Under Armour has found success in promoting its innovative products through a combination of marketing methods. It reinvests large sums in costly sporting partnerships and celebrity endorsement deals to influence heightened brand consideration among target consumers.
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What marketing strategy does Under Armour use?
Under Armour uses value-based pricing strategy for its products as they are known for their advanced quality. Although the company has a lot of well established brands as competitors but still it is able to charge a little extra than them for its products on the basis of superior innovative materials and fabrics.
How did Under Armour become so successful?
Under Armour’s original HeatGear and ColdGear are resonators. The biggest reason why it’s a resonator is because most of their original sales and contracts came as a result of word-of-mouth. Players loved the products so much they would tell those around them who would also benefit by wearing Under Armour.
How does Under Armour reach its target market?
Under Armour has honed in on providing its target customers — known as “focused performers” — with products and apps they can use to reach their fitness goals, instead of trying to make more trendy “athleisure” apparel to attract a wider audience.
What position has Under Armour achieved for this brand in the market?
On brand consideration, it has a score of 16.4, again behind Nike on 39.6 and Adidas on 37.6. And on purchase intent it scores just four, compared to 15.3 for Nike and 12.8 for Adidas. That does not mean Under Armour does not need to push product, but that it needs to do “in combination” with brand.
How much money does Under Armour spend on marketing?
In 2021, Under Armour invested more than 649 million U.S. dollars in marketing activities, up 18 percent from the previous year. It was the apparel company’s highest marketing spending to date.
What is Under Armour’s competitive strategy?
Under Armour’s main distinct competitive advantage is its ability to innovate products that disrupt and change the sports apparel industry. UA is focused beyond developing better versions of current sports apparel, they are creating completely new products that outperform existing technologies.
What is the market segmentation of Under Armour?
Under Armour’s business strategy towards market segmentation is broken down into three different basis; Age, Gender, Uses. The first major market segmentation is by age, different age groups demand different products and Under Armour has produced certain merchandise to appeal to each generation.
How does Under Armour sell their products?
Under Armour’s products are sold globally in retail stores and in our Brand and Factory Houses, and online via e-commerce.
What are the key elements of Under Armour strategy?
The key elements of Under Armour’s strategy: Under Armour’s mission is “To make all athletes better through passion, design and the relentless pursuit of innovation.” – To achieve sales revenue of $4 billion by 2016, up from an estimated $2.2 billion in 2013.
What strategic moves has Under Armour made to become more of a digital company?
To adapt to the change, Under Armour created a new digital learning and training platform that was distributed to every team member up to CEO Patrik Frisk, which outlined how to proceed with sales to all accounts in this new environment. During this time, digital product samples became even more important.
What are the goals for Under Armour?
Under Armour was founded with a mission: to make all athletes better through passion, design, and the relentless pursuit of innovation. Today, Under Armour is a leading developer, marketer, and distributor of branded performance apparel, footwear, and equipment.
Summary. Under Armour spent under $100 million on advertising in digital, print, and national TV in the last year. They invest in premium ad units and advertised on over 250 different Media Properties in the last year across multiple Media formats.
What is Under Armour’s competitive advantage or disadvantage over rivals in the industry?
Under Armour draws a higher percentage of its sales direct-to-consumer than any of it’s main competitors [1], which gives them a competitive advantage because their customers are more willing to buy online, a huge cost of sales advantage for the company.
How much does Under Armour spend on advertising 2020?
Under Armour’s selling and marketing expense hit its five-year low in December 2020 of $630.9 million.
What is brand development strategy?
A branding strategy (a.k.a. brand development strategy) is the long-term plan to achieve a series of long-term goals that ultimately result in the identification and preference of your brand by consumers.
Who makes more money Nike or Under Armour?
However, Nike is much bigger than Under Armour. Nike’s total revenue in 2018 stood at $39 billion – almost 7.5 times more than Under Armour’s $5.2 billion.
What makes Under Armour different from other brands?
However, the two companies’ marketing approaches differs greatly: Under Armour acts like an underdog, while Nike is a mighty King. Under Armour is very focused on professional athletes, while Nike democratizes fitness. Under Armour is about proving others wrong, while Nike is about proving yourself right.
What makes Under Armour products unique?
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 obstacles and enhance performance.
What is Under Armour unique selling proposition?
The quality of product not only solved athletes’ problem but became Under Armour’s unique selling proposition or USP for which it continues to outstand in the market.
What is under Armour’s vision statement?
Under Armour vision statement is “to inspire you with performance solutions you never knew you needed and can’t imagine living without.” The vision statement shows how influential and impactful the company can be to the overall performance of an athlete.