It has offered fierce competition to longer-established athletic apparel giants, and carved out a portion of the market for itself. Also, it is found that the sports equipment and apparel market also has grown significantly in the Asian Pacific countries. But thanks in part to its marketing strategy, Under Armour has already overtaken Adidas as the second largest sportswear brand in the U.S. and is now toppling Nike. and a pressing need for differentiation. Budding businesses can, therefore, learn from the brand's example, and adopt a variety of marketing techniques that all serve their company's mission and values, creating authentic, long-term relationships with consumers, and effectively attracting the consideration of new buyers. Under Armour must rely on superior product innovation and unique marketing techniques to compete. It is one of the good opportunities for the Sporting goods companies to expand their market share by launching various other Sporting goods and equipment. The company has been able to establish its brand through endorsement deals and stave off the threat of substitute products. Designed to make all athletes better, the brand's innovative products are sold worldwide to consumers with active lifestyles. (2021). Some of the statements contained in this press release constitute forward-looking statements. "Trends Shaping the Athletic Apparel Industry Outlook for 2022. The product differentiation of Under Armour helps to increase the overall market share of the company which is shown as follows-. The availability of cheap labor is one of the key factors for the faster growth of sports equipment in the market. Speaking Polymath is a vibrant and insightful blogging platform that presents intelligible articles and extensive guides on a wide spectrum of academic and corporate fundamentals. This concept of will plays a role in every ad for Under Armours ad initiative. UA's strategic management decisions prove its desire to be the industry leader in product and marketing innovation. Marketresearch.com. Under Armour's mission is "To make all athletes better through passion, design and the relentless pursuit of innovation." There are three main strategies that Under Armour uses: 1. Nike is an established brand so its style reflects that established tone, while Under Armour has a chip on its shoulder and starts its ads with motivation from an external source, says Stephen Boidock, director of social media at agency Drumroll. The US-China trade war continues to impact the textile industry. Adidas is changing the way it works internally and with agencies so it can focus on creating better media and marketing strategies and look after the long-term health of the brand. This brand is undoubtedly an embodiment of drive, willpower, and strength. Marketing analysis involves the evaluation of the marketing plan and the marketing strategies of the organization. Not only do they both offer premium sports and athletic apparel, but they also utilize professional athlete sponsorships to aid in driving sales. Retrieved 15 September 2021, from https://www.businessinsider.in/retail/the-athlete-endorsements-that-are-turning-under-armour-into-nikes-strongest-competitor/articleshow/47694276.cms. Through its UA Community, Under Armour engages with audiences, sharing its corporate values, philanthropic initiatives, and ways in which buyers can get involved. Threat of competitive rivalry to Under Armour. Mo, C. (2020). To win in the next normal, players must adapt to a shifting landscape.. mckinsey. The accessories line includes the sale of gloves, bags, sports masks, headwear, etc. https://www.uschamber.com/co. After 20 years of growth unprecedented in the sports apparel industry, Under Armour finds itself with a new record to beat: making the leap from $5 to $10 billion in salesa feat only accomplished to date by competitors Nike and Adidas. Retrieved 9 September 2021, from https://www.underarmour.com.sg/en-sg/about-under-armour.html. These agreements see teams don Under Armour apparel throughout training and competitions, as well as promote the brand's logo across their marketing and communication materials. These changes include a one-time mandatory transition tax on accumulated foreign earnings and a re-measuring of deferred tax assets, resulting in an increase to the company's provision for income taxes of $39 million and a decrease to diluted earnings per share of $0.09 for both the fourth quarter and full year of 2017. 2 Under Armour's current generic strategy is that of broad differentiation. That is much higher than the typical 10% to 11% of revenue it has invested in marketing over the past five years. Along with this, the company invested around $ 579 million in 2019 in its promotional strategies with higher focus on celebrity endorsement, sporting partnership, online communication, etc. After @StephenCurry30 broke records, was named MVP and won the finals he got right back to work. If the company makes changes to combat these . So, how did a company that began in the basement of its founders grandmother reach such heady heights? Most of the company's marketing efforts seek to foster a close community among consumers and wider sporting enthusiasts. Adidas also performs effectively in the North American market which is one of the main reasons for decreasing market share of Under Armour in the industry. "Under Armour is designed for resilience and over the past two years, our global team has worked tirelessly to transform our business - operationally, strategically and culturally," said Under Armour Chairman and CEO Kevin Plank. Nike exploded when Michael Jordan endorsed the brand. The