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The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The marketing mix is also called the 4Ps and the 7Ps. The 4Ps are price, place, product and promotion.
Nike offers variety of items including shoes, apparel and equipment. The items in Nike's marketing mix are focused on high quality. Nike is the market leader in sportswear industry and gets its maximum revenue from sale of sport shoes.
It offers wide range of products including special kind of shoes for each classification of sports.Example - Nike has unique kind of shoes (boots) for football which are 25% lighter than its competitor.The company also offers apparel, such as jerseys, shorts, and related products. Nike’s variety of products are available under a number of brands, including Nike, Nike+, Hurley and Converse. Nike now designing and selling smart products which measure the performance of the sportsperson. Nike which enables its clients to design and modify the features of their desired product according to their needs.
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In light of this component of the marketing mix, Nike has prevailing to extend its item blend and address needs of more market segments.
Nike is a market pioneer in the sportswear and sports equipment and uses the value based pricing strategy to encourage growth in sales and profits of the company. Value based pricing is perhaps one of the most marketing oriented ways of setting prices. The price is set on the perceived of the product to the customer.
It is in fact a variation on price at what the market will bear. This value is used to decide the maximum price customers are willing pay in purchasing the Nike’s sports shoes, apparel and equipment. Throughout the previous couple of years Nike successfully increased its selling prices and generated higher sales and income. Based on this component of the marketing mix, Nike successfully utilizes the value-based pricing strategy to expand its profits while maintain the high value of its products.
Nike offers its sports shoes, apparel and equipment items through a substantial number of outlets around the world. This component of the marketing mix outlines the venues where the Nike’s products are sold, and distributed. Nike uses following channels to sells its wide variety of items to its clients
Retailers are the most critical spots where Nike items are sold. Nike has its manufacturing units in relatively every nation to minimize the logistics costs and getter better productivity in the distribution.Clients can also buy Nike’s sports shoes, clothing and equipment through the company’s online store. Nike uses E business sites like flip kart, amazon available to be purchased of its items. By this Nike gets to showcase its relatively every item connecting with a large number of clients over the web. Nike Inc. has significant control over the distribution and sale of its items, particularly through the organization's official online store and Nike town retail outlets.
Nike as a brand is known for its solid marking and showcasing activities. Nike relies upon the effective advancement of its items to keep up a solid brand picture. The following are Nike’s promotional activities
Advertising is the greatest supporter of Nike's ability to draw in clients. The organization heavily depends on ads, especially those that include big name endorsers, for example professional athletes and sports teams. The company’s direct marketing activity involves directly convincing colleges, local sports teams and other organizations. In addition, the organization utilizes personal selling through deals work force who induce target shoppers to purchase its items at retailers and Nike town retail outlets. Also, Nike sponsors and gives money related help to different associations to advance the Nike brand of athletic shoes, clothing and equipment. Nike additionally applies discounts and unique offers to pull in more clients and create more sales.
Evaluation Of Marketing Mix Of Nike Company. (2024, Feb 07). Retrieved from https://studymoose.com/evaluation-of-marketing-mix-of-nike-company-essay
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