Nike Marketing Strategy
Defining Marketing for the 21st Century
Nike’s Marketing Strategy
Company Summary
Founded in 1962, Nike, formerly known as Blue Ribbon Sports, is a major publicly traded sportswear, footwear, and fitness equipment manufacturer based in the US. The company’s main focus was to provide high quality running shoes designed by athletes for athletes. By moving the manufacturing abroad, Phillip Knight (Founder), believed that the shoes could be sold at competitive prices (Kotler & Keller, 2012, p.29). In order to market the brand to the public and create a cult like following, Nike signed up a few athletes to endorse the brand and promote it to the masses; this strategy proved to be a success and eventually became the forefront of Nike’s marketing strategy. In addition, Nike invested $20 million dollars into the “Just Do It” campaign, which challenged a generation of athletic enthusiasts to chase their goals. Other marketing strategies such as sponsorship of international sports teams were used to enter markets abroad and strengthen the company’s presence at the global level. According to D&B site Hoovers, Nike is the world’s #1 shoe and apparel company.
Pros of Marketing Strategy
Nike has focused on selling a brand that represents success and excellence. In order to convey that to the public the company has combined a marketing strategy that is difficult to beat. Signing up athletes like runner Steve Prefontaine, NBA player Michael Jordan, golf Player Tiger Woods, and Tennis player Maria Sharapova, has helped Nike build a strong reputation of excellence and gain the loyalty of the public. Michael Jordan’s line of shoes yielded a revenue of $100 million the first year of its debut; presently the line of sneakers remains a success and a must have. Other athletes such as Kobe Bryant, Alex Rodriguez, and Lance Armstrong are as important to the brand. These athletes who have transcended their sports, embody success and are considered “heroes” worldwide. The fact
Nike’s Marketing Strategy
Company Summary
Founded in 1962, Nike, formerly known as Blue Ribbon Sports, is a major publicly traded sportswear, footwear, and fitness equipment manufacturer based in the US. The company’s main focus was to provide high quality running shoes designed by athletes for athletes. By moving the manufacturing abroad, Phillip Knight (Founder), believed that the shoes could be sold at competitive prices (Kotler & Keller, 2012, p.29). In order to market the brand to the public and create a cult like following, Nike signed up a few athletes to endorse the brand and promote it to the masses; this strategy proved to be a success and eventually became the forefront of Nike’s marketing strategy. In addition, Nike invested $20 million dollars into the “Just Do It” campaign, which challenged a generation of athletic enthusiasts to chase their goals. Other marketing strategies such as sponsorship of international sports teams were used to enter markets abroad and strengthen the company’s presence at the global level. According to D&B site Hoovers, Nike is the world’s #1 shoe and apparel company.
Pros of Marketing Strategy
Nike has focused on selling a brand that represents success and excellence. In order to convey that to the public the company has combined a marketing strategy that is difficult to beat. Signing up athletes like runner Steve Prefontaine, NBA player Michael Jordan, golf Player Tiger Woods, and Tennis player Maria Sharapova, has helped Nike build a strong reputation of excellence and gain the loyalty of the public. Michael Jordan’s line of shoes yielded a revenue of $100 million the first year of its debut; presently the line of sneakers remains a success and a must have. Other athletes such as Kobe Bryant, Alex Rodriguez, and Lance Armstrong are as important to the brand. These athletes who have transcended their sports, embody success and are considered “heroes” worldwide. The fact