PART 2 WEEK 4

Running head: MARKETING STRATEGIES 1

MARKETING STRATEGIES 5

Part 1

Miguel Canales

Professor Jocelyn Williamson

International Marketing

July 21, 2021

INTERNATIONAL MARKETING

Product Selection

Sports apparel is my product of choice. I will be looking at Nike company. Nike is amongst the market leaders in athletic apparel, shoes, and other equipment. The company has revenue of over $24 million annually and more than 44000employees globally.

Environmental Scan

"Environmental scanning can be described as monitoring, evaluating, and disseminating information from the external and internal environment to the organization's critical stakeholders" (Abu Amuna, et al., 2017). The scanning has to be done before formulating any strategies. This helps the organization to avoid surprises and ensure that the corporation gets long-term success. It is critical to gather all the required information regarding the internal and external environment o an organization to do a scan. The external environment takes in the economy, government policies, and demographics. It is also essential to look at the competitors, business trends, and opportunities in the market. The internal environment is also a very critical aspect that takes in the company's weaknesses and strengths. All these help in the development o a strategic plan that will see the company meeting its long-term goals and objectives.

Entry Strategy

The company focuses on emotional marketing and sports celebrity endorsement, producing high-quality products, and buying competing sports brands (Zhang, 2018). Using the sports stars as fitness symbols, the night can relate with the common population encouraging them to achieve a healthy lifestyle. The company has a global distribution line. It has a research lab used in developing and executing ideas where the company develops products to fit the athletes' day-to-day activities.

Market Segmentation

The company uses an integrated production policy that allows the company to investigate various fields such as labor, interactions, and networks. Having a clearly defined target audience, such as athletes, sports enthusiasts, enables Nike to take up target-centric ad campaigns appealing to their target's emotions. This helps in promoting it as a brand of allegiance and loyalty. Also, by using this strategy, the managers can systemize the processes and refine their skills if there is a repeatable model. The company can also efficiently manage its production and product distribution, which is very helpful to this company as the company can save a massive amount of money.

Product Positioning

Every organization is trying everything humanly possible to be one of the most successful and competitive brands in the market in this hyper-competitive and increasingly complex global economy.

Brand Development and Management

Organizations also understand that brand name is very significant apart from the financial gains and takes a very long time to build. Therefore, every organization will use different marketing strategies aiming at improving the profit percentage of the organization. This is a premium brand that sells well-designed products using the brand name in marketing the products.

Product standardization and adaptation

Global companies operate in various countries, which call for standardization of products. In this concept, the manufacturers will perceive all the consumers to be the same (Jones Blair Company 2018). Thus the products that are produced are similar. In the global market, it is essential to understand and tolerate different cultures and understand the behaviors of both the employees and the consumers in every country.

Product Pricing

This company primarily deals with high-end consumers, and thus they produce high-quality sports apparel. The quality of the products that the company produces has made their products highly-priced compared with the other brands. However, segmentation and covering a wide scope of clients, and ensuring robust marketing, will help the organization be well placed.

Foreign Currency Implications

“If an investor's home currency weakens against that of the investment, the investor will receive fewer numeric returns upon repatriation” (Jones Blair Company, 2018). This means that the value of the foreign assets may change due to currency exchange rate changes.

References

Jones Blair Company (2018). Opportunity analysis, market segmentation and market targeting

Zhang, J. (2018, August). Strategy of Sports Brand Network Marketing on the Basis of Brand Image Promotion. In 2018 International Conference on Management, Economics, Education and Social Sciences (MEESS 2018). Atlantis Press.