NIKE INDIA marketing report

NIKE INDIA MARKETING REPORT LECTURER AND SUPERVISOR MS MAI QUYNH ANH THE VNUK INSTITUTE FOR RESEARCH AND EXECUTIVE EDUCATION THE UNIVERSITY OF DANANG Nike India focus on the marketing plan............................................................................................................................................................................................................................

TTHE UNIVERSITY OF DANANG THE VNUK INSTITUTE FOR RESEARCH AND EXECUTIVE EDUCATION MARKETING REPORT LECTURER & SUPERVISOR: MS MAI QUYNH ANH International Marketing Module Academic Year 2021 - 2022 VNUK Institute for Research and Executive Education, the University of Danang OUR TEAM Ngo Hoang Yen Bui Thien Phuoc Tran Thi Tra My Huynh Thi My Co Luong Minh Thang Le Nguyen Quynh Nhu what 's Tables of Contents 01 Introduction / 05 Company History Vision and mission statement 02 Domestic Environment / 07 Controllable elements Uncontrollable elements Foreign Environment / 22 Uncontrollable elements 03 References / 34 Phil Knight and Bill Bowerman This report is all about to show a part of the Marketing plan for Nike’s products; with reference to the scope of the international marketing task, the report shows how both controllable and uncontrollable factors affect Nike offering new products in the market NIKE in India Nike is one of the biggest brands in sportswear in the world From elementary school students to professional athletes, no one could deny the attractiveness of Nike between any brands in the market Nike was founded by University of Oregon track athlete Phil Knight and his coach Bill Bowerman in January 1964 as "Blue Ribbon Sports" (Ahmed et al., 2016) According to Nike Inc, The company initially operated as a distributor for Japanese shoe maker Onitsuka Tiger, which met Knight's Automobile and officially became Nike, Inc on May 30, 1971 Since entering the sports market to provide products to customers, Nike has gradually grown up, surpassed over competitors as well as stuck in the customer's mind, as a result of its relentless efforts and continuous development over the years Therefore, implicitly affirming the brand position through the quality of the product Mission ‘To bring inspiration and innovation to every athlete in the world’ Nike has been aware and always focused on product development and innovation strategies Increasing reliability in quality, bringing satisfaction to customers from marketing campaigns or customer care services are meticulously cared for Vision ‘The Nike goal is to carry on his legacy of innovative thinking, whether to develop products that help athletes of every level of ability to reach their potential, or to create business opportunities that set Nike apart from the competition and provide value for our shareholders.’ Nike guides the thinking of management through its mission and vision as a source of inspiration In other words, deliver the message in clear, concise, and precise language while also gaining buy-in and support across the business Therefore, increasing the efficiency of employees' work productivity via a clear goal determination right from the start In other words, Nike Corporation irrefutably has created wealth for its owners and shareholders, but its rhetoric of social responsibility—itself‐presentation of the corporation as a now global citizen —constitutes a more dubious claim (Stabile, 2000) Moreover, the company announced the purpose of the company with a specific business strategy, they invest in building a brand-new market and celebrity Developing products that must be high quality by using innovative technology and being stable in front of the competition in the market According to Cateora, Gilly, and Graham (2010), the domestic environment uncontrollables include home-country elements that can have a direct effect on the success of a foreign venture: political and legal forces, economic climate, and competition Firm Characteristics Controllable elements The inner-circle represents the controllable variables Those variables that a marketing manager or a company can easily control to suit the demand of the business They include "Marketing Mix" and research activities Controllable factors can be changed over the long term and often in the short term to adjust to modifying market conditions, consumer tastes, or corporate goals (Philip et al 2010, p.12) Product Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need (Kotler, 2015) Differentiate of product Nike is the market leader in the sportswear industry, with sales of sports shoes accounting for most of their revenue It provides a variety of items, including customized shoes for a range of sports Product development is Nike's intensive growth strategy (Smithson, 2019) Changes in its product mix accompanied the development of Nike Inc It involves the launch of new products to increase its sales For example, the company seeks to research and develop in order to develop new products and improve existing stuff Nike emphasizes product innovation through innovative shoe and apparel designs using technology to improve product quality and differentiate itself from competitors Nike has not only adapted to a changing market by designing and selling iPod nano-connected smart products, as well as providing a mix of Apple Inc and Nike products to measure athlete performance, but it also allows customers