New balance Business
New Balance is an online boutique business dealing in clothes and footwear of both genders. In respect to Porter’s’ generic competitive strategy, New balance has adopted the focus differentiation strategy (Porter, 2007). Within its industry, the company has selected the internet platform to sell its products as a unique means to approach its clientele globally. It has also differentiated the customer’s target group concerning different ages and sizes, which mainly describes the differentiation type of Focus strategy (Porter, 2007). The different types and tastes of sports shoes describe the specialization of their products e.g., color, and kind of sport like running filters the generic strategy in finer details (Porter, 2007). In order for New business to enhance its competitiveness, it’s proper that it adopts alternative marketing means, E.g., Facebook and Instagram platform as they command views of the youthful population (Opreana, 2015)
The business faces threats of online hacking and fraud and investing in a single marketing media. It also has opportunities in creating physical shops and digital after-sale service marketing. Through strategic business plans, the business can raise funds to invest in human capital and digital tracking as well as reporting system to combat the threats and capture the opportunities (Lichtenthaler, 2006).
In conclusion, increased sales and business expansion will be experienced due to investing in opportunities. By combating the threats, respectively, online product safety and multiplied clientele base are felt as impacts hence increased business revenues (Siomkos, 2010).
References:
Porter, M. (2007). Porter’s generic strategies. Retrieved June 14, 2009.
Opreana, A. (2015). A new development in online marketing: Introducing digital inbound marketing. Expert Journal of Marketing, 3(1).
Lichtenthaler, E. (2006). Technology intelligence: identification of technological opportunities and threats by firms. International Journal of Technology Intelligence and Planning, 2(3), 289-32
Siomkos, G. (2010). Opportunities and threats for competitors in product‐harm crises. Marketing Intelligence & Planning.