company reported $4.5 billion in net revenues for fiscal year 2020 versus $5.3 billion in fiscal year 2019. The purpose of this plan is to describe the development strategy of the Under Armour for the next three years. The pleasing and interactive website of Under Armour allows the company to market and advertise its products to customers. Porter's 5 Forces is a model that identifies and analyzes the competitive forces that shape every industry and helps determine an industry's weaknesses and strengths. Various laws and regulations such as the flammable fabrics act, a general certificate of conformity, American Society for testing and materials standards, CPSIA standards, etc. The blue ocean strategy seeks to bring differentiation to organizations and brands like Under Armour Inc to create awareness and presence in a new market place and create demand amongst consumers. It is seen that the company mainly focuses on product differentiation and innovation strategies which helps the company to effectively deal with the competition in the market. While Nike has more product selections so promoting its products is the goal on social, Under Armour aims to change peoples perception of the brand before the company asks consumers to purchase something. The company operates in the sports apparel industrya highly competitive industry characterized by rapid. Style and fashion trends also play a significant role in the industry. All per share amounts are referenced on a diluted basis. It got its start in a truck in Baltimore. Statista. The rise in the GDP rate is the result of the recovery from the impacts of COVID-19 which is further expected to have a positive influence on the growth of the sports goods market. are implementing various environmental sustainability practices to address environmental issues (Sportanddev, 2021). Under Armour has embedded innovation at every point along its supply chain and is constantly looking for new problems to solve, and innovative fabrics and designs that help people overcome. Because differentiation is a broad concept, this strategy should be discussed with various dimensions. This compensation may impact how and where listings appear. Social media is not only about what your brand is saying, but is also about what influencers are talking about. Under Armour pursues plans to break ties with some retailers in push for more profitable sales. At the heart of this challenge is how Under Armour can maintain its brand's authenticity while . The STP analysis of Under Armour is presented as follows-, The customers of Under Armour can be categorized on the basis of demographic, geographic, behavioral, and psychographic segments which is illustrated as follows-. Campaign delivery methods included online video, TV ad spots and outdoor billboards, with the campaign's content focusing on the performance and training of female athletes. Suppliers in the athletic apparel industry often sell materials to competing companies. MyFitnessPal and Endomondo after acquiring MapMyFitness in November 2013. The brandspent $75mon sponsorships in 2016, with this figure continuing to increase since that time. Under Armour Competitors - Competitors Analysis of Under Armour Inc.. Marketing Tutor. Instead, the company is more focused on defining what its goals are and then determining what platforms will help it achieve the goals. Furthermore, the company is also planning to invest in personalized marketing strategies and CRM programs to further improve customer engagement and repetition (Vizard, 2021). Streaming has become a staple of US media-viewing habits. To be able to drive consideration you need to spend against the brand.. Along with this, Under Armour has adopted the blue ocean strategy in the market which includes the pursuit of differentiation and low-cost strategies to establish a strong competitive position in the market. Under Armour, Inc., headquartered in Baltimore, Maryland is a leading inventor, marketer and distributor of branded performance athletic apparel, footwear and accessories. Along with this, the marketing strategies is an area of non-core competency of Under Armour as various other brands such as Nike also have engaged in various celebrity endorsements and other marketing strategies. Retrieved 15 September 2021, from https://www.uschamber.com/co/good-company/the-leap/user-generated-content-ecommerce-by-under-armour. Its interesting to see two brands in the same category take two different approaches to the same question. Although Under Armour has developed effective marketing strategies, the external and internal analysis of Under Armour reveals that Under Armour continues to face huge competitive threats due to the increasing presence of competitors. For each product, there is always the threat of a more innovative version entering as a substitute. It fulfils this objective by executing targeted digital communications through an omnichannel approach, creating an engaging digital customer experience. The footwear sold by Under Armour is generally light and built with consideration of the performance attributes. Under Armour's marketing strategy has significantly contributed to its popularity among professional and amateur sportsmen and women. The performance and lifestyle division of Sketchers further attracts a number of athletic and casual shoes. Retrieved 9 September 2021, from https://www.mckinsey.com/industries/retail/our-insights/sporting-goods-2021-the-next-normal-for-an-industry-in-flux. It takes a significant amount of financial and human capital to develop products, manufacture them with quality and affordability, and push products into the