STEPHEN BARR

MATTHEW’S MARKETING PLAN

Contents

Executive Summary

Company Profile

Market Segmentation & Targeting

Situation and Company Analysis

Ethics and Social Responsibility

Marketing Information and Research

Customer Decision-Making Profile

Positioning and Differentiation

Branding

Marketing Mix (4Ps)

Product Strategy

Pricing Strategy

Place: Distribution Strategy

Promotion: Integrated Marketing Communications Strategy

Budget

Action Plan

Risk Factors

Attributions

Executive Summary

Company Description

Matthew’s Archery offers world-class bows to the outdoorsman and sportsman of all walks of life. Matthew’s aims to provide bows that are second to none and provide users with a lifetime of satisfaction.

Target Segment

Matthews provides reliable bows to young outdoorsman from the ages of 20-50 years of age. 

Competitive Advantage

Matthew’s is the most accurate and reliable bow on the market today. Even being a top-tier bow, Matthews prides itself on delivering a bow without breaking the bank.  

Positioning Statement

To outdoorsmen, Matthews Archery is the only compound bow to deliver maximum shoot ability and accuracy because of the expert technology used to craft each and every bow from start to finish. 

Marketing Plan Objectives

Matthew’s plans to increase profits through the fiscal year, gain new customers, continue to serve existing customers, market globally to expand the brand, and create ground-breaking bows that keep customers coming back year after year.  

Company Profile

●      Company Name: Matthew’s Archery Inc. 

●      Industry: Sporting Goods 

●      Headquarters (city, state, country): Sparta, WI. USA.

●      Year founded: 1992

●      The number of employees: 122 employees 

●      Annual revenue (estimated): $28.3 Million

●      Major products and/or services: Matthew’s V3X 

●      Target customers: Targets customers who are avid outdoorsman and archery enthusiasts all around the world. 

●      Distribution channel(s): Matthew’s is a certified retailer, as well as direct-to-customer. 

●      Key competitors: Hoyt Archery, Elite Archery, Bear Archery, PSE Archery and Diamond Archery

●      Link to website: www.mathewsinc.com

●      Link to Yahoo! Finance information page (for public companies): Private Organization

Market Segmentation & Targeting 

●      Matthews provides the archery world with top tier bows that perform day in and day out throughout the toughest conditions.

●      The potential customers that Matthew’s reaches are archers and outdoorsman in search of a flagship bow that competes with all of the other top tier bows.

●      Some key segments include demographic and psychographic and behavioral.

●      Demographic segments include sub-categories like gender and income-levels. Gender is a major segment that finds some products that are majorly meant for specific genders. Matthews does manufacture female archery products but over the years, has been mainly aimed at males. 

Psychographic segments include things like lifestyle, activities and opinions which are key points that go along with the traits that make up this market segment. Matthews tends to aim its products towards a specific group who lifestyles tend to be similar. This lifestyle is made up of outdoorsman and archers who are looking for a bow that outperforms the rest. 

●      This marketing plan will focus on the psychographic segment. Focusing on this segment allows for the plan to focus on the lifestyles that most avid outdoorsman live. Many hunters and archers typically have the same interests. Most believe in the same values and work hard in order for to be able to spend their free time in the woods. However, there are many who make hunting their lifestyle and look for a die-hard company like Matthew’s, who builds bows designed for that lifestyle. I believe this segment best fits my plan because of many individuals whose passion pushes them in search of the best and most comfortable bow they can find.  

Situation and Company Analysis

Economic Environment 

 The customer base would primarily be blue collar workers. Factors such as inflation and downturns in the manufacturing, gas and oil and coal industries would have a negative impact on sales. The current economic environment is near recession with interest rates increasing.  This should not affect staffing because the number of employees needed is low compared to those who would like to work for Matthews. Despite the economic outlook customer confidence seems relatively high

Technical Environment

Current trends in the compound bow industry are to make bows smaller and lighter. Matthews has and will continue to be a market leader with its dual cam precision technology. There continue to be new bands in the compound bow market, but none have proven to show significant advances in technology that change the industry.  There are no new benchmarks or industry practices to use.  Compound bows continue to be refined and fine-tuned but the basic structure remains the same.

