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The company that I have chosen is Nike, which was founded in 1964 by Bill Bowerman and Phil Knight who has located their headquarters near Beaverton, Oregon. This company is one of the major suppliers for the world’s sports shoes and also one of the major manufacturers of sports equipment. For Nike, their targeted customers are athletes and mostly young adults. Nike improved their products over the years by making their products more comfortable and lighter which enables consumers to wear their products for a longer period of time without having to feel soreness on their feet.
Nike offers their customers a huge variety of shoes type and colors, and they mainly focus on lifestyle, running or training shoes. Besides shoes, they also sell different kinds of sports equipment, clothing, backpacks, guards, and soccer balls. Nike’s mission is to do their best to expand human potential, and they are trying to achieve positive impact on their customers in the various communities.
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Nike also have their stores opened all around the world to serve a wider range of people.
Nike had segmented their customers into four categories which are demography, geographic psychographic, and behavioral segmentation. For demography segmentation, Nike has included different age group, gender and based on their targeted customer’s financial status. Nike has separated their products by different age group which is mainly between 15-55 years old and by gender. There are three types categories, men products, women products and lastly the kid’s product, these allows the customers to be served better and have a better shopping experience.
In order to fulfil the needs of everyone, Nike also promote sales, cut the prices change to reduce the cost or to give a discount to the product. For example, Nike would have sales during the Great Singapore Sales to attract more people to buy as some customers may not be able to afford the price before discount.
For geographic segmentation, Nike has their stores worldwide and they do understand that different country has different culture and lifestyle habits. Nike has launched different products in different country to suit the regional customer’s needs. For example, during winter Nike produce sneakers and clothing that can keep out the cold unlike in Singapore which only has one season, summer.
Psychographic segmentation for Nike is that they provide their customer variety of products that suits their interest and meets their standards. Nike has their mission statement “To bring inspiration and innovation to every athlete in the world” and based on their mission statement they are trying their best to meet the needs of their customers. This allows Nike to find out what their individual customer preferred, as not all the customers that buy Nike loves to do sports therefore psychographic segmentation gives Nike ideas, to produce different types of products for buyers based on their own preference. For example, young adults prefer Nike shoes is mainly because it’s a fashion lifestyle with high quality and they would want to follow the trend.
Lastly behavioral segmentation, Nike provides benefits to the customers as they provide an active lifestyle with comfortable footwear, clothing and useful sports equipment. Nike also do notice that in order to satisfy the majority of people they need to improve on their products. For example, Nike has come up similar pairs of shoes which is Nike Air Force 1 High iD and Nike Air Force 1 Med iD to suit different types of customers as their own preferences are different from one another.
Nike’s target audience is for people who regularly exercise and for those who will wear for fashion trend as it goes well with the modern-day clothing. Nike has classified their target customers mainly into three product groups, men products, women products and kid’s products. For men products, they have twelve different categories for shoes that consist of lifestyle, running, gym & training, football, American football, basketball, tennis, golf, crickets, baseball & softball, skateboarding and athletics. For women products, unlike men’s products, Nike provide different options for women as Nike understands that women don’t really play American football therefore they replace it with yoga. For kids’ product, Nike mainly target on young athlete like how their mission statements states bring inspirations to every athlete. Besides these, Nike provide their customers with variety of colors for the shoes so that their targeted customers are able to find the pair of shoes that suits them the best. Moreover, people in the society are achieving healthy lifestyle, they start to exercise more and eat healthy, people tend to jog or do sports nowadays. Nike notice the change and produce items that satisfied the needs of their customer for example they produce more comfortable clothing and footwear that able to give customers an enjoyable exercise experience so that their customers would preferred the items sold in Nike.
Evaluation Of Market Target And Market Segmentation Strategies Of Nike. (2024, Feb 08). Retrieved from https://studymoose.com/evaluation-of-market-target-and-market-segmentation-strategies-of-nike-essay
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