PUMA brand report

PUMA

Emmie Shilling / 40088087 Brand Report Study Block 1 Word Count (excluding references) 2581

(Remi SevenOneThree n.d.)

1

“ FOREVER

2

FASTER ”

3

05 INTRODUCTION

11

BRAND ICEBERG

15

17

19

21

IDENTITY

BRAND EXTENSION

TIME LINE

PRODUCT

44

23 25 27 29 31

POPs & PODs

INNOVATION SCALE

MARKETING

BRAND EXTENSION & CONCLUSION

BIBLIOGRAPHY

5

INTRODUCTION

WHO? WHAT?

EST. 1948 >> PUMA

PUMA is a fast-adapting brand that utilises innovative technology to advance its brand and contribute towards a better future. For 70 years, the company has ‘relentlessly pushed sport and culture forward’ and continues to be one of the ‘fastest Sports brands in the world’. PUMA is a performance-driven brand with a rebellious attitude made for individuals who act upon their instincts. Their mantra ‘Forever Faster’ subconsciously symbolises the dominant power of a puma and therefore associates the brand with ‘the fastest athletes on the planet’.

(Remi SevenOneThree n.d.)

(Remi SevenOneThree n.d.)

(Remi SevenOneThree n.d.)

(Remi SevenOneThree n.d.)

6

7

INTRODUCTION >>

MISSION VISION VALUES

MISSION Puma repositioned itself back in 2014 and created a new long-term mission of becoming “the fastest brand in the world”.

• • • •

Fast in creating innovative products Fast in trendsetting Fast in decision making Fast in strategic operations

("Mondo Duplantis | PUMA GB 2019" 2019)

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VALUES PUMA’s persona has been influenced by their legacy and relentless desire to create ‘fast products for the world’s fastest athletes’ (“PUMA’s History” 2021). PUMA created these values to be associated with the best athletes in the world and create ambition for their consumers to strive towards.

• • • •

Be Brave Be Confident Be Determined Be Joyful

VISION “To be the most desirable and sustainable Sport lifestyle company in the world.”

(MITCHELL 2019)

9

TARGET CUSTOMER >>

(Analis Cruz 2021)

(tereasa.aratoe.com n.d.)

(Chelsea Flynn n.d.)

(Society19 2020)

10

(Vivinch n.d.)

(Gossip Boy 2020)

(Lifestyle By PS n.d.)

(Photo By Anastase Maragos 2020)

11

BRAND ICEBERG >>

VISIBLE FACTORS NON-VISIBLE FACTORS

To construct a successful organisation brands ‘build from beneath the surface’ and incorporate all of the hidden elements to ensure their business is shaped and targeted towards their consumers (“Branding Iceberg - What People Don’t See About Branding” 2020). ‘The Branding Iceberg demonstrates that the brand promise is delivered by the whole organisation, not just by the Brand Manager or the Marketing Department.’ (Nixon 2010). PUMA’s promise to innovate and be ‘Forever Faster’ can be seen directly by the customer but also below the waterline in their business operations. They have recognised the importance of building a branding strategy and understand that ‘advertising only works when it is supported by the customer experience’ (Burgess 2011).

PUMA is optimising their visual identity by using powerful imagery of athletes to inspire customers. The brand partnered with Neymar Junior in their 2020 third quarter and consequently increased sales by 13.3%. (“PUMA’S Sales and Profitability Rebound in The Third Quarter PUMA” 2020).

("Home | PUMA GB 2019" 2019)

12

("Neymar Jr. Official" 2020)

13 The discreet elements of the iceberg offer organisation, quality, value, and business efficiency. Without these features the customer’s perception will differ from what the brand thinks it is and at the end of the day, ‘customers will believe their own experience before they believe the advertising’ (Burgess 2011). PUMA’s internal target is to ensure by 2025 ‘90% of all Footwear contains at least one more sustainable component’ ("Our Sustainability Targets” 2021). PUMA has recognised the demand for sustainable products and thus this target has been set. Before releasing this externally, PUMA will have communicated to the brand internally to ensure that everyone is aware of the extent to which the organisation is meeting customer’s needs.

("Our People | PUMA GB 2019" 2019)

PUMA’s tone of voice is confident and reflects the core values of the brand. They use powerful words when describing their brand to show the determination they have to become “the most desirable and sustainable Sport lifestyle company in the world” and to connect with their passionate consumers.

PUMA uses humour to promote joy and show the passion that they have. They also reflect bravery by prompting people to take risks and follow in the footsteps of PUMA.

