MKT 337 Milestone 2 paper

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Marketing

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Feb 20, 2024

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1 Milestone Two: Marketing Mix Jennifer Brogan Southern New Hampshire University MKT 337: Marketing Research Professor Boydston October 1, 2023

2 Milestone Two-Marketing Mix 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 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

3 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 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.

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4 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 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.

5 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 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.

6 References 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

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