Introduction
In any business setting, there must be a plan which is strategically evaluated to ensure that the business attains both its long and short term goals that are mostly based on the business objectives. While there is a thin line between the corporate strategy and the marketing strategy, they are both essential in ensuring that the business plans fall into place for success and growth. In reference to Sam Ashe-Edmunds (2016) corporate strategy is basically the structure in which a business uses to maintain and enhance profit-making. This is developed through a number of procedures that include the reduction of business debt, ensuring that the product or the service line is upgraded to increase profits, innovating new ventures by use of technology to increase the sales among many other strategies that majorly focus on profitability and development of the business. On the other hand, marketing strategy is focused on the ability to produce and sell the business product or service. This is basically enabled through the creation of an outstanding business product or service which targets a particular customer base, selling through a competitive price without jeopardizing the brand and quality of the business product of service among many other procedures. The marketing strategy revolves around the ‘four P’s’ which are the product, price, promotion, and place. Therefore, the departments in charge of the corporate strategies and the marketing strategies have a duty to collaborate and ensure neither of the planned strategies sabotages the other but ensures they boost each other’s goals (Keth, 2015) .
Nike is a company that focuses on creating products and services mainly for athletes. While they target all sets of age groups, we shall focus on the women clientele and deliberate on how the corporate and marketing strategies can ensure success for the company.
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Like any other business, the ‘Nike women’ is in a position to increase its profitability and growth through the day to day strategies that is undertaken by different departments to fulfill the corporate goal. For instance, some of the marketing strategies like setting competitive prices in the market will still ensure they gain profits since in most cases the price will still favor the company and the consumers hence ensuring profits are still made. In intersecting the two strategies, these are some of the marketing strategies Nike can put into place to fulfill their corporate goals which in many businesses is profit making and growth.
Analysis of the Consumer Identification: First and foremost, Nike should be in a position to identify the needs of their target consumer and in this case the women. Creation of products that are in demand for the athlete woman should be the point of focus. Therefore, availability of supply for the products in demand will definitely ensure an increase in sales of the produced products (Insivia, 2010) .
Analysis of the Competitor: While there is demand for the women sports outfits, many firms have ventured into meeting this market need. Therefore, some of the strategies that Nike women can set is the production of quality and unique items with competitive prices without jeopardizing the company’s targeted profit. This can also be met by ensuring they provide customized items to women with special needs which may be their cutting edge.
Among many other marketing strategies Nike women, should ensure the provision of unique products that will identify with the company and build confidence to their consumers who will remain loyal and ensure Nike acquires more customers through referrals. This will boost sales of the products produced and therefore increase the company’s profits which at the end meet both the corporate and marketing strategies.
Conclusion
The corporate and marketing strategies must ensure that the business fulfills the set goals only when they collaborate. The marketing strategies are the daily business functionalities that focus on fulfilling the long-term business goals that form the corporate strategies. Nike, on the other hand, can increase its sales through production of unique, customized and quality products that can enhance its sales that will later increase its profits that will contribute to its growth and success
References
Ashe-Edmunds, S. (2016). Corporate Strategy Vs. Marketing Strategy . Retrieved Dec 15, 2016, from http://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html
Insivia. (2010, January 12). What’s the difference between marketing and strategic marketing? Retrieved Dec 15, 2016, from Insivia.com: http://www.insivia.com/whats-the-difference-between-marketing-and-strategic-marketing/
Keth. (2015, October 4). Key Difference – Corporate Strategy vs Marketing Strategy . Retrieved Dec 15, 2016, from http://www.differencebetween.com/difference-between-corporate-strategy-and-vs-marketing-strategy/
