Nike, Inc. is an American multinational company that plans, makes, sells, and markets shoes, clothes, equipment, accessories, and services all over the world.
Nike is a big name in the world of sports. In its 2020 fiscal year, the company made more than $37.4 billion in sales and employed 76,700 people around the world. As of 2020, the Nike brand alone is worth $32 billion, making it the most valuable company in the sports business. In 2017, the Nike brand was worth $29.6 billion, and in 2018, Nike Corporation was ranked 89th on the Fortune 500 list of the largest US companies by total income. Nike has a market share of 38.23%.
Nike's Target Audience
The people Nike wants to reach are between 15 and 40 years old. The brand's main customers are teenagers who look up to great athletes. But Nike also markets to middle-aged people so that its success will spread to younger people. For example, parents in their 40s who like sports can encourage their kids to live an active life.
Nike knows that their goods are more likely to appeal to people who are always on the go and live an active lifestyle. This is why they focus on this group of people when they advertise and sell their newest albums.
Nike tells its customers that its products aren't about making you look good as an athlete, but about making you feel good. This is how it divides up different kinds of activity.
Because sports are so different from one place to the next, Nike's marketing plan is heavily based on geography. For example, Nike couldn't market to football players in India, Finland, or the Philippines because football isn't nearly as famous there as it is in Mexico, England, or Australia.
Nike's Marketing Strategies
Nike's marketing team plans and acts in a very smart way. They know how to get the most out of the four Ps of marketing (product, price, promotion, and place). By using a good mix of these things, Nike can attract more possible customers, which will lead to more sales for the company.
Price
Nike's goods tend to be more expensive, but this doesn't bother customers because Nike knows how to market and advertise in a way that shows how great their products are. This is very important for customers because it lets them know what they are paying for.
Place
The brand's goods are also sold by independent resellers and retailers, which has helped to boost sales. But the brand has added online stores and physical sites to its list of places to buy its products.
Product
Nike has a long history of making high-quality, fashionable products, which is not always the case with other names. And Nike is proud to keep this image that it has worked hard to earn.
Promotion
Each of Nike's marketing campaigns is carefully made to reach a specific group of people, even if they have different demographics and psychographics.
What Makes Nike's Marketing and Campaigns Different?
Nike is a well-known name in the sports world, and a big reason for that is the way it markets itself. Nike has set itself up as a good and aspirational brand by appealing to people's goals, comfort levels, and cultural values. This has made it become a huge success all over the world.
With its "Just do it" slogan and swoosh image, it has reached millions of people.
What makes Nike a great brand is its clever set of marketing strategies.
Nike didn't become successful by chance. They worked hard to build a loyal customer base by using certain strategies. Let's look at what they did to do it.
Personalization
Customers choose high-quality items that offer big benefits. Things that help them on their own are reasons to them.
Personalization is NIKE's main edge in the market. It markets itself as a high-end exercise brand by combining cutting-edge technology with human psychology in order to get more customers.
Its two-ingredient customization method is used in almost every part of its marketing mix.
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