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. into its product listing to further communicate its performance to the customers and ensure higher brand image (Thau, 2021). 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. Under Armour posts an average of one image a day on Instagram, according to social analytics platform Socialbakers. They are sporting amateurs, enthusiasts, or athletes, attracted to the brand not only by its performance-oriented products, but also its close alignment with their own morals and views. All per share amounts are referenced on a diluted basis. regulate the manufacturing, import, and sale of various Sporting apparel and equipment in the industry (Mo, 2020). This compensation may impact how and where listings appear. FELONI, R. (2015). The table below presents the reconciliation of the Company's fiscal 2018 outlook for income from operations calculated in accordance with GAAP to adjusted operating income. When it comes to substituting products in the Sports Equipment and apparel industry, the level of threat of substitutes is very high for Under Armour as there are various competitive firms in the industry that supply sports apparel as well as equipment. It fulfils this objective by executing targeted digital communications through an omnichannel approach, creating an engaging digital customer experience. As a brand, Under Armour knows its mission and has created the I Will tagline by itself. Eight trends are shaping the sporting goods industry in 2021. Weakness: High price target only niche consumers. Headquartered in Baltimore, Maryland, the company was founded in 1996 by Kevin Plank, who serves as executive chair. The strategic analysis of Under Armour reveals that Under Armour is one of the leading sports goods companies that has achieved a significant position in the market for its effective marketing and business strategies. We also reference original research from other reputable publishers where appropriate. UA's strategic management decisions prove its desire to be the industry leader in product and marketing innovation. 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. Statista. Despite this, the other main business strategies of Under Armour include direct-to-consumer strategies, e-commerce sales, etc. ", Under Armour Newsroom. One of the big differences for us is were now able to spend against the assetsbut also spend against the brand. Not only do they both offer premium sports and athletic apparel, but they also utilize professional athlete sponsorships to aid in driving sales. However, due to the negative impacts of COVID-19, the US government excluded various Chinese products such as textile and apparel from higher tariff rates to facilitate the trade of goods. The Marketing analysis of Under Armour is performed in this section to evaluate the marketing strategies of Under Armour. Women's sports goods are rising in the current times. The company has been able to establish its brand through endorsement deals and stave off the threat of substitute products. Their clothing is designed to keep athletes cool and dry throughout a game, practice, or even a workout without adding significant weight or feeling restrictive. The purpose of this plan is to describe the development strategy of the Under Armour for the next three years. After @StephenCurry30 broke records, was named MVP and won the finals he got right back to work. manufacturing global. The human resource management strategies of Under Armour are effective enough to provide a strong competitive advantage to Under Armour. The accessories line includes the sale of gloves, bags, sports masks, headwear, etc. 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? Retrieved 9 September 2021, from https://www.livemint.com/opinion/columns/brace-yourself-the-us-dollar-s-big-crash-has-only-just-started-11611675404882.html. Roach, S. (2021). Following sizeable successes with college and NFL football teams, the company became the official supplier of the National Hockey League (NHL) in 2001, and has continued to sign similar deals ever since. Founded in 1996, Under Armour set about realising its vision: "to inspire you with performance solutions you never knew you needed and can't imagine living without." enhance the revenue potential of Under Armour, Effective marketing strategies with a focus on celebrity endorsement, Product line expansion through constant innovation, Increase in tariffs due to the US china war, Design, manufacturing and sales of apparel and other sports goods, Customer service through online chat and in-store facilities, Making athletes feel better through science, passion, and innovation, Marketing, sales, and distribution expenditure. Both are older companies with higher total annual sales than UA. These strategies have giving Under Armour a sustainable competitive advantage over it competitors. Under Armour Case: Generic Competitive Strategy - Academic Mentor Online. Porter 5 forces analysis is an important external market analysis tool that helps to evaluate the competitive forces shaping the sports equipment industry. 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". We arm you with all the numbers you need to tackle the week ahead. Furthermore, in 2020, the revenue of Under Armour from the wholesale channels declined by 25 % whereas the direct to customer sales increased by 2 % to $ 1.8 billion (Thomas, 2021). 