mktg525 week 8 final assignment peer review version.docx - MARKETING PLAN 1 Marketing Plan for Nike Jenny De La Cruz Vasquez DeVry University Professor

mktg525 week 8 final assignment peer review version.docx -...

This preview shows page 1 - 5 out of 24 pages.

MARKETING PLAN 1 Marketing Plan for Nike Jenny De La Cruz Vasquez DeVry University Professor Elijah Clark Strategic Marketing (MKTG525) February 2020
Image of page 1
JUST DO IT 2 Table of Contents Executive Summary ......................................................................................................................... 3 Company Description ...................................................................................................................... 3 Portfolio Review .............................................................................................................................. 4 Products and Services .................................................................................................................. 5 Unique Value Proposition ............................................................................................................ 5 Strengths, Weaknesses, Opportunities, and Threats Analysis .......................................................... 6 Strengths .................................................................................................................................. 6 Weaknesses .............................................................................................................................. 6 Opportunities ........................................................................................................................... 7 Threats ..................................................................................................................................... 7 Industry Analysis ............................................................................................................................. 7 Market Size .................................................................................................................................. 9 Barriers to Entry ........................................................................................................................ 10 Key Customer Segments ................................................................................................................ 11 Competitive Analysis ..................................................................................................................... 11 Target Market Segment Strategy ................................................................................................... 13 Market Needs ............................................................................................................................. 14 Market Trends ............................................................................................................................ 15 Growth Opportunities ................................................................................................................ 16 Marketing Strategy / Action Program ............................................................................................ 16 Pricing Strategy ......................................................................................................................... 17 Advertising and Marketing Programs ........................................................................................ 18 Sales Strategy ................................................................................................................................. 19 Sales Forecast ............................................................................................................................ 19 Budget / Expenses .......................................................................................................................... 20 Controls / Key Performance Indicators ......................................................................................... 21 Self Reflection ............................................................................................................................... 22 References ...................................................................................................................................... 23
Image of page 2
JUST DO IT 3 Executive Summary Nike is an international company that specializes in athletic shoes and apparel. Sporting goods and equipment are among the top sellers. Items are sold with the intent of increasing athletic performance. The company believes that any person can be an athlete and therefore has a broader targeted market. Through the years Nike has expanded to a being purchased solely for style as well. Nike’s objectives include supporting athletes, increasing brand strength/development, creating leadership in the international market, and bringing inspiration and innovation to all. Nike accomplishes this by creating new products constantly with new technology. The company also manages to maintain a diverse clientele but including all cultures and genders. Nike’s net income for the quarter ending November 30, 2019 was $1.115B, a 31.64% increase year-over-year (Wood, n.d.). The sports industry continues to increase annually. The global sports market reached a value of nearly $488.5 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.3% since 2014, and is expected to grow at a CAGR of 5.9% to nearly $614.1 billion by 2022 (Sports, 2019). Nike faces many competitors such as Under Armour and Adidas. Both companies have a substantially lower net income and sales revenue. Nike’s financial status creates a higher barrier to entry that restricts new competitors from entering the market. Company Description Nike was previously known as Blue Ribbon Sports (RBS) founded in 1964 by Phil Knight and Bill Bowerman (Nike Inc., n.d.). Phil Knight was a runner and college alumni who strived to improve the performance of shoes. Ultimately, he felt as though Japanese made shoes were far superior. He arranged a deal with the Onitsu ka Tiger Co. to import a small amount of
Image of page 3
JUST DO IT 4 product to be sold in the United States. As Knight’s former coach, Bowerman seized the opportunity to become a partner. To appear more professional to the Japanese brand, Bowerman and Knight decided on the name Blue Ribbon Sports and later changed the name to Nike, Inc in 1971.
Image of page 4
Image of page 5

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture