Harvard Case - ASICS: Chasing a 2020 Vision
"ASICS: Chasing a 2020 Vision" Harvard business case study is written by Elie Ofek, Nobuo Sato, Akiko Kanno. It deals with the challenges in the field of Marketing. The case study is 26 page(s) long and it was first published on : Oct 28, 2016
At Fern Fort University, we recommend ASICS adopt a multi-pronged strategy focused on redefining its brand positioning to appeal to a broader, younger, and more digitally savvy audience while strengthening its commitment to innovation and sustainability. This strategy involves a combination of product development, marketing communication, digital transformation, and strategic partnerships to achieve its ambitious 2020 vision.
2. Background
The case study focuses on ASICS, a Japanese sportswear company facing challenges in maintaining its market share and achieving its ambitious growth targets. Despite a strong reputation for quality and performance, ASICS struggles to resonate with younger consumers who are increasingly drawn to trendy, digitally-driven brands. The company needs to navigate a complex landscape of evolving consumer preferences, fierce competition, and changing technological advancements. The main protagonists are the ASICS leadership team, tasked with charting a course for the company's future success.
3. Analysis of the Case Study
To analyze ASICS' situation, we can apply a combination of frameworks:
a) SWOT Analysis:
- Strengths: Strong brand heritage, high-quality products, established distribution network, commitment to innovation.
- Weaknesses: Perception of being outdated, lack of digital marketing prowess, limited engagement with younger demographics, price sensitivity.
- Opportunities: Growing global fitness market, increasing demand for sustainable products, rise of digital marketing channels, potential for brand partnerships.
- Threats: Intense competition from established and emerging brands, fluctuating economic conditions, evolving consumer preferences, technological disruptions.
b) PESTEL Analysis:
- Political: Trade policies, government regulations on manufacturing and sustainability.
- Economic: Global economic growth, consumer spending patterns, currency fluctuations.
- Social: Health and wellness trends, changing consumer demographics, rise of social media influence.
- Technological: Advancements in materials and manufacturing, digital marketing tools, e-commerce platforms.
- Environmental: Sustainability concerns, environmental regulations, consumer demand for eco-friendly products.
- Legal: Intellectual property rights, labor laws, advertising regulations.
c) Porter's Five Forces:
- Threat of New Entrants: High, due to low barriers to entry in the sportswear market.
- Bargaining Power of Buyers: Moderate, as consumers have many choices but value quality and brand reputation.
- Bargaining Power of Suppliers: Moderate, as ASICS relies on a diverse supply chain but has some leverage through volume purchases.
- Threat of Substitute Products: High, as consumers can choose from a wide range of athletic apparel and footwear.
- Rivalry Among Existing Competitors: Very high, with intense competition from global giants like Nike, Adidas, and Under Armour, as well as emerging brands.
d) Consumer Behavior Analysis:
- Target Market: ASICS needs to expand its target market beyond its traditional base of serious athletes to include younger, digitally-savvy consumers seeking stylish and sustainable options.
- Motivations: Consumers are driven by factors like performance, style, comfort, sustainability, and social status.
- Decision-Making Process: Consumers research products online, rely on social media influencers, and value brand authenticity and community.
4. Recommendations
ASICS should implement the following recommendations to achieve its 2020 vision:
a) Redefining Brand Positioning:
- Target Market Segmentation: Focus on three key segments: (1) Performance-driven athletes, (2) Style-conscious millennials and Gen Z, and (3) Sustainability-minded consumers.
- Brand Positioning: Emphasize ASICS' heritage of innovation and performance while embracing a more modern, inclusive, and sustainable image.
- Value Proposition: Offer a unique blend of high-performance, stylish, and sustainable products tailored to each segment.
b) Product Development and Innovation:
- Product Line Expansion: Introduce new product lines targeting younger demographics with trendy designs, collaborations with influencers, and eco-friendly materials.
- Technological Integration: Incorporate advanced technologies like AI and machine learning to enhance product performance, personalize customer experiences, and optimize manufacturing processes.
- Sustainability Focus: Commit to using sustainable materials, reducing waste, and implementing ethical manufacturing practices.
c) Marketing Communication and Digital Transformation:
- Digital Marketing Strategy: Invest heavily in digital marketing channels like social media, influencer marketing, search engine optimization (SEO), and e-commerce platforms.