CONFIDENT

HUMOUR

POWERFUL

14

("Mondo Duplantis | PUMA GB 2019" 2019)

The PUMA Group owns the brand’s PUMA, Cobra Golf, and Trentorn, along with the associated companies Dobotex and Brandon. PUMA is the principal company and accounts for the majority of the brand’s net sales, meaning the leadership team prioritises this brand.

Dobotex, Brandon, and Cobra Gold are joined with PUMA’s core business values and adapt in coordination with PUMA’s strategies.

PUMA GROUP

(PUMA n.d.)

(Brandon n.d.)

(Cobra golf n.d.)

(Dobotex n.d.)

(Tretorn n.d.)

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BRAND IDENTITY >>

IDENTITY PRISM SIGNS

The brand identity theory is shown through several types of expressions and each expression has a specific identity that contributes to the build-up of PUMA. The sportive brand identifies as ‘innovative’ and ‘determined’ to create an acceptable identity and they use consistency throughout. ‘Visuals cause a faster and stronger reaction than words. They help users engage with the content, and such emotional reactions influence information retention’ (“Studies Confirm The Power Of Visuals To Engage Your Audience In Elearning” 2014). We live in a world overwhelmed by signs and logos and the associations we make with signs give them significance. PUMA’s sportive identity is supported by their minimalistic yet powerful logo and use of the animal puma. A puma is the fastest animal on the planet and therefore signifies vitality, power, and strength.

PUMA touch on their values by using the Avenir Black typeface in their logo, titles, and packaging. This simple yet confident font makes it instantly recognisable and connects with the target audience due to its powerful perception. PUMA uses the colours black, white and red to influence and discreetly create a strong perception associated with the brand. ‘Our prehistoric ancestors saw red as the colour of fire, blood, and energy’ (Morton 2021). According to a study conducted by Samford University, those who wear the colour red when competing ‘scored significantly higher in aggression and dominance than the athletes in blue or grey.’ (Williams 2017). When humans focus on the colour red their retina is forced to grow. PUMA has cleverly associated this with the alertness athletes experience when waiting on the starting line.

(" PANTONE Black 6 C" 2021)

("PANTONE Bright Red C" 2021)

(PUMA LOGO n.d.)

16 Sports and fashion Innovation Colours: red, white & black Strength & vitality

Sporty Lifestyle Neymar.Jr

PHYSIQUE

Heritage Quality Determination

RELATIONSHIP

REFLECTION

Youthful Masculine Sporty

(Warmann 2010)

PERSONALITY

CULTURE

SELF-IMAGE

Fast at what they do A determined lifestyle

("PUMA Men's Enzo 2 Sneaker Red, Sneakers And Athletic Shoes, Famous Footwear" 2021)

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TIME LINE >>

(Islamic Publishing 2021)

(Super Atom Shoe 2017)

(PUMA n.d.)

1948

1952

1967

(PUMA Boat Race 2013)

(Bjørn Gulden 2018)

(PUMA 2021)

2008

2013

2018

Rudolf Dassler founded ‘RUDA’. After 4 moths Rudolf renamed and the PUMA brand was born.

PUMA races 68.524km to prove that they want to be ‘Forever Faster’.

PUMA launches the Super Atom football shoe - the first boot with screw-in studs.

Former football professional Bjørn Gulden is appointed as the new Chief Executive Office.

The globally recogni was designed and o have been made.

PUMA adds the bask back to its business

ised ‘NO. 1 Logo’ only minor changes

ketball category s portfolio

18 (Belfast telegraph 2020)

(Jil Sander X PUMA n.d.)

1972

1998

(PUMA 2021)

("ONLY SEE GREAT" 2021)

2019

2021

PUMA partners with Mary Peters, Randy Williams, and John Akii-Bua.

The company launches a new stateof-the-art technology platform Fit Intelligence.

PUMA becomes the first sports brand to merge sports and fashion with designer Jil Sander.

Puma launches ‘Only See Great’ campaign that will take consumers into the minds of its athletes and ambassadors.

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BRAND EXTENSION >>

EXTENSION INNOVATION SCALE

Brand extensions and collaborations rose to popularity in the 1990s due to the increase of competition in an already saturated fashion industry. This model has resulted in brands redefining/modifying their core products to optimise sales and appeal to a different customer segment. To be accepted by the customer, the product must still be distinctive to that specific company and deliver the right emotional association. A successful example of how PUMA extended their brand can be seen with the immensely effective PUMATRAC app.

This app enables users to follow video guided workouts and track their training. PUMATRAC is consistent and coherent with the global brand image and there is a low risk for the company to lose its identity through this strategy.

