(Tiểu luận) marketing principles group assignment nike strategy 4ps analysis report

Group-Assignment-Group 1-MKT101-MKT101 E Marketing Principles (MKT101) MARKETING PRINCIPLES GROUP ASSIGNMENT NIKE STRATEGY 4PS ANALYSIS REPORT Lecturer: Bùi Thị Hạnh Thảo Class: MKT101.E Course: MKT101 – Marketing principles Team Members: Đoàn Thị Thu Hiền 1.Nguyễn Quang Huy Trịnh Thế Hoàn 2.Nguyễn Anh Quân Ngọc Văn Đức Trần Thị Huyền Anh 1|Page Tieu luan 2|Page Tieu luan INTRODUCTION About this assignment The 4Ps of marketing is a model for enhancing the components of your "marketing mix" – the way in which you take a new product or service to market It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you to avoid these kinds of mistakes (MindTools, n.d) [1] In this group assignment, the 4Ps marketing strategy of Nile will be analysed with all the details Along with that is the demographic survey, which will provide specific metrics to help find the pros or cons of Nike's marketing strategy And at the end of this research, recommendations will be created for Nike to change or add to the company's marketing strategy to help Nike grow better 1.1 Description of service packages and development Nike, Inc., formerly (1964–78) Blue Ribbon Sports, American sportswear company headquartered in Beaverton, Oregon It was founded in 1964 as Blue Ribbon Sports by Bill Bowerman, a track-and-field coach at the University of Oregon, and his former student Phil Knight They opened their first retail outlet in 1966 and launched the Nike brand shoe in 1972 The company was renamed Nike, Inc., in 1978 and went public two years later By the early 21st century, Nike had retail outlets and distributors in more than 170 countries, and its logo—a curved check mark called the “swoosh”—was recognized throughout the world (Britannica, 2021)[2] From the late 1980s Nike steadily expanded its business and diversified its product line through numerous acquisitions, including the shoe companies Cole Haan (1988; sold in 2012) and Converse, Inc (2003), the sports-equipment producer Canstar Sports, Inc (1994; later called Bauer and sold in 2008), and the athletic apparel and equipment company Umbro (2008; sold in 2012) In 1996 the company created Nike ACG (“allconditions gear”), which markets products for extreme sports such as snowboarding and mountain biking In the early 21st century Nike began selling sports-technology accessories, including portable heart-rate monitors and high-altitude wrist compasses (Britannica, 2021)[2] 3|Page Tieu luan 1.2 Target customer and target market Target customer: For Nike, their mission is: BREAKING BARRIERS: "Nike exists to bring inspiration and innovation to every athlete* in the world Our Purpose is to move the world forward through the power of sport – breaking barriers and building community to change the game for all *If you have a body, you are an athlete." It can be seen that the target customer of this market is everyone (About Nike-Nike,2021) [3] Target market: Nike’s target market is for people who regularly exercise and for those who wear fashion trends as it goes well with modern-day clothing Nike has classified their customers mainly into three product groups, men’s product, women’s products and kid’s product For men’s products they have different types of shoes and clothes that consist of lifestyle, running, gym, baseball & softball, tennis, golf or football For women’s products, unlike men’s products Nike provides various options for women as Nike understands that women don’t really play American football therefore they replace it with yoga For kid’s products, Nike mainly targets young athletes like how their mission statements bring inspiration to every athlete Besides these, Nike provides 4|Page Tieu luan their customers with a variety of colors for the shoes so that their targeted customers can find the pair of shoes that suits them the best Moreover, people in the society are achieving healthy lifestyle, they start exercising more and eating healthy, people tend to jog or sports nowadays Nike noticed the change and produced items that satisfied the needs of their customers, for example, they produce more comfortable clothing and footwear that are able to give customers an enjoyable exercise so that their customers would prefer the items sold in Nike (gradesfixer, 2019) [4] ANALYZE THE RESULTS OF THE MARKET RESEARCH Nike is the world's largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment, with sales in excess of US$37.4 billion in fiscal year 2020 (ending 31 May, 2020) As of 2020, it is used by more than 75,400 people worldwide In 2020, Nike's own brand was valued at over $32 Billion, making it the most valuable of a number of manipulable businesses Earlier in 2017, Nike brand was valued at 29.6 billion USD Nike ranked 89th on the 2018 Fortune 500 list of the largest US corporations by total revenue Let’s take a closer look at its SWOT: Nike’s Strengths A Strong Brand Awareness Nike having a unique name in the world is a brand that is easily recognizable It is a popular brand and its name is easy to remember and pronounce as well When it comes to footwear, people think of this brand The Nike logo is easily understood, and everyone easily recognizes it without any second thought (managementglossary, 2020) [5] The iconic swoosh and ubiquitous tagline “Just it” are powerful status symbols in many social and industry circles, and the brand has come to represent the pinnacle of sportswear and footwear for decades Nike’s brand value across the globe was $34.8 billion (brandongaille, 2021) [6] Nike has captured about 31% of the global athletic footwear market.