New Balance Recommendations
Recommendations:
New Balance falls behind its other major competitors, Nike, Adidas and Reebok, in the area of marketing. Unlike its competitors, New Balance does not undertake celebrity endorsements. This puts them at a disadvantage when it comes to brand building. This also causes the company to lose out somewhat on gaining awareness on a global scale as it lacks endorsements in major sporting events. Most global brand names generate strong brand recognition through celebrity endorsements in sporting events that would give them the needed momentum to carry their brand name further into the global market.
An opportunity of dealing with New Balance’s area of marketing it would be to find a celebrity to endorse their product line. New Balance has always been against celebrity endorsements to promote their brand since they preferred relying on their performance and superior fit instead. As much as this concept worked for them thus far, it did limit them reaching the less sport focused individual in the street, which ultimately reduced the profit they could be making.
Another area that New Balance can expand on is its product line. New Balance prides itself on providing quality athletic shoes for the serious athlete. However, the market has been shifting to not only include serious athletes, but it now also caters to the more fashion-oriented crowd. This crowd tends to be from the younger generation, the part of the population that New Balance has so far not been focusing on. New Balance has geared itself toward the older crowd, which has severely limited the company as far as its ability to expand into new product areas and remain competitive in the changing
New Balance falls behind its other major competitors, Nike, Adidas and Reebok, in the area of marketing. Unlike its competitors, New Balance does not undertake celebrity endorsements. This puts them at a disadvantage when it comes to brand building. This also causes the company to lose out somewhat on gaining awareness on a global scale as it lacks endorsements in major sporting events. Most global brand names generate strong brand recognition through celebrity endorsements in sporting events that would give them the needed momentum to carry their brand name further into the global market.
An opportunity of dealing with New Balance’s area of marketing it would be to find a celebrity to endorse their product line. New Balance has always been against celebrity endorsements to promote their brand since they preferred relying on their performance and superior fit instead. As much as this concept worked for them thus far, it did limit them reaching the less sport focused individual in the street, which ultimately reduced the profit they could be making.
Another area that New Balance can expand on is its product line. New Balance prides itself on providing quality athletic shoes for the serious athlete. However, the market has been shifting to not only include serious athletes, but it now also caters to the more fashion-oriented crowd. This crowd tends to be from the younger generation, the part of the population that New Balance has so far not been focusing on. New Balance has geared itself toward the older crowd, which has severely limited the company as far as its ability to expand into new product areas and remain competitive in the changing