What is the background of the current market?
Nike is among the most popular brands globally. The brand’s current market standing relies on strategic marketing strategies that the company utilizes in marketing its products. The company invests at least $3 billion annually in promoting its products, which enhances brand awareness (Keller, 2014). The company works with athletes and celebrities to create awareness about their products, which helps in reaching a diversified market. Moreover, the company is on the front line in sports sponsorship which has helped in enhancing brand awareness. It is the promotion that has enhanced the current standing of the organization and facilitated its acknowledgement globally.
What are the most significant sources of competition for this company?
The company faces a lot of competitions from other competitive brands that include Nike, Adidas, and Under Armor. The competitors are lucrative brands in the athletic wear market. Consequently, it is essential for the organization to devise a competitive strategy in marketing the company’s products.
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What are the significant industry trends that could impact your company?
The footwear market is dynamic, which requires that a company in the industry have a business model that accommodates such changes. Moreover, it is essential for the organization to have an innovative workforce such that it becomes possible to accommodate the changes and implement new designs. Another factors that influences the industry is availability of good product quality, which helps in ensuring that the company is successful. It is essential that a company should possess all these factors since by doing so it becomes possible to compete with other strong brands within the market.
What are your market segments, not to be confused with industry segments?
Nike market segmentation has four categories, namely geographic, behavioral, psychographic, and demographic. Under demographic segmentation, Nike has categorized its products into different categories, namely gender and age (Flynn, 2015). Consequently, it becomes possible to reach a wider market share. Moreover, the company has a specialized marketing strategy targeting each group.
References
Flynn, P. (2015). Scholars Archive Nike Marketing Strategy: A Company to Imitate . https://scholarsarchive.library.albany.edu/cgi/viewcontent.cgi?article=1013&context=honorscollege_accounting
Keller, C. R. (2014). Nike Strategy - How Nike Became Successful and the Leader in the Sports Product Market . Profitworks.ca. https://profitworks.ca/blog/marketing-strategy/545-nike-strategy-how-nike-became-successful-and-the-leader-in-the-sports-product-market.html
