MKT 432 Final Project

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432

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Marketing

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Feb 20, 2024

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NIKE GAURDED BAND NIKE GAURDED BAND MKT 432 – FINAL PROJECT ELIZABETH HAUCK

NIKE SUMMARY NIKE SUMMARY  Nike is considered one of the largest athletic shoe and sports apparel companies in the world and is an esteemed brand among professional sports organizations and athletes. The company was founded by Phil Knight and Bill Bowerman in 1964 and has a brand valuation of more than 33 billion USD. Nike dominates the market even with strong competition including:  Adidas  Under Armour  Puma  Reebok  Lululemon

PRODUCT SUMMARY PRODUCT SUMMARY In mid-year of 2023, Nike anticipates their launch of the, “Guarded Band”. Their new product that has waterproof technology and comes in a variation of colors, sizes, and designs. It will feature GPS tracking, family networking, fall detection, Bluetooth capability, and track the activity and health of the user.

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SWOT ANALYSIS Strengths Strengths • Developing partnership with reputable brand • Competitive advantage • First waterproof product on the market • Advanced features • Appealing design • Eliminated need to pick between Smartwatch VS. wearable health/fitness tracker • Advanced software programming • Frequent updates to ensure product’s efficiency Weaknesses Weaknesses • Partnering brand’s failure in the market • Competitor brand loyalty • Consumers’ likelihood to remain loyal to product/brand that they already use. Threats Threats • Market Saturation • Average smartwatch / wearable health trackers user uses their device for over a year • Competition utilizing features that are unique to Guarded Band Opportunities Opportunities • Professional athlete / celebrity endorsements • Competitively priced due to outsourcing manufacturing to China • Building connections with social media audience

DEMOGRAPHIC SEGMENT • Female Gender: • 15-50 years old Age: • College Degree: • Associates, Bachelors, and/or higher Education: • Upper-Middle Class • Upper Class Income:

BEHAVIORAL SEGMENT Prioritizes an active and healthy lifestyle Tech Savvy Follows current fashion trends Cares about safety of themselves and loved ones

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GEOGRAPHIC SEGMENT Populated Cities W/ Higher Crime Rates Chicago, Illinois Dallas, Texas Denver, Colorado Los Angeles, California Miami, Florida New York City, New York Washington D.C, Washington United States

PSYCHOGRAPHIC SEGMENT  The Guarded Band’s psychographic segment consists of those who are the “motivated” and always looking to improve their health, safety, and well-being. These individuals are happier on the go and tend to follow hottest trends:  Keeping up with the Joneses:  Always watching others around them to fit in and maintain the proper image.  Stylish Shoppers:  Follows the latest trends and has a wardrobe based on it for before, during, and after workouts.  Health Freak:  Biggest priority is their health and body image. Works outs excessively and prefers vegan/organic health foods.

MARKETING OBJECTIVES  Goals:  Launch the Guarded Band with Nike by mid-year of 2023.  Build product awareness by utilizing Nike’s social media platforms and celebrity endorsements.  Successfully enter (6) markets that fit our geographic segment by the end of 2023.

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LEGAL & ETHICAL IMPLICATIONS Legal Concerns  Ensuring that there is a way to patent protect certain features and designs on Guarded Band to ensure we stay competitive in the market space.  Creating a way the user can opt-out of any features including GPS tracking to avoid any legal issues with privacy.  Utilizing Nike’s ambassadors might be problematic because some might have contracts with competitors. Reviewing contracts will be necessary to see what can be voided out and by which party. Ethical Concerns  Ambassadors can be seen as deceitful since they are paid for their endorsements. It can be argued that it does give the customer a real review on the product and can mislead on the good vs. the bad of the product.  Outsourcing manufacturing to China can be seen as being cheap and taking away jobs from the America.

