The 4-In-1 Sneaker: The Ultimate Traveling Shoe

With each passing day, innovations are brought to life courtesy of technological advancements and emerging necessities amongst other variables. Among these innovations is the 4-in-1 sneaker also termed the “ultimate traveling shoe” which is the latest creation of the Barcelona-based start-up the Tropic Feel SL. As suggested by its name, the shoe is multifunctional. It has a distinct 4-in-1 versatility providing the benefits of aqua shoes, the comfort of sports shoes, the technical outsole material of hiking shoes, and the styling of casual shoes (Indiegogo, 2018). Its features include quick drying, anti-odor, breathable, flexible, and lightweight, and vegan. Consequently, the sneaker in its capacity qualifies both as convenient and comfortable. Set to be launched in Australia, it is essentially for a comprehensive marketing plan to be put in place to ensure an effective product launch and further its profitability in the market.

Marketing Objectives

Prior to launching a product, marketing objectives are to be set with relevance to the existing information pertaining to the product market. According to Hexa Research (2018), Australia footwear market is primarily driven by increasing discretionary spending coupled with the rising fashion trends in the country. Factors such as vigorous demand for sports and athletic footwear from all age groups, increasing demand for sneakers, changing lifestyles, and rising preference for branded and high-fashioned shoes amongst youth are contributing to the increased demand for shoes in the area. The report further posited that the market is highly competitive and is dominated by well-established players such as Nike Inc., Adidas Australia, Hennes & Mauritz (H&M) AB, PUMA SE, and Kickstarter, PBC. Additionally, technological advancements such as 3D printing techniques play a major role in the success of the companies within this industry as it allows for customizing of shoe designs to serve the needs of end-user customers.

Similarly, the 4-in-1 shoe is designed favorably in accordance with the demands of the Australia footwear market. Being multipurpose it can meet the needs of the various market segments: all age groups (majorly the youth) regardless of their gender. In light of the stated economic, social and technological factors within the industry, it is paramount that specific marketing objectives be set to ensure that the product thrives amidst the pre-existing competition. The objectives are as follows:

To gain a better understanding of the needs and satisfaction of the customers

To achieve a steady increase in market penetration and share

To build product awareness by employing a range of marketing communication tactics that caters for the diverse target market

Marketing Strategies

Drummond and Ensor (2005) elucidate marketing as crucial in product introduction on the market. Whereas innovation is considered an important tool for the intensive penetrating of the product to the customers, its chances of failure are relatively high if it lacks a marketing strategy. It (Marketing strategy) is inclusive of the statement of the target market, desired positioning, and marketing mix must be clearly planned and developed prior to the launch of the product and followed up on after that. Furthermore, competition makes it essential to put in place marketing strategies to ensure a positive market outcome. 

In order to achieve an effective marketing strategy, there is the utilization of the components of the marketing mix which is constituted of the four critical elements (4 ‘P’s) in the marketing of products and business (Isoraite, 2016). These elements include product, price, place, and promotion. In regards to the sneaker, the most appropriate marketing elements for consideration in the marketing strategy, based on the product image and competition, are pricing and product. Isoraite (2016) affirms that price is one of the most important marketing mix items as it determines not only the profit but also the market share. In a competitive situation such as this, the price is bound to directly affect the company sales while quickly adapting to environmental changes owing to its flexibility. Overall, using competition as a measure, the management can design its pricing structure such that it is competitive with others; monitor the competition and price response to changes occurring in the market.

The product is an equally important element defined by Kotler and Armstrong (2012) as a commodity that can be offered to consumers or the market for acquisition and one that can satisfy the needs of the consumers. On this account, ingrained in the strategy will be the unique, versatile nature of the shoes their ability to meet all requirements of a wide range of customers.

Marketing Ethics and Legal issues

Marketing ethics deals with the moral principles behind the operation and regulation of marketing. In practice, it entails deliberately applying standards of fairness, moral right or wrong, to marketing decision making, behavior and practice in the organization (Schlegelmilch & Oberseder, 2010). According to Schlegelmilch & Obersede (2010) with the widespread use of the internet and social networking, direct connection of companies with customers has been made possible. This has allowed the collection of individual information of the clients from computer databases which are then matched with other pieces of data collected during separate transactions. In turn, this has led to various ethical issues including the unintentional invasion of privacy in reaching the customers during collection and matching information relating to them. Another issue is that of intellectual property caused by others in the market attempting the renovation and reformulation of the cosmos fabric patented treatments like Agion and Combat used in the 3D materials of the shoes.

In conclusion, the launch of any new product must be preceded by a marketing plan which is then carried forward after the product’s introduction in on the market. The integral parts of the plan include the marketing objectives, marketing strategies, and the marketing ethics all of which are determinants of the outcome of product marketing success or failure.

References

Drummond, G., & Ensor, J. (2006). Introduction to marketing concepts. Routledge.

Hexa Research. (2018). Australia Footwear Market Size and Forecast, By Type(Men, Women, Children), By Distribution Channel (Online, Offline) and Trend Analysis, 2015-2025

Indiegogo, (2018). Tropicfeel- The Ultimate Travel Shoe. Retrieved from https://www.imdiegogo.com/projects/tropicfeel-the-ultimate-travel-shoe/

Isoraite, M. (2016). Marketing Mix Theoretical Aspects. International Journal of Research- Granthaalayah, 4(6), 25-37.

Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson education.

Schlegelmilch, B. B., & Öberseder, M. (2010). Half a century of marketing ethics: Shifting perspectives and emerging trends. Journal of Business Ethics, 93(1), 1-19.