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NIKE12Nike dominates the global athletic footwear industry, with a market share of 22.9 percent (Mullman, 2008). Q3. Techniques of Building Brand Equity.The first step to for Nike to build brand equity is in the selection of brand elements to represent the product to consumers. These elements include the iconic swoosh logo and the “JustDo It” slogan. Worldwide recognition, applicability to all products offered, and protected by trademark laws, make these two elements vital to Nike’s success in building brand equity.Nike will need to focus on more than just advertising their products. Any brand contacts a consumer has needs to be considered. This includes, but not limited to, social media interaction, event sponsorships, athlete endorsements, and the community initiatives Nike is involved with. “Marketers need a variety of different marketing activities that consistently reinforce the brand promise” (Keller & Kotler, 2016, p. 312). Q4. Brand Elements that Differentiate Nike From CompetitorsBrand elements Nike should use to differentiate their products include the iconic swoosh logo and Just Do It slogan. Both are known throughout the world and associated with performance and quality. Harvard professor Stephen A. Greyser states, "The Swoosh has become the living, vibrant symbol of the firm, it is totally recognizable as the company, everywhere. It is global, without a doubt" (Brettman, 2011, para. 6). By focusing on the physicaland conformance quality and customization of the products produced, Nike can differentiate from the competition. High quality is very important not only to the consumers purchasing theseproducts but also lend credibility to other Nike products sold in the markets served. Q5. Brand Promise
NIKE13Nike’s brand promise incorporates the five elements that make an effective brand promise. The brand promise is simple being less than two sentences and reinforces the company’s mission. It is creditable by matching the value customers get form the use of products, and the reputation being backed by athletes. The promise differentiates itself by including the asterisk that states having a body makes you an athlete. Unlike its competitors, it looks to capture all athletes in the market, not just those who label themselves an athlete. Also, the promise is memorable and inspiring. The promise promotes Nike’s mission and vision and inspires people to feel connected to its product (“5 Building Blocks,” 2017).Q6. Industry’s Market LeaderNike is the industry’s market leader in sportswear and athletic footwear. Brand awareness is one of Nike’s largest strengths. A large global footprint and strong leadership team also contribute to the company’s success. Historically, Nike has taken a performance-based approach to marketing. Associating itself with professional athletes, in particular NBA stars.