Let's stay in touch :), Your email address will not be published. Although large in number these consumers would not be the most fruitful for Nike to target initially as they are likely to be more 'loyal' to Reebok the 'safer', mass-market choice. Bonus fact. The high price target for NKE is $174.00 and the low price target for NKE is $96.00. London: Blogs.guardian.co.uk. The Nike brand and its offering are Stars in the BCG matrix while Converse, Hurley and Jordan are the question mark in the BCG matrix due to their presence in the limited countries. • The company does not have its own retailers therefore retailers are price sensitive. • The production facilities are located close to the raw material to have low labor prices. One of the main targets of Nike are a segment of people who are called Peackoks called by the Garrison group. The positioning strategy was ‘The lightest shoe in the market that would last in longer-distance running at a price lower than the German brands in the market’. Nike has huge range in its target market. By looking at social media audiences discussing the campaign, and Nike’s conversation overall, we can go further than the surveys to showcase how brilliant the marketing move truly is. Who … Nike distributes its products worldwide through different channels such as resellers, supermarkets, e-commerce sites, retailers, licensees and company-owned outlets. Brand Finance names Nike 2019's most valuable fashion brand in the world. Above mentioned are the few potential market segments that Nike chooses to target for driving their business strategy, sales and marketing activities. • It promises to provide the high quality products at reasonable prices. Home. By the end of 2009 the company   generated revenue of 19.2 billion U.S dollars with operational income of 1.87 billion U.S dollars. Let’s discuss one of the following target market characters. Runners. So in order to see closer their positioning tactics we need to look upon the 5 main components of positioning strategy. The basis thing that Nike does through i… … • Guarantee the availability of all kinds of products at all leading stores and markets. Target Market. • Its swoosh logo make it recognizable in all over the world. NIKE, INC. analysts consensus, targets, ratings and recommendations | Nyse: NKE | Nyse Segmentation, targeting, positioning in the Marketing strategy of Nike –, Competitive advantage in the Marketing strategy of Nike –, BCG Matrix in the Marketing strategy of Nike –, Distribution strategy in the Marketing strategy of Nike –, Brand equity in the Marketing strategy of Nike –, Competitive analysis in the Marketing strategy of Nike –, Market analysis in the Marketing strategy of Nike –, Customer analysis in the Marketing strategy of Nike –. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, Marketing Strategy of Nike – Nike Marketing Strategy,                                                                 Â, 3 objectives of competitive analysis and how it helps in strategy. Nike is the world’s renowned and leading supplier of athletic shoes and apparels. However, being a celebrity brand does not come easy and you needto do a lot of marketing and branding before you achieve the position of your customer���s most favorite. Known for its great quality athletic products, Nike is famous globally and holds a very large market share, close to half in US. Nike uses this old-as-time structure differently than most by focusing on an internal foe rather than an external enemy. NIKE purchased Converse in 2003. • The company has used electronic media (commercials, official website of Nike and newspapers) to promote their brand. In 2020, the Nike brand was valued at approximately 34.8 billion U.S. dollars, which was an increase of over two billion U.S. dollars from 2019. Initially the prices of the products were high then the company started focusing on providing high quality products at comparatively low prices to enlarge the circle of customers. Nike is engaged ��� Continue reading ��� by Luis Teschner — March 06, 2018 . • The mission is to exceed from all leading athletic companies and make it widely available across the globe. News. The high price target for NKE is $165.00 and the low price target for NKE is $96.00. Nike also held the largest market share of the global apparel market. The demand graph is shaped by variables such as the change in the fashion, technology, taste and preferences of the customers. The Nike Swoosh (not tick) is based on the goddess Nike's wings (It makes more sense when you look at the image below). Marketing Strategy of Nike. They have wide range of different products each targeting and appealing a specific group of people. SWOT analysis – Here is the SWOT analysis of Nike. Â, Mission- “To bring inspiration and innovation to every athlete in the world”. • The most famous product categories of Nike includes: Running, Basketball, Cross-training, Outdoor activities, Tennis, Golf, Soccer, Baseball, Football, Bicycling, Volley ball, wrestling, cheerleading, Aquatic activities and other Athletic and recreational use (Todd, Sitthichok, Mottus, Mihlan, & Wing, 2008),. • They plan to invest at least 315 million U.S dollars by 2011. • More over the company also intend to work with 700 other factories that produce Nike products to enlarge the business. Here are the Top Nike Competitors. Nike is the overall leader in the $15.6 billion market for athletic shoes and apparel in the United States. The swoosh logo of Nike was firstly used in 1971, registered in U.S trademark office in 1974 and first product sold with Nike was a soccer (Marina, 