MKT 337 Final Project

docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

337

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by ChiefGrousePerson582

1 Final Project Jennifer Brogan Southern New Hampshire University MKT 337: Marketing Research Professor Boydstun October 20, 2023

2 Overview: SWOT Analysis The organization I have chosen is Nike. Nike will be launching a new trendy more comfortable high-top sneaker. While Nike is one of the top leaders in the sneaker industry, their women’s high top sneaker section could use a little help. Although they have a lot of Jordan and Nike Dunk high top options a lot of the sizing in high tops usually are youth sizes and men’s sizes. Coming up with a more comfortable, trendy high-top sneaker geared towards women could open some more doors in the sneaker industry for Nike. Strengths I think that one of the biggest strengths that Nike has is strong brand equity. This makes it easy for them to try out new sneaker ideas and know that people will buy their brand just for the Nike symbol. Another strength would be that Nike already has so many famous celebrities endorsing their brands. Utilizing popular female athletes to promote the new high tops could be helpful. Another strength would be that Nike has low-cost manufacturing which is a key part in their business strategy. Weaknesses Some of Nike’s weaknesses include controversial labor practices. It has been known that Nike uses children and other terrifying labor practices to make their sneakers for as cheap as possible. Another weakness for Nike would be worrying financial indicators. While Nike is still one of the most valuable sports apparel companies recent worrying financial trends have been noticed. The big one being steadily increasing long-term debt profile of the company. The long- term debt stood at $8.9 billion in 2022 which is a 5.21% decline from the previous year. Another weakness would be that they rely on their footwear line for their revenue stream. By putting

3 their eggs all in one basket per say, they are vulnerable to if something happened to the sales of this product. Opportunities Some opportunities out there for Nike would be increasing their product range. I think by working more on just their sneaker line and trying ot make more quality active wear would be a big opportunity for Nike as a company. I think another opportunity for Nike would be investing in some type of anti-counterfeiting technology. With so many fake sneakers being made these days this could be beneficial to them. Having a place people can send a picture to or scan a sneaker and know if it is fake or not could be huge especially for Nike. Another opportunity out there for Nike would be sustainability. As the world becomes more and more environmental conscious, I think Nike should make a bigger stride towards being more sustainable which I know they have started to. Threats I think one of the biggest threats for Nike is counterfeit sneakers. The fakes have become so good these days that its truly hard to figure out if they are real or not. Another threat is that there are so many sneaker and athletic wear companies coming out that Nike really needs to up their clothing game. Competitors are investing in advertising and utilizing more famous people to promote products. Another threat Nike has is the animal abuse scandal. Animal rights advocates have been after Nike for its use of Kangaroo skin for its manufacturing of pineapple products. Some advocates things its bringing kangaroos to extinction.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 Overview: Initial Trends With the sneaker industry only becoming more and more popular and only on the uprise. Especially high tops a trendy new comfortable to wear out to dinner sneaker will be great for Nike and female sneaker wearers all around the world. The trends these days are only gearing towards people wearing more casual clothes out and about with sneakers being at the forefront of the outfit. The sneaker world is only gaining more and more popularity with sneaker shows be- ing held all around the US. People are starting to collect and cherish their sneakers. I think launching a new product into this industry may seem easy but really needs to be top notch. By listening to the women and seeing what they truly want can help to make the product successful. Utilizing the Nike name and popularity is going to be crucial to help with the launch into the in- dustry. Marketing Mix Elements: Potential Target Demographics Since Nike was established in January of 1964 their key demographics have been targeted towards consumers who are between 15- 40. The company caters to both male and female athletes equally with a push in recent years to utilize more women athletes. Nike is also making a push to focus in more on teens and tweens to build long-term brand loyalty. With Nike trying to gear its brand towards females and the younger generation the new trendy, comfortable high top would be a good place to start. Although Nike says that it caters to females the high-top selection has shown otherwise. Trying to find a high-top sneaker in women’s sizes alone is a struggle but then add in comfort and trendiness it’s a whole other ball game. With the upcoming release of the Nike women’s high top comfortable, trendy sneaker it is critical that Nike utilizes focus groups and online surveys to really get the women the sneaker they deserve. Marketing Mix Elements: Internal and External Organizational Factors

