Nike Marketing Objectives – Best Marketing Essay(2022)
This article discusses about Nike Marketing Objectives.
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Nike Marketing Objectives
Nike’s marketing goal is to use a variety of marketing communication strategies to reach out to the company’s target market, which includes people of all nationalities, genders, cultures, and ages. Nike accomplishes this by utilizing a marketing communication group that may reinforce the “positioning of, and key messaging about, the Nike brand” through various visual aids and point-of-purchase advertising. In this regard, Nike is constantly working to develop marketing strategies that are relevant to the individuals who live in these continents or countries.
For example, in addition to traditional advertising such as television, billboards, and the like, Nike also use modern marketing tools such as the internet, which allows consumers in practically any area of the world to design Nike shoes and products. Furthermore, Nike employs efficient marketing communication while also remaining reasonably cost-effective in terms of its marketing campaigns.
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Nike employs internationally famous celebrity athletes and overflows retail networks with product promos and other giveaways, despite their marketing expenses appearing to be extravagant. The merging of endorsements and sponsorships, according to Knight and Greenberg (2002, pg 548), allows Nike to portray itself as a socially conscious actor advocating sport as a solution to social problems.
JUST DO IT is the company’s campaign theme. The campaign will target men and women between the ages of 14 and 30, particularly those involved in basketball. Nike sprint shoes are not only fashionable, but they are also sturdy, durable, and comfy, which will persuade them to take action. Billboards will be used to promote the campaign, which will include celebrity endorsements from Michael Jordan and James LeBron James. To market the brand, the company will also use electronic media (commercials, Nike’s official website, and newspapers). (Nike Marketing Plan, 2011)
Purpose and Mission
The company trades mainly in sportswear and equipment. It was founded in Beaverton, Oregon a small part of Portland.
This is the very same place where the headquarters of the company is situated. From its humble beginnings, the company has grown to become the leading sports label in the entire universe (Rodman 126). Initially, the company only operated in the United States of America.
At the present moment, it is operating in over 160 different countries. It has employed over 30,000 individuals directly who operate in the six continents of the world. Furthermore, it has an indirect involvement of over 1million individuals who depend on the company. This includes shipping and warehousing employees, marketers, suppliers, retailers and other individuals who are involved in the supply chain of the company`s products (Nike, 2011).
If you have a body, you are an athlete: this is the motto of Nike, Inc. (Nike, 2011). This observation was made by Bill Bowerman who used it as an inspiration to create products that would take the talent and enthusiasm of athletes to another level. These very same words are an inspiration to the employees of Nike, Inc. They lead them in meeting the needs and desires of their customers. In the process, they have been able to maintain the legacy of the company making it stand ahead of its competitors in terms of creativity and innovation.
The company`s mission is to bring inspiration and innovation to its customers (Nike, 2011). Employees of Nike, Inc. work hard to ensure that this mission statement is realized. To achieve this, the company has set up several objectives in the course of its operations. These objectives not only work to attain the mission and vision of the organization but also ensure that the company is viable in the market.
At the present moment, the objective of the company is to supply its customers with state of the art sportswear and equipment that will take them to a new level of excellence (Nike, 2011). With the highly qualified staff, well set priorities and objectives, the company has become a leader in the industry.
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Throughout its operation, the company has established a strong portfolio of brands that are highly recognized and respected in the market. The company started off as a distributor for a Japanese shoemaking company, Onitsuka Tiger (now ASICS). Since then, it has grown and developed several brands of its own. These include Nike Golf, Nike Pro, Nike+, Air Jordan and Nike Skateboarding. Other subsidiary brands include Cole Haan, Hurley International, Umbro and Converse (Nike, 2011).
The actual customers of the company are the athletes from all around the world. The company has commanded a strong market share by diversifying its products to accommodate athletes of all sports. This includes soccer, football, basketball, tennis, track and field, baseball, golf, hockey and so on.
The company supplies these athletes with sportswear and equipment. At the same time, the company has also been targeting the public by supplying them with comfortable sportswear. This initiative has been successful and at the present moment, Nike is the most famous sportswear label in the universe.
The company has been facing a lot of competition from other rival companies. Adidas, Reebok, Fila, Fubu, Dada, Wilson and so on are among the main competitors of the company. Despite the stiff competition that Nike is facing, the company has been and still is the leader in the market. It operates in over 160 different countries (Kim 14).
Marketing Strategies
To achieve its mission, Nike has employed a number of strategies and objectives. Due to this fact, Nike, Inc. has maintained its standards of producing quality footwear and sports equipment to individuals and institutions of all ages and lifestyles. At the same time, the company has come up with measures and strategies that ensure that their products are easily available to their clientele.
To achieve this, Nike, Inc. has a long-term corporate goal that aims at improving its sstockholder’sreturn on equity by 20% and increases the earnings per share by 2.7% (Kim 21). This will ensure that the company’s growth in the company is coupled with gains in terms of shares and revenue. In this respect therefore, Nike Inc has a grand strategy that aims at increasing the quality of its products to meet the needs of all its customers all around the world. This will ensure that the company maintains its position as a leader in the market.
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Currently, Nike Inc is at the cash cow stage under the BCG matrix model. It is experiencing a great return on its capital. To ensure that the company continues to expand and remain sustainable in the short run and the long run, the company has put a lot of emphasis on research and development, incorporation if technology and ICT, improved consumer services and expansion of its markets (Kim 11). In addition, the company has formulated a number of marketing and pricing strategies.
Related FAQs – Nike Marketing Objectives
1. What are Nike’s marketing objectives?
The marketing goals are: Increase customer retention, Increase eCommerce Sales, Increase our Community Involvement. The first goal specifically works towards reaching 60% repeat sales through different promotional strategies like emotional marketing and sponsoring different professional athletes.
2. What are the marketing objectives?
Marketing objectives are actionable targets designed to provide not just overall direction, but clear and specific actions. They are specific, measurable, attainable, relevant, and time-based (These are often called SMART goals, an acronym you’ve likely heard before!).
3. What is Nike’s marketing concept?
The Nike marketing strategy, in summary, is, invest heavily in marketing, use emotional advertising that every human being can identify with, offer premium products at premium prices and sell their products primarily through 3rd party retails stores.
4. How does Nike use internal marketing?
Nike executes internal marketing amid the forty thousand employees scattered across its subsidiaries. The company uses internal marketing as a promotional strategy. The management appreciates that employees are the business’ most effective marketing tool and have to be motivated to give their best.
5. How does Nike use social media to promote?
Nike uses social media to create a lifestyle and a sense of community among fans. Its tweets are short, punchy, compelling, and nearly always include the hashtag #justdoit or other community-building hashtags like #nikewomen.
6. What targeting strategy does Nike use?
Nike’s target market includes a demographic of those aged 11-45 but put a greater emphasis on teens to cultivate long-term customers. Their psychographic segment includes active, fashionable individuals that consider physical activity as part of their lifestyle.