2008). This strategy has made this company to gain maximum number of customers and profit. "Nike Drafts An All Star". The apparel, athletic footwear and sports equipment industry are highly competitive due to the presence of a large number of local and international players. In the video, we see that an overweight guy is running towards the camera. • The company will now focus on providing quality products on low prices to have greater share in the market. • Value the laborers, stake holders and other communities in the implementation of every strategy and decision. Role of leadership | 9 Roles Every Leader Must Handle, Qualitative Data Analysis – Importance & Types. They have wide range of different products each targeting and appealing a specific group of people. The most frequent methods of segmenting include demographic variables such as age, sex, race, income, occupation, education, and household status. • Promote the sustainable development of product design and novelty. • The prices of the products are variable depending on the type and the size for example a comfortable and good pair of shoes would cost from 70 to 150 dollars. • They have more than 20,000 retailers in United States and also in other 200 countries. Target Market Nike has huge range in its target market. Plus, continued innovation and product quality are keys to success. http://www.soccerpro.com/Nike-Air-Zoom-Control-II-FS-Indoor-Soccer-Shoes-c439/. Nike competes with the company like Lululemon, Puma, Adidas, V.F Corp., athletic UNIQLO and many others. However, the industry has been stagnant for years, and Nike, along with its com petitors, is looking for new growth opportunities and areas where the company can gain market share and attract first-time customers. It uses separate campaign or strategy to cap the market potential of the different segments.Targeting is the important aspect of the marketing strategy, especially when a company is in different businesses. Product and usage-based positioning are used by Nike to create the image in mind of the consumers. Factors such as quality, performance, reliability, competitive pricing, connect with the consumer plays the critical role for the companies operating in this business. There is no monthly tactic for the marketing. However there are seasonal variations in some products like spring apparel, the back to school season and Christmas holiday season (Fass, 2000). What Nike sold was an idea and it was an idea that everyone and anyone could get behind. Meaningful story – They’re selling more than a product; they’re selling aspiration. NIKE brands. The company initially operated as supplier for the Japanese shoe maker. The following commercial is a very popular one and has millions of views. • To maintain its quality and make it easily available at every marketable place. Your email address will not be published. • New product offerings under the name of brand include sport balls, timepieces, eyewear, skates, bats, and other equipment designed for sports activities. Men are targeted more often than women with training products as Nike sees a 2-1 spending ratio between the genders. This company was founded in 1962 by Bill Bower man and Phil knight as Blue Ribbon Support and later on it became Nike in 1978 (Partlow, 2003). • Moreover they also utilize the auxiliary bodies to sell the sports related raw materials and products including: Cole Haan Holdings Inc., Nike Team Sports, Inc., Nike IHM, Inc., and Bauer Nike Hockey Inc. Price. • To meet the changing demands of customers. Nike targets customers from different age groups and middle / upper-middle or upper-income social groups. That foe? Adidas target market falls within the 20- to a 29-year-old age group who are athletes or are passionate about sports and this segment is considered as the strongest consumer market. It uses separate campaign or strategy to cap the market potential of the different segments. Your email address will not be published. Nike receives footwear from more than 140 factories located in 13 countries across the globe. Nike uses psychographic segmentation variables to make its offerings more attractive to the target customers. The brand���s product line looks at the premium target market. Moreover the sale of these products also depends on the Olympic as growth has been observed in the sale of products in the Olympic season. • Todd, L. A.; Sitthichok, T. P.; Mottus, K.; Mihlan, G.; Wing, S. (2008), "Health Survey of Workers Exposed to Mixed Solvent and Ergonomic Hazards in Footwear and Equipment Factory Workers in Thailand", Annals of Occupational Hygiene 52 (3): 195–205. They aim to meet the requirements of people of all ages belonging to varying categories. Nike’s audience is versatile. To do so Nike focuses on creating premium consumer experiences on product innovation, brand leadership and elevated retail presence. 2011-15 and revenue of $ 30,601 million.                                                                                      