Discuss the key marketing strategy of Nike
In recent decades, we have witnessed a high performance marketing of Nike which make its brand name is well-known all around the world. My belief is that Nike not only is a marketing-oriented company but also has used 3Ps out of 4Ps marketing mix model effectively, including product, place and promotion. Firstly, when it comes to product, Nike considers its wide range of products as its one of most important marketing tool. In the beginning, Nike only focused on running shoes, but, you see, nowadays, if offers a variety types of shoes, sport apparels and equipment products for all kinds of sports. Moreover, Nike did everything it could to meet its customers’ needs, both from a technological and a design perspective such as Air Jordan, Nike +.
The second key marketing strategy of Nike is to use “pyramid of influence” campaign for promotion. Nike has gotten a number of famous athletes, the great ones in their fields, under contract to serve as brand ambassadors such as Michael Jordan, Kobe Bryant and LeBron James for basketball, Brazilian Soccer Team, Lance Armstrong for cycling, Tiger Woods for Golf…etc. As a result, today people all know the company by its flashy ads and sport celebrities. Furthermore, Nike also sponsor some events at the potential markets, where it wanted to launch into like Europe, China, to get all consumers’ attention about their products. As a consequence, its campaigns and spokespersons have moved beyond advertising into popular expression.
... innovation into the products. Nike also has different product lines such as Nike Action Sports, Nike Athletic Training, Nike Basketball, Nike football and Nike Running (Nike, Inc. a). Nike has also ... a successful brand through the proper use of the marketing mix. Nike, Inc. Nike. Inc. was pioneered by two visionaries Bill Bowerman and ...
In conclusion, although the marketing strategy of Nike might have some backdraws, however, its great marketing technique has contributed shoe empire a huge success.
Discuss the key point in “Marketing Myopia” article
Theodore Levitt, in his article “Marketing Myopia”, which refers to the short- sighted visions in business, points out the reasons why most of industries become victims of downfall in long run, but none of the reasons being the saturation in market. Industries failed to continue their growth because of their top-manager who was unable to see the whole picture of a certain market. Their goals and visions did not focus on consumer needs. The first problem is that the practice of defining the market is too narrow, therefore it prevents them from foreseeing threatens from substitutions. Take railroad industry as an example, the management should consider “railroad” as a “transportation means” rather than just “railroad industry”. Moreover, the major mistake of these industries was being product oriented, where they should have been customer oriented. The business will do better if they concentrate on meeting customers’ needs than on selling products. Therefore, the downfall of this industry is because of incorrectly defining vision by their improper managers. According to Theodore Levitt, there is no such thing as a “growth industry”, He suggests that in present time every industries could have many competitive substitutes for any products and the company which focus on capitalizing their “ growth opportunity” go into “ shadow of obsolescence” or decay. They fail to see the foreseeable threats from substitute which could suddenly kick them out their business. For instance, Kerosene in lamps was left behind with the invention of electric bulbs.
Furthermore, Theodore Levitt illustrates four strong points arguing why these industries stand still in their growth, including population myth, no competitive substitution myth, faith in mass production and preoccupation with scientific research and development techniques. Firstly, in population myth, they suppose that if the number of consumer grows, sales also will grow. However, the author argues that when the market is continuing growing, the managements tend to stop thinking about their future market and products. They ignore the changing trends and the needs of potential customers. For example, oil industry made a wise decision by not only not sticking to petrol products but also expanding to crude oil products. Another argument is that there is no competitive substitution for industry own products. When the managements have a tendency to trust into their indispensable products, they stop thinking about the future. They only focus on producing them and not taking the changes of surround environments and possible threatens from substitutes account. The third argument by Theodore Levitt, the belief that declining unit cost as production rises is more attractive customers than putting more attention in marketing. Once they have produced massive products, they tend to focus on selling instead of marketing which make the business stagnation. However, we all know that, as time changes, the needs of a person change as well. Their behavior in shopping have to change with the rapidly changing environment they live in. they are eagerly willing to put the old technique aside and learn the new ones. Finally, the practice of paying too much attention to research and development is the danger of growth industry, especially technological companies. It is true that most of them have been successful to invent a new product which might satisfy the consumers’ needs but it fail to know how to give it to customers’ hands.
Short explanation of why brands have become a critical issue in product marketingBrand is defined as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers. Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting ...