 2020, from https://www.ananas-anam.com/ Viens, A. (n.d.). An Investing Megatrend: How Demographics and Social Changes are Shaping the Future. https://www.visualcapitalist.com/investing-megatrend-how-demographicssocial-changes-shape-the-future/

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