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Nike: To “Bring Inspiration and innovation to every athlete* in the world” (*If you have a body, you are an athlete) ('Read Nike's Mission Statement and find information about NIKE, Inc. innovation, sustainability, community impact and more', 2018). This is the SWOT Analysis of Nike, a company that specializes in sportswear; Which includes shoes, clothing, and accessories. Nike is headquartered in the United States and is listed on the NYSE. Nike has many offices all over the world and is expanding an enormous amount internationally.
To help the review of its strategy and how it is performing against external and internal factors, these strengths, weaknesses, opportunities and threats can be studied as the source for recommendations on how the company might change its short-term and long-term strategic focus.
Nike is recognized as the number one sports brand in the world; In comparison with Adidas, Under Armor, etc. The Nike symbol and the quote “Just Do IT” is very well known globally.
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Nike sponsors many events that builds the company recognition as well as the sponsorship and the connection between Nike and professional athletes; Many follow a favorite athlete (or may despise an athlete) and with that it gets Nike recognition whether it necessarily be good or bad. Nike has become a fashion icon, although originally intended for athletes, it is now mainstream. Many customers purchase Nike products for the comfort, the looks, and even just the name. Nike has created a leader in the business, the NIKEiD. NIKEiD is the option to start with a blank canvas and customize shoes including, lifestyle, training, running, basketball, etc.
You design your own shoe, choosing everything from the shoe laces to the outsole, etc. Often times customers even put their names on the shoes. You customize, they create your dream design and they deliver it. NIKEiD gives customers the option to create a product that they want, that is personalized to them. People are often willing to spend the money on a quality product and given so many different options and customs to go about the production.
The company has expanded and continue to expand to several different countries, such as larger sales in China (i.e. increased 30% from 2017). While it is expanding, it is being manufactured and traded in other currencies which is why the costs seem to vary long-term. The shoe market, or more specifically, the sports shoe market is quite competitive; Many different brands are to compete against Nike. With the different competitors it is giving consumers many different options for a product, including the competition for quality and price. Globally, they may experience some issues because the business operations are exposed to threats of change in currencies, quotas, restrictions in trades, etc. The changes to the corporate tax rate, the tariffs, and the Berry Amendment can all cause major setbacks in the success of a company.
Nike seems to be focused on its audience, messaging, and product lines where other competitors do not seem to follow the same path. Nike should continue leveraging its brand name, Nike swoosh and “Just Do It” in order to continue the growth in sales the through Nike direct operations, both domestically and internationally. By focusing on the sales directly to the consumer, Nike can increase the profit margins by taking out the middle men, which would be the retailers, etc. Nike seems to improve their relations with customers, through social media, the Nike application, etc. Sustainability: “To achieve the impossible, we have to rethink the fundamentals. We do that through sustainable innovation—our ambition to double our business, while cutting our environmental impact in half.” ('Read Nike's Mission Statement and find information about NIKE, Inc. innovation, sustainability, community impact and more', 2018) Nike strives to create new quality products in the best possible way (may mean what manufacturer is the best price, etc.) in order to increase profit, to better the company.
“Everyone deserves an equal chance to succeed and to believe anything is possible.” (Gemili, 'Purpose Moves Us') Nike never fails to amaze individuals, seem to be almost one step ahead. It is easy to say that Nike is a leading the industry, the commitment to the company and their customers is what makes them stand out. The development of the company is only going to continue and will for many years. The opportunities for progression within only gets stronger. The strengths and the path that Nike is on as of now, most definitely outweighs the weaknesses. Nike strives to come out with the best products, essentially being the best, and with the strategy that is in place now, they will.
Nike SWOT Analysis: Unraveling Strengths, Threats, and Strategic Paths. (2021, Apr 09). Retrieved from https://studymoose.com/swot-analysis-of-nike-essay
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