ASICS SWOT analysis – SWOT analysis of ASICS: It is a Japanese multinational corporation that designs athletic footwear, fitness apparel, and other accessories for various sports. The name of the company is a term used to describe “Anima Sana InCorpore Sano” which is a Latin phrase that means “Sound Mind in a Sound Body”. The company’s name is synonymous with quality, innovation, quality, and authenticity.
It creates sports-related products and also distributes, sells, and sells these items. The portfolio of products range comprises apparel accessories for both men and women, shoes, etc. The portfolio also includes gloves, balls for sports bats, socks, as well as protective gear. It is located across Asia, Africa, Europe as well as America. ASICS sells its products via the company’s retail stores as well as independent distributors, and licensees.
ASICS fun facts: Uma Thurman (a.k.a. Kiddo) were actually yellow ASICS shoes in famous Kill Bill Vol. 1 movie.
About ASICS – SWOT analysis of ASICS
Company: ASICS Corporation
CEO: Motoi Oyama
Founder: Kihachiro Onitsuka
Year founded: 21 July 1977, Kobe, Hyogo, Japan
Headquarters: Chuo Ward, Kobe, Hyogo, Japan
Annual Revenue: Yen¥2.6 Billion
Profit | Net income: Yen¥346.08 Million
Number of employees: 8,904
Products & Services: Cricket Essentials | Shoes | Clothes | Accessories
Competitors: Nike | Under Armour | Adidas | Reebok | PUMA | New Balance | FILA | Deckers | Brooks Running | Converse | Bata | Liberty Shoes
SWOT analysis of ASICS – ASICS SWOT analysis
SWOT Analysis Of ASICS is brand-based. SWOT Analysis of ASICS evaluates the brand’s strengths, weaknesses, opportunities, and threats. Advantages and disadvantages can be attributed to internal factors while opportunities and threats can be attributed to external factors. We will be discussing ASICS’s SWOT Analysis. Below is the detailed SWOT Analysis of ASICS.
Let’s talk about ASICS’s SWOT assessment.
Strengths of ASICS – ASICS SWOT analysis
- Leader in Innovation
Marketing91 has put its money into numerous studies as well as creation centers. They collaborate with female and male athletes to develop products that have changed the field of sports. They have used technologies such as core GEL cushioning system, Flytefoam techniques, and Heel clutching systems to create performance-enhancing apparel and footwear in the market. With the aid of static foot ID equipment coupled with a unique program to analyze gait, ASICS recommends the best shoes for the client.
- The sponsorship and management of international players and teams:
It also sponsors Australia’s well-known Western Bulldog team. For instance, ASICS sponsors Australia’s national cricket team as well as the South African national team. ASICS also has a partnership with Yuki Bhambri who is an elite tennis player from India. On September 7, 2018, ASICS became an IPC official supplier. This was done to help the Paralympic Movement
The associations with international teams and athletes have contributed to ASICS establishing itself as a reliable brand that aids consumers and athletes achieve their goals by providing technologically-driven products. This has allowed it to establish itself as a distinct name in sporting apparel.
- Global Presence that gives you a wide reach
ASICS is present across America, Europe, South Asia, East Asia, etc. In India, ASICS is contemplating opening more than 20 stores with a single brand. ASICS will also keep options to open its own stores once it meets the local sourcing requirements as per the current FDI policy in India. Globalization gives ASICS more access to talented people and opens up new opportunities. The global business scale has assisted ASICS to increase the size of its shares in the market while reducing costs and improving its competitiveness.
Weaknesses of ASICS – SWOT Analysis Of ASICS
- Insufficient sports culture
Different countries around the globe aren’t as enthusiastic about sports. ASICS is investing in sponsoring a range of athletes and sports clubs across the globe with the final goal of reaching more people as well as younger viewers. There are markets in which people don’t seem to enjoy sports, or there’s any game that’s popular with those in these markets. it’s difficult for ASICS to generate the demand.
- Differentiation can result in branding dilution
ASICS brand is the most renowned for its shoes. It incorporates a variety of techniques in creating footwear for different sports. The brand has earned the trust and good brand worth. The brand has expanded its range of products, including accessories and fitness. This may result in difficulties in focusing on sales and marketing of the various products. The shoe range could be affected by insufficient resources or a lack of attention. Furthermore, as the brand is internationally present and accessible, it could be challenging for the company to deal with the changing trends in various markets.
Opportunities of ASICS – ASICS SWOT analysis
- Expansion of the emerging market
The emerging markets are nations such as South Korea, India, Argentina, Turkey, the Philippines and Taiwan, and many more. According to the findings of a Nielsen study, China has the greatest enthusiasm for sports. Then comes Russia. The capacity to spend of citizens of these countries is growing and the sports culture is evolving in a market that is fragmented like this, ASICS can build its products by adjusting them to local requirements and also expand into more diverse markets.
- Digitization and innovation in products
The company must keep its focus on the digitization and development of its products. For instance, there’s an increasing demand for the sport Kabaddi in India which means it is able to create new technologies to create custom-designed products to support this particular sport. ASICS may be able to contribute to the digitization of fitness spaces it could invest in or work with the activity monitoring “wearable” segment.
- Enhance Image of Brand
As for the image, ASICS was restricted to shoes for running that were specifically made to be used for running. The various products were not able to attract the attention of the public. It is now shifting from a Shoe Company to a health and wellness brand. The brand now has the chance to use a holistic marketing strategy to connect customers with different brands and build the brand’s appeal. toward the brand.
Threats of ASICS – SWOT analysis of ASICS
- Counterfeit Products
The most common counterfeit products are when they are sold on the internet through online stores. The internet offers customers numerous possibilities for counterfeiters to operate their businesses. A sports brand such as ASICS should take steps to safeguard its customers as well as preserve its image.
- Macroeconomic variables:
Because the company is located all over the world, it implies it is likely that the distribution chain can be affected by changes to trade policies internationally, which includes the stability of markets, changes in the currency that affect margins, and so on. In particular, the ongoing trade conflict between China and the USA could cause an increase in inflation within the US market, and cause production to shift out of China towards China to the Asian Market. Instability situations like this are likely to significantly impact the supply chain of global suppliers
- Growing the level of competition.
ASICS has made an enormous investment in the marketing of the brand. Recently, it spent $1.5 million on the “I MOVING ME” campaign due to its inability to support its New York City Marathon campaign which was later purchased by The New Balance brand. The major competition is brands like Nike, Addidas, and others. Amazon will also be contemplating launching its own activewear line which could put enormous pressure on brands. Consumers’ tastes for young people are changing and they are always seeking out the next latest product that’s more appealing. Every business is looking to be on the top of the thoughts of the millennial buyer and therefore the market is extremely competitive for ASICS.
Overview Template of ASICS SWOT analysis
ASICS is a multinational athletic footwear brand that originates in Japan and maintains a global presence. It is known for its high-quality and technical sneakers, aimed at professional athletes and runners. It maintains a competitive advantage through its running shoes which is its primary consumer segment. However, stalling sales and an outdated brand model is forcing ASICS to innovate and adapt to the trends of athleisure footwear. Introducing new products in this line-up and redefining its brand name through active streetwear marketing initiatives may be beneficial. It is vital for the company to expand its horizons, product offering, and consumer base while remaining true to its roots and innovations.
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