5 Influencing the target demographic of our new high-top sneaker is crucial. This is well known within our marketing plan, and it is important to identify internal and external factors to help with that influence for the new women’s high top. One of the biggest external factors would be outside competition. With so many other companies in the sneaker industry Nike needs to set itself apart with this new women’s trendy high-top. With sneakers only becoming more and more popular staying ahead of the game and really knowing what your customer wants can be huge for Nike. Listening to the customer and showing results. This can also have a huge effect on us through our target demographic because of their need for the newest trendy product and the urge to buy on impulse. Having famous women as the face of the sneaker campaign can also be helpful. Nike can utilize not only women athletes but other famous women to promote their new high top. One internal weakness I could think of was the lack of retail locations. As online ordering has become more and more popular the need for store locations has diminished. This can be good and bad for Nike. On one level people are just buying sneakers online and with it being difficult to return they maybe more opt to keep the sneaker even if they don’t like it. But, with the new trendy high-top since comfort is one of the most important things having people try the sneaker on before they buy is going to be important and an issue for the new sneaker. I think utilizing focus groups to really get the product in front of the customers before they buy it will be crucial for both internal and external factors. Marketing Mix Elements: Product Need In my opinion the need for trendy high-top sneakers for women that are comfortable is high. Every time I go to buy a pair of cute high-tops, I am stuck trying to figure out what my size is in men’s or in youth since there never seems to be women sizes. I have also noticed since they aren’t women’s sizing, they never seem to fit quit right. They are always too tight or too

6 wide. Never actually fitting a female’s foot correctly. I think there is a need for trendy high tops that women can wear instead of a healed shoe. Stylish, trendy, and comfortable is always in high demand. Having some sort of alternative to just a regular tennis shoe can be helpful and stylish so over all I think there is a need for women’s high-top sneakers especially with the push towards wearing more comfortable clothing. Marketing Mix Elements: Pricing Strategy Pricing strategy is another component of marketing that needs to be considered. For the company and product to succeed you must charge enough to cover your costs and at least a modest profit. I would first consider the competition and their target market and their willingness to pay. I would implement a penetration marketing strategy. This will allow to set an introductory price to enter the market and pay for the costs. I later would move to competition pricing I can then lower pricing to match competition or offer price matching. Marketing Mix Elements: Placement of Product Ideally, I would want to promote the high-top sneaker where it is most visible and most accessible. Most of the customers are going to be online so placing the product as a pop up when you first come onto the website will be crucial. Placement of the product would begin in virtual stores and would lead to multichannel strategy. Both physical stores and virtual stores have the benefits of helping a consumer find the product they are looking for by deliberately seeking it out but can also benefit by browse shopping. I think ideally being able to touch and try on the sneaker would be ideal here, but people could still purchase from online browsing. Marketing Mix Elements: Promoting the Product As we have said before utilizing the Nike name and promoting our product where it is most visible and most accessible. I think by utilizing famous influential women to promote the sneaker will be helpful. Having women who aren’t just athletes promote the sneaker can show

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

7 the everyday use for it. Using social media and others forms of online marketing would also be helpful. Having online marketing and social media presences is going to be huge for the promoting of the new high-top sneaker. Marketing Mix Elements: Implications Some ethical and legal implications of the marketing promotion I would recommend would be disclosing the reason for the advertisement and the cost of the product. This can take care of any issues in the future of false advertising. Also, for the loyal customers who do online surveys and receive promotions we will need to inform them of how their personal information is being used and protected. Making sure ads are not offending or stereotyping anyone can also be helpful for success. Trying to stay away from violating any ethical standards can help to not damage the brand name. Marketing Mix Elements: Industry Trends A marketing mix is intended to influence consumers to purchase our products. First, we have a product that is like other products that are on the market. While its similar it can be differentiated from the other high-top sneakers on the market being trendier and more comfortable. Then we have also implemented a pricing strategy for the sneaker that is competitive with the market and will allow for us to ease into the selling of the new sneaker. The sneaker will be priced and promoted with ethical standards online and across stores worldwide. All the advertisements will be mostly online and will be geared towards our target market which is females 15-60. By keeping up with the trends and gearing towards comfort this can help Nike stay relevant amongst its competition. Keeping the marketing strategy geared