(managementglossary, 2020)[5] 5|Page Tieu luan B Huge Customer Base Nike has millions of customer from around the world who loyally follow Nike’s trends, participate in Nike events, and even provide customer feedback Due to its huge customer base, Nike’s market cap has grown to $224 billion as of Feb 2021 (bstrategyhub,2020) [7] C Base Product Line Touches Most Part of The Market Nike isn’t just shoes It maintains a vast line of athletic wear for all seasons and many different sports Nike stores and other retailers spotlight its ability to offer something to every customer in the market for performance gear, and its lines continue to expand based on consumer demand Nike generated $30.6 billion in revenue worldwide from its major product segments, including sportswear, running gear, training gear, and specialty sport and footwear lines (brandongaille, 2021)[8] D Aimed For Sustainability Nike’s CEO Mark Parker has addressed that they will continue to acknowledge the environmental issues in the communities The CEO ensures that Nike will help to contribute in finding a solution against these environmental issues (bstrategyhub,2020)[9] Nike is ranked in the top three amongst the climate friendly companies in the world in 2007 In 2019 nike has started making shoes from the threads made up of the waste plastic from the ocean Which is need of the hour to eliminate plastics to go into the ocean (marketingark, 2019)[10] E Low Manufacturing Cost Most of Nike’s footwear is manufactured in foreign countries In the fiscal year 2020, Vietnam produced 50%, China produced 22%, and Indonesia produced 24% of total Nike’s footwear Other operations are in Argentina, Brazil, India, Italy, and Mexico (bstrategyhub, 2020)[11] F Multi – Channel Approach Nike distributes its merchandise via retail stores using various physical and online channels Nike owns several retail stores around the world and also distributes its products through independent licensees and distributors This multi-channel approach has allowed Nike to increase their customer base (advergize,2020)[12] In the fiscal year 2019 and 2020, Nike spent $3.7 billion and $3.5 billion respectively in their marketing (bstrategyhub,2020)[13] 6|Page Tieu luan Nike’s Weakness A Lack of Diversification Despite being one of the most well-known brands in the world, Nike is heavily dependent on its footwear business to generate revenue In today’s ever-sopredictable world, a business should not be heavily dependent on only one segment (advergize,2020) [14] (Source: Saga, PHÂN TÍCH SWOT VÀ PESTLE CỦA NIKE) B Dependency on US Market Even after having established itself globally, Nike still relies on the U.S Market in terms of sales and revenue In the fiscal year 2020, about 41% of Nike’s sales came from the U.S, while the rest of 59% came globally Despite its fame, Nike depends on the U.S for substantial sales and growth (bstrategyhub,2020) [15] C Poor Labor Conditions in Foreign Countries In the last 20 years, Nike has been consistently targeted regarding their poor labor conditions These issues include forced labor, child labor, low wages, and horrific working conditions that were deemed “Unsafe” (bstrategyhub,2020) [16] 7|Page Tieu luan Nike’s Opportunities Though Nike is considered one of the top brands, the retail market, especially for sports apparel, is highly competitive Several high-rated brands are continually struggling their way to the top Nike must look for opportunities that can help them to expand their business The company’s association with non-profit organizations can allow them to create more products from recycled goods if one of the top brands takes the initiative to involve its R&D team to work on recycled products that will surely encourage other small brands It will support the environmental cause and also send the right message to the customers Nike should seize an opportunity by standing firm against any accusations about upper management The high number of controversies related to the higher authority is harming their image Nike should take steps against labor treatment and sexual harassment, helping them develop a more dedicated workforce Since Nike has a successful online business, it can create more AR/VR-related products Nike has an association with many celebrated athletes, so they have a better chance of growth if they bring in sports sunglasses, accessories, or other fashion lines Nike should try to look for more expansion in the global market while controlling product quality (edrawmax,2020)[17] Acording to " The Motley Fool ", the Jordan Brand generated $3.6 billion of wholesale equivalent revenue in fiscal 2020 Air Jordan sneakers remain a hot item in the footwear market, even after more than 20 years since Michael Jordan wore a Chicago Bulls uniform Nike's wholesale revenue from the Jordan Brand has risen sharply from $2.3 billion in fiscal 2015 Despite the recent store closures around COVID-19, the Jordan Brand finished fiscal 2020 with revenue up 16% year over year by far Nike's fastestgrowing category.(The Motley Fool,2020)[18] Nike’s Threats There is an intense competition in the market by having the players like puma and adidas Nike has to maintain competitive pricing in the market and maintain its position as a market leader.