Marketing plan is a detailed master plan document which has all the synopsis of company’s advertisement and marketing strategy for the coming year. It reflects about the company’s effort to be done to achieve marketing objectives within a timeline (islam 2013).
As per Bill Bowerman, “if you have body, you are a athlete”.
Analyses the current situation of Nike called a situation analysis. Describe the target audience of Nike. List the marketing goals of Nike Company. Develop a plan to implement the marketing strategy. Objective of a market plan to increase customer base of a company by following and making different strategies.
To understand the need of customer so well and provide him proper customer service is the aim of marketing plan.
A market plan has designed after analyzing the market and research it properly and where your/company product fits well in order to achieve maximum sales for company relatively to its competitors in the market. It includes the promotion of product and services offered by the Nike (Jk 2016).
Marketing Plan includes Strategic marketing management. It includes the designing and implementation of marketing plan with keep in point the principles of successful marketing.
The core of any successful business is proper and successful implementation of marketing plan. It covers advertisements, promotions, public relations and sales, it’s a way to introduce the product to the market it promote it over all and convince the customer to buy it (johansson 2010).
The job of marketing department is to find out target audience, analyze their requirements, and reach out to investors and create a positive image of company’s product in the market. It defines the brand of the company.
Nike is a renowned brand in the market. It is very famous brand in shoes and apparels. It sponsors many sports events and many players are brand ambassador of Nike and promote the brand. They actually sell a very good quality product and their designs are also unique and good looking (Keegan 2002).
Nike implements all comfortable techniques in their shoes. They designed shoes for various platforms example football, regular, joggers, snickers etc.
Nike is established in 1962 by Bill Bower man and Phil knight, they launched it as Blue Ribbon Support and later in 1978 it became Nike. It distributes its product all over world covering US, Asia pacific, Australia.
Today the income of Nike is $3.27 billion and 30.6B of revenue. Nike is manufacturer and supplier of shoes, bags, apparels, sports goods and other accessories (Aaker & Macloughlin 2014).
Nike covers quite big area in its target market. They have different and wide range of products for every people of every age. Nike is a leading brand in footwear and apparels. They mainly designs for athletes. In future people will be more health conscious and will show more interest in athletic products, so Nike is on a win win position.
Nike products are easily available , they are available online and nearest marketable platform also. Nike used many new techniques to understand consumer needs.
Nike main competitors in market are adidas and reebok. Nike has strong brand power and market value from long time. Nike slogan “Just do it” played an important role in achieving the position nike has today.
There two main strong attributes of nike first is it is not being replicated and second is the value and quality they offer to their consumers.
Nike slogan is also reflecting positive attitude. Nike has highest market share globally that is 31% among others like adidas reebok puma converse and new balance and etc. Its worldwide revenue is $ 33 Billion. Nike’s production cost is quite low comparatively as its has 715 contracts worldwide which helps nike to deploy successful SCM. Nike has got efficiency in production, nike
Continuously improving their production with low cost and enhancement in production and profit.
Consumers are become loyal towards nike and brand conscious also , and it is advantageous for nike. Nike is after 3 kinds of customers. Nike is the biggest in athletic apparel market. Its annual sales is $28 billion.
Nike really focused on women customers. Nike is high in sales in running and gymming apparels of women .Sales would add $2 billion in sales by end of this year (Nike 2016).
Kids player customer are also important part of customers of Nike. Local federations, sports league and clubs sponsor kids player apparels given by nike. Many big names in sports are in partnership with nike.
Third and important customer they emphasis are runners. Nike put a lot of efforts in this category. But the statistics of sales in this department is not like as expected by the company.
Nike also redesigned its application called Nike+running (Nike 2017).
Nike closely watch and analyze the need of a athlete. They put sensor on the body of athlete and monitor the performance of their product , and analyze it closely , so how can they make it more better.
Nike continuously watch and analyze there present consumers so that they can better closely know about their exact needs regarding product and serve exactly them in future with new and enhanced product. If inc ase costumer face any issue they solve it within few working days , so this way nike made his positive image if its own product in their minds which helps to increase their buying decisions and image of their brand .
Nike is among top in sports gear market, globally. Nike become top brand because they provide high quality product, there products are exactly or close to the requirement of customer. They always closely watch and analyze their customers. Nike has something for everybody in their stores.
They covered all age groups. Nike shoes are always light weight and breathable stuff they used. Popular athletes promote nike brand and it is key point of their marketing strategy. Nike has launched sports watch and user can collaborate it with fitness app of nike , from this user can closely view the health statistics of their body.
This product is quite famous among runners. Nike continuously amplify their brand by opting new development techniques. Nike is among the greatest football makers company. Many brands acquired by nike are
Hurley : main target basketball related products.
Jordan: mainly for youth
Converse : New subsidiary product of nike in apparel,shoes and accessories.
Strength of Nike:
Nike deals with every group age differently and they have very big target market. Nike continuously achieving and fulfilling the expectations of every age group. It focuses mainly on from where they fetch main revenue and observe them and design the product just according to their requirements.
“if you have a body, you are a athlete”. Nike aims is to carry forward the tradition of innovation to every level. Nike objective to cater the future generations. There objective is to design such product which inspire every athlete to reach their maximum and create such business opportunities which takes Nike to a whole new level. Nike goals is to make their shareholders valuable.
Conclusion:
From above analysis on different categories of marketing of Nike company what we learned and conclude as Nike is very much sharp in applying in its objective and goals. It is processing its products world wide and that is the main point of nike. It’s products are fitness oriented and made for athletes. But there are many areas which need to be rectified and space of improvement (Miles 2016).
They should launch video by celebrity athletes regarding their product awareness. They should provide products on aerobics and parkour.There is no monthly tactic by nike. But yes they launch new designs by every season change and offer sale on global festivals. The season end and main sale is near chirstmas every year. Nike has less variety for sports products very few are displayed in every nike store. They can work on this area. Nike marketing plans are very strong and they are successful in their marketing objective.
They maintain their labor prices low to generate more revenue. They have strong SCM which is another reason behind their successful brand recognization world wide. There swoosh logo make nike recognize all over the world. They know how to make a positive image. Customer has trust on nike brand because they sell very high quality product and give satisfied customer service. They improve their services by every year and invest more to give customer high quality product (Sanusi & Lazarev 2014).
Nike don’t have retailers as retailers are more price oriented. All sizes are not available in all designs. They should work on both points.
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