The marketing strategy of Nike rested completely upon a product image which is favorable and allowed it to develop into one of the best multinational companies after a while.
Nike’s favorable product icon has been kept optimistic because of the strong relation with the company logo that is quite distinct and unique as well as the product slogan that has been utilized in commercials for a long period of time. The marketing strategy of Nike invests a lot in commercials and product promotion.
Market Segmentation
Sportsmen are the majority consumers of Nike’s products. 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.
Targeting strategies
Nike Company’s lays a lot of strategies to aim their immediate users, athletes and all sportsmen. 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.
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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.
Product delivery at the required time to the users not just effect usefulness however also result to high level of customer’s satisfaction as well as loyalty.
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.
Most of the athletes contracted by Nike include soccer superstar Roberto Carlos, Ronaldo and Ronaldinho, basketball legends and superstars such as Lebron James, Jermaine O’ Neal and triathlete superstar Lance Armstrong as well as Tiger Woods a big name in the world of golf.
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. The company uses a selective demand ad targets on the higher costs shoes utilized for typical sports.
All the marketing strategy by Nike show a competitive marketing management which can hoist company top turn out to be market leaders and making the market leaders company retain their competitive frame market by means of adherence to marketing principles, marketing plans and carefully planned marketing strategies.
The marketing strategy of Nike is one of the techniques that many business are followed to become successful in the world of business like Nike did.
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