Recommendations for nike company. Recommendation and conclusion for nike company Free Essays 2022-12-14
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Nike is a leading global brand in the sports and fitness industry. As such, the company is always looking for ways to improve and stay ahead of the competition. Here are a few recommendations for Nike to consider:
Innovation in product design: Nike is known for its innovative and high-quality products, and the company should continue to push the boundaries in terms of design and functionality. This could include experimenting with new materials and technologies, such as sustainable and environmentally-friendly options.
Diversification of product offerings: Nike should consider expanding its product offerings to cater to a wider range of customers and markets. This could include creating products for niche sports or introducing new categories such as fitness apparel or home gym equipment.
Enhanced online presence and e-commerce capabilities: In the digital age, it is important for companies to have a strong online presence and e-commerce capabilities. Nike should continue to invest in its online platform and explore new ways to reach and engage with customers through digital channels.
Collaborations with influencers and athletes: Nike has a long history of collaborating with top athletes and influencers, and this strategy has proven to be effective in promoting the brand and its products. Nike should continue to work with these individuals and explore new partnerships that can help reach new audiences and drive sales.
Focus on sustainability and social responsibility: Consumers are increasingly looking for brands that align with their values, and sustainability and social responsibility are becoming increasingly important. Nike should continue to prioritize these issues and find ways to minimize its environmental impact and support causes that align with its brand values.
Overall, Nike has a strong foundation and a proven track record of success. By continuing to innovate and diversify, focusing on its online presence and e-commerce capabilities, collaborating with influencers and athletes, and prioritizing sustainability and social responsibility, Nike can continue to grow and succeed in the highly competitive sports and fitness industry.
3 Growth Opportunities for Nike
This trend has been consistent over the last four years with women's wholesale revenue usually posting higher growth rates than men's. Word of mouth with a purpose — Products like the Nike brand are easily identifiable. Interface between corporate vision, mission and production and operations management. Their pricing strategy is competitive in nature and it bases itself on the target customer. As a result, the popularity of the NIKE merchandise attracts the individuals, increasing the customer base. Nike hardly needs to be represented as since its very appearance this manufacturer has been pursuing an active policy of development and attracting new partners.
Learn more Jordans can improve their competitiveness by integrating prioritizing buyer behavior patterns into their strategies Childs and Jin, 2018. Process and Capacity Design. To help me understand the market, I am going to look at the micro and macro elements in the UK that may affect Nike. Available Securities and Exchange Commission. Blogs, social media, video channels and print collateral all mediums can be used to create compelling content addressing customer requirements. Such pressure needs to be reduced or mitigated. Nike Marketing Mix Strategy The Nike Company mainly relies on the marketing mix for maximization of profits and overall growth of the company.
Nike Inc. Operations Management: 10 Decisions, Productivity
Nike applies changes to the supply chain based on market demand for its athletic footwear, equipment and apparel. Promotion This aspect of marketing mix covers tactics used by the company to disperse information to the targeted market Michael, et al. Put differently, they can add green consumption motivators to their strategy to stimulate the green purchase intention of buyers. Despite the high improvement in the US working conditions, especially in manufacturing organizations, Nike is criticized for failing to monitor operations in overseas manufacturing contract organizations that have been associated with child labor, overworking of employees, exposure of employees to dangerous chemicals, and poor pay Powell, 2012. NIKE COMPANY Marketing Strategy NIKE COMPANY Instructions: Part 1. However, Nike defended its corporate responsibility approaches, saying it was not aware of such situations. Diversification, industry dynamism and economic performance: the impact of dynamic related diversification on the multi-business firm.
Customers also love buying Nike irrespective of its premium cost for maintaining a status quo. Nike has mostly outsourced its manufacturing facilities to developing countries, in order to keep its operating costs low. NIKE ADIDAS REEBOK Critical success factors Weighted score Rating Weighted score rating Weighted score Rating Weighted score Financial position and performance 0. Global Journal of Management and Marketing, 1 2 , 1-18. This situation has the effect of lowering rivalry among the existing competitors. This case lowers the ability of the purchaser to switch to any substitute.
Recommendation and conclusion for nike company Free Essays
This move may create challenges of coordination when each team wants to be credited for the improved organizational situation. Strategic Change, 23 1 , 63-80. Nike currently seeks out innovative ways to create advance athletic products and methods to speak creatively to the market because the success of Nike is based on marketing strategy that weighs current factors and trends Nike, 2000. However, the same legal trend gives Nike the opportunity to improve its business processes, policies, and standards to satisfy new employment laws and regulations. The IFE and EFE matrices are strategy formulation tools that help in the analysis of internal strengths and weaknesses of Nike Inc. Nike sponsor many football teams and provides their kits, and sponsor footballers to where they shoes.
These are apparels, equipments, shoes and other sports items. The footwear and apparel company can use the additional profits, generated through cost leadership, for such marketing efforts. This will substantially decrease criticism since each company shall be scrutinized independently. Creating very good attractive blogs can help position the brand in the target market. The following technological external factors impact Nike Inc.
The company has a vision of empowering athletics in their sport endeavours without any limitation on which person can participate Knight, 2017, p5. Instead, we know how they shop: across men's, women's, and kids. A framework for developing an effective mission statement. The company's famous Swoosh and Nike brand name was created in 1971 and has been a recognized brand ever since. In this regard, the paper recommends the company to develop its other products while keeping up with the trend to exhume market dominance in all its products. By constantly seeking to understand what needs to be added in the existing product line, Nike builds long-term links between it and its customers.
Nike Inc. PESTEL/PESTLE Analysis & Recommendations
Figure 1: The Space Matrix. Nike: EFE Matrix The External Factors Evaluation matrix entails evaluating the business of any organization by considering the weight of its opportunities relative to its threats. But the target Nike has made is that of a niche audience who does have the affordability to afford such expensive goods. According to a report issued by San Francisco-based Global Exchange, Nike workers are forced to work excessive hours in high-pressure work environments, while not earning enough to fulfil basic needs. Healthy lifestyles encourage customers to become physically active.
However, the limitedness of the shoe lines has always been profitable for Nike, thus, collaborations can include both expensive and affordable brands Childs and Jin, 2017. We have some conclusions on the relationships between the factors. In addition, Nike should publicize on the positive steps they have made and accomplishments that they have achieved in ensuring employee satisfaction in the said companies. In my opinion the new accelerometer based Nike+ technology is the birth of a whole new generation of Nike products and an amazing innovation to motivate people to include sports into their everyday life. The ST strategies deploy strengths to mitigate or reduce the effects of the existing external threats David, 2011. The advantage associated with using this method is the ease of reaching everyone in the target market. Now Nike follows the global fashion trends and is well known and popular in the youth culture and hip hop culture to supply some fashion products.
Recommendations Nike Inc can manage its future production by increasing the
This weakness may offer an opportunity to its competitors regarding its product development by reducing its market share in its other products. For as long as I can remember Nike has always made my favorite shoes and clothing. Its systems replenish to guarantee full capacity utilization. Nike Strategic Position and Action Evaluation The process of determining the strategic position of Nike and evaluating the necessary actions requires the application of various strategic management matrices. Plotting the total for Y-axis against totals for X-axis as shown in Table 4 , in the rectangular coordinate space of Figure 1, a point 4. Disentangling combinations and contingencies of generic strategies: A set-theoretic configurational approach. This can be achieved by targeting introduction of sporting activity, especially in developing countries.