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. Our experts can deliver a Under Armour Company' Analysis and Strategic Alternatives essay. The VRIO analysis of Under Armour is executed as follows-. The apparel is offered by Under Armour in different fits and styles with the aim to enhance the comfort of the customers. This also helps the company avoid the disadvantage of buying the same materials at a lower volume and higher cost than competitors. Tom Fishburne is founder of Marketoon Studios. for only $13.00 $11.05/page. Additionally, the company's non-GAAP financial information may not be comparable to similarly titled measures reported by other companies. The company earned the sale of $ 17,000 at the end of 1996 and the major competing firms of the company were Nike, Reebok, and Adidas. These included patented creations, such as HeatGear, ColdGear, and AllSeasonGear materials, before moving into specialised sporting footwear, women's apparel, and more. At the heart of this challenge is how Under Armour can maintain its brand's authenticity while . Facebook/Under Armour. "How Competitive Forces Shape Strategy. The Hindu. Under Armour and Nike have a lot in common: the two brands design and develop premium athletic wear, and both have made forays into utilizing sponsorships with professional athletes to drive sales. But Under Armour has . ", Under Armour. The discounting strategies of Under Armour is minimal as the customers are also willing to pay the full price for the goods due to their style, performance, and the fit of the products. Thats why I keep saying that there isnt anything wrong with the brand, the problem is consideration. That, added CEO Patrik Frisk, is important as the company looks to drive brand consideration. The presence of these competitors and the innovative products being launched by these firms increase the threat of competition in the industry. Retrieved 9 September 2021, from https://www.sports-management-degrees.com/lists/five-exciting-new-technologies-being-used-in-the-sports-industry/. Operating loss is now expected to be approximately, Excluding the impact of the restructuring efforts. 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. Research shows customers also buy based on brand recognition and association. The social media marketing strategy of Under Armour also helps to promote engagement and connectivity of the customers with the brand. The global sports equipment and apparel market has the highest growth rate in the US market which is shown as follows-. Under Armour agrees to pay $9 million to settle an SEC probe into accounting practices. They embody the company's commitment to promoting gender and race inclusivity, corporate transparency, and environmental sustainability. Under Armour and Nike have a lot in common. The US-China trade war continues to impact the textile industry. Clothing is a staple item that is always in demand. The Twitter accounts of the company are also numerous and the specific profiles include Under Armour Basketball'', Ask Team UA,, etc. The company is not able to provide a reconciliation of the non-GAAP adjusted effective tax rate or adjusted diluted earnings per share to the GAAP effective tax rate or diluted earnings per share for its 2018 outlook. Retrieved 9 September 2021, from https://www.marketingtutor.net/under-armour-competitors/. Under Armour's main competitors are Nike and Adidas, both of which have historically earned much higher revenue than UA. 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. Here's how its use of digital marketing contributes to this success. "With a distinct strategy engineered around a clear, uniquely defined consumer supported by a disciplined go-to-market process and data-driven demand mapping, we have never been more inspired, aligned and capable of achieving our goals. "Led by a strong management team, an accelerated innovation agenda and comprehensive discipline around our commitment to increasing total shareholder return, we look forward to delivering the next chapter in our growth story.". This further opens new opportunities for the Sporting goods companies to enter the new market by launching various new products and services such as healthy drinks, sports technology, wearable equipment, etc. With fresh faces in the boardroom and new approaches to retail and marketing, sportswears big hitters are readying themselves for a challenging 12 months. It distinguishes itself from competitors by deploying a differentiation strategy based on superior service rather than low price. "Under Armour Acquires Endomondo and MyFitnessPal to Establish the World's Largest Digital Health and Fitness Community. The product differentiation strategy helps the company to establish a strong brand image in the market. Adidas: We over-invested in digital advertising, Adidas reduces focus on short-term metrics as it looks to protect brand health, How contrasting print ads from Cartier and Yeo Valley grabbed consumer attention, Omnichannel strategies, advertising exports, contingency plans: 5 interesting stats to start your week, How CALM used sport to spark a conversation about mental health. 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. This was the first of many embedded campaigns for Under Armour, who have since featured their logo and apparel highlights in numerous Hollywood productions, includingDodgeball,Superbad,The Social NetworkandWarrior. To initiate this change, it hired New York advertising agency Droga5 and, together, they delved deeper than ever before into the unique experiences of women in sport and fitness. Retrieved 9 September 2021, from http://www.academicmentoronline.com/2018/08/under-armour-case-generic-competitive-strategy/. 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 each product, there is always the threat of a more innovative version entering as a substitute. The key areas of the non-core competencies of Under Armour include ineffective Financial resources, limited marketing strategies, limited digital fitness subscription, unethical conducts, shrinking brand presence, and ineffective pricing strategies. (2021). Mentor. Weve taken a closer look at the companys marketing approach to find out. This article seeks to analyze the growth of the sports apparel and equipment industry and to determine the business strategies and positioning of Under Armour. 