Marketing Techniques of Nike : Report
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Added on 2020-07-22
Marketing Techniques of Nike : Report
Added on 2020-07-22
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Introduction to Marketing
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Describe how marketing techniques are used to market products in two organisations........1P2 Describe the limitations and constraints of marketing...........................................................2TASK 2............................................................................................................................................3P3 Uses of marketing research to contribute to the development of its marketing plans...........3P4 Use marketing research for marketing planning....................................................................4TASK 3............................................................................................................................................5P5- Explain how and why groups of customers are targeted for selected products....................5TASK 4............................................................................................................................................5P6 Develop a coherent marketing mix for a new product or service.........................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7.........................................................................................................................................................8
INTRODUCTIONIn the modern time period, marketing plays important role in every organisation becausewith the help of this easy to attract high number of customers towards company and theirproducts and goods. Moreover, marketing is an concept it includes several activities such asadvertising, branding, promotion etc. (Anda and Temmen, 2014). This research project will bediscussing about different marketing techniques, which helps to increase awareness of company'sproducts in external market place. In the addition of this, limitation and constraints of marketingwill be discussing in appropriate manner. Also coherent marketing mix will be produced for anew product of an organisation. This research project NIKE as an organisation has chosen,which sells sports products and goods. TASK 1P1Describe how marketing techniques are used to market products in two organisationsNike is an American multinational corporation that is involved in the design,development and worldwide marketing and selling of sporting equipments such as runningshoes, tracksuits etc. Nike also sells accessories and unique footwear that attracts the eyes of somany people including celebrities (Clayson and Haley, 2013). Apple is a Multinational Corporation that is known for the sales and design of computerelectronics, computer software and personal computers. In recent years, apple came out withproducts such as I pads, I phones etc. These products became very popular in a short period oftime thus giving apple an upper hand over its competitors.Marketing technique is the overall marketing plan that is designed to meet the needs andwants of customers. There are four main marketing techniques which are: Market penetration,market development, product development and Diversification.Market penetration: This is an activity that an organisation takes in order to increase themarket share of an existing product or promoting a new product. Nike sells their products instores and online (Gummesson and Mele, 2010). Their online market helps to increase thenumber of customers because there are some customers that do not have access to Nike stores intheir local area. Nike promotes its products by allowing celebrities to advertise their products.For example, Tiger woods’ advertises Nike products; this might help increase the awareness of1
the products, because he has a very large fan base. Nike can also increase the market share ofexisting products by putting them on sale. Market Development: This is when a company markets an existing product to a newmarket. Nike recently opened a store at Westfield shopping centre in Stratford, the shoppingcentre and store was opened during the London 2012 Olympics. There were a lot of tourists inthe UK during the period it was opened, this shows that their products were being sold to adifferent market thus increasing sales. Product development: This is where a business develops a new product to sell toexisting customers. Apple is always developing their electronic products. For example a new Iphone is released every year which has more features than the previous one thus attractingcustomers and encouraging them to buy the product. Nike develops some of their products byadding colours to them. For example Nike air forces are released every now and then but withdifferent colours.Diversification: This is where a business markets new products to new customers. Forexample, Nike recently released a new product called Nike + Fuel Band SE; this product cancount your steps and track the intensity of your work out etc. This makes it totally different andunique from their previous products, therefore this product will attract new customers. P2 Describe the limitations and constraints of marketingThe Law has changed in recent years; therefore businesses need to make sure that theirmarketing activities are within the constraints of the law. They also need to make sure that theyare up to date with the changes in the law. There are so many laws and landmark rulings thatrestrict a business from partaking in illegal activities. Examples of these laws are: Sales of GoodsAct 1979, Consumer Protection from Unfair Trading Regulations 2008, Consumer Credit Acts1974 and 2006, Consumer Protection (Distance Selling) Regulations 2000, and Data ProtectionAct 1998 (Jones, 2010).The Sale of Goods Act 1979 requires product should be as they are described by thebusiness, this prevents consumers from being mislead through false advertising. For example if abusiness produces a product and says that the product can provide consumers with energy, theproduct should be able do what the business says it can. For example Nike would be committing2
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