Marketing Milestone 1 - Nike Company

Varshith Cherukuri

CRN149 – Marketing Strategies

Prof – Dr. Bari Courts

New England College

Who are the competitors in this space?

According to Bhasin (2019), Nike is one of the top 3 leading sports footwear brands in the world. Adidas, Reebok, and Nike hold top 3 positions in the best footwear ranking list. All of these three companies are known for their way that they connect with customers and also known for their best and interesting marketing strategies (p. 01). The main advantage of Adidas is that it operates in two ways i.e., Adidas as a brand and also it has a solid subsidiary in Reebok. So, this combination helps Adidas in building a strong brand valuation and being a top competitor for Nike.

Though Adidas and Reebok are two major competitors for Nike there are many other companies like Puma, Fila, Converse, Under Armour, Asics, etc. in the sports footwear market that gives a tough fight to Nike which have also focused on other things besides shoes like apparels, deodorants, and other sports accessories etc.

The worldwide revenue for Nike is around $33 billion dollars that has brand valuation at around $27 billion dollars. Most of the revenue that Nike gets is from footwear sales. Nike has a great marketing strategy plan that it ties with ups with football and other sports like cricket.

What are the overarching benefits they have to offer the consumer?

According Team. T (2016), Nike, Inc. company is focusing more in investing on customer needs through technology, procuring technical startups which contributed to Nike app integration. This is more into shoe sales. For all sports related items like shoes, accessories, apparels, etc., Nike has become a one stop shop that customers need from offering AI in scanning and suggesting the suitable best shoes for customers and provide access to customers to customize them according their work out plans.

Nike’s 30-day wear trail test is the huge advantage for their customers i.e., irrespective of the shoes condition the company is going to take them back with in first 30 days of its purchase date. And also, for all Nike subscribers, company offers early access to all new arrival shoes that company is going to launch and lot of sports apparel and insider media content with specialized work outs geared towards its products.

What do they offer that is different or attractive to the consumer?

According to Gregory (2018), To attract their target customers Nike uses its promotional mix or marketing mix in footwear, apparel, or sport accessories world. Examining the dynamics of current market’s target customers, to promote business or products Nike company uses marketing communications which also called as promotion (p. 1). The success of Nike company mainly depends on the way they promote their business by doing advertisements to attract target customers. Nike also attracts customers with their unique innovative processes like cutting edge designs on footwear and accessories with which the company gained a huge public interest.

Nike, Inc. also offers sales promotions i.e., special offers that are attractive to the customers. Also, in order to attract new customers towards its products the company also provides additional benefits to the new customers like the savings that customers can make by purchasing products when special offers or discounts applied. Nike never compromises in product quality that helps athletes perform better along with marketing their product, the company promotes its products with celebrities, professional athletes etc., and focuses on sponsorships.

What gap will you fill by offering your redefined or new product or service?

Nike, Inc. company always attracts their target customers with their innovation process and design. Also, they enhance the performance of their products by using cutting edge technology so that products are more fashionable and long lasting.

The majority of fashion industry was taken over by 3D printing technology and computerizations because that technology can create more designs and styles with the help of many new tools and techniques such that the sales for each product’s graph is inclined.

Since every customer has their own style requirements which can or cannot be found in the market, providing a feature to customize their shoes as per the style they required and buying them online and getting them delivered at your door is an exquisite gap to be filled as it provides more customer satisfaction with more comfort.

References

Bhasin, H. (2019, January 11). Top 10 Nike competitors. Marketing91. https://www.marketing91.com/top-10-nike-competitors/

Gregory, L. (2018, August 21). Nike’s Promotional Mix (Marketing Communications Mix). Panmore Institute. http://panmore.com/nike-marketing-communications-mix

Read Nike’s Mission Statement and find information about NIKE, Inc. innovation, sustainability, community impact and more. (n.d.). Nike News. Retrieved August 26, 2021, from https://about.nike.com/

Team, T. (2016c, May 18). Here’s How Nike Is Innovating To Scale Up Its Manufacturing. Forbes. https://www.forbes.com/sites/greatspeculations/2016/05/18/heres-how-nike-is-innovating-to-scale-up-its-manufacturing/?sh=153d60a41497