(marketingark,2019)[19] 8|Page Tieu luan (Source: Saga, PHÂN TÍCH SWOT VÀ PESTLE CỦA NIKE) Moreover, the negative impact of the epidemic on business performance should be considered According to the research which is carried by Ming Lv (Deputy General Manager of Risk Management Dept at China Development Bank Hong Kong) [20] it mentions that due to the impact of the epidemic, in the fourth quarter of 2020, about 90% of Nike's self-operated stores were closed for about weeks, which significantly affected the company's 2020 What is more, due to the suspension of the company's wholesale partners, the wholesale quantity decreased by nearly 50%, which reduced quarter4 revenue and increased inventory Although stores are gradually resumed operation since mid-May, it is still a challenge for NIKE to quickly adjust itself to normal business patterns and prepare to face the second outbreak of the COVID-19 Primary Research Demographic analysis, the statistical description of human populations, is a tool used by government agencies, political parties, and manufacturers of consumer goods Polls conducted on every topic imaginable, from age to toothpaste preference, give the government and corporations an idea of who the public is and what it needs and wants The government's census, which is conducted every ten years, is the largest demographic survey of all Today demographic is also being used as a noun; so, for example, TV advertisers are constantly worrying about how to appeal to "the 18-to-24-year-old demographic" (Merriamwebster, 2020) [21] Demographic segmentation isn’t just a one-time task Different kinds of segmentation may be useful for different brands and products, and you may find yourself segmenting your audience in different ways at different times (Qualtrics.com) [22] 9|Page Tieu luan From the above information, you have a simple understanding of the concept of demographics, demographic size Survey about the brand Nike was participated by 165 people Overall, survey respondents are those aged between 16 and 20 with 64.2%, while the figure for age over 30 accounts for only 17% Moreover, those who are still students, students account for 77% This is a young group with no high income, but they like Nike's designs 10 | P a g e Tieu luan Customers stated the product is easy to locate and purchase 22.42 percent of the time, 38.78 percent said they have no problems locating the product, and 29.69 percent said they have no trouble finding the product and making purchases Up to 6.06 percent of buyers claimed they had trouble locating and purchasing things, while 3.05 percent said they had a lot of trouble finding products and finding them difficult to buy Customers believe showrooms are relatively easy to find, with 22.42 percent believing they are very easy to find showrooms, 29.09 percent believing there is no difficulty in finding showrooms, and 35.15 percent believing it is normal, but 2.44 percent to 10.9 percent believing they have a great deal of difficulty in finding showrooms, according to the report 23 | P a g e Tieu luan Employee enthusiasm is also a factor in the brand's success; 18.18 percent of customers think Nike's enthusiasm is very high, 40.6 percent think it is quite high, and 35.75 percent believe employees need more enthusiasm; 4.24 percent think the staff's attitude is not very good, and 1.13 percent think the staff has a rather bad attitude Furthermore, Nike is highly ranked in terms of freight: 17.57 percent of customers believe Nike delivers very swiftly, 35.15 percent say they love Nike's freight, and 37.57 percent say Nike delivered on time with no complaints However, up to 7.87 percent of customers believe Nike's shipment is delayed, and 1.84 percent are dissatisfied with it  As a result, Nike must improve a number of other aspects in order to please customers 24 | P a g e Tieu luan 4PS MARKETING STRATEGY Marketing Mix of Nike analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Nike marketing strategy Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies Let's see the Marketing strategy of Nike Nike Product Strategy Nike has a wide range of products to offers to its target customers The Marketing Mix of Nike consists of products which fall under below three categories include footwear, apparel, equipment and accessories (mbaskool.com)[23] Nike offers great variety of products including special type of shoes for every category of sports For example, it has special quality of shoes for football, basketball, cricket and other sports Nike has different products for different customer segments and over the years have added to the width and depth of its products basis the changing needs of its customers (mbaskool.com) Sales data from 2009 – 2020 highlight that most North American sales are attributed to athletic footwear Investment in research and development allows Nike to leverage existing technological advancements to provide consumers with innovative product design and functionality The current brand portfolio includes the Nike brand, Jordan, Hurley, and Converse Nike's global branding is one reason why the company continues to dominate the global footwear market (globalmarketingprofessor,2021) [24] (Source : Statista - Nike's North American revenue from 2009 to 2020, by segment ) 25 | P a g e Tieu luan (Source: Statista - Nike Still