Speedo Environmental Analysis and Marketing Mix Essay

Speedo Environmental Analysis and Marketing Mix - Essay Example Speedo has emerged as the distinct and recognisable brand name for swim wear all across the globe especially for more athletic crowds. Innovative technologies have been in use at Speedo to improve drag characteristics for swimmers so that the use of Speedo swim wear has become extremely popular with athletes and sports fans. Speedo is already actively operating in the United States, Australia, most of Europe and Great Britain. Speedo has been sighted as the â€Å"leading player in the highly fragmented swimwear market† (Qumer, 2009). Given emerging challenges in the swim wear and sportswear markets there is constant need to evaluate the business environment so that a fitting marketing strategy can be developed and implemented. This study will concentrate on the market for Speedo available within the geographical limits of Great Britain. The investigation will proceed first through an analysis of the environment in which Speedo is operating, competitor analysis, followed by an analysis of targetable market segments. Two prominent market segments will be selected and defined after which a fitting marketing mix will be developed for each market segment identified. The study will corroborate its ideas using secondary sources while taking note of their credibility and chronological importance. Furthermore, the investigation presented below will attempt its best to delineate actual market conditions and practice but this study cannot be considered as a holistic solution in itself. Products In general, Speedo has been associated with swimwear due to its traditional branding style and due to the marketing strategy that focuses on swimwear more than on other Speedo products. However, Speedo has a differentiated product range that can be broadly classified as swimwear, sportswear, accessories, footwear, underwear and digital products (Horovitz, 2005). Though it is not common knowledge but both Speedo International and Speedo Australia offer a lineage of underwear that is sold at select David Jones retail stores only (Speedo, 2012 a). Swimwear Speedo is primarily a swimwear manufacturer and distributor. The bulk of the company’s business relies on swimwear. Speedo creates two particular forms of swimwear – professional for athletes as well as simple swimwear for the average swimmer. The specialised swimwear market of Speedo has long distinguished the company from other brands and competition. Speedo’s specialised swimwear has always been highly popular with professional athletics teams around the world. For example, 13 out of 15 swimming records broken at the Sydney Olympics (2000) were broken using Speedo swimsuits. In a similar manner, Speedo sponsored Michael Phelps was able to score eight medals in Athens in 2004 (Speedo, 2012 e). This performance by Speedo’s swimsuits was exceeded at the Beijing Olympics where Speedo’s regular brands and the specialized LZR Racer were able to take 92% of all medals (Spe edo, 2012 f). Speedo relies in large part on its specialized swimwear market to distinguish itself from other brands. This distinction allows Speedo to capture the regular swimwear market as well since its sports victories make it particularly attractive to the average swimmer. Speedo’s overall specialized swimwear market is small with an overall volume of $200 million as of 2008 (Qumer, 2009) but it is speculated that this market segment is vitally important for the overall business model. The swimwear offered by Speedo concentrates on two prime objectives – speed and style. The swimwear is offered not only for adults but for children alike. One of the more distinguishing characteristics of Speedo