to design and customize product features according to their needs hence allowing them to appeal to a wider audience (Gregory, 2017) 10 Cultural Forces Cultural forces are elements affecting firms’ marketing decisions which result from countries' unique culture including language, social construction, beliefs, customs, values, (Riskó & Wiwczaroski, 2014) In this part, we are going to explore the uncontrollable cultural element that is Indians’ attitude towards counterfeit products Counterfeits, also known as knock-offs or fake products, are illegal representations of a registered trademark goods that are identical or similar to goods for which the trademark is registered, with the intent of deceiving the purchaser into believing that he or she is purchasing the original goods, according to the World Trade Organization (WTO, 2011) In short, counterfeits usually resemble genuine goods while typically having lower quality in terms of performance and reliability Indian’s Attitude toward Counterfeit Products Indian consumers are keen on buying fake Nike goods The rise of digital platforms that makes it easier to sell and buy consumer goods, especially further amplified by the effect of the COVID-19 pandemic, has driven a surge in counterfeit product commerce in India (Forbes, 2020) This situation poses a great headache to Nike as its sportswear is one of the most pirated products in the Indian market, which seriously damages the brand’s reputation and profitability within the country 23 Why Indians purchase knock-offs? Why Indians purchase knock-offs? A 2019 study showed that 92% of Indian clothing consumers between the ages of 15 and 30 admitted they have bought at least one counterfeit good When asked for the reasons why they preferred them over the real things, most participants listed lower prices as the most attractive aspect, followed by availability and diverse ranges of offerings (Fortune India, 2019) However, further research revealed that counterfeits' triumph in the country might be majorly caused by the cultural lack of care toward validity, originality or creativity Because before weighing the cost-benefit of buying counterfeit from factors like prices or availability; consumers first face two choices: to either support the real creators by buying their products or hurt them by opting for the illegal imitations Most Indian consumers, unfortunately, choose the latter as long as it satisfies their own cost-benefit perceptions (Quartz, 2017) To further understand the point above, let us take a look at what types of counterfeit goods there are and which one Nike products fall into Counterfeiting in the fashion business is divided into two types: deceptive and non-deceptive Deceptive counterfeiting happens when a consumer is unaware that he or she is acquiring a fake or fraudulent goods, whereas non-deceptive counterfeiting occurs when he or she intentionally purchases a replica of the original product being fully aware of its illegal origin and lower quality (Mondaq, 2019) Fake Nike sportswear usually falls into the non-deceptive category where consumers can quickly identify it based on the steep difference in price and quality, as well as shady selling location An example is a pair of expensive, high-end trendy Nike shoes offered at a low price by an unverified street vendor or online store (Inexto, 2019) This means most of the time, Indian consumers purposely make the decision to purchase Nike counterfeits, as opposed to buying them by accident like in the case of deceptive counterfeiting when knock-offs are identical to the authentic product in price and packaging but quality 24 The “piracy” attitude is not individual-based but a widespread issue within Indian society Experts suggest the cause for this culture is due to the fact that the concept of Intellectual Property Rights is not widely taught early in school nor mentioned by the media When doing classworks that involves researching, students are often unaware of the importance of respecting the rights of original creators and giving due credit to others when using their creations (Hindustan Times, 2021) As a result, the vast majority of young people are unaware of the labor-intensive nature of producing goods and services, and are unconcerned about the harm caused by purchasing counterfeits A majority of the elder population, including those in lawmaking institutions, share this attitude As a result, progress toward enhanced protection for brand creators and increased enforcement against counterfeit producers is slow (Managing IP, 2019) & Geography Infrastructure Geography refers to factors impacted by a country's geographic location, such as its position on a world map or the risk of natural disasters, which can have positive or negative impacts for a company's marketing strategy The infrastructure component, on the other hand, relates to the level of existing infrastructure that supports marketing operations such as communication, which corporations must assess before entering a foreign market (Hill, Chae, & Park, 2012) In this section, we'll look at the state of natural disasters in India, as well as the country's lack of combating infrastructure Risks of Natural Disasters and Lack of Infrastructure to Combat them Natural disasters happen frequently and the country is still not equipped to mitigate the economic damages The 2019 Global Climate Risk Index stated that