Final answer:
Mr. Beans' consideration of market expansion by launching a running shoe for the 18 to 24-year-old demographic through endorsements from UO track athletes aligns with his company's growth strategy. Gathering data on the correlation between shoe brands and run times provides empirical input for product development. Exploring gender demographics could further refine targeting and marketing approaches.
Step-by-step explanation:
The decision by Mr. Beans, the CEO of a sports apparel company, to enter the 18 to 24-year-old market segment through the launch of a new running shoe coinciding with the 2023 USA Track & Field Outdoor Championship in Eugene is a strategic business move. The company's current market predominance in high-end leisure shoes favored by those aged between 35 to 48 suggests a need for brand diversification to capture a younger demographic. Considering endorsements from UO track athletes could bridge the gap between the niche market and the broader, younger market Mr. Beans aims to attract.
To further understand the potential impact of the shoe brand on market success, a marathon runner's research into the correlation between the brand of shoes and run times can offer valuable insights. This research involves taking a random sample of 50 runners and recording their run times and the brands they wear, providing empirical data that could guide the development and marketing strategy of Mr. Beans' new product.
Moreover, societal perceptions, as discussed in Figure 13.2, which shows elderly marathon runners defying stereotypes, illustrate the importance of not underestimating any segment of the market. The demographic data depicted in Figure 10-10, which maps the percentage of high school athletes in running sports by gender, suggests a potential untapped market for female athletes, which Mr. Beans might consider in his marketing strategy.