8 towards the target market and current trends can help Nike stay relevant in a growing and demanding sneaker market. Utilizing market research not only provides us with necessary data, but it also focuses on time constraints and the value of the research information which is all important parts of the marketing mix. Concluding Findings and Limitations: Organizational Objectives Some of the internal and external factors that support my product with the Nike company are brand loyalty, importance of comfort and trendiness and usefulness. The new trendy Nike high top sneaker for women is only going to become more and more popular as the popularity for sneakers continue to grow. I also feel that since there has also been a growing trend of wearing more comfortable clothes this can only help our sneaker grow in value and popularity. Customers are drawn to Nike as it continues to gain more and more popularity especially in the high top are with Jordan being only a growing commodity. (Emily Wilbekin) Concluding Findings and Limitations: Future Trends Nike is a forerunner in the sneaker business. As Nike continues to grow with uptick in sneaker popularity that started trending during the pandemic and has seem to stick through the pandemic and here, we are 3 years later (almost 4). People continue to buy and collect sneakers and it only seems to be getting more and more popular. There are now a couple different shows geared towards “sneakerheads” and their love for sneakers. High top sneakers are continuing to bring that old school charm to any outfit. ( Conrad Shiu) Concluding Findings and Limitations: Marketing Research and Industry Trends When it comes to figuring out how to get a business off the ground and running and successful market research is one of the main components. Nike did not understand the importance of marketing until late in the game until after hitting $1 revenue mark. Nike made some bad casual

9 sneaker and aerobics marketing decisions and the company realized that the way forward was to expand its focus from the design and manufacture of the product, where Nike had always excelled, to the consumer and the brand. Nike has also made trends towards using famous athletes and people to promote its products instead of just the product itself. Phil Knight explains how Nike discovered the importance of marketing and what difference that discovery has made. (Geraldine Willigan) Concluding Findings and Limitations: Marketing Research Aligns to Standards My proposed marketing strategy aligns with legal, ethical and industry standards by returning all subjects involved back to original state. (Centage 2019). We will also debrief our subjects before the test markets as that is also considered ethical practice. By letting our customers know what we are doing and explaining everything to them can help keep things ethical and to the point. We also will make sure the sneaker is made with the best possible products and that we are really taking into consideration what the customers are telling us. Concluding Findings and Limitations: Implications Our proposed marketing strategies are both ethical and geared towards helping the company grow and get to a place in women’s footwear that they need to be. Nike has done a good job in trying to battle the rumors of it using children to make its sneakers. I think since this rumor has come out; they have made strides in the right direction to try to right their wrongs. I know that in China they were forcing people to work for long hours and children to work even though they didn’t want to. This has been an ongoing thing for Nike as they did not have correct protocols in place to figure out this was happening. They have since made a push to change these rules and put protocols in place to prevent these things from happening.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

10 Concluding Findings and Limitations: Limitations Some of the limitations for the new Nike trendy/comfortable high top for women is that I am gearing a product toward just women. We will eventually be making a male version of this sneaker but wanted to make a high top that women can feel comfortable and confident in. Some other issues is that people could want the style of sneaker in a low top. Which is also possible in the future. Overall listening to the customers and people and making sure we are gearing the product towards the women then I think we will do ok. Using famous women to market the sneaker will also be huge. Pushing the sneaker towards women and how strong we are can also help the sneaker become more popular.

11 References Boston Strategy hub: https://bstrategyhub.com/swot-analysis-of-nike-nike-swot-analysis/ Discovery An in-depth SWOT analysis: https://www.edrawmax.com/article/nike-swot- analysis.html Babin, B. J. (2018). Essentials of Marketing Research (7th ed.). Cengage Learning US. https://mbsdirect.vitalsource.com/books/9780357463703 [ https://taylorwells.com.au/positioning-segmentation-and-targeting-in-marketing/ Babin, B. J., & Zikmund, W. G. (2019). Essentials of marketing research . Cengage. https://studycorgi.com/nikes-external-and-internal-business-environments/ Garstein, D (2017) Why Is Pricing Strategy Important to The Success of Your Business Emily Wilbekin April 6, 2023 -https://time.com/6269278/jordan-1-sneaker-air-legacy/ Conrad Shiu: https://shoezero.com/blogs/news/trending-shoe-designs-embracing-fashions- footwear-frenzy-in-2023 Geraldine WIlligan: https://hbr.org/1992/07/high-performance-marketing-an-interview-with- nikes-phil-knight https://www.discoursemagazine.com/p/the-china-challenge-the-stain-of-forced-labor-on-nike- shoes

MKT 337 Final Project

Related Documents