India is the 14th most vulnerable country in the world to natural calamities, due to its geographic location as a seismic risk zone and an intertropical convergence point Between 2000 and 2019, India has suffered 321 major catastrophic events Some of the most common disasters are flood, earthquake, cyclone and drought In this same period, India has lost almost 80 billion dollars in economic damages caused by disasters (Atlas Magazine, 2020) There are many reasons for India’s big susceptibility to natural disasters First of all, the low public spending on disasterresistant infrastructure, such as dams and drainage systems, as well as river embankment and canal protection, is fatal and causes the society to collapse quickly from disasters Secondly, modern disaster warning systems, particularly in low-lying areas, are extremely lacking and incapable of accurately forecasting disasters quickly enough for the population to put on protection or evacuate Thirdly, illegal deforestation is a rampant issue that causes soil erosion in several regions, resulting in floods causing more damages (Business Line, 2020) 25 Why should Nike care about the above elements? Because it currently has factories in India and may plan to build more, as the company is moving away from manufacturing in China (Harris Bricken, 2019) Understanding the natural disaster risks is extremely important for Nike when it chooses to build its next locations in India Disaster-plagued regions are often cheaper with labor while safer regions are more expensive, therefore it is a matter of costbenefit Nike definitely wants to avoid another incident like Thailand in 2011 where floods swept through several of its factories After that, Nike was forced to close operations, causing production delays and major supply chain disruptions Furthermore, droughts have hit some provinces where Nike placed its cotton farms The disasters reduced cotton supplies, raising prices and reducing profit margins (Digital Initiative, 2016) As a result, Nike’s brand image and reputation in the eyes of partners and customers are affected In addition, these accidents also played a part in Nike pushing the “Fighting climate change” message, as aside from PR purposes, it wants to contribute to combating future natural disasters 26 "INSIDE THE SHOE, EVERY CHOICE MATTERS" NIKE INC 01 POLITICAL FORCES The political environment has an impact on Nike's sports shoe business It is often the case that if political temperatures are down, companies often tend to grow dramatically and vice versa Therefore, when accessing the Indian market, Nike's shoe brand would rely on the political stability of the place Recently, although India has experienced many disputes with neighboring countries, they still keep a stable for businesses to thrive The government of India had emphasized the development of local apparel production, including clothes, shoes, or luxury handbags, not to mention introducing complex policies for foreign markets that want to enter the country However, they immediately removed barriers to international markets in the late 1990s Additionally, they also enacted regulations requiring international brands to enter the country through a partnership with an Indian partner who has a majority stake in the company As a desirable consequence, Nike India has been able to establish autonomous and wholly-owned subsidiaries as a result of the favorable government policy This has allowed the company to expand its market presence 28 02 LEGAL FORCES The Government of India will issue policy and legal regulations affecting the Nike brand For Nike's business, legitimate externalities will play a role in helping them well For example, Nike will help improve employment in the Indian market, there will be opportunities to expand consumer laws, and expand health and safety regulations from the government enactment Besides, Nike must comply with the rules and regulations set forth by the government of India such as legal issues in the growth and development of Nike will be controlled by the Indian government to avoid the competition law for domestic enterprises However, these external factors also provide opportunities for the Nike business to adopt higher standards Therefore, Nike will have the opportunity to improve its brand image by highlighting customer satisfaction in the marketing of its shoes, clothing, and sports equipment Economic forces HIGHEST GDP According to official data from the World Bank, India's Gross Domestic Product (GDP) was worth 2622.98 billion US dollars in 2020, and it's the 6th highest in the world The GDP value of India represents 2.32 percent of the world economy By one estimate, India's annual GDP fell by 7.7% in 2020-2021 Economists attribute this drop to the effects of the covid-19 pandemic, business closures, and shutdowns worldwide THE EMPLOYMENT RATE India's employment rate increased to 42.40 percent in the fourth quarter of 2020 from 40.90 percent in the third quarter of 2020 INFLATION RATE The rate of inflation in India is relatively low, with 6.2% in 2020 Therefore, the currency in India will have value and the conversion rate between money from the US to India will not change too much MONETARY POLICY The main objective of India monetary policy is to keep prices stable while considering the growth target For sustainable growth, remaining prices are a necessary prerequisite COMPETITIVES There