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. Along with this, the continued focus of the company on innovative technology has helped Under Armour to further establish a strong competitive position in the industry. 00.00 00.00. Under Armour acts like an underdog, while Nike is a mighty King. The list of endorsements of the company such as Michael Jordan, James Roger, Kobe Bryant, Maria Sharapova, etc. Thus, Under Armour faces huge competition in the industry and the business strategies of competitor firms have a significant impact on the competitive position of Under Armour. 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. As we started coming to 2019 and now into 2020, were starting to be able to activate more of the money top-of-funnel and mid-funnel and thats incredibly important. Retrieved 15 September 2021, from http://www.digitaltrainingacademy.com/casestudies/2017/04/under_armour_encourages_consumers_to_ruleyourself_on_facebook_and_instagram.php. 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. Under Armour uses a generic differentiation strategy: Before introducing a new product, the company tests its viability and assesses the competitive advantages it can provide, which allows it to compete with such industry giants as Adidas and Nike. The value-based pricing strategy of Under Armour also helps to motivate the customers to pay a premium prices for the style and functioning. 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). BALTIMORE, Dec. 12, 2018 /PRNewswire/ --At an investor meeting held today at its global headquarters, Under Armour, Inc. (NYSE: UAA, UA) introduced the company's 2023 strategic growth plan which provided an overview of its long-term strategy and key initiatives to deliver sustainable, profitable growth and shareholder value. However, the threat of substitutes and competitive rivalry in the industry is still very high. Young bachelor, newly married and married with children, Professionally driven athletes, students, employed, Hardcore loyals, switchers, softcore loyals, Digital apps such as MapMyFitness, MyFitnessPal, etc. 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. 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. The new brand campaign of Under Armour The Only Way is Through'' was also introduced with over 180 social media influencers to motivate the athletes to put in hard work and get better performance. Broad Differentiation Strategy Though in competition. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. 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. The company has dropped spend it had previously committed to sports marketing contracts in favour of investing in its brand. At the moment, Under Armour doesnt have the brand awareness and tradition that Nike comes with, but the company is in the right direction. Under Armour believes that the Chinese market could hold the potential to become a billion dollar plus market. The major political factor that is affecting the growth of the sports good companies is changing trade policies and political unrest. The revenue of the sports goods market is highest from China which is US$28,890m in 2021 (Statista, 2021). 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. Under Armour is planning to increase its marketing spend this year to 12% of revenue, but says its mix will also be much more powerful as it refocuses on brand and top-of-funnel activity. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The core competency of Under Armour is a strong product portfolio and in the fiscal year 2020, the sales of the apparel goods represented 64 % as compared to 21 % of footwear and 9% of accessories. Leers, A. Follow his work atmarketoonist.comor on Twitter @tomfishburne See more of the Marketoonist here. The main competitors of Under Armour include Nike, Adidas, Columbia sportswear, Fila, Umbro, Ralph Lauren, etc. 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. It then steadily incorporated new, original materials into its expanding apparel portfolio to better serve athletes' endurance and performance. ", "As we execute against our long-term strategy, we remain unwavering in our commitment to protecting and growing the Under Armour brand," Plank continued. Harvard Business Review. Walker, N. (2020). Here are some of the key ways in which Under Armour has successfully targeted consumers. 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. Under Armour is shifting its business model from the shirts and shoes company to the pure tech company as the main focus of the company is to make all the athletes better performers through various quality products and digital services. PESTEL analysis is an important strategic analysis Framework that helps to assess the political, economic, social, technological, environment, and legal environment of the organization. South China Morning Post. On brand consideration, it has a score of 16.4, again behind Nike on 39.6 and Adidas on 37.6. In this section, the internal analysis of Under Armour is carried out as follows-, VRIO analysis is an analytical framework that can be used to evaluate the internal resources of the company. The model, developed by Harvard Business School professor, Michael E. Porter in 1979, is used to analyze and identify five competitive forces that shape every industry while determining its strengths and weaknesses. Instead, the company is more focused on defining what its goals are and then determining what platforms will help it achieve the goals. This approach comes from the business' deep understanding of the care-abouts, motivations, and expectations of its primary customer base. Along with this, the Global reach of Nike further creates a strong competitive threat for Under Armour. Gross margin is now expected to be flat versus the previous expectation of "flat to down slightly" versus 45.1 percent in 2017. 