Case Study: Puma's History, Marketing Strategy, and Success in the Global Market.

Puma is a multinational sportswear and footwear company that was founded in 1948 in Herzogenaurach, Germany. The company is known for its innovative and trendy designs and is considered one of the leading sportswear brands in the world. In this case study, we will explore Puma's history, its marketing strategy, and its success in the global market.

History:

Puma was founded by Rudolf Dassler, who was the brother of Adi Dassler, the founder of Adidas. The two brothers started their own shoe company in the 1920s, but due to personal differences, they split up and formed separate companies. Rudolf Dassler's company was originally named Ruda, but he changed the name to Puma in 1948.

Puma initially focused on producing football shoes, and its first major success came in 1954 when the German football team won the World Cup wearing Puma shoes. Since then, the company has expanded its product line to include sportswear, running shoes, and lifestyle footwear.

In the 1990s, Puma struggled financially and was on the verge of bankruptcy. However, the company was acquired by the French luxury goods company Kering in 2007, and since then, it has seen a significant turnaround in its financial performance.

Marketing Strategy:

Puma's marketing strategy is centered around the concept of "Forever Faster." This slogan represents Puma's commitment to creating innovative and high-performance products that help athletes achieve their goals.

One of Puma's key marketing strategies is its sponsorship of high-profile athletes and sports teams. Puma has sponsored some of the biggest names in sports, including Usain Bolt, Sergio Aguero, and Lewis Hamilton. By associating its brand with these successful athletes, Puma is able to create a strong connection with its target audience.

Another aspect of Puma's marketing strategy is its focus on sustainability. The company has set ambitious goals for reducing its environmental impact, such as reducing its carbon emissions and increasing the use of sustainable materials in its products. Puma's sustainability efforts have helped it to appeal to consumers who are increasingly concerned about the environment.

Success in the Global Market:

Puma has been successful in the global market due to its innovative product designs and strong brand image. The company has a strong presence in Europe, where it originated, as well as in North America and Asia.

In recent years, Puma has seen significant growth in Asia, particularly in China, where it has opened numerous retail stores and partnered with Chinese celebrities to promote its brand.

Puma's financial performance has also improved significantly in recent years. In 2020, the company reported revenue of €5.2 billion, up from €4.6 billion in 2019. The company's strong financial performance can be attributed to its successful marketing strategy, as well as its focus on innovation and sustainability.

In conclusion, Puma's success in the global market can be attributed to its innovative product designs, strong brand image, and successful marketing strategy. The company's focus on sustainability has also helped it to appeal to consumers who are increasingly concerned about the environment. Puma's history, marketing strategy, and financial performance make it a compelling case study for any business looking to succeed in the global market.