Â. Nike uses psychographic segmentation variables to make its offerings more attractive to the target customers. Targeting is the important aspect of the marketing strategy, especially when a company is in different businesses. Nike has achieved compounded annual growth rate (CAGR) of 11% for the period of 5 years i.e. Target market is a process where the company evaluates all the market segments and then chooses one or more segments which the company thinks is profitable, and then it enters that market segment. •Nike has its individual stores and also available at major malls and departmental stores selling shoes all over the globe. Instead, Nike targeted the core, frequent, highly committed aerobics/fitness enthusiast for whom the activity was an important part of life (Figure 1). The major threat to Nike is the imitation that goes hand in hand in various markets which are affecting its revenues and businesses. • To reduce the product design, Packaging waste and use of organic volatile compounds to make it environment friendly. Outsourcing of the manufacturing helps the company in keeping its operational cost low and at the same time focus its competencies on sales and marketing activities to drive the sales. Other Customers • In 2011, Nike operated a total of 756 retail stores throughout the entire world. Required fields are marked *. Market Target . Market segmentation in Nike has made the organization more effective in meeting the exact wants and needs of the target market. http://602communications.com/Dig deep inside Nike branding campaigns and you'll discover a very simple archetype story. (In fact, they used Zoomph to track the social media conversations of ���globally curious��� millennials.) No single customer accounted for more than 10% of Nike’s overall sales in the last year, proving that the company has a very diversified market. stories; Marketing. Target Market Target market is a process where the company evaluates all the market segments and then chooses one or more segments which the company thinks is profitable, and then it enters that market segment. Nike���s #Breaking2 campaign, which saw it attempt to break the two-hour barrier for running a full marathon, could be a glimpse into the future of sports marketing as brands look to make product launches into must-watch events. • The Brands swoosh logo and image played an important role in its advertisement. Who is the segment of p… It consists of rockers and rappers, artists and thinkers, entrepreneurs, athletes and other individuals – and not just professionals, but regular people, too. Nike lays numerous techniques to aim their on the spot customers, athletes and all sportsmen. Moreover, we North American sales for Nike are still 2.5x greater than the next closest market, which is Western Europe. • To meet the requirement of all type of customers (male, female, old and Young). Nike uses the following tools to promote its brand: Tool 1: Advertising Advertising, according to Kotler and Armstrong (2010), is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor. • They sponsor events (e.g. These include manufacturing superior products, maintaining the integrity of the global brand and innovating in the area of product design. The co-founder Phil Knight wanted them to be incorporated into the logo and brought in Carolyn Davidson, a graphic designer. It optimizes the manufacturing and production processes. The company is focused on targeting and strengthening its brand with the next generation of athletes in the 14- … March 6, 2018 By Hitesh Bhasin Tagged With: Strategic Marketing Articles, Founded in 1967 Nike has emerged as the most preferred footwear company for the athletes. The sporty, active young people are the main target of the commercial. In order to meet this objective, Nike identifies a number of smaller aims and objectives. Nike's targeting market is active people who enjoy high quality sporting goods, especially footwear. Outsourced Manufacturing Units: Nike receives footwear from more than 140 factories located in 13 countries across the globe. You can follow me on Facebook. "The Media Business – Advertising – Addenda – The Media Business – Advertising – Addenda – Nike Spot Wins An Emmy Award – Nytimes.Com". New York Times. Your email address will not be published. Hoop It Up) for the marketing of brand. Nike has plans to grow the business even larger by focusing on a few key demographics. • The companies also sell its products through individuals, auxiliaries and licensees. Nike uses different advertising models depending on the segment in the target market. Their average twelve-month price target is $141.44, predicting that the stock has a possible upside of 1.95%. Nike has subsidiaries such as Converse, Hurley and Jordan for driving growth with the help of the different brands. However, this does not mean Nike does not use market segmenting to more precisely define various market segments. The company’s profile grew quickly and soon it gained a renowned position in the market. target markets and market segment’ s needs, Nike has made these products available under a number of the company’s brands, including Air Jordan, Hurley , and Converse. Also, Nike is in the industry which is by and large affected by the product life cycle which means that sometimes it’s very difficult for the company to respond to the fad timely. Nike have classified their target customers mainly into three product groups, men products, women products and kid’s products. NIKE (NYSE:NKE) Price Target and Consensus Rating 34 Wall Street analysts have issued ratings and price targets for NIKE in the last 12 months. Segmentation and Target Market Paper (Nike) Introduction Nike, Inc. is a public multinational organization based in the United States; the headquarters are in Washington County, Oregon with operations of the company focusing at the apparel and accessories industry. Nike changes its target market from teenagers to younger consumers due to intense competition with Adidas and Reebok and also to expand its target market. Like Nike, The Economist studied millennials in several target locations. • To encourage the development of designs allowing the young people to cash the maximum benefits from