Characteristics of the 3M Greptile Grip Golf Glove’s target market
Popularity of the golf sport has increased substantially over time, raising the demand for golf equipment, as a result. The 3M Company has taken notice of this and particularly targeted at the following population’s needs based on the socioeconomic and the demographic trends of the recent past.
People with discretionary spending are mostly those born between the years of 1946-1964 (baby boomer population) (“Video Case”, 2007). This age group enjoys different kinds of leisure activities, golf being one of them. With their generous spending habits, they are able to purchase golf equipment more easily.
As per demographic statistics, golf has recently turned into a popular game which is played by different age groups and dissimilar ethnic communities. The 3M, therefore, is not limiting its market since it targets everybody with its Greptile Grip Golf Glove. Based on region, the 3M focuses on the part of the American population that shifted from the East and North to the South and West where the temperate condition is more favorable for golf (“Video Case”, 2007). The 3M, therefore, targets at the individuals from this region as the climate is conducive for golfing throughout the year. This translates to high golf equipment sales.
The key points of difference of the 3M’s products from those of its competitors and substitutes
Difference from competitors
The 3M emphasizes on comfort of the Greptile Grip Golf Gloves by making its products from high quality Cabretta sheep leather to give them a soft comfortable feel. This is not the case with its competitors, such as Footjoy, that emphasize on the tailor cut gloves. Bionic which gloves are specially designed by an orthopedic surgeon hence emphasizes on caring for its customers’ health (“Video Case”, 2007).
On gripping capability, Greptile is the only glove available that improves a golfer’s hold on the club by allowing a more relaxed grip leading to higher drive power.
Difference from substitutes
Lab reports indicate that the Greptile Grip Golf Glove has over six hundred percent better gripping ability than leather gloves have and over three hundred percent greater than a modified sticky grip.
How does the Greptile Grip Golf Glove meet the 3M’s criteria for new products?
Firstly, the Greptile Grip Golf Glove is made from the 3M’s trademark technology. The glove is made using the 3M’s proprietary microreplication technology to develop the glove’s gripping material.
Secondly, the 3M offers a superior value proposition to its consumers by improving their gripping ability, hence leading to improved golf ball driving power. Lastly, the key points of difference with regard to its competitors’ and substitute products discussed above enable the Greptile Grip Golf Glove to have a marketing edge.
Being relatively new in the market, the 3M’s special promotion and distribution problems include the following.
The 3M’s main feature is technology; therefore, they may encounter challenges promoting the Greptile Grip Golf Glove to make it meet and satisfy the golfers’ needs. Thus, those companies that specifically deal with sporting goods, such as Nike, are in a better place to connect with their customers.
Regarding distribution, they may have troubles identifying the most appropriate distribution channels though being relatively new in the sporting industry. This may hinder or even make the company fail to reach its customers
Should the pricing for the Greptile Grip Golf Glove be demand-oriented, Cost-oriented or profit-oriented?
Given that the economy is currently recovering from a recession, price is still a sensitive issue to most customers. Therefore, in order for the 3M still to make sales, it should use a cost-oriented approach in marketing the Greptile Grip Golf Glove. The ideal price, therefore, should be based primarily on the packaging. For instance, a price for a single glove should range between $10 and $12, while the 2 packs should cost from $15 and $16 (“Video Case”, 2007). The pricing strategy will enable customers to associate value and quality with the Greptile Grip Golf Glove surpassing the other brands.
Reference
Video Case: 3M Greptile Grip Golf Glove: Pricing and innovative product. (2007). In Introduction to business: How companies create value for people (pp. 338-339). New York: McGraw-Hill/Irwin.