2 Under Armour's current generic strategy is that of broad differentiation. Statista. It allows investors a chance to learn about an industry's competitive dynamics to better identify an investment opportunity in a particular stock by looking at factors outside the company's financial metrics such as price-to-earnings (P/E) ratios. And on purchase intent it scores just four, compared to 15.3 for Nike and 12.8 for Adidas. cnbc. The evaluation of the external environment of Under Armour includes Porters' 5 Forces Analysis and Key Success Factors. So, how did a company that began in the basement of its founders grandmother reach such heady heights? The company expects to finalize its estimates within the one-year measurement period allowed by the SEC. SWOT analysis is an important strategic evaluation framework that helps to evaluate the strengths, weaknesses, market opportunities and threats to the organization. Its product development and marketing techniques prove UA has been on the front line of changing competitive dynamics in its industry. However, CEO Kevin Plank wanted Under Armour to be a leading player in the field of athletic footwear. (Leers, 2021). Under Armour has established extensive social media presence through extensive use of various social media sites. Under Armour should also increase its market share in the women sports segment to further increase its market share. Under Armour also buys 39 % of its fabrics and other material from only 5 suppliers which further has raised the bargaining power of suppliers. The brands signees featured throughout the campaigns include NBA player Stephen Curry, ballerina Misty Copeland, and golf star Jordan Spieth. Furthermore, the company also targets women customers and children for its apparel, footwear and sports accessories. Single-minded focus on innovative athletic performance product and experiences. Vizard, S. (2021). The athlete endorsements that are turning Under Armour into Nike's strongest competitor. To balance this costly approach, Under Armour delivers inexpensive digital communications to share its values of equality, support and sustainability, while it also aims to continuously build on its UA Community to this end. Tariffs could throw US sporting goods firms for loss. By presenting the imperfections of featured female athletes, Under Armour builds on popular campaigns, like Doves Choose Beauty and Always Like a Girl, which aims to shatter stereotypes. The most important strategies one can learn from Under Armour are: Lucy helps organizations leverage knowledge for in View Tech Talk, TVSquared is the global leader in cross-platform T View Tech Talk, Grata is a B2B search engine for discovering small View Tech Talk, Streaming has become a staple of US media-viewing Download Now, Data is the lifeblood of so many companies today. Under Armour is known for the high functioning of its products. That does not mean Under Armour does not need to push product, but that it needs to do in combination with brand. 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. 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. The campaign's objectives were to modify the brand's image as overtly masculine, aggressive, and uninviting to women, and to earn the consideration of female athletes and sportswomen. (2019). The main focus of the Under Armour is to embrace digital transformation and to create higher value for the connected athlete. External analysis refers to the process of analysis of the external environment of the organization. This moving content sparked many comments and conversations among female audiences, garnering significant media attention globally as a result. Also, it is found that the sports equipment and apparel market also has grown significantly in the Asian Pacific countries. The acquisition of fitness apps MapMyRun, Endomondo, and MyFitnessPal has strengthened its digital ecosystem, and as a result of this strategic expansion, Under Armour now boasts the world's largest online fitness and wellness community. The main opportunity available to Under Armour is to acquire the established firms to further improve its competitive position in the international market. Further, the external analysis of Under Armour is performed in this section of the article to evaluate the factors that are impacting the operations of Under Armour. The two that aren't underweighted as of April 13 are General Dynamics and Becton Dickinson. "Annual Report 2020," Page 29. This means an accelerated innovation agenda, driving even deeper connections through return-driven demand creation and brand experiences, and utilizing an optimized supply chain model along with improving service levels to keep pace within a dynamically evolving market. 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 company went public in November 2005 when it began trading on the Nasdaq under the ticker symbol UARM. Thau, B. 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. Readers are cautioned not to place undue reliance on these forward-looking statements. In this strategy, innovations are carried out in marketing activities instead of the product. If the company makes changes to combat these . Net income was ($549) million in 2020 versus $92 million in 2019. Under Armour has adopted the value based pricing strategy for its apparel, footwear and other products. Styles with the aim to enhance the comfort of the product differentiation strategy helps the company went public in 2005... 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