One of the pricing strategies mentioned in the lesson is Price Bundling.
Think about a bundled product that you or someone you know have purchased.
Example: The current shortage of Playstation 5 Consoles has caused many companies to bundle the console with games and additional accessories.
In this assignment, you are going to create your own bundle based on the following scenario.
You are the owners of your own Sporting Goods store. Although sales for sports equipment is going well, it appears that sports apparel sales are lagging. How can you use a product bundling strategy to increase your store's profit?
Research three examples of product bundling in today's marketplace. After your research, prepare a visual with information to present your own strategy for the Sporting Goods store. Your visual could be a Powerpoint, Google Slide, video (still or motion), etc.
One potential strategy to increase sales of sports apparel in the Sporting Goods store could be to create a bundle that combines different pieces of clothing and accessories related to a specific sport. For example, creating a "Basketball Bundle" that includes a basketball jersey, shorts, socks, and a basketball.
Research Example 1: Nike
Nike often offers product bundles, such as their "Training Bundle" that includes a pair of training shoes, shorts, a t-shirt, and a gym bag. They also have "Running Bundles" that include running shoes, socks, and a hat. These bundles provide customers with a complete set of apparel and accessories for their specific activity.
Research Example 2: Adidas
Adidas has a "Football Bundle" that includes a football jersey, shorts, socks, and cleats. They also offer a "Running Bundle" with a running t-shirt, shorts, socks, and running shoes. These bundles cater to different sports and provide customers with a convenient way to purchase all the necessary apparel in one package.
Research Example 3: Under Armour
Under Armour offers a "Gym Essentials Bundle" that includes a gym bag, t-shirt, shorts, socks, and a water bottle. They also have a "Outdoor Bundle" with a jacket, pants, gloves, and a hat. These bundles are designed to provide customers with all the necessary apparel and accessories for specific settings or activities.
Based on this research, the visual for our Sporting Goods store's product bundling strategy could be a Powerpoint slide that showcases the different "Sport Bundles" we offer. The slide could include images of the bundled items, a description of the included products, and the discounted price compared to purchasing each item separately. Additionally, we could emphasize the convenience and cost savings of buying a bundle compared to purchasing individual items.