MARKETING PLAN FOR NIKE’S NEW PRODUCT RANGE
Introduction
⦿ Nike Inc is an American multinational brand
⦿ involved in the design, manufacturing, and worldwide marketing of footwear, apparel, accessories, and a wide range of service
⦿ Brand value as of 2020 is U.S
$34792million (Statista, 2020)
⦿ Worldwide annual revenue of U.S $37.4B for FY2020 (Statista, 2020)
Source: https://in.pinterest.com/pin/3406551592936308 27/:
Introduction(Continued)
Brand value of Nike (2016-2020) Nike’s revenue worldwide (2005-2020)
Source: Source:
https://www.statista.com/statistics/632210/nike-b https://www.statista.com/statistics/241683/nikes-sale
rand-value/ s-worldwide-since-2004/
Environmental Analysis
- Environmental: Environmentally conscious; lays importance
Source: on sustainability and climate issues https://www.ibisworld.com/industry-insid er/how-to-use-industry-research/how-to-use-IBISWorld-research-in-a-pestle-analysis
/
Environmental Analysis (Continued)
The PESTLE analysis, therefore, determines the following:
- the macro-environmental factors are conducive for Nike to go ahead with the launch of its new product range
- the pandemic might negatively impact its revenue earnings temporarily
- Nike’s brand loyalty and value would help in the sustenance
Target Market
-for-pregnant-women/
Marketing objectives of Nike
- Exploit the eco-conscious mindset of its female customer base
- Design a sustainable product range
- To establish itself as an accountable, inclusive, and conscious brand
- To align its product range with innovation
- To distinctively demarcate itself from its competitor Reebok launched of maternity range
Source: https://www.properopartners.com/blog-busines s-marketing-objectives-2018/
SWOT Analysis of Nike
SWOT serves as a tool for strategic planning and involves brainstorming
(Phadermrod, Crowder & Mills, 2019)
STRENGTHS:
- Strong Brand Awareness
- Huge Customer Base
- Prioritizes sustainability
- Low manufacturing costs
- Superior marketing abilities
WEAKNESSES:
- Poor labor conditions in a foreign market
- Dependence on the U.S market
- Lawsuits
- Lack of diversification of products
Source: https://www.rhythmsystems.com/blog/4-steps-to-swot-a -pandemic
SWOT Analysis of Nike (Continued)
OPPORTUNITIES:
▪Innovative products
▪New emerging markets
▪Consumer direct strategy
THREATS:
▪Counterfeit products
▪Enhanced competition
▪Pressure due to the marketing budget
Marketing Strategy of Nike
Nike is often taken as an object of research to understand the marketing strategy practice (Zhang & Zhang, 2018)
Strategy for Nike (M):
⦿ Aligning product range with sustainability
⦿ 78-88% recycled polyester used as fabric (Nike,
2020)
⦿ Promote itself as an environmentally conscious brand
⦿ Exploit the heavy traffic in Nike’s activewear sector
⦿ Rely on mobile and desktop sites for launch
⦿ Obtain a competitive advantage over Reebok, its sole competitor
Source: https://www.feedough.com/what-is-marketing -strategy-examples-components-planning/
Conclusion
Nike recognizes motherhood as an endurance test
Nike (M) aims to offer support in their ultramarathon journey of motherhood
Source: https://www.lemorau.com/thank-you-for-your-visi
t/
References
Annual Report Nike. (2020). NIKE, Inc. Reports Fiscal 2019 Fourth Quarter and Full Year Results. Retrieved 3 November 2020, from https://investors.nike.com/investors/news-events-and-reports/investor-news/investor-news-det, ails/2019/NIKE-Inc-Reports-Fiscal-2019-Fourth-Quarter-and-Full-Year-Results/default.aspx Frue, K. (2020). PEST Analysis of Australia: A Brief Look into Politics, Economy, Society and
Technology. Retrieved 3 November 2020, from https://pestleanalysis.com/pest-analysis-of-australia/
Nike News. (2020). Creating a Bond Between Motherhood and Sport. Retrieved 3 November
2020, from https://news.nike.com/news/nike-m-maternity-collection
Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, 194-203. DOI: https://doi.org/10.1016/j.ijinfomgt.2016.03.009
Statista. (2020). Nike: brand value worldwide 2020 | Statista. Retrieved 3 November 2020, from https://www.statista.com/statistics/632210/nike-brand-value/
Statista. (2020). Nike’s revenue 2019 | Statista. Retrieved 3 November 2020, from https://www.statista.com/statistics/241683/nikes-sales-worldwide-since-2004/
Zhang, J. (2018, August). The strategy of Sports Brand Network Marketing is based on Brand Image Promotion. At the 2018 International Conference on Management, Economics, Education, and Social Sciences (MEESS 2018). Atlantis Press.
MARKETING PLAN FOR NIKE’S NEW PRODUCT RANGE