Herbert Marshall McLuhan is a global theorist and recognises how television and electronic devices shape the way consumers think. His book mentions how modern science and technology are neither good nor bad, is it the way they are used that decides their value, which underpins the core fact that ‘the medium is the message’. The PUMATRAC app allows users to follow online workouts with PUMA’s brand ambassadors. This creates a strong emotional association with their customers as it enables individuals to follow along with inspirational athletes, which is a unique differentiation strategy.

("Mondo Duplantis | PUMA GB 2019" 2019)

20

("PUMATRAC - Training & Running" 2021)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

LOW INNOVATION

MEDIUM INNOVATION HIGH INNOVATION

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PRODUCT >>

POSITIONING BRANDING PUMA position their products by ‘emphasising unique features, benefits and advantages to the end-customer.’ (“Positioning Categories” 2021). The brand promises to deliver ‘new, better, different and meaningful’ products that are one step ahead of the industry standard.

PUMA market to both men and women and the core products they sell include T-shirts, leggings, trousers and shoes. Their prices range from £25 to £180 for essential trainers. In 2016 PUMA released its first self-lacing shoe called Fit Intelligence By using technology that is ‘smarter, lighter and more commercial’, PUMA has outperformed all industry competitors and created a trendy product for their loyal customer base (“Fit Intelligence” 2021).

Customers are willing to pay the difference between the production cost and the market price because of branding. 16-36-year-old buy this shoe as it is a status symbol and directly linked to PUMA and their powerful identity.

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

LOW INNOVATION

("Women’s Trainer Carina White Patent" 2021)

MEDIUM INNOVATION HIGH INNOVATION

(PUMA Trainers n.d.)

("Fit Intelligence" 2021)

("Fit Intelligence" 2021)

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23

POPS & PODS >>

POINT OF PARITY POINTS OF DIFFERENCE This breakdown categorises the differences and connections PUMA has with its two biggest competitors in the sporting market. PUMA has found multiple methods to differentiate themselves from Nike and Adidas while still maintaining similar products and target audiences.

‘PUMA’s generic strategy is differentiation’ and is applied to all aspects of their business operations. This basic approach generates ‘competitive advantage by developing the uniqueness of the business and its products (…) through innovation in the design of athletic footwear.’ (ROWLAND 2019). Their differentiation strategy allows them to attain their corporate mission and vision and put into practice their values (e.g., ‘Be Brave and ‘Be Determined’). The success of being the third-largest sporting company is partly based on PUMA’s intensive strategies for growth, for example, market penetration and product development. PUMA's strategy to be ‘Forever Faster' and incorporate technology into athletic products allows them to keep up with their core competitors yet stay ahead of other players in this saturated industry.

Adidas gain a competitive advantage over their competitors by offering high-quality products at a strategically lower price. Adidas ‘push the boundaries of products, experiences, and services’ allowing them to ‘own the game’. Adidas associate themselves with the sporting community by sponsoring major events like FIFA, Olympics, and the NBA. Unlike other brands, Adidas ask for customer feedback and believe ‘consumers drive structural change’. This differentiation strategy creates ‘deepened relationships with their consumers’ and allow Adidas to preserve a lasting profitable connection with its consumers at a lower cost ("Adidas Strategy" 2021).

Nike’s differentiation strategy is to design products that uphold the industry standard. The brand does not have an extensive product range compared to other competitors; however, this method allows them to maintain a level of innovation and make sure the products they do sell are developed to the highest standard. ‘Their business model is simple: offer highquality sports materials and customers will be willing to pay higher prices’ (Luenendonk 2019). ("Redirect Notice" 2021)

24 POPULAR

("Redirect Notice" 2021)

HIGH INNOVATION

(Adidas n.d.)

LOW INNOVATION

(PUMA LOGO n.d.)

NOT POPULAR

‘Financially, PUMA falls quite far behind both Nike and Adidas.’ In the 2015 Brand Finance Global report ‘Nike ranked #29, Adidas #190 and PUMA was not on the list.’ (“Major Point of Parity Between These Three Brands Is That Footwear Is Their | Course Hero” 2021). All three brands have extensive growth strategies and a strong commitment to sustainability.

PUMA ‘aim to reduce the emissions of their supply chain by 60% relative to sales between 2017 and 2030’ (“PUMA - Environment” 2021) and Adidas’s ambition is to ‘source 100% of their cotton more sustainably’ (Nike 2020).

All three brands use the promotional strategy of working with celebrities and worldfamous athletes to increase their brand image and exposure. PUMA work with Neymar Jr, Adidas have Beyonce and finally Nike endorse Michael Jordan.

And lastly, they all are using innovation to advance their product ranges and meet customers expectations.