- Content Marketing: Create engaging content showcasing ASICS' commitment to performance, style, sustainability, and community.
- Integrated Marketing Communications: Develop a consistent brand message across all channels, including advertising, public relations, events, and social media.
- Customer Relationship Management (CRM): Implement a robust CRM system to personalize customer experiences, track engagement, and foster brand loyalty.
d) Strategic Partnerships:
- Influencer Marketing: Collaborate with prominent athletes, fitness influencers, and fashion bloggers to reach targeted audiences and generate buzz.
- Retail Partnerships: Expand distribution channels through partnerships with leading online retailers and innovative brick-and-mortar stores.
- Corporate Social Responsibility (CSR): Partner with organizations focused on health, wellness, and environmental sustainability to enhance brand image and attract socially conscious consumers.
5. Basis of Recommendations
These recommendations are based on:
- Core Competencies: Leveraging ASICS' strengths in product quality, innovation, and brand heritage.
- External Customers: Understanding the needs and preferences of younger, digitally-savvy consumers.
- Internal Clients: Engaging employees in the brand transformation and empowering them to deliver exceptional customer experiences.
- Competitors: Differentiating ASICS from competitors by focusing on sustainability, style, and digital engagement.
- Attractiveness: Quantifiable measures like increased market share, revenue growth, and brand equity will be tracked to assess the effectiveness of the strategy.
Assumptions:
- Consumers are increasingly willing to pay a premium for sustainable products.
- Digital marketing channels will continue to grow in importance.
- ASICS can successfully adapt its brand image and product offerings to appeal to younger demographics.
6. Conclusion
By embracing a comprehensive strategy that combines brand repositioning, product innovation, digital transformation, and strategic partnerships, ASICS can achieve its ambitious 2020 vision. This strategy will enable the company to reconnect with its core values while appealing to a broader and more diverse audience, ultimately leading to sustainable growth and market leadership.
7. Discussion
Alternatives:
- Status Quo: Continuing with the current strategy, which risks losing market share and relevance.
- Aggressive Price Reduction: Could attract price-sensitive consumers but damage brand image and profitability.
- Merging with Another Brand: Could provide access to new markets and resources but may dilute ASICS' unique identity.
Risks:
- Execution Challenges: Implementing the strategy effectively requires strong leadership, organizational change, and significant investment.
- Consumer Resistance: Changing brand perception and product offerings may not resonate with existing customers.
- Competitive Response: Competitors may react aggressively to ASICS' new strategy, leading to a price war or innovation race.
Key Assumptions:
- The global fitness market will continue to grow.
- Consumers will increasingly value sustainability and ethical practices.
- ASICS can successfully adapt its brand image and product offerings to appeal to younger demographics.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and budget allocations for each recommendation.
- Conduct market research: Gather data on consumer preferences, competitor activities, and emerging trends.
- Build a strong internal team: Recruit and train employees with expertise in digital marketing, product development, and sustainability.
- Communicate the strategy: Share the vision and goals with employees, partners, and stakeholders.
- Monitor progress and make adjustments: Track key metrics, analyze results, and adapt the strategy as needed.
By taking these steps, ASICS can transform itself into a leading brand in the evolving sportswear market, achieving its 2020 vision and beyond.
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Case Description
In early 2016, Motoi Oyama, president and CEO of ASICS, a major sports apparel and footwear manufacturer based in Japan, lays out his company's growth plan for the upcoming 5 years. The new plan set ambitious goals in terms of revenue and profit increases. At the heart of the strategy to achieve these goals are a desire to embrace a more direct to consumer mindset, expand into new customer segments, and communicate a more consistent and emotional brand worldwide. With its primary core customer currently the "serious" runner and its innovation strategy geared towards high-end performance, pursuing these objectives in light of the fierce competitive landscape posed a multitude of challenges. Moreover, the company had recently launched several lifestyle brands (using brand names it had revived), which posed brand architecture issues. Lastly, the company had just acquired a digital fitness app, RunKeeper, and was wondering how best to leverage this asset and how it fit with the main pillars of the growth plan strategy. The Tokyo 2020 Olympic Games would coincide with the conclusion of the 5 year plan, and ASICS had paid over $100 million to be a Gold Sponsor of the games- Oyama wondered whether his company was on the right track to achieving the goals he intimated to shareholders.
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