For the marketing plan assignment you are going to develop Part C of the strategic marketing plan. Be sure you include detailed research, information, and analysis to present the assignment's require
Assessment Prep: Business Selection
Student Name
MKT 574
University of Phoenix
September 23, 2024
Prof. Ismael Hau
Assessment Prep: Business Selection
Mission Statement
In regard to this assignment, I have chosen Nike Inc., which is a leading international manufacturer and marketer of sportswear, equipment, and accessories. Nike’s mission statement is: “Our social responsibility is about making inspiration and innovation available to every athlete* in the world. (*If you have a body, you are an athlete.) This mission lays the foundation for ensuring that these companies offer excellent products that will make people great and also continuing to seek better solutions as they offer out their products. Reference?
Vision Statement
Nike has stated that it will remain a market leader in innovation and sustainability within the sporting goods industry. The company further sees itself in a world that offers consumers not only the best in athletic footwear and apparel but also a product that blurs the line between performance and sustainability. The vision presented in this case clearly depicts Nike’s aim of integrating the perfect technology with that of environmental conservation. Reference?
Product Line Description
Nike sells several products, such as shoes for athletic use, athletic clothing, sports equipment, and apparel accessories. Nike athletic shoes cover running, basketball, and other casual or formal types of shoes. It also offers apparel for men’s, women's, and kids, and sports gear including football, soccer, and tennis, among others. Nike always adds new product ranges by introducing new products such as the Nike Flyknit shoe and the Nike Green Concept, which attract everyone, including sportspersons. References?
Business Information
The Nike Company was started in 1964 and has since grown to become a large international organization. Nike is situated in Beaverton, Oregon, having branch offices in more than 190 countries worldwide, with over 79000 staff. Nike sales as of the year 2023 stood at more than $46 billion, making it the world’s biggest sportswear and apparel company. The firm prides itself on convenience, making sales through various channels such as company-operated retail outlets, websites, and affiliate selling (Santos, 2023). Good.
Current Target Markets
Nike products are directed to the mass market with no restrictions regarding age, location, or the buyers’ activity. The core target market comprises the youth who are within the age range of 15 to 45 years. However, others include children and senior persons . Nike targets male and female clients; however, it has distinguished customer segments such as Nike Women and Air Jordan (Nica et al., 2021). Most of the time their target market is narrowly defined, within the middle to upper income bracket. Nike operates internationally, although its concentrations are in North America, Europe, and Asia/Pacific; it is currently expanding its operations in the emerging markets of China. Nike Nike’s psychographics is another segment of its market strategy targeting the active individual, athletes, athletes’ trainees, fashion-conscious athletes, and those clientèle who desire to wear trendy sport footwear. Good.
Current Targeting Tactics
Nike is marketing in a mix of both marketing communication tools, both traditional and modern business marketing communication tools. In its celebrity endorsements, the brand collaborates with prominent athletes, including LeBron James and Serena Williams. Digital marketing is one more significant component that has expressed a solid following across social media platforms, such as Instagram and TikTok. Nike’s branding cannot make a comprehensive alteration to the ‘Just Do It’ campaign. Social responsibility supplements Nike’s advertisements, especially in the ‘Move to Zero’ advertisement (Kim, 2020). Some examples include store promotions, special promotional campaigns offline and online, dedicated product releases, and loyalty programs, including Nike Plus. Good.
References
Kim, M. (2020). How Phil Knight made Nike a leader in the sport industry: Examining the success factors. Sport in Society, 23(9), 1512-1523. URL?
Nica, I., Chiriță, N., & Ionescu, Ș. (2021). Using of KPIs and Dashboard in the analysis of Nike company's performance management. Theoretical & Applied Economics, 28(1). URL?
Santos, J. E. B. (2023). Equity Valuation of Nike, Inc (Master's thesis).URL?
Note: Review the APA format. Minor errors.