appropriate distribution channels. Retrieved 9 September 2021, from https://www.statista.com/topics/961/sporting-goods/. The company's Connected Fitness platformpowers the world's largest digitally connectedhealth and fitness community. The ClickZ Marketing Masters Podcast launches with diversity champion and media leader, Christopher Kenna on how and why brand engagement with minorit Building trust in your brand is hard enough. No matter what your channel strategy is, dont be afraid to provide your consumers an experience beyond a simple call-to-action. The fall in the value of the Dollar is leading to the price competitiveness of the exported goods and cheaper exports help to facilitate an increase in the demand for various Sporting goods. The customers in current times are becoming more sustainability-conscious. Also, wearable equipment, tennis sensor tools, etc. However, the manufacturing processes of the company are executed at different levels and in fiscal 2020, apparel goods of Under Armour were manufactured by 50 primary contractors in 18 different countries. Investopedia requires writers to use primary sources to support their work. The Covid-19 pandemic has accelerated digital transformation, and data has been at the forefront of this change. While it does not have an issue with brand awareness, particularly in the key North American market, it has struggled to explain to consumers why they should consider Under Armour. However, due to the impacts of COVID-19 in 2020, the company had to close its number of stores which resulted in a decline in the revenue of the company by 41 %. Barclay Palmer is a creative executive with 10+ years of creating or managing premium programming and brands/businesses across various platforms. manufacturing global. Under Armour also has developed strong public relations through its social campaigns like Basketball matters, community matters more under which the company has developed a number of basketball courts for the kids to play. ", "As we execute against our long-term strategy, we remain unwavering in our commitment to protecting and growing the Under Armour brand," Plank continued. Investopedia does not include all offers available in the marketplace. The company has dropped spend it had previously committed to sports marketing contracts in favour of investing in its brand. Various Sporting equipment and apparel companies such as Adidas, Nike, Asics, etc. They embody the company's commitment to promoting gender and race inclusivity, corporate transparency, and environmental sustainability. Under Armour's competitive power is currently supported effectively by the strong profit margins because of the ever-growing revenues for the company. Clothing is a staple item that is always in demand. The amount of capital investment, manufacturing cost, economies of scale, distribution cost, the effectiveness of distribution channels, strong brand image of Under Armour, etc. However, the threat of substitutes and competitive rivalry in the industry is still very high. The objective of the first analysis is to assess the state of competition in the industry, the threat of new entrants and substitutes, as well as the bargaining power of suppliers and buyers. But Under Armour has . Compared to Nike, Under Armour has a much smaller following base on social and it posts less often on Twitter and Instagram. Contending wholesale remains a critical part of its future but also acknowledging the need to evolve its distribution strategy to stay in step with the changing retail landscape, Under Armour last week revealed plans to reduce its number of North American distribution points by 2,000-3,000 doors to approximately 10,000 by the end of 2022. Under Armour posts an average of one image a day on Instagram, according to social analytics platform Socialbakers. Digital marketing case study - Under Armour encourages consumers to #RuleYourself on Facebook and Instagram - Digital Training Academy. The motivational message in Copelands ad and those of the other athletes in I Will What I Want campaign such as world champion downhill skier Lindsey Vonn shows that with enough determination, an underdog can become a champion. The number of external market factors impacts the operations of the organizations which can be evaluated through PESTEL analysis. (2021). According to Chen, Under Armour doesnt measure its social media success by how many fans it has on Instagram, Pinterest, or Facebook. The escalating trade war between China and the United State also have negatively impacted the growth of the Sporting goods industry as rising in the tariff rates i.e. The global sports apparel market is highly competitive owing to the increasing growth of the established market players in the retail and e-commerce market. Farooq, U. The brand has used them formula of innovation to make its products superior to that of the competitors. Under Armour. The digital innovation strategy of UA is focused on establishing higher customer satisfaction by connecting athletes devices and providing actionable insights for healthier performance of the athletes. The company also promotes its products in the market through its retail marketing strategy which aims to increase the brand floor space and ensure higher brand awareness through point of sale displays and concept shops. One of the big differences for us is were now able to spend against the assets but also spend against the brand. PESTEL analysis is an important strategic analysis Framework that helps to assess the political, economic, social, technological, environment, and legal environment of the organization. Furthermore, the major