In the coming time, the economy of the US will grow which also affects the income of the people. When the income of the people will be raised, this will attract the people towards the running trends and will encourage them to buy athletic shoes of their choice (Wright, 2014). The rate of market growth is dependent on the different factors like the social influence of the people and the choice of styles for sports. The choice will be according to the choice of the sports.
Outline how aspects of social change contribute to the growth of the athletic shoes market. Consider factors such as obesity, sports participation and influences on consumers fashion habits.
In the trending market, there are different kinds of social life and life styles which the people are enjoying, but some people are obese and some have their health challenges due to the unhealthy life styles. The people who are unhealthy or obese are encouraged to participate in the sports events and try to get sporty in their lives. This will help in promoting a healthy living. The choice of athletic shoes should be according to the use like different for the regular use and replacement when needed. People of different genders, ages, and income always attract them to buy the shoes. The peers of the same age group attract the choice of the customers. Many people follow the trends of the celebrities and sports stars choice for their sports and also for their regular use, which contributes to a rising market of the athletic shoes.
His ability to recover from failure – Stephon Marbury had previously partnered with a shoes company to advertise a line of shoes whose price was very low. Due to some reasons, the company went bankrupt and had to be shut down. Marbury did not lose hopes and started his own company “Starbury” to sell his shoes.
He is not money minded – Marbury never ran after profits. He had a vision in mind. He wanted the poor children to wear good quality shoes so that they can also do well in sports. He wanted to reduce the crimes which were related to shoes. When other brands like Nike were selling shoes at $200, Marbury tried to sell shoes in a range of $15-$20.
Good global exposure in basketball – Marbury’s experience holds a lot of value for his business. He can recognize good quality shoes and how they can be cheaply made. He knows how to promote sports and build brands.
Strengths – The shoes are affordable by poor people as well. The company doesn’t need to hire expensive stars to promote the brand as the owner himself is a star. The company is very active in social media like Facebook, etc.
Weakness- Marbury does not have a brand name like Nike or Adidas; neither does it have funds for advertising or expanding its distribution channel. The low price may also undermine the value of the brand and would be viewed as a cheap brand.
Opportunities – Countries like China have a growing market and huge customer base for shoes. The company can target social media like Facebook to promote its products (Azmeh, 2014).
Threats – The competitors like Nike, Reebok and Adidas are huge to compete with. Bigger celebrities like Jordan sponsoring Nike is also a threat. People who buy expensive shoes to maintain their standards would not shift to cheap shoes of Marbury.