The Marketing Strategy of Nike Inc

The marketing strategy for Nike footwear manufacturing company has made the company develop and specific brand, especially in the manufacture of athlete footwear globally. The above approach enables Nike to rise through the corporate world, and it has continued to lead as one of the most recognized brands. The growth and sustainability of the company are mainly focused on the strength of the firm’s logo and the slogan that has been adopted for the products of the company.

This is the main problem of the study;

i. The determination of the marketing strategies that have been adopted by Nike Inc. in the pursuit of corporate and market success.

The secondary problems are these;

ii. The determination of the ethical issues that are associated with the marketing strategy that has bee adopted by Nike Inc.

iii. Determination of the alternative marketing techniques that may be applied by the management of the company.

iv. The most demanding actions that should be taken to improve the performance of Nike Inc further.

v. The determination of the practical constraints that face the marketing strategy adopted by the company.

The relevant facts and specific marketing strategies

            Nike currently holds 48% of the athlete footwear market share within the United States of America. The highest market share yet is in the footwear industry is on the basketball section which stands at 96%. On a global scale, the company also holds a significant presence in foreign markets, especially among athletes around the world. The company has been using high profile athlete endorsements on its products as one of the was of promoting its products. Nonetheless, the company also uses several other strategies to match and improve its outcomes.

            The specific marketing strategies that Nike Inc. uses include the adoption for precise market segmentation. The company majorly focuses on sporting wear, making it easier to concentrate on marketing within a specific market.  The company also uses specific pricing strategies as a marketing technique. The company charges prices which are higher than those of their competitors. Finally, the company has an efficient distribution strategy which it uses to reach out to its intended market.

The ethical issues and the ethics of the alternative

One of the significant ethical issues faced by the marketing team of Nike Inc is on the use of animal products to manufacture its shoe products. Ironically, the above animal products have elicited public reactions as there are no clear sources where the company gets the animal products.  The company also faces criticism related to labor issues since women do not occupy a more significant place within the company. 

The primary stakeholders

 The primary stakeholders in the development of the marketing plan for Nike company consist of the top management of the company. The board of directors and the senior manager are concerned with the policy formulation that is specifically involved with the development of marketing plans. The other stakeholders who are involved with the implementation of the marketing plans include the teams within the marketing department for the company.

The alternatives

 There are two primary alternative marketing strategies that Nike have adopted over the years. The use of online space has been one of the most prominent adopted approaches that the management of the company has developed. Currently, all the major brands of the company can be accessed over the internet on the company website. The other leading online stores such as Alibaba also make sales on behalf of Nike.

The actions that should be taken

            The management of Nike may consider increasing focus on the marketing focused on the development of a comprehensive communication platform as a marketing strategy. The company must realize that retaining the customers will require a proper communication with the customers and other stakeholders.

The practical constraints

 The central practical limit to the implementation of the communication n strategy lies in the cultural diversity of different markets across the globe. The company faces the hurdle of developing a multilingual system within its market structure.

Challenges

 The significant challenge for the marketing strategies that Nike has adopted relates to the balance between traditional marketing approaches and the competitors changing the approach to marketing. Currently, Nike is faced with the most significant problem which is the increase in companies that provide similar quality products. The competing companies have also developed compressive marketing platforms that increasingly challenge the market dominance of Nike.

Impacts

            There are specific impacts of the marketing strategies that have been adopted by Nike. The company has been successful in maintaining a market leader for its footwear product. Consequently, the profitability of the company has been high within the past decade.

Recommendation

To solve these problems, these are what we recommend. The company should focus more on digital marketing platforms.

And here are the reasons why: With the increase in technology, more market focus is increasingly being focused on the online space. Millions of buyers are also moving to online market platforms to make purchases for their products.

Finally, some pitfall to avoid for the company should be on laying more focus on new markets. Despite providing a high prospect for growth, putting too many energies on the new market may never lead to elevated profitability. The company should focus on its traditional markets that have continued to promote its growth.