Firstly, this report is prepared for understanding the role of technology in business, especially for Adidas. This first section describes the roles of market research in understanding the customers. Then, this point also describes the role of present technologies for increasing the relationship marketing within Adidas. This section also contains the way of using market-oriented technology by Adidas. After that, this section also mentions the way of using specific data by Adidas to build relationships with customers along with its evolutionary path. Additionally, this section also contains the customers’ expectations, needs and services from Adidas and the way of creating and controlling good customer relationships by this company. The second point of this report describes the concept of Segmentation, targeting and positioning specific to a product of Adidas. After that, the third point of this report develops a potential new target group in Adidas. This section contains the requirements of a new segment and the ways of attracting the new target group by Adidas. Finally, this report creates a rationale as well as suggests recommendations for the new product for Adidas. This recommendation section presents the marketing mix, pricing strategy, action plan and other recommendations to Adidas for developing its marketing policy in the future.
Table of Contents
2.0 Role of technology in business.
3.0 Segmentation, targeting and positioning specific to a product of Adidas.
4.0 A potential new target group in Adidas.
5.0 Create a rationale and provide recommendations for the new product
Adidas is designed like ɑdidɑs is a German multinational corporation established in 1949. The headquarters of this corporation is in Herzogenaurach, Germany (Adidas Inc, 2020). The founder of this company was Dassler. Normally, this company styles and produces shoes and clothing even other accessories. In the European country, Adidas is the largest sportswear producer. In the case of the global industry, this company is gained the 2nd position just after Nike (Adidas Inc, 2020). The main company is under Adidas Group which also contains the Reebok Sportswear Company, Bayern München football club, and fitness Technology Company. The design of the shoes, clothes and other products of this company are unique and full of extraordinary quality. For this reason, the profit history of this company is very attractive. In 2018, this company was getting revenue of about €21.915 billion and net income was €1.702 billion.
The total assets of this company were €15.612 billion and the total equity was €6.364 billion in 2018 (Adidas Annual Report, 2019). A large number of employees are also working in this company about 57016 employees (Adidas Inc, 2020). In this report, the main aim is to find the role of technology in business, especially for Adidas. Then, this report also describes the concept of Segmentation, targeting and positioning specific to a product of Adidas. After that, this report also develops a potential new target group in Adidas. Finally, this report creates a rationale as well as suggests recommendations for the new product for Adidas.
2.0 Role of technology in business
2.1 Role of market research in understanding the customers
Miller and Jennifer (2018) stated that Market research indicates the survey on the market and customers to collect relevant data and analyze the data for understanding the position of the market and customers’ demand. Gautam and Lampert (2018) stated that market research is the systematic analysis of the market and its components. This present business world is severely competitive. Therefore, the role of market research has a significant impact on understanding the position of the market as well as customers. Marketing research helps business firms by ensuring effective marketing management because this research provides information for making the right decision about the production and marketing functions (Sullivan and Abela, 2017).
Marketing research also helps to ensure the marketing success of the business firm. Additionally, marketing research assists in minimizing the uncertainty of the business decision-maker in the business organization. Marketing research also helps to find market opportunities. The research also helps to reduce the business risks and increase the promotional activities of the business. Most importantly, by doing market research businesses can understand the demand, needs, expectations and buying behavior of the customers by which businesses can produce the products and services base on the customers’ demand, needs, expectations and buying behavior (Miller and Jennifer, 2018).
2.2 Role of current technologies in improving relationship marketing within Adidas
Relationship building up is the main function of marketing. Dorrance (2018) stated that the relationship marketing functions can be easier by the use of current technologies. Several technologies help in improving the relationship marketing of Adidas including email, social media, mobile message and using virtual platforms. Piggot (2017) stated that the internet platform is the main tool for Adidas by which this company can create relationships with the stakeholders. Adidas has opened separate corporate emails to create relationships with the employees in several places. Additionally, Adidas has created an online relationship with potential customers by using email, social media, mobile messages and using virtual platforms. Adidas has created a Facebook page and shared the features and images of the product and review and feedback the comment of the potential customers (Adidas Annual Report, 2019). These feedback systems help Adidas to connect with customers. Adidas also has collected the mobile number of the customers and sent several discount messages to the potential customers. The other current technologies also help Adidas to create connections with the suppliers and customers effectively.
2.3 How Adidas has become market-oriented using technology
In this present technological world, Adidas has also applied market-oriented technology to connect with customers and compete with the competitors in the global market (Adidas Annual Report, 2019). At present, Adidas has more concentrated on social media marketing for sharing products information and connecting with customers (Adidas Inc, 2020). Gautam and Lampert (2018) stated that Social media marketing is the most market-oriented technology in the present time. The use of social media marketing has the capacity of attracting young customers and other target customers. Additionally, Adidas has used email marketing for messaging the email users about the new products and quality. The email marketing tool also helps to attract a large area of customers. Additionally, Adidas has a YouTube channel for sharing their products’ videos by which most of the YouTube users influence to purchase the ultimate products (Adidas Inc, 2020). Adidas also has done social media marketing campaigns for increasing the customers’ awareness. In addition, Adidas has used the Twitter account for sharing business information to attract the target customers…………………………