on Top of the Sneaker World) Nike has adapted to the changing times are now designing and selling smart products which have capability of connect to iPod Nano bringing about the combination of products from Apple Inc and Nike which measure the performance of the sportsperson Besides these NIKEid is an innovative sub brand of Nike which allows its customers to design and customize the features of their desired products as per their requirements which attracts the greater audience Nike also offers new service of personal trainer to its consumers for various types of sports (mbaskool.com)[25] (Source: Apple.com) 26 | P a g e Tieu luan Nike Price/Pricing Strategy The company uses Competitive and Skimming pricing strategy for its customer base and normally targets upper middle class and high-end customers Nike is known for its superior quality and world-class shoe designs and successfully manages to provide value for money to its customers For the products which are not run of the mill and are limited edition, Nike uses Skimming pricing strategy On the other hand, for the normal products which are in competition with its competitors like Adidas, Puma, Reebok, Nike prefers to user competitive pricing strategy to cut competition (heartofcodes.com)[26] Nike influences perceived value by utilizing global sports icons as brand ambassadors Although based on the median shoe price, the table below further supports the claim that Nike can achieve higher pricing for its products compared to competitors (globalmarketingprofessor,2021)[27] (Source: Datafiniti) Nike has the largest median price, followed by ASICS and Adidas While many Nikes are available at a moderate priced, people will pay more for products from niche markets Most notable are the basketball shoe collections, which feature endorsements from stars like LeBron and Kyrie, as well the more 27 | P a g e Tieu luan specialized athletic shoes such as running shoes and sports cleats (datafiniti.co)[28] Nike Place Strategy Place plays an important role in the Marketing Mix of Nike Nike uses both Offline and Online channels for the promotion of its products For offline channels, Nike uses its own dedicated Nike outlets and Multi-brand outlets for distributing their products Nike sponsors major football tournaments such as Premier League, World cup, Error to advertise products to the world with the message that football must wear Nike shoes The company has set up different outlets and partnered with different multibrand outlets in different cities of the country to reach out to the mass audience For Online channels, Nike uses e-commerce websites like Myntra.com, Flipkart.com, Amazon.com etc to promote their products Nike is using these channels to sell their new launches in footwear, sportswear etc (heartofcodes.com)[29] Nike Promotion Strategy Five different statements but they all mean the same thing and have the same essence – That’s what Nike as a brand promotes through all the promotion that it does Nike uses a proper mix of Online and Offline channels for promotion and creating awareness and is known for creating some world class advertisements that are inspiring and high on energy quotient Apart from Television ads, Nike is big on OOH promotion and sponsors different sporting events like Football, Basketball, Cycling, Golf etc Nike also has some famous sports personalities as its brand ambassadors and successfully uses them as influencers On Digital or Online front, Nike experiences some huge fan following on its Instagram, Facebook and YouTube channels Nike successfully leverages these channels for their brand promotion and for creating awareness about their new launches (heartofcodes.com) [30] 28 | P a g e Tieu luan Throughout its marketing campaigns and activities, Nike maintains an emphasis on its iconic branding Its 'swoosh' logo and "Just Do It" slogan of 31 years have become synonymous with the uplifting messages its campaigns convey(startingbusiness.com,2020) [31], contributing to the brand's soaring value of $39.1bn in 2020 – officially the 13th most valuable brand globally, according for Forbes.com[32] (Source: Forbes.com – The World’s Most Valuable Brands) CONCLUSION AND RECOMMENDATIONS Research and Results Nike is an American corporation that manufactures, designs, develops, markets, and sells apparel, footwear, equipment, accessories, and services worldwide It is one of the world's largest manufacturers and suppliers of sports shoes, sportswear and sports equipment With its worldwide presence, Nike markets its products under its own brand, as Nike+, Nike Golf, Nike Pro, Nike Blazers, Air Jordan, Air Force 1, Nike Dunk, Air Max, Foamposite, etc and subsidiaries With the highly recognized tagline “Just 29 | P a g e Tieu luan it” and the iconic Swoosh, Nike has been a sponsor on a large number of national and internal levels Not much is known but Nike is also making prescription eyewear frames in the market Nike also offers products for water activities, tennis, skateboarding, golf, association football, baseball, soccer, cycling, volleyball, wrestling, and more Explosive feature Aggressive marketing and business strategy like a sports team "Please action" is not only a slogan but also the motto of this company Sponsor relationship Everywhere there is the possibility of sponsorship to the limit with Nike They don't support the biggest actionable events, but they also support the