customers of Under Armour include the players and athletes who focus on the functionality and performance of the products. "Annual Report 2020," Page 29. Along with this, the brand image of Under Armour is also minimal when compared to the brand image of Nike and Adidas. But UA has been extremely innovative in the materials it uses by creating various proprietary fabric blends it sources from third parties, creating product differentiation from the competition. Ultimately, 'I Will What I Want' resulted in a 28% increase in sales of women's apparel, a 42% increase in traffic to the brand's website, 5bn worldwide media impressions, and several international advertising awards. The company believes in making the athletes legendary by offering innovative and high-quality sports goods to the athletes. As a result, it adjusted its messaging not only to make women feel included, but also empowered, valued and inspired. Under Armour's US customers aremostly male(69% compared to female buyers) and aged between 18 and 24, suggesting a Generation Z-inspired target market. Readers are cautioned not to place undue reliance on these forward-looking statements. With fresh faces in the boardroom and new approaches to retail and marketing, sportswears big hitters are readying themselves for a challenging 12 months. "Under Armour, Inc. Along with this, the company sells its products in China, India, Australia and South Korea through the stores operated by the distribution and wholesale partners as well as through the online website. The highest revenue of Under Armour comes from the North American segment where the company sells its apparel, footwear and other products through wholesale and direct distribution channels. Brand equity refers to the value a company gains from a product with a recognizable and admired name when compared to a generic equivalent. Under Armour acts like an underdog, while Nike is a mighty King. Early on, Under Armour founder Kevin Plank realised that striking partnerships with college, university and professional sports teams would be extremely helpful in promoting the brand's products to relevant new audiences. Also, the Chinese government has declined tariff rates on the import of some textile goods and cotton fiber to ensure reduced import cost of the goods (Shutterstock, 2021). Furthermore, the presence of firms selling performance apparel, sports goods, sports footwear, and accessories is rising in the current times which further increases the risk of threat of substitute products in the industry. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures. The list of endorsements of the company such as Michael Jordan, James Roger, Kobe Bryant, Maria Sharapova, etc. Among Under Armour's key team values is its objective to "Always Connect" with buyers. We all know that individuals in the current times are becoming more health-conscious and thus, are participating in various sports and Recreation activities to keep themselves healthy. Net income was ($549) million in 2020 versus $92 million in 2019. This further has resulted in a decline in the operating income of Under Armour from the connected fitness which is shown as follows-, Business model canvas is an important strategic management technique that helps to analyse the overall building blocks of the organization. Under Armour should also adopt the intelligent assistance customer service to further provide 24/7 facilities to the customers and to provide proactive service delivery to the customers. After reading this article, you will get to know about the overall strategic and competitive positioning of Under Armour as various external and internal analysis tools are used to analyze the factors that are impacting the operations of Under Armour and to evaluate the internal strategies of Under Armour. The main reason for the rise in the revenue of sports apparel in the Asia Pacific region is increasing disposable income and improving the lifestyle of people in emerging countries such as India and China (Kbv, 2021). The SWOT analysis of Under Armour is shown as follows- The SWOT analysis of Under Armour depicts that Under Armour is one of the leading sports apparel companies that has established a strong brand image in the market due to its strong product portfolio, effective and multiple distribution channels, digital apps and quality assurance processes. tailored to your instructions. Send Assignment task file through Whatsapp. Potential of New Entrants In Athletic Apparel, Six Forces Model: Definition, What It Is, and How It Works, Porter's 5 Forces Explained and How to Use the Model, Barriers to Entry: Understanding What Limits Competition, Brand Loyalty: What It Is, and How to Build It, Brand Equity: Definition, Importance, Effect on Profit Margin, and Examples, What Is Brand Management? In addition to this, Adidas is another dominating footwear and apparel brand in the sports industry which further increases the competitive threat for Under Armour. Copeland's video, meanwhile, saw her perform a routine to the background audio of a ballet school rejection letter being read aloud. Xeim Limited, Registered in England and Wales with number 05243851 The main competitors of Under Armour include Nike, Asics, Skechers, Reebok, Fila, New Balance, Puma, etc. However, the new firms can still enter the industry by marketing an innovative product relating to one particular sport such as Golf or tennis. Porter's Five Forces Model is a helpful tool prospective investors use to help analyze the industry in which a certain company operates. As far as grand strategy is concerned, it is focused on (Ratten & Ferreira, 2016): Under Armour