Industry Environment

Many of the tends in this industry have been led by Matthews over the last 10 years. Matthew’s is the benchmark when it comes to custom-made, high-quality bows. Matthews has introduced some lower end bows that are aimed at those who aren’t looking to spend over $1000.

Competitive Environment

Key competitors include Bear and Hoyt.  Bear utilizes the icon Fred Bear to market its product.  Fred Bear is known through the industry as the founder of bow hunting.  Bear tends to be the bow of choice for new bow customers due to its lower price point.  Hoyt has a good reputation as a quality bow and is often the bow of choice for competition shooters.  This tends to be a higher price bow. The advantage Matthews has over these two competitors is its dual cam technology.  It has perfected this technology and has a reputation of good quality. All three brands have been successful in the market for a long time showing the market is large enough to support all three.

Political Environment

The political environment is stable for the compound bow business.  Unlike guns, compound bows would not be used as weapons of mass shootings and so I do not see any public pressure to change the political environment.  I do not foresee any license or regulation changes that would affect the industry. 

SWOT Analysis

HELPFUL Ideas

HARMFUL Concerns

Internal

Strengths

●      Matthews has an extremely strong brand presence, as they are one of the most elite bows manufactures in the world.

●      Websites, social media and brand recognition stickers.

●      Flagship bows as well as sub-brands that accommodate to beginner archers. 

●      Matthews creates groundbreaking bows that focus on comfort, shoot ability and accuracy.

●      Matthews values its customers by producing bows that continue to improve of time.

Weaknesses

●      No, Matthews is one of the most well-known archery brands on the market

●      No, Matthews excels in the marketing aspect of its resources

●      No, Matthews is known for their bows and the technology behind them. They continue to make groundbreaking advancements each year.

●      I believe that current products that are produced satisfy the needs of customers on a yearly basis.

●      Matthews’ products successfully bring value to the customer. Their bows have the highest resale value due to the bow’s long-life expectance and durability.

External

Opportunities

●      Matthew’s takes advantage of the need for comfortable and shootable bows. These bows have a wide range of adaptations that allow its user to adjust to their specific needs.

●      For the most part, Matthews fills the needs of just about every archer. They also have sub-brands that appeal to those who are looking for more affordable options

●      The industry has primarily been males, but over the years television shows and social media has brough females into the spotlights. Matthews can satisfy the needs of these females by marketing to the female gender and creating more options for female archers looking for a elite compound bow

●      Yes, because if many of these companies work together to help with the conservation of land and wildlife, it has the possibility of leading to more customers in search of archery equipment. which increases the market for more companies?

●      Yes, Matthews is largely customer based and provides the opportunities of sponsorships and brand rep throughout the United States.

●      Over the past 10 years the market demand for compound bows has increased. Due to the popularity of social media, many new customers have been introduced to this company. It has created an interest and need from customers, and with the rising interest Matthew’s has grown tremendously.

●      No, Matthews focuses on compound bows that have been around for centuries.

●      The only issues that could be had would be if there is a change in the allowances of wildlife management. If there is a change or new regulations for conservation, then there will be a decrease in the market for compound bows.

Threats

●      One of the biggest tactics the competitors use is the harvesting of trophy animals. Each company wants to show off their products by consumers using their products to harvest animals of superior class. Every company wants to be able to say that their product is superior based on how the bows perform in taking large game animals.

●      Some of the biggest strengths from competitors is the increase in technology. Companies find ways to piggy-back of one another in order to create the best possible bow. Despite trademarks and patents, companies continue to find ways to create similar products that outperform the rest.

●      Matthews is such a leader in archery technologies that it is difficult to find areas that other companies out rank Matthews. Matthews has been leading the way for bow technology for many years and has yet find an area that they are not superior in

●      Competitors are likely to try and copy or replicate changes that are made to other companies

●      No, as stated before, Matthews is in the forefront of adapting new technologies

●      Because of how largely successful Matthew’s has been, international competition has been dominated year after year due to its rock-solid reputation it holds.