stars These stars not simply work to find jokes in Nike sample ads but are also known as "brand ambassadors" who have a very active role Vi like Brazilian soccer star - Ronaldo designed Mercurial football boots Sponsor blockbuster movies to bring products directly to the cinema Sponsoring sports tournaments such as Premier League, La Liga, Serie A.Organizing programs and setting up charity funds to help children in disadvantaged countries have access to football Extreme human resource system The talent period together with the support of the management facilitated the disclosure of documents , Nike CEO uses a very good strategy to help his employees discover and enhance their capabilities is to always ask questions Nike CEO thinks asking questions is an important part In an interview Nike CEO said: I don't say "Do this, that" I am not a micromanager I don't believe in it that way At Nike, we have talented extremists They know what they have to do.” This is Nike's employee support and development leadership strategist The image is getting closer and closer to being a socially responsible organization first Through leadership and Nike employees join labor for the community Bold strategies: Example slogans inspired by murder series Gary Gilmore, who uttered the phrase " Let's it " And later it became a strategy to promote 24 brands of Nike Unique and highly effective advertising strategies and know-how Ambush Marketing Campaign with Competing Brands Possessing a huge source of data about users, Nike can capture their preferences and habits Since then, Nike has built online communities for customers to exchange and share workout experiences Thanks to that, the company constantly tightens relationships with users This is the beginning of a revolutionary Nike marketing campaign in the digital age Breakthrough innovation in every product that comes to market From the 30 | P a g e Tieu luan 1970s until now, Nike has not stopped launching new breakthrough products Therefore, they have become a trend-setting company, not a follow-up company as before A groundbreaking brand that is constantly launching unique products with different features such as Nike Air, Pegasus, Air max, FuelBand fitness bracelet And now Nike has just launched new products to the market Especially the Hyper Adapt Conclusion and Recommendations about 4Ps Marketing Strategy Analyzing the marketing mix is a fundamental step towards an effective strategy Where another analysis is related to the environment and feasibility analysis, the four P's of marketing including the product itself, price, placement and promotion are the four wheels of the vehicle on which people The road to an organization's marketing success really depends on the image of the Nike brand, the Nike name and trademark rustling,… making it one of the most recognizable brands in the world The strength of the Nike brand is one of the reasons for the high sales Nike is the product of quality, its loyal customer base, and its excellent marketing techniques all contributing to the Nike shoe empire a resounding success Thus, it can be clearly seen that Nike's main brand strategy in this period focused on three main directions, namely: building a brand around sports superstars, using international advertising networks to create Nike's overwhelming presence in every corner of the world and ultimately the development of a "Nike neighborhood" system based on the idea of providing customers with a unique and highly focused experience: "living in the Nike space, hear Nike sound, See Nike everywhere” To achieve such success, Nike has been very smart in its business marketing strategy, using a variety of flexible methods such as innovative breakthroughs, using sponsorship relationships as a useful means media, as well as the enthusiasm and hard work of all members in a large corporation like Nike In order to be even more successful in the not-too-distant future, Nike needs to continue to find ways to connect athletes and loyal fans, but it also needs to balance production costs with costs media advertisement Must know how to effectively use resources and develop more effective financial management policies Hold regular meetings with employees or their 31 | P a g e Tieu luan representatives to resolve lingering issues… Constantly exploring new ways of doing business and continuing to develop their existing business model for better and more efficient END REFERENCE [1] MindTools, n.d The Marketing Mix and the 4Ps of Marketing [Online].Available at: < https://www.mindtools.com/pages/article/newSTR_94.htm? fbclid=IwAR00el4t2eD3khT%20YOuHyP2LLRFK-VsFcLFI0KuRwXtitSAw8GR7y8Pwyjo > [2] britannica.com 2021 Nike-Inc American company [Online] Available at: < https://www.britannica.com/topic/Nike-Inc > [3] Nike.com.2021 About nike-Nike[Online] Available at: https://about.nike.com/ [4] Gradefixer.com.Market Segmentation, Market 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SWOT Analysis of Nike, [online] Available at < https://bstrategyhub.com/swot -analysis- of -nike- nike-swot -analysis/ > [10][19] marketingark,... luan 4PS MARKETING STRATEGY Marketing Mix of Nike analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Nike marketing strategy Marketing strategy helps... business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies Let''s see the Marketing strategy of Nike Nike Product Strategy Nike has a wide range of products