sources products from a limited number of suppliers with the aim to maintain a high quality of production and innovativeness. UA offers a plethora of performance enhancing apparel meant for all groups of people- men, women, and youth. The Hindu. Strategic Management Case 2: Under Armour 1) Rivalry Among Sellers: Rivalry is high in the sports apparel industry. Under Armour is a famous brand that was launched in the year 1996 by the former football player whom we call Kevin Plank. Under Armour have core competencies like preparing innovative sports attire and endorsement by a celebrity for sports person, athletes and sports team but Under Armour have not any distinctive competence for which it can be differentiated from its competitors. Roach, S. (2021). have negatively impacted the trade of various sporting equipment and apparel from US (Bray & Moon, 2019). Everyone can empathize with feelings of defeat after being told their aspirations are impossible, but these athletes ability to find the strength to overcome the odds during moments of vulnerability is awe-inspiring. Retrieved 15 September 2021, from https://www.mobihealthnews.com/news/under-armour-sells-myfitnesspal-345m-will-shut-down-endomondo-2021. Sportswear Product Regulations in the United States: An Overview. Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. Marketing mix refers to the set of actions or the strategies adopted by the organization to promote its brand and the products in the market. The social media marketing strategy of Under Armour also helps to promote engagement and connectivity of the customers with the brand. Was this article helpful? For example, the company's deal with the Welsh national rugby team saw a series of large-scale advertisements incorporated into the aesthetic of the Principality Stadium in Cardiff, built around the slogan "Protect This House". Under Armour shifts strategy to invest in product and brand. Further, Under Armour also posted various photos and videos with Michael Phelps and Stephen Curry on its Facebook and Instagram page to further improve customer motivation to share the rules that keep them motivated. Single-minded focus on innovative athletic performance product and experiences. As a result of the 2018 restructuring plan, the company's GAAP net income for fiscal year 2018 is expected to be a net loss, and therefore the GAAP effective tax rate is subject to significant variability. Retrieved 9 September 2021, from https://www.statista.com/statistics/273909/seasonally-adjusted-monthly-unemployment-rate-in-the-us/. As a result of this campaign, there was an increase in purchase intention of customers by 5 points, an increase in message association by 4 points, and an increase in ad recall by 7 points (Digitaltraining, 2021). Under Armour has adopted the value based pricing strategy for its apparel, footwear and other products. Furthermore, Under Armour does not come up with the alternatives to the existing products but comes up with innovative products different from the competitor products to establish a strong brand image in the market (Mentor, 2018). For the first years of its operation, the business focused on selling its signature moisture-wicking compression athletic tops. The target market of Under Armour mainly includes athletes or the young individuals having strong interest in sports activities. Under Armour (UA) manufactures and markets clothing, sporting goods, and accessories. As a brand, Under Armour knows its mission and has created the I Will tagline by itself. Under Armour produces its first 3D-printed performance trainer. Similarly, it is a differentiation strategy because it offers different product lines with various attributes that are catered towards many . "Under Armour Acquires Endomondo and MyFitnessPal to Establish the World's Largest Digital Health and Fitness Community. A total of three different competitive strategies standout: cost leadership, differentiation, and focus/niche strategy. The extensive Pinterest profile of Under Armour helps to target women where the company regularly publishes different posts featuring its products, workouts, product functions, etc. The main opportunity available to Under Armour is to enter the new markets and expand its product line beyond the sports goods to further raise its market share. Thats why I keep saying that there isnt anything wrong with the brand, the problem is consideration. And to be able to do that in a co-ordinated way across everything that we do is something that we have never been able to do before or do over a 12-month period consistently, said Frisk. "Adidas Increases Full-Year Outlook as Top-Line Momentum Accelerates," Page 7. Assignmenthelp4me.com is a prominent and proficient assistance provider to the students of Australia, Canada, India, New Zealand, the UK, the USA, who keenly keep on searching for online writing help and guidance regarding assignment help and academic papers. Despite this, the company is still facing various market threats such as higher import and export tariffs due to the US China war, higher threat of substitute goods, and competitive pressure which can negatively impact the competitive position of the company. Five Exciting New Technologies Being Used in the Sports Industry - Sports Management Degree Guide. This is a much more subjective area and may be more susceptible to other brands becoming popular. Furthermore, the company also targets women customers and children for its apparel, footwear and sports accessories. "Under Armour and Three-Time Super Bowl Champion Tom Brady Form Multi-Year Partnership. 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