exercising. Then, with the help of experiential agency Sense, they launched “edgy” activations that addressed topical issues by location. Market Target Nike’s target audience are for people who regularly exercise and for those who will wear for fashion trend as it goes well with the modern-day clothing. • Its products are globally available in all leading marketing places of World. In this way, Nike is able to reach a wide number of consumers and consumers who are more likely to buy. NIKE’s high-performance athletic gear is mostly targeted at professional athletes. • It is famous for its development and research which is depicted in their wide range of new products with new designs. PSYCHOGRAPHIC MARKETING is the way to deliver your message so they know that you, the advertiser, knows what they, the customer needs from your product. http://www.soccerpro.com/Nike-Air-Zoom-Control-II-FS-Indoor-Soccer-Shoes-c439/. Retrieved 2008-06-02. • Website: http://condor.depaul.edu/aalmaney/StrategicAnalysisofNike.htm:  Competitive analysis, Retrieved on March 16, 2011. • Marina Hyde in Beijing (2008). We are going to look at the brand Nike with different angles and find out the secrets of the genius of marketing. So, Nike’s initial target segment was ‘The Runners’. Nike has huge range in its target market. Retrieved on March 16, 2011. • Partlow, Joshua (2003). 2020 Targets Performance Summary NIKE is a brand of Innovation, Growth and Purpose. "Olympics: How does Nike feel about conspiracy theories? • The company has designed its pricing structure in a way to make it competitive to other shoe sellers. The collaboration between Nike and Nordstrom is an example of how Nike wants to target women in the future. Promotion for Nike is the most critical and though about part of the marketing mix. Being present in footwear, sports equipment, clothing and many others Nike uses differentiated targeting strategy. efficiently achieve its goals. • The company has its production units, customer services and operational units in all over the World. POSITIONING: Positioning is the final step in the S-T-P planning approach; Segmentation→ Targeting → Positioning; a core framework for developing marketing plans and setting objectives (In fact, they used Zoomph to track the social media conversations of “globally curious” millennials.) There are 697 Nike brand factory stores, 106 inline stores and 99 converse stores and 29 Hurley stores globally. Our mission is to bring inspiration and innovation to every athlete* in the world. They have wide range of different products each targeting and appealing a specific group of people. In order to clearly understand what kind of people are the real target of Nike, we should look upon their commercial examples and here is their first one. They aim to meet the requirements of people of all ages belonging to varying categories. These concentrated on strategies encompass product sponsorship via professional and widely recognized athletic team, university sports team in addition to celebrity athletes. Nike is targeting further geographic expansion and farther marketing penetration in … Much of Nike's innovation efforts are focused in the running category, according to Parker. Thus their pricing strategy is to provide value at high cost with maximum profitability. This strategy has made this company to gain maximum number of customers and profit. Being present in footwear, sports equipment, clothing and many others Nike uses differentiated targeting strategy.Produc… • Maintain the leading position in the market by supplying quality products and innovative designs and attract maximum number of customer belonging to all ages and lifestyle. They aim to meet the requirements of people of all ages belonging to varying categories. Learn how your comment data is processed. He did not surrender, he does not find any excuses and he wants to change his life and find his greatness. Nike dates back to 1964 where it was initially known as Blue Ribbon Sports. Then, with the help of experiential agency Sense, they launched ���edgy��� activations that addressed topical issues by location. This site uses Akismet to reduce spam. Note: The above content is part of the following book. Nike is one of the pioneers of the manufacturing outsourcing strategy. Customers of Nike ranges from individual customers to companies. • "Nike Air Zoom Control II FS Futsal Shoes at Soccer Pro". Nike didn’t build its … 35 Wall Street analysts have issued ratings and price targets for NIKE in the last 12 months. It is supplying its high quality products in more than 100 countries with its major target areas including United States, Europe, Asia Pacific, and the Americas. Emerging markets account for $0.15 of every $1 in revenue that Nike earns. The company is the biggest player in the athletic apparel market, with $28 billion in annual sales. Why? NIKE, Inc. (NKE) is the world’s leading sports footwear and apparel company. Read how Nike wants to attract more women in the future. An excellent business depends upon an excellent marketing strategy. Marketing mix – Here is the Marketing mix of Nike. Nike has a high-end consumer market with high disposable income asking for better service and satisfaction as their target market.  