Assignment on Marketing Mix of Progressive Footwear Limited

Introducing the Company

Progressive Footwear Ltd means Elegant & fashionable footwear:

Progressive Footwear Ltd the name of the most popular name around the globe in terms of fashionable Footwear. If any one mentions the name of “Progressive Footwear Ltd”- now simply think of shoes. Truly “Progressive Footwear Ltd” has the most diversified shoes quality, style and value of different reasonable prices. Today Progressive Footwear Ltd is a name of widely recognized fashionable footwear manufacturing company.

Marketing mix:

The marketing mix is the set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. The marketing mix consists of everything the firm can do to influence the demand for its product. The many possibilities can be collected into four groups of variables known as the “four Ps”: product, price, place and promotion. A market consists of all the potential customers sharing a particular need or wants who might be willing and able to engage in exchange to satisfy that need or want.

Marketing Mix :

The set of controllable tactical marketing tools – product, price, place and promotion- that the firm blends to produce the response of wants in the target market.

 Product:

A product is anything that can be offered to market to satisfy a need or want.

Product line:

A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Product life cycle (PLC) :

The course of a product’s sales and profits over its life time. It involves five distinct stages: product development, introduction, growth, maturity and decline.

 Price:

Price is the amount of money charged for a product or service.

 Distribution Channel:

Distribution channel is a set of interdependent organizations involved in the process of making a product or services available for use or consumption by the consumer or industrial user.

Advertising:

Any paid form of no personal presentation and promotion of ideas, goods, or services by an identified sponsor. Short-term incentives to encourage the purchase or sale of a product or service.

Sales Promotion:                                                                         

Short-term incentives to encourage the purchase or sale of a product or service. 

Product     

Anything than can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need is a product.

Progressive Footwear Ltd offers formal shoes, sandals, casual shoes, ladies sandals.. Progressive Footwear Ltd tries to maintain their product superior quality. Progressive Footwear Ltd maintained two product levels, which are Core and Actual Product.

Quality level:

Quality of any product is very important. Quality product stays in the market for along time. Progressive Footwear Ltd is a quality product producing company. The qualities of the footwear, of Progressive Footwear Ltd are very satisfactory. All of the consumers of Progressive Footwear Ltd are very satisfied with their product.

Manufacturing:

The Progressive Footwear Ltd show organization has been an innovator in the manufacturing of footwear over the years. In the recent years Progressive Footwear Ltd personnel have made important advances in DVP( Direct Vulcanization Process), PVC, athletic footwear production and slush-mounded footwear production.. That type of thinking has been the driving force behind the Progressive Footwear Ltd organization success. The manufacturing base includes manufacturing units in industrialized and developing countries. State-of-the-art work procedures and organizational structures make manufacturing more flexible. New materials, processes and technologies enhance production while improving quality and durability. Components are checked at each stage of production, with defects detected quickly, their source instantly determined and the problem rectified. It has been the Organization’s system of uncompromising quality control that has driven the reputation of Progressive Footwear Ltd as quality footwear producers.

 Features:

All of the Progressive Footwear Ltd products made and marketed by Progressive Footwear Ltd have many extra, added features. The color combinations of the shoes are good. They go for many days. The official and formal shoe of Progressive Footwear Ltd is very comfortable and nice.

Design:

Progressive Footwear Ltd offers their customer fresh, fashionable footwear and accessories designed specifically for the need of the local market. It is designed and made for any age of people. It covers a whole family. The designs of Progressive Footwear Ltd are so simple and average.

Labeling:

In Progressive Footwear Ltd products simple tags attached to products to complex graphics that are part of package.

 Core benefit:

Progressive Footwear Ltd gives core benefit. All the Progressive Footwear Ltd products are useful. They are comfortable and used simply or officially. Progressive Footwear Ltd makes product for every kind of uses.

Product line:

Product strategy also calls for building a product line. Progressive Footwear Ltd produces several lines of shoes, polishes, sandels, and brushes. They are listed below:-

 Shoes

 Sandels

 Polish

 Brushes

New product development:

N.P.D. is a specialty area within the Progressive Footwear Ltd organization. Complete customer service and the ability to affect each part of the shoe business have been the factors that have made the Progressive Footwear Ltd organization a world leader.

Services:

Progressive Footwear Ltd doesn’t want to focus on service. Because, that focus on profit. So, Progressive Footwear Ltd wants to supply their products at the right time, right place.

Warranties:

When a customer buys a product of Progressive Footwear Ltd he doesn’t think about the warranty. Because, the customer believes in Progressive Footwear Ltd product. After buying a product, if any customer wants to change that, Progressive Footwear Ltd gives the second chance.

Product Variety

Progressive Footwear Ltd products are differentiated into three categories: –

a) Premium:

Progressive Footwear Ltd has been delivering hand crafting quality footwear for all They built comfortable and stylish shoe. Progressive Footwear Ltd has created the Progressive Footwear Ltd premium collection of products in their design center . These are available in Progressive Footwear Ltd. Progressive Footwear Ltd makes shoe for both men and women.

b) Flexible:                                                                                                  

    Progressive Footwear Ltd produces flexible shoes for all customers. Most of them are in Boot Shape. Working people mostly uses these.

Price:

Selecting the price of any product is very important for a company. Progressive Footwear Ltd always try to keep an affordable price for the consumers. If a company has selected its target market and positioning carefully, then the price of the product will be fairly straightforward. Progressive Footwear Ltd normally uses the market share strategy. It believes that company with the target market share will enjoy the lowest cost and highest long run profit. The list of prices and products of Progressive Footwear Ltd are given below.

Price Chart:

In the following chart we can show all the products and their prices of Progressive Footwear Ltd which are now available in the Progressive Footwear Ltd.

Chart

Pricing Approach:

All the companies set prices by selecting a general pricing approach. I found that Progressive Footwear Ltd set the prices of their product in Bangladesh by value based pricing approach. Progressive Footwear Ltd sets its target price based on customer preconceptions of the product value. Pricing beings with analyzing customer’s needs and value preconception.

Value Based Pricing;

Setting price based on buyers preconceptions of value rather than on the seller’s cost.

Value pricing:

Offering just the right combination of quality and good service at a fair price.

 Discount:

Sometimes Progressive Footwear Ltd allowing discount on the basis of occasion or events. In or X-mas day or especial Day Progressive Footwear Ltd allows this discount. They offer 20% of sales price discount on the two pair of shoes.

Payment period:

There is advance payment any product of Progressive Footwear Ltd. The customers have to pay the price for one time. It is a multi-time payment period system.

Promotion mix strategy

Progressive Footwear Ltd follows “Push Strategy”. It means a promotion strategy that calls for using the sales force and trade promotion to push the product through channels. A push strategy involves “pushing” the product through distribution, channels to final consumers.