Market Research and Analysis: Nike Inc
Added on 2020-03-07
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Market research and analysis: Nike Inc.1Market research and analysis: Nike Inc.Name:UniversityCourse:LecturerDepartmentDate
Market research and analysis: Nike Inc.2Market research and analysis: Nike Inc.IntroductionNike Inc. is ranked among the leading manufacturers and suppliers of footwear and sportsapparel across the globe. Nike Inc. designs and manufactures sports products and apparels consisting of five main brands such as Hurley International LLC, Brand Jordan, Converse Inc., Nike Brand and Nike Golf designs (CNN, 2015). Nike Inc. produces and sells its products to consumers of different categories, for example, football, men and women’s training, running, action sports, basketball and Nike Sportswear. Nike’s success is attributed to its excellent global marketing strategies, for example, the use of professional teams and athletes to promote and advertise products to its target consumers in various markets across the globe. This company has dominated the US footwear and apparel markets with athletics products, and therefore, it needs to expand its market share and improve its sales into other international markets. This paper is going to carry out research and analysis of a new potential market in Australia, by focusing on the marketing environment, market segmentation and the consumer behaviour. It is going to conclude by explaining the most viable market research strategy for Nike Inc.1.The environmentChanges in trends, consumer taste, and preferencesNike Inc. operates in a fast paced and an incessantly changing fashion industry. The consumer taste and preferences change very fast due to the arrival of new fashion products from competing firms. Consumers’ tastes are also changing to more personalized products, and therefore, more consumers are demanding for footwear products that are designed according to their personal needs including size, shape, and color. Preferences are also changing so fast, for
Market research and analysis: Nike Inc.3example, women are increasingly becoming fitness-conscious and are demanding sportswear products that are work out friendly (Kotler & Keller, 2012). Fashion trends are also another major change that takes place in this industry. Fashion trends are changing so fast; and therefore Nike Inc. is required to keep abreast with the changes. For instance, the sportswear across the globe is focusing on personalities, and this has made NikeInc. focus on sports personalities and other celebrities. In this regard, Nike Inc. is forced to change according to fitness trends by positioning itself as a trendsetter in the sportswear and apparel industry. Technology is another major change that takes place in the sportswear global market. For example, the tremendous advancements in the level of technology have led to the emergence of smart shoes that are currently used by athletes today.SWOT analysisEvery business operates in a business environment where there are both internal and external factors affecting its operation and performance (Liesch, Welch, & Buckley, 2011). These include external factors are those that the business has no control over and internal factors that the business can control. Nike Inc. just like any other business operates in a similar environment. In this regard, the Nike Inc. need to carry out its SWOT analysis to estimate its operational activities in the new market.Strengthsi.Among the important strengths of Nike Inc. is the presence of a talented and specialized team of workers who will be a significant players in the successful venture into the entire Australian footwear and apparel industry (Epstein, Buhovac, &Yuthas, 2010).
Market research and analysis: Nike Inc.4ii.Nike Inc. skilled research department that engages in in-depth research to discover new and modern methods of production of goods that can satisfy the various needs of clients. Through this, the Nike Inc. will be able to do more research in the Australian market, a step that will help the company realize and meet the actual needs of the consumers.iii.The Australian footwear and apparel industry is not been exploited fully; therefore, venturing into the Australian market with different types of footwear items that will give Nike Inc. a competitive edge in the selected geographical location.iv.Despite the presence of a very competitive environment in Australia, Nike Inc. still has a competitive edge over its competitors because it supplies high-quality products to its customers. Besides, its products are designed to provide high-quality comfort among users. This makes Nike products to be considered unique in the market even inthe presence of substitute good; therefore, the establishment of the dedicated stores will be a successful venture (George & Snowdown, 2007). Weaknessesi.Nike Inc. possesses a smaller market share in the Australian market as compared to other footwear manufacturing firms like Aldo Group Inc.ii.Nike Inc. does not have a stable ground in the market or a long-term relationship between them and the target market in Australia, and this will negatively affect the company’s performance in the country.iii.The buyers of Nike products are consumers and suppliers such as Sports Direct, JD Sport, and other celebrities who consider Nike products as fashion brands. The buyersof Nike products have a strong bargaining power, and therefore, Nike Inc. has to
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