Nike Incorporated is an American multinational company that plans makes sells and markets shoes clothes equipment accessories and services all over the world Nike is a big name in The World of Sports in its 2020 fiscal year the company made more than $37. 4 billion in sales and employed 76,7 people around the world as of 2020 the Nike brand alone is worth $32 billion making it the most valuable company in the sports business in 2017 the Nike brand was worth $29. 6 billion and in 2018 mik Corporation was ranked 89th on the Fortune 500 list of the largest US companies by total income Nike has a market share of 38.
2 3% Nike's target audience the people Nike wants to reach are between 15 and 40 years old the Brand's main customers are teenagers who look up to great athletes but nikee also markets to middle-aged people so that its success will spread to younger people for example parents in their 40s who like sports can encourage their kids to live an active life Mikey knows that their goods are more likely to appeal to people who are always on the go and live an active lifestyle this is why they focus on this group of people when they advertise and sell their newest albums mik tells its customers that its products aren't about making you look good as an athlete but about making you feel good this is how it divides up different kinds of activity because sports are so different from one place to the next Nike's marketing plan is heavily based on geography for example Nike couldn't Market to football players in India Finland or the Philippines because football isn't nearly as famous there as it is in Mexico England or Australia Mike's marketing strategies Mike's marketing team plans and acts in a very smart way then you'll how to get the most most out of the four Ps of marketing product price promotion and place by using a good mix of these things Nik can attract more possible customers which will lead to more sales for the company price nik's Goods tend to be more expensive but this doesn't bother customers because Nike knows how to Market and advertise in a way that shows how great their products are this is very important for customers because it lets them know what they are paying for place the Brand's goods are also sold by independent resellers and retailers which has helped to boost sales but the brand has added online stores and physical sites to its list of places to buy its products product Nike has a long history of making highquality fashionable products which is not always the case with other names and Nike is proud to keep this image that has worked hard to earn promotion each of Nike's marketing campaigns is carefully made to reach a specific group of people even if if they have different demographics and psychographics what makes Nike's marketing and campaigns different Nike is a well-known name in The Sports World and a big reason for that is the way it markets itself mik has set itself up as a good and aspirational brand by appealing to people's goals Comfort levels and cultural values this has made it become a huge success all over the world with its just doit slogan and swo image it has reached millions of people what makes Nike a great brand is its clever set of marketing strategies Nike didn't become successful by chance they worked hard to build a loyal customer base by using certain strategies let's look at what they did to do it personalization customers choose highquality items that offer big benefits things that help them on their own are reasons to them personalization is Nike's main Edge in the market it markets itself as a high-end exercise brand by combining Cutting Edge technology with human psychology in order to get more customers with the Nik BYU product line people can change the color of their shoes in 2018 the newest technology made it possible for customers to use their phones to look at their feet and get the right shoe size its concept shops which take shopping to a higher level give customers amazing shopping experiences if you give your customers a personalized shopping experience 77 % of them will pay more and tell their friends about you value propositions the company's unique value offer is one reason why 40% of customers choose Nike over competitors it markets its goods by emphasizing a healthy way of life it encourages people to live a busy life and sells its shoes as the best way to do that nik's running free campaign was so successful that they quickly made a running free line to get people moving the marketing approach got a lot of people interested in the product and made more people aware of the brand if you look at some of Nike's older ads you can see that the company has been using this approach for decades it made jogging a trend came up with a fitness routine to sell its gear and turned its shoes into a fashion statement to boost sales let's now look at this question Mike's marketing strategy heavily relies on geography because a it focuses on selling its products only in certain regions B it adapts its marketing to suit different sports in different countries C it targets only specific age groups in different locations D it promotes its products in different languages based on the region write your answers in the comment section below brand Equity Mike is one of the few companies that has been at the top for a long time this is because it has a strong name it has established its place in the sports Market by building a strong brand a unique personality and a trustworthy image since its beginning in 1964 Mike has tried to be linked to things like inspiration success and new ideas to do this they started with a unique brand name and image they chose the name of a Greek goddess who stands for victory and the swoosh logo which stands for Speed it worked with well-known athletes to boost the value of its products and ran ads that inspired people to buy its goods millions of people use its image as a sign of their social standing your brand Equity makes people think that your goods are worth more it lets you improve the image of your brand and charge more for your goods storytelling the most important part of Nike's marketing approach is advertising that tells a story and makes people feel something it's how it first got people's attention built its image and still shows what the brand stands for today when Nik first started its just to do it and in 1988 it told the story of 80-year-old marathon runner Walt Scott in a simple way it's still uses the ad which was one of its most successful ways to get people to buy its products it's what our girls made of Campaign which pushed sports for women got 3 million views because of its positive message its find greatness ads helped it get 55% more members and make $56 million more money the two examples of above are just two of many Nike uses social and sometimes controversial topics to get people's attention and get them to act relevance is an important part of promoting and Nike makes sure to include this in their marketing efforts if people can connect to the main idea and moral lesson of the ads the message will stick with them it's one of its most successful tactics and has made a big difference in how people think of the brand it is now the main way it markets itself in endorsements most of the time Nike sells its sports gear through sponsorships and endorsements it spends billions on sponsorship deals with well-known players and sports teams to get its name out there in Nike's marketing plan famous people and people who have a lot of impact are important by working with people who have been down the same road as the brand communication about the company will be improved the brand gives money to certain competitors this is because people look up to those who have been through hard times and come out on top Tiger Woods a big name in Gulf and the company signed a deal in 1996 that made the brand worth $22 million more after just one game it has 4. 5 million members and makes a lot of money on its own because it has a deal with Tiger Woods its well-known relationship with Michael Jordan is another great example of how well its advertising strategy has worked to date it has made an average of four billion dollar per year from this strategy the value of mik's brand is also helped by endorsements because it was linked to NFL star Colin Kaepernick all of its true to seven shoes sold out in just a few hours large amounts of money for events or leisure activities get your name in the media and let you talk to people in person which you can't do with online marketing product Innovation people often say that Nike's product strategy works because it focuses on making things better and improving performance the company thinks about what its customers want and changes its features to fit the current trends because of this its customers almost always have good things to say about the items it sells Bill Bowerman who started the company was a track and field teacher who wanted to make Souls that might help runners run faster his study led to the moonshoe which showed that people wanted shoes that were light nikei also adds different things to its products to to stay ahead of the competition it has both fashion and athletic clothes because of this approach the size of its Market has grown and has also attracted New Market categories every year Mike makes its goods more valuable by coming up with new designs because of this its products are very high quality and new e- retailing as a well-known retailer around the world mik depends a lot on bulk sales but if you look closely you'll see that it has put a lot of money into its systems for selling directly to Consumers because they offer a better profit margin and also make it easier to build relationships with customers since many years ago mik has always offered its products through reputable stores like Macy's and Urban Outfitters but as online shopping grew in popularity it learned about the benefits of direct to consumer marketing and shifted its focus to e-commerce sales since then its d2c sales have gone from 15% to 30 8% it changed its whole marketing strategy in 2017 and started cutting ties with a number of important Partners to focus on its stores and online shops as a result of the move it gained millions of customers through its shopping app and online stores M promises that shopping online will be easy fun and stress-free M's online shopping site has a lot of great features bold branding on websites smart products suggestions detail oriented product filtering loyalty programs at the moment Nike thinks that internet channels will make up 50% of its sales marketing on social media by far the most people follow Nike on social media because it is the most well-known brand in the world most of what it posts gets good comments from its followers and about half of what it tweets is shared more than once look at Nike's social media pages to see how much the company has has grown in popularity on Twitter 9.