●      One of the major dislikes about this company has been how expensive its products have been. From an early stage, Matthews has always been one of the most expensive brands in the industry. Many complaints have been made about pricing.

●      Market demand for compound bows has grown over the years. The sport of hunting has grown in popularity since the introduction of social media. This has led to more individuals becoming interested in hunting. With that being said the need for bows has also increased over the past decade.

Mission, Objectives & Goals

Matthews wants to ensure customer satisfaction and needs met through the services they provide. 

To be the top seller of compound bows internationally and nationally. 

To create a lasting footprint in youth archery through the upcoming years.

To have the majority of professional archers shooting Matthew’s made bows. 

Matthew’s goal is to increase sponsorship by 20% over the next fiscal year. 

Matthew’s goal is to increase the production of youth bows by 10% over the next fiscal year. 

Matthew’s goal is to increase popularity by 15% within the next 6 months. 

Ethics and Social Responsibility

Current Status

Matthews ensures that their company is constantly working in order to ensure corporate responsibility. They pride themselves on making sure insider trading does not happen inside the company. Matthews is a huge advocate for wildlife management and preservation to ensure wild game is left for all to enjoy and harvest. They hold annual benefit dinners that directly impact the community and give back to those who give. They are also a major supporter of many youths’ archery programs that introduce young boys and girls to the sport of archery. 

Recommendations

To ensure that the organizations goals are align with ethical values, Matthews should continue to ask and provide customer feedback on a monthly basis. By doing this Matthews can ensure that they are reaching their customers’ needs and providing products that are top tier. I recommend that Matthews commit to protecting their employees as well as ensuring that the workplace environment is safe and healthy. Employees are what keep a company moving, so in order to create great products, employees need must come first. 

Marketing Information and Research

Research Question

Matthews wants to ensure that their customers’ needs are met to the highest standards. Customers’ needs are some of the highest priorities in the business world. We are trying to ensure that once customers are made, they will stay for life and become lifetime supporters of Matthews. We want to keep them coming back. 

Information Needed

Matthews needs constant customer feedback. How do we accomplish this? We reach out to the customers and ask for not only feedback, but recommendations that they feel would make their buying experience and product usage more effective and easier. Matthew’s will now be emailing and sending newsletter out weekly to encourage feedback and let the customers know what is to come.  

Research Recommendations

Primary, secondary and focus groups are the methods that will be sued to increase customer satisfaction. Mostly secondary will be used to acquire the information needed to solve problems that exist inside the organization.

Customer Decision-Making Profile

Identifying the Customer and Problem

A primary decision maker when making a purchase of a Matthews bow is archery enthusiast or the individual who will be using the product. These individuals are 20–60-year-old men and women who have a passion for the outdoors as well as a passion for archery. These individuals responsible for purchasing a bow base their decisions off the idea of wanting a great shooting bow that will be reliable for many years to come. Most who purchase Matthews, look at it as an investment that will pay itself off in the years to come. The purchase of a Matthews bow will allow the user to have a ground-breaking bow that will last and be reliable for many years after the purchase

Factors Influencing Customer Decisions

●      The target segment for this product spans across the United States and beyond. The majority of this segment reaches from the everglades to the Rockies and all across the Midwest. The exception to this being Hawaii due to its geographic location. From the warmth of Florida to the bitter cold of Minnesota, climate is no factor when purchasing a bow because it can be used in all climates and temperate.

●       For personal and demographic characteristics, the target segment revolves around both males and females that range from ages 20-55 years old. Most individuals who are looking to purchase a Matthews bow have not yet entered the family stages of life. Most are young adults who are early in their careers with an expendable income. Most who are looking for a Matthews have a solid income and are ready to step up their archery game. With that being said, most of the individuals who purchase one are adventurous, ambitious outdoorsman.

●      The market offering for high end bows is low, so brand loyalty plays a large part in keeping a following for many years. Similar to Harley Davidson, once a following is found, they keep customers coming back due to the brand reputation they have created. For Matthews, they have created a brand that is top of the line and keeps individuals around for many years. For most, buying a Matthews is not just something done on a whim. The level of involvement for most archers is high once they have decided to purchase a Matthews or other high-end bow. The level of involvement is very high for most archers because of it being looked at as a lifetime investment.

