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Principles and Practice of Marketing: Marketing Plan

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Added on  2022-05-05

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In brief, we will discuss about the Principles and Practices of Marketing There are many obstacles in the way of Nike's marketing initiatives. Issues including expanding product offers, a loss of focus on core values, and a lack of attention on product quality should be watched out for by Nike's marketing staff. Nike is evaluating various options, including a novel form of geographic segmentation and a connection to a well-known event. Due to its reliance on outside parties for the majority of the production of its footwear, Nike has little control over the caliber of its goods.

Principles and Practice of Marketing: Marketing Plan

   Added on 2022-05-05

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“MG1062 Principles and Practice of Marketing”
Marketing Plan
Name of the Student
Name of Institute
Date
1
Principles and Practice of Marketing: Marketing Plan_1
Table of Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................4
Main Business..................................................................................................................................4
The Company Overview..................................................................................................................4
Sales and Profit Trend..................................................................................................................4
Market Share................................................................................................................................5
Business Sector............................................................................................................................5
Project Focus................................................................................................................................5
Marketing Environmental Analysis.................................................................................................5
PEST-G Analysis.........................................................................................................................5
Porter’s Generic Strategy.............................................................................................................6
SWOT Analysis...............................................................................................................................7
SWOT Analysis summary...........................................................................................................8
Competitor Analysis........................................................................................................................8
Competition Analysis Summary..................................................................................................9
Recommendations..........................................................................................................................10
Target Market.............................................................................................................................10
Positioning.................................................................................................................................10
4ps..............................................................................................................................................10
Reference.......................................................................................................................................12
2
Principles and Practice of Marketing: Marketing Plan_2
Executive Summary
Nike's marketing efforts are beset by plenty of difficulties. Nike's marketing team should
be on the lookout for issues such as growing product offerings, a lack of focus on core values,
and a lack of focus on product quality. A new type of geographic segmentation and an
association with a well-known event are possibilities that Nike is considering. Nike has limited
control over the quality of its products because it relies on third parties for nearly all of its
footwear production. A differentiation strategy is Nike's primary marketing approach for dealing
with the company's current concerns and problems. For our group, Nike has 6-12 months to
complete the marketing strategy, by which time there should be enough exposure of the new
goods Nike releases. The study is dealing with the marketing plan of NIKE’S new launched
brand of Athletic footwear.
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Principles and Practice of Marketing: Marketing Plan_3
Introduction
A company's advertising approach for selling its service or product is called a marketing
plan (Katsikeas et al., 2019). With the help of the marketing strategy, a firm may figure out
exactly who its target audience is, how to effectively reach customers, at what price range to sell
their product or service. This study is built to design the marketing plan of NIKE’s new product
that is “Athletic footwear.” Major markets around the world make up Nike's geographic market.
A region that included the European Union, Middle East, and Africa comprised Nike's
geographic markets until 2009. For these reasons, as well as to decrease management overlap,
Nike stated in March 2009 that it would reorganise its global company. It was after this plan that
Nike opted to focus on North America, Western Europe and Eastern/Central Europe as well as
Greater China as well as Emerging Markets in order to grow its market share.
Main Business
Nike Inc. makes footwear, clothing, sports equipment, and other accessories for people of
all ages. Soccer, volleyball, soccer, cricket, hockey, golf, jogging, sport-inspired casual shoes,
kids' shoes, and other sports-and-recreational footwear are all part of the company's product line.
It also sells sports gear and accessories, as well as sports-inspired clothing and athletic luggage,
alongside footwear. Nike also provides performance equipment, such as backpacks, socks,
sporting balls, eyewear, electronic gadgets, bats, gloves, golf balls, and other sports-related
equipment under the NIKE brand name (Childs and Jin, 2018). E-commerce, independent
distributors, franchisees, and licensees are all ways in which products are sold by the company.
The Company Overview
Sales and Profit Trend
According to Chen, (2020) Nike's revenue and net profits have increased steadily since
2005. Nike clearly has a firm hold on its market. New Nike items are well received by
customers, who are ready to pay a premium over their competitors for them.
4
Principles and Practice of Marketing: Marketing Plan_4

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