25

INNOVATION SCALE >>

MEDIUM INNOVATION UNIQUE INNOVATION

PUMA extension products range from medium innovation to unfaithful innovation. The RS Computer shoe is revolutionary and uses smart technology to improve track running performance. This product has undergone natural modernisation throughout the years; however, the product only has few features that are different from the original style of the brand and therefore is a medium innovation product. The RS Computer shoe is targeted towards 20-something urban runners looking to elevate their performance.

The PUMA playset is an example of unfaithful innovation as it is a seat designed for any gamer. This strategy enabled the company to gain a new customer segment and refresh the brands product selection. ‘The game seat follows movements’ and ‘lets users get the maximum out of their gaming performance.’ PUMA cleverly linked this unique product back to their brand mantra as they want their demographic to be ‘Forever Faster’ in everything they do. ("Playseat® | PUMA Active Gaming Seat - For All Your Racing Needs" 2021). The game chair is targeted towards young passionate gamers with disposable income.

(Greenwald 2021)

("PUMA Reissues The RS-Computer Shoe" 2018)

26

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

LOW INNOVATION

MEDIUM INNOVATION HIGH INNOVATION

("PUMA Reissues The RS-Computer Shoe" 2018)

(Greenwald 2021)

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MARKETING >>

MARKETING STRATEGIES COMMUNICATIONS PUMA’s mission is ‘to be the fastest sports brand in the world’ which resonates with their driven consumers as it encourages them to ‘be fast and strive for their goals’ (Darbinyan 2021). PUMA strive to make its buyers feel powerful and therefore the brand uses various marketing strategies to show how life changing their products can be. In terms of Maslow’s hierarchy of needs, PUMA’s consumers buy their products to fulfil their self-image and ego needs (status needs). The brand uses all social media platforms to communicate to their 16-36-year-old target demographic, with their preferred platform being Instagram (11.7m followers).

In this post PUMA used their caption to validate why their brand is life changing. It states ‘holding onto these hoop dreams’ (PUMA 2021). The brand cleverly used this caption to announce the drop of PUMA x Jermaine Cole’s sneaker collaboration called Dreamer 2. This reiterates how the brand is inspiring its customers to always prioritise their dreams. The image also shows Jermaine gazing at a basketball hoop, as the dream would be throwing the ball directly into the hoop first go.

PUMA understands how their young consumers are driven and the brand are subtly stating how these shoes will turn their dreams into reality.

(PUMA 2021)

‘PUMA uses a mix of demographic, geographic and psycho graphic segmentation strategies to understand the changing needs of customers’ in a saturated market (Bhasin 2018).

The company uses virtually the same promotional strategy across different countries from television commercials to print media. PUMA is one of the leading sports brands that appoint brand ambassadors to product lines, the catalogue includes the likes of Kylie Jenner, Rihanna and Usain Bolt. To promote their women’s line Kylie Jenner made an appearance showcasing the brands designer apparel and collaboration with this A-list celebrity.

PUMA have two marketing strategies that have supported their growth in the last few years.

Targeting strategies PUMA track each of their market segments to identify specific trends and patterns associated to that group. This allows the brand to directly advertise products they are likely to buy to each group.

Positioning & Recognition ‘Positioning refers to the place that a brand or company holds in the consumer’s mind’ (“5 Business Marketing Moves That Made Puma One Of The Fastest Growing Companies In The World WCD” 2021). According to a survey conducted on 73 respondents for this report, PUMA is known to consumers as an ‘athletic and leisure wear’ company.

28

29

CONCLUSION >>

BRAND EXTENSION CONCLUSION

The next natural step for PUMA is to release a sports nutrition range to help power their consumers forward. The launch of PUMAPOWER will emphasise the brands commitment to innovation and desire to ‘change the game and be forever faster’ ("PUMA's Innovation Landmarks" 2021). A selection of five products will make up the initial launch and will be aimed at 20-27-yearold men and women. Those who take supplements are said to train more often, so, PUMAPOWER will collaborate with Pure Gym to ensure maximum exposure to the desired target market. This extension is unique to the brand and the sporting market as no close competitors have released a range like this.

To conclude, PUMA promise to innovate and be ‘Forever Faster’ and they understand that ‘advertising only works when it is supported by the customer experience’ (Burgess 2011). PUMA’s world-renowned logo is a visual representation of a powerful and dominant animal. Thus, in this respect it is the semiotic representation which is driving ambitious sports people to buy into the PUMA lifestyle. PUMA's strategy to be “the fastest brand in the world”and incorporate technology into athletic products allows them to keep up with their core competitors yet stay ahead of other players in this saturated industry.

(PUMA LOGO n.d.)

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(Remi SevenOneThree n.d.)