Reaching the Customer

 The first marketing strategy would be to relate users to this elite class of archers and portray it as a choice of champions and successful archers. We want to market the idea that if you own a purchase a Matthews you are serious about bow hunting, and “You know what you’re doing”.

The Second marketing strategy would be to bring perspective users into the elite class that Matthews has established. Rather than one lump payment, we would introduce an easy six payment plan that allows users to get the bow in their hands while not having to worry about one large payment. 

Positioning and Differentiation

Competitive Advantages

When looking at purchasing a new compound bow, there is no better decision than purchasing a Matthews. Matthews has been the leader in compound bow technology for over 15 years and is still at the top of its game. Some features that make these bows so different from the rest is the technology behind it. Matthews bows are designed using Solocam Technology that makes for increased accuracy in tight situations. Another feature that makes these bows so unique, is the Harmonic Dampening System that are built into each bow. This system eliminates hand shock and vibration that allows for improved accuracy and less noise after the shot. Lastly, what makes these bows so different from the rest is the customizability. Allowing customers to completely design their bow from the ground up is what keep folks coming back year after year. From string color to riser color, the bow can be completely customized to the buyers needs and wants.

Market Niche and Positioning Strategy

The market niche that needs to be filled is compound bows that are built with the customer in mind. The features that are included are aimed at comfort, accuracy, and dependability. These features are what we want to include when trying to satisfy our customer’s needs. For a price point, we aim to create affordable ways that customers can get the bow in their hands without breaking the bank. $1,500 is right about where we can meet customers while still creating income. With the payment plan in place customers can get their bow, while being able to make payments within the coming months of purchases.

Positioning Statement

To outdoorsmen, Matthews Archery is the only compound bow to deliver maximum shoot ability and accuracy because of the expert technology used to craft each and every bow from start to finish. 

Repositioning Considerations

Not necessarily due to the fact that Matthews is the most successful archery company on the market. There are improvements to be made but overall, Matthews has a great organization focused on customer service. 

Branding

Brand Description

The brand that is being built is an organization focused on creating the world’s most reliable and complete bows on the market. Today, Matthews is known for making some of the most incredible bows we’ve seen today. Customers all over know the reputation that Matthews carries. They stand behind their bows and never waver from a challenge. They continue to pioneer and lead the way for the archery market. 

Brand Promise

Matthews promises to deliver the best technology and performance available. Matthews promises to continue to pioneer bows that will continue to deliver groundbreaking performance for years and years to come. When you put your hands on a Matthews bow you are touching a product that is backed with years of commitment, dedication, and ethics that have been around for over 20 years. 

Brand Voice and Personality

●      Matthews is an organization that creates masterpieces focused on customers needs. 

●      Matthews is never satisfied and continues to look for ways to improve and deliver. 

Brand Positioning and Strategy

By branding Matthew’s, it will allow customer to have a better understanding of what drives this organization. We plan to continue to contribute to environmental management and creating a brand that customers have grown to love. 

Marketing Mix (4Ps)

Product Strategy

The Matthews V3X is the best bow on the market at this time. This bow is ahead of its time with features that were introduced with the customer in mind. The V3X has the highest level of quality Matthews has ever offered. This bow was designed with the user in mind, making it the most advanced bow to date. The bow was completely redesigned with the ultimate goal of total balance. This bow offers features that have never been available until now. The V3X is designed to pair perfectly with Matthew’s line of bow accessories that offer cutting edge technology for success in the field. This includes their new Bridge-Lock sight technology to enhance balance and stability through every shot. New to this year is the Stay Afield System which allows hunter to make major adjustments in the field without the need of a bow press. The LowPro quivers are new to this year with a complete redesign that cuts down bulk and makes for a slim, more compact bow. Along with these features, Matthews also offers other accessories that can be added or removed with a few simple adjustments. It can be ordered in 8 of Matthews top notch finishes, and customized string and cable colors. 

