marketing research process
1. Problem definition
Nike is worldwide company that is well known for sports clothes and equipment. Recently, Nike is facing a lot of problem in term of selling. The first one is, increasing competition. There are many competitors out there who are trying to attract Nike customer to their side such as, Adidas, Puma, and others. Nike marketing department is taking a big consideration to be the best among the other. Another thing is the price. Nike prices are considered to be kind of expensive if you compare them to the other brands. Therefore, they should find out what are the best prices that are close to what the customer’s wants and need. Nike is well known company for clothes and equipment but should they diversify their product. For example, starting to produce casual clothes and shoes for young people and adults or starting to find better way to market their product in order to stay on the top, well that’s the question that Nike should be answered and applying the marketing research process to find what the customers need.
2. Developing an approach
Most likely this is the first step in starting to develop a better way to market a product which is to find better way to approach customers. One of the way’s is called sample design which means creating some sample of the new product could be new style of shoes and clothes or new type of equipment that has never been produced before and then let the customers try it and give feedback about whether they do recommend releasing it in the market or not. Another thing is called defining the population which means getting to know who your customers in each country and makeing and applying the market segmentation. For example, segment based on age, gender, and others. Market segmentation is very important to find out who your customers are and which type of product to produce in each country because every country has different mentality towered each kind of product. After doing the market segmentation, there is a step
Nike is worldwide company that is well known for sports clothes and equipment. Recently, Nike is facing a lot of problem in term of selling. The first one is, increasing competition. There are many competitors out there who are trying to attract Nike customer to their side such as, Adidas, Puma, and others. Nike marketing department is taking a big consideration to be the best among the other. Another thing is the price. Nike prices are considered to be kind of expensive if you compare them to the other brands. Therefore, they should find out what are the best prices that are close to what the customer’s wants and need. Nike is well known company for clothes and equipment but should they diversify their product. For example, starting to produce casual clothes and shoes for young people and adults or starting to find better way to market their product in order to stay on the top, well that’s the question that Nike should be answered and applying the marketing research process to find what the customers need.
2. Developing an approach
Most likely this is the first step in starting to develop a better way to market a product which is to find better way to approach customers. One of the way’s is called sample design which means creating some sample of the new product could be new style of shoes and clothes or new type of equipment that has never been produced before and then let the customers try it and give feedback about whether they do recommend releasing it in the market or not. Another thing is called defining the population which means getting to know who your customers in each country and makeing and applying the market segmentation. For example, segment based on age, gender, and others. Market segmentation is very important to find out who your customers are and which type of product to produce in each country because every country has different mentality towered each kind of product. After doing the market segmentation, there is a step