New Balance Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: December 29, 2017
Marketing Strategy of New Balance analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on New Balance marketing mix, help the brand succeed.
New Balance marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the New Balance Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
New Balance Product Strategy:
The product strategy and mix in New Balance marketing strategy can be explained as follows:
New Balance is a leading sports apparel and accessories company based out of USA. Based out of Boston, the company over the years has diversified in a wide product offering in its marketing mix. Some of the main products offered by New Balance are:
All the products of New Balance are available for all age groups and for both men and women.
New Balance Price/Pricing Strategy:
Below is the pricing strategy in New Balance marketing strategy:
New Balance manufacture their products inside USA as well as UK whereas most of their competitors manufacture their products outside the US and UK and sell them in American or European markets.
As a result New Balance incur a higher manufacturing cost and hence charge higher price than competitors. Thus the main pricing strategy in its marketing mix is premium but to compete, it also balances its prices so as to match the product’s high quality. But they provide value to the customers by maintaining the product quality at an optimal level and differentiating their products by introducing innovative features like soft gel inserts in the bottom layer of the shoes for ultra-smoothness, proving the customers with more number of SKUs to fit very narrow as well as wide feet of different sizes etc.
Following is the distribution strategy in the New Balance marketing mix:
New Balance sell through their branded stores as well as multi-brand retail outlets. There is a facility on their website to locate stores nearest to the customer. New Balance have more than 200 stores where their professional staff helps the customers to find the right fit.
One can also buy their product online through their website which has a wide range of options in terms of size and colour as well as utility.
New Balance Promotion & Advertising Strategy:
The promotional and advertising strategy in the New Balance marketing strategy is as follows:
The products from New Balance are advertised as technologically superior to the competitors and highly appreciated by the athletes and professionals alike. They feature sports celebrities like Boris Berian, 2016 National Champion, in the #MyFutureSelf ad campaign. The horizontal stripes in the “N” of New Balance logo gives a sense of motion and speed which the brand represents. The bright red colour gives the logo a sporty feel. They also have a similar Ad featuring Joe Root, the captain of the English Test Cricket Team, where he is seen wearing New Balance shoes and practising his sport. The Ad has a motivating feel and encourages to push one’s limit and not be satisfied with one’s achievement. New Balance pride themselves as Made in USA as most of their products are manufactured in USA. It also adds a sense of patriotic feeling and adds to its popularity in US. They also engage in various environmental and social causes from time to time which bring good will to the brand. They try to manufacture with zero waste and assess the life cycle impact of their products on the environment. They have a special team that review all chemicals that they use to manufacture their shoes. They have a supplier standards manual and follow them diligently with all their people they work with. The New Balance Foundation was established by the chairman and vice chairman of the company back in 1981. They work to build stronger and healthier communities and try to make kids healthier and prevent obesity. They also provide special discounts to students like 10% discount offers etc. Hence this completes the marketing mix of New Balance.
About New Balance:
New Balance is an American footwear manufacturing company. It is based in Brighton near Boston. The company was founded in 1906 by William J Riley and it mainly manufactures sports footwear and is a well-known brand in the world. It was formerly called as “New Balance Arch Support Company” as it designed footwear which supported the foot arch comfortably and provided better balance.
Later it was renamed to simply New Balance. The founder got the idea by watching chicken foot in his backyard.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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