Chapter 1 Defining Marketing for the 21st Century by: It has already happened.
The marketing strategy of Nike invests a lot in commercials and product promotion. This is extremely because of the usefulness that goes along with the items.
An athlete or sportspersons is more possible to choose shoe designed that is marketed by Company more than an individual who hate sports as well as exercises.
Nike focused on these consumers by means of agreements between the Company and sports team, college athletic for product support and sponsorship as well as eventual endorsement to the team members. Through this, Nike is capable to reach an extensive number of consumers and clients who are likely to purchase.
Even if some are likely to purchase the products, Company pays particular emphatic concentrating to the sportsmen more than some number individuals even if it also targets teenagers who have hold the hip hop customs.
These targeting techniques include product sponsorship by professional and well known athletic team, college sports team as well as celebrity athletes. This marketing strategy of Nike is particularly successful as of its capability to reach many athletes.
Once the sports team manager lay down a particular kind of track shoes manufactured by Nike, the learner have no choice other than to purchase them as well as sports team can purchase the track shoes in a large number and deliver them to the members of the team. Another marketing strategy of Nike is the styling of product objective or purpose.
Company does this through associating triumph with the apparel. For instance, when a superstar athlete sponsors a particular brand of sports shoes, the shoes will be related with victory.
It has psychological effect to the viewers and this is reinforced with promotional which affirm this point. At last, Nike targets the users who are possible to build up product intimacy, consumers who are after the quality and utility of the items than the cost.
Through this, the costing is not pretentious too much in propose to accommodate a lot of consumers. Pricing Strategies Since Nike focused on the users who embrace product understanding and closeness and thus heed less regarding the product.
This allows the Company to set quite higher cost that its rivalry. This is a marketing strategy of Nike which calls for superior pricing points in order to push the supposed valu of the product.
Another significant thing that business must consider if you want to follow the success of the company is that, the truth that Company utilizes the vertical combination pricing technique in that they take participants ownerships at channel levels which differ and the Nike company also engage in diverse channel level functions in a propose to control prices as a result affect pricing function.
Distribution Strategies The marketing strategy of Nike embraced by many organizations can either provide them a market frame or make them insulate the market frontrunner. The more reliable the distribution of the product is improves the sales and in consequence more profits.
Nike Company distributes its items base on the level or number. The high costs premium items are given to particular distributors while leaving products with low priced to be trade at discounted price at various retail stores including Wal-Mart whereas other company such as Reebok who embraced a restricted distribution technique Nike Company ventured more into a world market capitalization.
Communication and Promotional Marketing Strategy of Nike Aside from trading quality products that have result to a high number of user loyalty, the promotional and communication utilize by the company are simply outstanding.
Nike has hired many professional and well known celebrity sportsmen that have managed to make a considerable interest to their items. This has developed a fairly high level of Nikes items awareness. Aside from dealing or contracting of celebrity athletes to endorse their products, Nike also used a best deal of ad by means of mass media.Segmentation, targeting, positioning in the Marketing strategy of Nike – Nike uses psychographic segmentation variables to make its offerings more attractive to the target customers.
It uses separate campaign or strategy to cap the market potential of the different segments. Importance of occasion segmentation. Some products or services are seen as being appropriate for a particular situation or occasion.
Meaning, that the customer is looking for specific products on specific times or occasions. Psychographic variable • Nike’s mission statement: “To bring inspiration and innovation to every athlete in the world ” • Lifestyles and Personalities • Run with Me, Sports Improvement Clinics, Social Media .
Psychographic variable • Nike’s mission statement: “To bring inspiration and innovation to every athlete in the world ” • Lifestyles and Personalities • Run with Me, Sports Improvement Clinics, Social Media .
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Marketing Management by Philip Kotler (11Th Edition) - authorSTREAM Presentation.