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Nike Marketing Mix
Transcript of Nike Marketing Mix
The firm's goods or services they are selling. This includes not only physical unit, also package, warranty, and brand and company image.
Different elements that help increase the sale of the product. Examples: advertising, sales, public relations.
Determined by demand for the goods and the cost of the goods. Examples of various pricing strategies: introductory prices, sale prices, odd pricing ($9.99 vs. $10.00).
The customers who are most likely to buy the firm's products. Also called target audience.
How a product flows from producer to customer. Wholesalers link the producer of the goods to the customer.
Dollars in Billion
Just as Nike’s products have evolved, so has Nike’s approach to marketing. The 2002 “Secret Tournament” campaign was Nike’s first truly integrated, global marketing effort. Departing from the traditional “big athlete, big ad, big product” formula.
Today, Nike continues to seek new and innovative ways to develop superior athletic products, and creative methods to communicate directly with their consumers. The company has continued to expand in new ways, including strong growth in China and a deal to become the official sponsor of the National Football League (NFL) beginning in 2012.
Nike promotes their designs in a few ways:
1. Using famous people (like basketball stars) to endorse and advertise their products;
2. Using innovative advertisements that are dramatic
3. Maintaining a very strong brand image through sponsorships and sporting events
Nike is a pop culture icon and can be found all around the world. Nike means what? Success, excellence, high performance, fame, etc.
Nike products are higher priced, but Nike has done a great job of driving the perceived value of their products over the years through multi-product branding. Consumers can find everything from running shoes to soccer gear to eyeglasses with the Nike brand. Nike has a higher level of consumers who have associated themselves with the brand, and will pay the higher price point to own something with the Nike Swoosh on it.
Market capitalization, or market cap, is a way to use the stock price to determine the value of a company, and how likely it is to grow. Market cap is calculated by multiplying the stock price by the number of shares of stock the company has issued. For example, a company that has 1 million shares that are selling for $10 each would have a market capitalization of $10 million. This means you could buy that company for $10 million, if you had the money and all the current stockholders were willing to sell you their shares.
Excerpt taken from NKE stock:
We distribute our products to customers directly from the factory and through distribution centers located throughout the world. Our ability to meet customer expectations, manage inventory, complete sales and achieve objectives for operating efficiencies depends on the proper operation of our distribution facilities, the development or expansion of additional distribution capabilities, and the timely performance of services by third parties (including those involved in shipping product to and from our distribution facilities). Our distribution facilities could be interrupted by information technology problems and disasters such as earthquakes or fires. Any significant failure in our distribution facilities could result in an adverse affect on our business. We maintain business interruption insurance, but it may not adequately protect us from adverse effects that could be caused by significant disruptions in our distribution facilities.
How Nike communicates its values to its target markets (or the audience)
The overall communication of the brand values has been built on a strong principle which states that Nike is selling a feeling, an emotion. Without seeing or directly experiencing the product, they convey a feeling to the audience to experience what it would be like to use their products. This is promoted through all types of media in the following ways:
Through famous spokespersons and top athletes
Tiger Woods first Nike commercial: I Am Tiger Woods
My Legs Ad
Michael Jordan "Tell Me" Nike commercial
I Hope You Enjoyed
About How The