Nike Marketing Principles- Click here for Free Sample Solution

Question: Discuss about theNike Marketing Principles. Answer: Introduction Nike Inc. is one of the worlds largest athletic shoes and apparel brand founded by Bill Bowerman and Phil Knight in the year 1964. The company was originally named as Blue Ribbon Sports in the year 1962 and renamed as Nike in the year 1978. Apart from manufacturing shoes Nike sponsors many prestigious athletes and sports team and is recognized by the trademark Just Do It and the Swoosh logo (Carbasho, 2010). Segmentation Demographic Nike has included people of every age group, race, family income, etc. but the major section that is observed as the regular user is athletics. Apart from the athlete there are various professional who form a 38% of the total base. The study shows that the people opting for the brand are well-educated and belong to a high income group. Geographic Segmentation The geographic expansion of the brand is throughout the world. The company has a vision to bring the people closer to the brand by evolving new policies. It has developed market share in USA, Central Eastern Europe, Asia and the other market. Behavior Segmentation Nike is considered to be an overpriced brand from its rather competitors Reebok and Adidas. Consumer behavior varies from situation depending on their needs. Nike is famous among the sportsperson and the youth. The price is overseen against the quality. Psychographic Segmentation The brand is famous for the sportsperson due to its level of comfort. Other brands are excluded from the competition because people dont consider them art par. Nike provides a sense of confidence and superiority which the other brands fail to give. Youth consider Nike as a style statement (Pitts Lei, 2006). Targeting The brand is constantly focusing on the athlete and the sport person and serves their special requirement. Their shoes are unique and provide specific needs of the customers. Nike follows a very aggressive marketing strategy to create awareness among the customers. Moreover it allows the customers to customize their own signature shoes. There psychological strategy includes huge sponsorship through the renowned athlete or celebrity to link it with the customers sentiments (Knight, 2016). Differentiation The brand is known for creating a unique range of footwear and apparel. Nike is the leading brand in the industry which focuses on the product differentiation strategy to boost the revenue. They are at an advantageous position because of creating specialized footwear which distinguishes it from the other brands like Reebok Adidas. It differentiates by analyzing the needs of the three different sections (i.e. Male, female, kids) and designs shoes as per their requirement. Secondly, it has diversified in the market by offering varieties of goods like watches, sports equipment, gym accessories, etc. Positioning The brand is known across the globe as the market leader by competing with its competitor Adidas. Its slogan Just Do It has inspired the target customers to buy the product while creating sense of motivation and assurance. Nike has a specialty in providing the athletes with their requirement. It has customized a wide range of shoes as per the athlete. Their product is high appealing, well designed and improves way of life of a common man (Hill Jones, 2007) Recommendation The brand has a great market reach due to its aggressive market strategies which has a global outreach. However the brand is considered to be overpriced when compared with its other competition. It is highly recommended to frame the pricing considering different social segment and if want to be the market leader than it should focus on the continuous product development. Hence the consideration is through the innovative and captivating product as per the economy (Frisch, 2013). References Carbasho, T.2010. Nike Corporations That Changed the World. ABC-CLIO Frisch, A.2013. The Story of Nike. Jaico Publishing House Hill, C. Jones, G.2007. Strategic Management: An Integrated Approach. Houghton Mifflin Knight, P.2016. Shoe Dog: A Memoir by the Creator of NIKE. Simon Schuster UK Pitts. Lei,D.2006. Strategic Management: Building and Sustaining Competitive Advantage. Thomson/South-Western K-Swiss