The design of this new bow is the most advanced bow Matthews has ever offered. This bow offers the best accuracy and consistency seen out of a flagship hunting bow. The V3X accessory system is second to none this year with the many features that keep the shooter comfortable and confident. Overall, this bow is a masterpiece but does have slight knock to it. Despite being one of the quietest bows on the market, the V3X does has some slight vibration after the shot. This can be improved by rearranging the stabilizer bar and riser height. 

Pricing Strategy

·       Matthew's V3X starts around $1,129 MSRP. Compared to most other flagship bows, this is one of the more expensive models. Throughout the years Matthews have slowly increased the prices of their bows endorser to profit with the new technology used to create these bows. Through the past 5 years, price has only gone up $100 to $200 more. With this being said Matthew’s customers have not wavered from their favorite bow brand. Most customers are willing to pay the increase in price because they know what the product, they are receiving is one of the best that money can buy. 

·       In order for Matthews to break even, their bows need to be sold for around $1,129 to $1,229. If the bows are marked less than this at market price, it would be extremely difficult to meet the requirements of achieving profitability. Over the past fiscal year, Matthews was able to surpass expectations for the years goals. The V3X is now one of the most grossing bows on the market. 

·       When it comes to price there is no doubt why these bows are marked the way that they are? Matthews produces the highest class bows on the market which is why the price of these is indeed high. Although when you pay for a bow of this caliber, you are getting the absolute best quality and value available. Customers have said over and over that the price of a Matthews bow is worth it through and through. 

Place: Distribution Strategy

·       Matthew's distribution strategy will include distributors, retailers, agents, and online markets. Matthew's looks to use all these strategies because they feel that they are the best ways to reach the customers’ needs without saturating the market with a plethora of bows that will drive the market price of these bows down. As stated before, Matthews likes to create bows designed for the individual. Matthews feels these methods are kept to ensuring customers are taken care of while not overpopulating the market. 

·       Matthews will not have a retail outlet for its products at this time. The reason for this is because large retailers move enormous amounts f products over a short period of time. It also means that profit margins are fixed and does not allow for Matthews to have any say in what the retailers charge for their products. 

·       Matthew’s products will be available all across the United States. The brand is gaining popularity in New Zealand and Australia and is looking to expand across waters in-order to reach its customers. These products will be available in every state in the country, as well as available for online purchase. 

Promotion: Integrated Marketing Communications Strategy

Approach

Matthew’s will continue to use social media platforms, email headliners, and sponsor sporting events with giveaways up to $1000 worth of merchandise. The giveaways that occur at these sponsored events will help increase interest in the brand and give individual’s a look at the products Matthew’s has to offer. In addition to that, monthly giveaways will take place on the social media pages. Individuals will be entered by posting specific outdoor content with the hashtag #TeamMatthew’s. By using the hashtag, we can build awareness and find the target audience across all platforms. By using the hashtag, our team can evaluate how many people interact with posts, reels, and videos to gage if media influence needs to be raised. Hold an annual archery expo to introduce new products and services.

Goal

●      Matthew’s target segment is focused on young outdoorsman and women who have a passion for archery and the outdoors.

●      Matthew’s goal is to bring new customers to the brand as well as provide them with the best built bows in the market. 

●      Matthew’s call to action is “Come find your dream bow with us!”

Messages

1)    The annual Matthew’s Archery Expo will be held every year to provide customers a chance to network, purchase, and explore everything that Matthew’s has to offer. This expo will feature expert help and feature some of our professional archers who use Matthew’s equipment. 

2)    This expo allows for many opportunities not just for customers, but those who are interested in becoming a rep for Matthew’s Archery. Opening the door to new networks and connections to be made that last a lifetime. 

3)    Fellow archers return in abundance every year because of the world-class archers that attend and share tips, tricks, and help about the archery world.  

4)    Pre-register today to claim your spot!

Promotional Mix and IMC Tools

Digital Marketing

●      Website: Create custom hashtags to allow information to be filtered. This includes social media platforms like LinkedIn, TikTok, Instagram, and Twitter. 

