Paper Example - Strategic Marketing Plan for Gymshark: Achieving 20% Profit Growth by 2023

Introduction

Gymshark has been improving its performance globally due to a variety of factors. However, a vast number of commitments have been attributed to its success. Gymshark Company should initiate and implement a sustainable market scheme. Ideally, for Gymshark to achieve its 20% profit growth, the company should monitor the usage of its resources. Besides, the company is entitled to accelerate consumer engagement in its products by including stakeholders. The company must gain loyalty among the customers through incorporation since it acknowledges competition from rival companies such as Nike.

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Adopting the internal marketing paradigm by Gymshark will act as a catalyst for the navigation of the company to the rightful campus. Employees ought to be equipped with the essential skills to increase productivity. Gymshark must introduce an effective mechanism, which assures all customers' needs are addressed to the maximum. Moreover, innovation should act as a driving force towards the success of the business in consideration of workers' salaries. By incorporating technology, effective collaboration, and communication are experienced, thus sparking the company's profitability and continuity.

Through leadership, clear communication is facilitated, which implies the company will have a clear vision and mindset towards what is expected to be achieved. For instance, the team-oriented model advocates for a collaborative team that is ethically based on the company's objective (Nelson et al. 2016). Ordinarily, Situation Objective and Strategy Tactics Action and Control (SOSTAC) will account for the 20% profit anticipated by the Gymshark Company. From the SOSTAC model, customer-based views will be scrutinized in relation to the competitiveness mostly likely to be encountered by competitors such as Nike (Kusniadji 2017). For example, the adoption and opening of online selling and marketing platforms across Canada signify how modern technology will help in improving company sales. The adopted modern technology and mechanisms will tactfully illustrate how action control will drive the company to a high-profit margin in the next three years.

Barriers Associated with the Marketing Plan

Despite Gymshark, having a well-choreographed mechanism that will ensure its high potential performance towards achieving more profits by 2023 December, it is essential to note some of the challenges likely to be encountered by the company while fulfilling the objective. For instance, the company must remain relevant and innovative to retain its credibility in the market, which means more resources will be invested in technology and innovation. Through funds, more workers have been employed thus the average production of the company increases. Besides, the competitive nature of the business from rivalry will pose the company's urge to design other alternative approaches to reaching customers in time and across the globe. Moreover, the company must identify its indented customers to ensure there is a continuous flow of cash in the company. Identification of the customers will help in the determination of the kind of products for production. The adopted market policies should be worth maximizing returns to the company; however, a clear distinction should be made. Concurrently, issues attached to the copyrights ought to be articulated well since the company may lose the market due to illegal practices that may reduce the company's sales. The company is entitled to forming a universally known trademark that can market them effectively and in a unique mode. For Gymshark to overcome these challenges, it should have enough funds meant towards increase the production rates. Notably, an open-minded mechanism must be appreciated whereby challenges encountered are tackled positively concerning competitors. In case of any dispute, legal approaches must be administered where copyright issues have been undermined or violated. Likewise, modern techniques of marketing, such as the usage of YouTube, Facebook, and other social media platforms should take center stage since they will account for the company's success. Social media platforms help in accessing a vast number of customers globally unlike in the past.

Approaches to Coordination and Managing Team

Gymshark Company can perform well if a more illustrative team and leadership styles are practiced. Generally, for the company to achieve its objective vital features such as unity among the team play a significant role. For instance, all employees should be incorporated into the company's affairs to ensure coherency. Moreover, good relationships should be generated among workers and leadership to curb any misunderstanding and divergences among them. In addition, effective communication mechanisms should be adhered to in the company (Llopis 2020). The positive culture created in the company assists in enhancing productivity since it encourages unity and boosts morale. Through communication, there is mutual understanding and collaboration on the company's mission and vision. A positive working environment must be presented since it accounts for workers' motivation in uniformity towards being open-minded on what the company is likely to engage in for maximum production of its products. Likewise, problem solution approaches should remain relevant and unbiased by ensuring all leaders and workers subscribe to the ethical code of conduct. Additionally, Gymshark Company can ensure its leadership regime subscribes to the transformational leadership theory. The transformational leadership model will provide the opportunity for shaping and streamlining relationship ties between workers and the leaders (Mason et al. 2014). The model advocates for unity and solving of differences among workers thus eliminating chances of derailing the company's performance. Gymshark Company can improve its management by having proper planning which assures the criteria used in the employment of workers is transparent and skills are given priority. Determination of clear guidelines by the management will help in directing the company in the rightful direction. Finally, teamwork generation is essential since it makes the company reward workers who perform well. Rewarding workers enables all workers to have a positive notion and team worker spirit provided equality is practiced.

Reference List

Kusniadji, S., 2017. Strategi Komunikasi Pemasaran dalam Kegiatan Pemasaran Produk Consumer Goods (Studi kasus Pada PT Expand Berlian Mulia Di Semarang. Jurnal Komunikasi, 8(1), pp.83-98. https://doi/ 10.24912/jk.v8i1.49

Llopis, G., 2020. The 12 Crucial Leadership Traits Of A Growth Mindset. [online] Forbes. Available at: <https://www.forbes.com/sites/glennllopis/2018/04/24/the-12-crucial-leadership-traits-of-a-growth-mindset/?sh=5a81ef575d7a> [Accessed 10 December 2020].

Mason, C., Griffin, M., and Parker, S., 2014. Transformational leadership development. Leadership & Organization Development Journal. https://doi/10.1108/LODJ-05-2012-0063

Nelson, M.W., Proell, C.A., and Randel, A.E., 2016. Team-oriented leadership and auditors' willingness to raise audit issues. The Accounting Review, 91(6), pp.1781-1805. https://doi.org/10.2308/accr-51399