I thank you all for attending the strategic meeting after calling you under such notice. Welcome to the meeting where we will discuss the company’s strategy moving forward. I stand here as the chief executive officer of the company, a position I have held for the past three years. Over the past six months, the company developed a cross-functional team that was involved in formulating strategies for the company. The team focused on developing plans and procedures that will assist in beating the competition and increasing the sales revenue in the next ten years.
The development of the strategy included activities such as market data collection, brainstorming, analysis and critical thinking (Olsen, 2018). The procedure involved a series of meetings and traveling to visit the Nike markets in various countries. The company has come up with a market growth strategy that focusses on beating the competition and developing a wider market share.
The market growth strategy aligns with the company’s vision of being the most authentic, connected and distinctive brand (Nike, 2018). The market growth strategy will ensure the availability of products in the market for customers to buy and satisfy demand. The company intends to create new high-quality and stylish designs that the competitors cannot match. Therefore, Nike will stay ahead of the competition by being distinctive and authentic in the products developed (Boag, 2018).
On the other hand, the market growth strategy aligns with Nike’s mission of wanting to bring inspiration and innovation to every athlete in the world (Nike, 2018). The company believes that each person is an athlete specially. Therefore, the market growth strategy will develop sports equipment that fit the special needs of the customers (Perks, 2017). The unique products will inspire customers to engage in sports or other fitness activities.
The summary of the historic performance
Nike Company has faced success in the market over the years by beating the competition in the market and producing unique and stylish shoes (Nike, 2018). The company has become a global financial superpower through revenues earned from global markets. Furthermore, the company has engaged in strong marketing actions such as signing celebrities to do commercials that have resulted in high profit (Gleeson, 2018).
The company uses the SWOT model to analyze the internal and external environments. The SWOT model identifies the strengths, weaknesses, opportunities and the threats faced by the company (Pasteur, 2018).
Nike has various strengths in the market that gives the opportunity to beat the competition and fulfill the strategic plans. The company has an advanced research and development department that has been able to develop unique products that satisfy different markets (Boag, 2018). The shoes designed at Nike stand out in the market since competitors lack the knowledge and resources to imitate. Therefore, the customers get satisfaction from the products, which means that the company can increase the market share with the unique products.
On the other hand, Nike is a strong brand in the market. Therefore, with the brand strength, we can expand the market share and sell more units. Additionally, with the strong brand, the company will incur fewer expenses while engaging in marketing activities aimed at introducing new products to the market (Smet, 2018). Therefore, the company has a great opportunity to fulfill the set market growth strategy.
Furthermore, the company has the opportunity to become the market leader in the production of sports shoes and clothes. The opportunity could become a reality due to the resources and market share enjoyed by the company. The market growth strategy will lead to market leadership due to the upcoming new products and more aggressive marketing campaigns (Smet, 2018).
The company has the weakness of overlying on footwear sales to earn revenues (Nike, 2018). The reliance poses a threat of possible loss-making in the case of failure in the footwear department. The company should focus on developing other sources of finances to act as an alternative that will stop relying heavily on footwear sales.
However, the company faces the threat of stiff competition from other producers of athletic shoes and clothes. The competitors have the resources to compete and take over the market leaving our company with a small section (Siu, 2018). Therefore, the market growth strategy requires proper follow up to ensure success since failure could lead to reduced sales and revenue.
The company has chosen the market growth strategy to ensure an increase in the market share and brand strength (Nike, 2018). The strategy aims at beating the increased competition in the market posed by other big players in the sports wear industry. The market growth will focus on activities such as the introduction of new products in the market to satisfy a wider range of customers (Suzanne de Treville, 2018). The research and development department will continue engaging in deep research to identify the changes in tastes and trends and develop products that satisfy the changes.
Furthermore, the company will engage in marketing campaigns that will increase product awareness in new regions to increase the market share. The company intends to grow into the global market and ensure that each person knows the Nike products. The market campaigns will use various means such as online, television, posters and celebrity advertising (Juneja, 2018). The company feels that celebrity advertising and the use of online platforms present the best opportunity to reach a wider market share and increase brand loyalty. Therefore, the company has signed contracts with various celebrities to commercials and also advertise products in social media platforms such as Facebook, Instagram and Twitter (Perks, 2017).
Nike faces various challenges in the implementation of the strategy. The failure to develop solutions to the challenges could lead to failure in achieving the strategy. One of the challenges includes competitor actions in the market that hinder the achievement of the strategic goals (Boag, 2018). For example, one of the major competitors has already engaged in a similar market growth strategy. The company has signed most of the celebrities that we had intended to use in our celebrity advertisements. Therefore, the company faces a challenge of identifying new celebrities for the campaign.
Nike will measure the success of the strategy through data collection to identify the increase in market share and revenues. The success indicators show the market’s response to the growth strategy (Juneja, 2018). The monitoring team will check whether the company has earned more revenue compared to the other years. Additionally, the team will compare the revenue data to income earned by other similar players in the industry.
On the other hand, the company will check the changes in market share for the products. The market share will involve identifying the new markets for products and the global reach of the company (Olsen, 2018). The increase in market share and a wider global reach will indicate the successful implementation of the strategy.
Conclusion
Thank you all for attending and being attentive for that period. I look forward to each one of you working their best to make sure that our company rises up above the rest in the market to become a customer favourite. Let us all work together for success and to satisfy our esteemed customers across the globe. The company has also decided to increase the salaries from next month and will also introduce a performance package after the finalization of a few remaining details.
References
Boag, P. (2018). Customer Journey Mapping: Everything You Need to Know. Retrieved May 14, 2018, from https:www.sailthru.com
Gleeson, A. (2018). Examples of Well-Known Business Models. Retrieved May 14, 2018, from articles.bplans.co.uk
Juneja, (2018). Management Study Guide. Retrieved from Management Study Guide Website: https://www.managementstudyguide.com
(2018). Retrieved from https://www.nike.com/xf/en_gb/?ref=https%253A%252F%252Fwww.google.com%252F
Olsen, E. (2018). Strategic Implementation. Retrieved from On Strategy Website: https://www.onstrategyhq.com
Pasteur, L. (2018). Personal SWOT Analysis. Retrieved from Mind Tools: https://www.mindtools.com
Perks, R. (2017). Quality Control Systems and Customer Satisfaction. Retrieved April 21, 2018, from Uk Essays: acdemic.mintel.com
Siu, E. (2018). 30 Brands With the Best Digital Marketing Campaigns. Retrieved May 14, 2018, from www.singlegrain.com
Smet, A. D. (2018). The Agile Manager. McKinsey Quarterly China. Retrieved from https://www.mckinsey.com/insights/china
Suzanne de Treville, T. B. (2018). Journal of Operations Management. Elsevier, 61(1). Retrieved from https://www.elsevier.com/wps/find/journaldescription.cws_home/523929/description#description
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