Direct Marketing

●      Email marketing: Conduct email campaigns to reach the target audiences and encourage interaction with the brand. Weekly headliners that announce what is to come in the coming months. 

Sales Promotion + Digital Marketing

●      Contest/giveaway: Offer giveaway through Facebook, Twitter and LinkedIn posts trigger interaction with new and existing customers. These giveaways can be obtained by creating posts, tweets, and ads. 

Sales Alignment

This campaign operates at stages 1,2,3, and 5. 

The Matthews’s expo supports sales activity by allowing opportunities for sales during the expo as well as encouraging sales if one was not completed during the expo. 

Measurement (KPIs - Key Performance Indicators)

●      Impressions - views of content

-By exposing product during the campaign, we can gain customer interactions and interest before the purchase is made. 

●      CTR - click-through rate

-The CTR will allow us to monitor our websites and gage whether or not we are receiving the wanted number of interactions through the website. Viewing this allows for changes to be made. 

●      Engagement - comments, likes, shares, page views, video views

-Engagement allows us to see the types of interactions we are receiving. This will allow us to judge what class of people are interested. 

●      Followers - social media (Facebook, Twitter, LinkedIn, YouTube)

-Followers are everything when it comes to social media. If we can achieve follows from prominent celebrities and sportsmen and women, the better chances of it leading to interactions from their fans. 

Budget  

Item

Purpose

Cost Estimate

Example: White paper authored by technical writer

Layout the business case because recruiting managers need an easier tool for vetting resumes and reference checking in the technology industry

$500.00

Printing of white paper for ads and posters

Gain exposure for the brand and help in recruiting customers. 

$400.00

Giveaways 

Organize products and prizes to give away to increase brand popularity and product exposure. 

$2000.00

Brand Stickers

Print stickers to give out to all who attend to increase brand recognition. 

$300.00

Social Media Designer

Create social media posts on all platforms to allow chances for giveaways and keep media up to date with company activities. 

$7000.00

Expo Hall 

Place to hold the expo. 

$2,500.00

Professional Influencers

Bring in professionals to share and explain their reason for shooting with Matthew’s 

$900.00

Add additional rows as needed.

Estimated campaign impact: [$34,000]

Action Plan

Timing 

Activity Type

Brief Description

Audience

Owner

Today’s Date

Website Update

Update old information and create new ads for campaign

Tech company hiring managers

Matt McPherson

 10-10-22

Rebrand social media platforms 

Update platforms to include new and upcoming products 

New and existing customers

Matt McPherson

10-30-22

Recruit professional archers  

Recruit national archers to enlist in this expo and encourage new sponsorships

Professional archery individual’s 

Matt McPherson

11-15-22

New product Line 

Create new bows that can be revealed at the expo

Company and customers

Matt McPherson 

11-30-22

Print merchandise and brand recognition tools

Advertise new campaign and create t-shirts, posters, ads, and stickers that can be used for new product line. 

Campaign managers 

Matt McPherson 

1-1-23

Launch expo 

Launch expo and increase brand exposure

All customers, employees and fans. 

Matt McPherson 

Add additional rows as needed.

Risk Factors

Matthews wants to remove threats of other companies trying to copy our technology. We have decided that to eliminate this, we will continue to patent the technology as the years go on. 

We want to focus on our customers and make sure that they are the most important part of our brand. To ensure this we want to take the time to reach out and hear the concerns that each may have. 

Attributions

CC LICENSED CONTENT, SHARED PREVIOUSLY

Flinders Business School Marketing Plan Template. Authored by David Medlow-Smith. Located at: https://archive.org/details/FlindersBusinessSchoolMarketingPlan2. License: CC BY-SA.

ORIGINAL CONTENT

SWOT and Integrated Marketing Communications Templates. Authored by Melissa Barker. License: CC BY:Attribution.

Revision and adaptation. Authored by Lumen Learning. License: CC BY-SA.

Revision and adaptation. Authored by Waymon D. “Wade” Hyde, faculty, El Centro College/Dallas County Community College District. License: CC BY-SA.