are many external factors that determine the strength or magnitude of the forces acting on Nike According to Cateora, Gilly, and Graham (2010), an international marketer must cope with designing a marketing program to adapt the principal elements of uncertainty 1.Competitive Rivalry within the industry - STRONG 2.Threat of new entrants LOW TO MODERATE Competition is fierce because of the presence of many multinational companies that are competing directly with Nike Reebok, Adidas, Nike, and Puma are the four sports brands holding the Indian market And the unchallenged sportswear market leader is Reebok, with 46% of the market share India is the only country where Reebok's brand value has surpassed Nike and Adidas when Nike has only 11% market share In addition, other sportswear brands such as Bata, Liberty, Woodland, Fila, and Lotto are also part of this competition, but their brand value is not as strong as the mentioned top four brands The threat of new entrants to Nike is low to moderate, but we cannot ignore it New entrants can open a business and start at an initial trim level or a local level with little need for high qualifications coupled However, production, marketing, distribution, and supply chain management require substantial time, effort, and capital investment The high barriers to entry into this business have minimized the threat of newcomers 3.Threat of substitutes - LOW Due to the specific specifications of the product for a target market, the propensity for consumer substitution is low For example, a soccer player would not wear sandals to play basketball Therefore, sports shoes have no natural substitutes In addition, several brands in the local and international markets produce alternative shoes at lower prices than Nike Nike controls this threat by the material, shape, and design of products to some extent 4.Bargaining power of suppliers LOW The business of Nike depends significantly on their suppliers because of the availability of raw material However, its products are manufactured globally in 42 countries with 620 factories, including India Having a high supplier enables Nike to minimize the impact of individual supplier actions on Nike's business Nike footwear and apparel products are manufactured by third-party contract manufacturers outside the United States in a variety of countries, including Vietnam, China, India, and Mexico No footwear or apparel factories accounted for more than 6% of total Nike-branded footwear and Nike-branded apparel production respectively in fiscal year 2013; therefore, due to the large number of suppliers, their bargaining power will be limited (Trefis Team, 2013) Overall, Nike maintains tight control over its suppliers and audits them regularly through third-party auditors for compliance 5.Bargaining power of buyers - MODERATE Several external factors will drive Nike’s moderate bargaining power of customers, such as Low switching costs, moderate substitute availability, Small size of individual buyers (Rowland,2017) Footwear and apparel are essential items for customers Some customers sensitive to the price usually tend to choose cheaper products As customers become more aware of the quality of shoes and garments, they are willing to buy high quality and expensive shoes and garments Therefore, by building a large customer base, the bargaining power of buyers will decrease significantly, and it will allow the company to streamline its sales and production processes Besides, customers are often looking for discounts and deals on established products, so if NIKE, Inc continues to launch new products, that may limit the bargaining power of buyers 32 LEVEL OF TECHNOLOGY India ranks third in terms of the most attractive investment destinations for technology transactions globally, which shows that India's scientific areas have advanced significantly Additionally, India has climbed up in the top five nations for space research globally Through scientific research, the Government of India supports investment and development in various fields, including industry, healthcare, space research, and nuclear power It stands to reason that Nike's brand will gain more benefits when accessing the Indian environment It is common knowledge that Nike's business changes in response to new technology in business operations and athletic footwear, gear, and equipment However, Nike will also have potential threats as the R&D investment increases; the Nike company will face the risk of fierce competition in the market Rapid technological obsolescence also poses a danger to Nike, which forces the corporation to ramp up its product development efforts On the other hand, India is aggressively working towards establishing itself as a leader in industrialization and technological development With the development of technology, Nike will have the opportunity to use its innovation programs to address climate change, its impact on the supply chain, and the suitability of Nike's sports shoes and apparel in certain regions 33 Bibliography Ahmed, R., Brohi, H., Bhutto, A., Prithiani, J., Khubchandani, R., Kumar, S and Abbas, Z., 2016 Strategic Marketing Plan of Nike [online] Research Gate Available at: https://www.researchgate.net/publication/299889166_Strategic_Marketing_Plan_of_Nike [Accessed October 2021] Alec, L., 2015 Nike Vs Adidas: Who Owns The Market? 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