Nike have strong product portfolio as being present in various interrelated business segments is helping the company in retaining its customers and provide a bundled, Nike distributes its products worldwide through different, Nike is the well-known brand globally and its association with the various sports, athletic footwear and sports equipment industry are highly competitive due to the presence of a large number of local and, Business segments in which Nike operates has a large number of local & national players. (adsbygoogle = window.adsbygoogle || []).push({}); Designed by Elegant Themes | Powered by WordPress. Nike has managed focusing at the segmented groups comprehensively due to markets with similar and related needs. Business segments in which Nike operates has a large number of local & national players. DEMOGRAPHIC MARKETING is the way to TARGET your marketing. The Washington Post. This severe competition made Nike to do its best and to be a winner in the vast market. Strong product portfolio:  Nike have strong product portfolio as being present in various interrelated business segments is helping the company in retaining its customers and provide a bundled products to them. Nike is also a global brand, and it would use both sociographic and psychographic data to determine target markets in foreign countries and then tailor marketing programs to appeal to their specific interests. Nike is unique in the fact that they have a very general targeted demographic segment. We do that by building creative and diverse global teams, making a positive impact in the communities where we live and work and by making products responsibly and more sustainably. Nike did not run it during the Super Bowl or the World Series. Nike has attained this legendary position through innovative and attractive design, quality production and wise marketing strategies. The activewear market is getting crowded – Nike, Adidas, Reebok, and Puma are all trying to branch out from the primary athletic wear consumer to an activewear or lifestyle consumer creating intense competition Possible slowdown of consumer spending in the U.S. and Europe What distinguishes Nike from other shoe brands is that it taps into the power of influencer marketing the smart way. Their average twelve-month price target is $137.33, predicting that the stock has a possible upside of 0.85%. However, over the period of time, it extended its product line to apparels and accessories like clothing, socks, digital devices, eyewear, and equipment for sports. The major threat to Nike is the imitation that goes hand in hand in various, Marketing Strategy of Nikon - Nikon Marketing Strategy, Marketing strategy of Dell - Dell marketing strategy, Marketing strategy of Aquaguard - Aquaguard marketing strategy, Marketing Strategy of Apple Inc - Apple Marketing Strategy, Marketing strategy of BMW - BMW marketing strategy, Marketing Strategy of Dettol - Dettol Marketing strategy, Marketing strategy of Indigo Airlines - Indigo Marketing strategy, Marketing strategy of KFC - KFC Marketing strategy, Marketing Strategy of Alibaba - Alibaba Marketing Strategy, Marketing Strategy of Axa - Axa Marketing Strategy, Marketing Strategy of Baidu - Baidu Marketing Strategy. Nike is the well-known brand globally and its association with the various sports events such as Cricket world cup, FIFA cup, Olympics and many others has helped the company in creating high TOMA (top of mind awareness) and brand pull. It controls more than 47% of athletic shoe market with sale of U.S dollar 3.7 Billion. • All sizes are not present in every design of shoes. I love writing about the latest in marketing & advertising. They ran it during the Oscars. Nike is aware of the conditions that affect the workforce, communities, products, supply chains and people, from rising fuel prices, population growth, climate change and reduction in the availability of natural resources. target audience In 1980 the company gained more than 50% share in the global market. Promotion, according to Kotler and Armstrong (2010), mean activities that communicate the merits of the product and persuade target customers to buy it. This means Nike has to move closer to the market and continue creating new solutions and product customization. • Encourage the environment friendly and pollution free development by reducing the emission and waste minimizing activities with the help of various projects sponsored by WWF and other organizations. No comment | Sport | The Guardian". • Nike’s foremost focus is athletic footwear and apparels designed for sports and every day usage with the brand name. I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. http://condor.depaul.edu/aalmaney/StrategicAnalysisofNike.htm. Soccerpro.com. Nike evaluates its target market based on size, reachability, measurability and In particular, Nike has niche market to serve. Market segmentation is the selection of groups of people who will be most receptive to a product. Nike is unique in the fact that they have a very general targeted demographic segment –their stated target market is “all athletes”. Nike targets these consumers by agreements between Nike and athletic teams, colleges athletic teams1 etc for product sponsorship and eventual promotion to the members of these teams. How to Become a Virtual Assistant and Work Remotely? Despite all of these emphasis points, Nike is still only ranked #5 as a brand with consumers in the core 18-24 age demographic. • Fass, Allison (2000). Like Nike, The Economist studied millennials in several target locations. • The company has invested 1 billion in the past two years for community stores. Present in footwear, sports equipment, clothing and many others Nike psychographic. Are a segment of p… Nike uses different advertising models depending on the spot customers, athletes and sportsmen. With training products as Nike sees a 2-1 spending ratio between the.... 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