JUST DO IT 14 The uniqueness of the products is that it will be catered specifically to athletes of all ages and performance level. The consumer does not need to be a professional athlete to thrive. The term athlete will be marketed loosely. An athlete can be a stay at home mom doing yoga or a 9- year-old going to his first soccer game. This product will need to target as big of an audience as possible. Fig. 3 . The global sports nutrition market size was valued at USD 11.64 billion in 2017 (Duffin, 2019). Rising disposable income and a demand of nutritional products are at an all-time high. The growing obesity rate in the United States has also played a factor into the need of weight loss and performance supplements. Customers want to buy from a company they know and trust. Most of these products are sold at grocery store or a vitamin shoppe. If Nike vitamins and supplements were sold at a Nike owned store, then consumers would be more opt to purchase this brand. Most major retailers in the supplements industry are not specifically geared toward sports. An athlete would not have a specific way of finding a product that fits his/her needs. However, a Nike logo will ensure athletes that the product is made specifically for them. Market Trends
JUST DO IT 15 Innovation in technology is at the forefront of Nike. Nike is constantly coming up with new products that compare to no other. The newest innovation is called the 4% system. The system consists of tooling that features ultra-lightweight and soft Nike ZoomX foam that's capable of providing up to 85-percent energy return and has an embedded full-length curved carbon fiber plate that increases stiffness to provide a sensation of propulsion (Nike News, 2020). Other innovations include the first every sports Hijab which is adapted for sports. A new technological innovation includes the Nike SNKRS AR Camera. This is an app that uses augmented reality to unlock the latest and greatest products first. The company is entering into the digital world to expand through the digital community. Nike products are meant to purchase throughout a lifetime. Nike primarily sells shoes and apparel. Therefore, consumers will make more than one purchase of a Nike product. For example, one customer can buy shoes for their child which will be needed every year. Each sport will require different gear and equipment. One person can buy many items if it is sports related or just as a trend. Growth Opportunities The biggest growth trend is social media. Social media and the digital community have taken over all industries. Nike benefits from using social media analytics. The company has created an e-commerce and online website platform. Also, as of recently, Nike has created several apps that are being utilized to push product purchases. One of these apps includes augmented reality which has become a trend in its own. Augmented reality has become popular due to online gaming and companies such as Apple. Digital trends have led the company to
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- Spring '20
- Marketing, Nike, Inc., years Nike