MARKETING MIX ELEMENTS: PRODUCT MARKETING MIX ELEMENTS: PRODUCT  The Nike Guarded Band will take the best features of a smartwatch and combine them with the best features of the health and fitness wearable trackers. It will eliminate consumers having to choose between one product over the other because it puts all their needs and wants into one. Features include:  Waterproof  SOS System  Fall Detection  GPS Tracking  Sounding Alarms  Customizable Band Options  Bluetooth Capabilities  Text Message Displays  Email Access  Phone Calls  Music

MARKETING MIX ELEMENTS: PRICING MARKETING MIX ELEMENTS: PRICING  Due to entering a competitive industry, the Nike Guarded Band will be advertised at $295.00 with the opportunity to customize the band which will be an additional cost.  Apple Watch: $400.00  Samsung Galaxy: $300.00  Fitbit: $200.00  Nike Guarded Band: $295.00

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MARKETING MIX ELEMENTS: PLACEMENT MARKETING MIX ELEMENTS: PLACEMENT  The placement of the Guarded Band will be through Nike’s online stores with displays in both Nike’s factory stores and other retail outlets. 72% of women shop online and look for reward systems on their purchase(s). Nike has a free membership where users can sign up to get discounts, be apart of exclusive sales, receive free shopping, and get updates on all new products.  It is important to note that 50% of smartwatch purchases are made online.

MARKETING MIX ELEMENTS: PROMOTION MARKETING MIX ELEMENTS: PROMOTION  The Guarded Band main method of promotion will be through Nike’s digital campaigns. Nike already has a strong digital media strategy that consumers are used to seeing and interacting with. It will help build awareness and loyalty for the Guarded Band. Nike has:  (108) Facebook Pages  (104) Twitter Handles  (16) Instagram Accounts  (41) YouTube Channels  (1) Snapchat  (1) TikTok  (1) LinkedIn Account

REVIEW  We are confident that with our extensive marketing plan along with the research that has been conducted on the target demographic and industry, that the Nike Guarded Band will be successful and quickly become a strong competitor.

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RESOURCES  Bruce. (2022, July 11). The manufacturing process of smartwatches. The Manufacturing Process Of Smartwatches. Retrieved November 27, 2022, from https://www.iwosmartwatch.com/how-are-smartwatches-manufactured/#:~:text=About%2080%25%20of%20all%20electronic,a%20wide%20range%20of%20options.  Domo Resource - how to use Kpis and metrics to boost business success . Domo. (n.d.). Retrieved November 27, 2022, from https://www.domo.com/learn/article/how- to-use-kpis-and-metrics-to-boost-business-success#:~:text=indicators%20(KPIs).-,KPIs%20are%20measurable%20objectives%20that%20provide%20directional %20insight%20on%20your,determine%20areas%20that%20need%20improvement.  Fortune Business Insights. (2022, May 4). Smartwatch market size worth USD 58.21 billion by 2028: Smartwatch industry expected CAGR 14.9% . GlobeNewswire News Room. Retrieved November 27, 2022, from https://www.globenewswire.com/en/news-release/2022/05/04/2435827/0/en/Smartwatch-Market-Size-Worth-USD- 58-21-Billion-by-2028-Smartwatch-Industry-Expected-CAGR-14-9.html  McDaniel, A. (2022, April 26). Smartwatch prices prove to be a problem for underrepresented groups in medical research, study finds . 9to5Mac. Retrieved August 1, 2022, from https://9to5mac.com/2022/04/26/smartwatch-prices-underrepresented-groups/  Nelson, A. (2019, July 17). Women drive majority of consumer purchasing and it's time to meet their needs . Inc.com. Retrieved November 28, 2022, from https://www.inc.com/amy-nelson/women-drive-majority-of-consumer-purchasing-its-time-to-meet-their-needs.html#:~:text=Women%20drive%20the%20majority %20of%20purchasing.&text=Women%20hold%20crucial%20purchasing%20power,their%20buying%20power%20and%20influence.  Nike fuelband: The rise and fall of the wearable that started it all . Wareable. (2016, February 22). Retrieved November 27, 2022, from https://www.wareable.com/fitness-trackers/not-so-happy-birthday-nike-fuelband-2351  Report says 91 percent of women do online research before making a purchase . www.retailcustomerexperience.com. (2014, March 19). Retrieved November 27, 2022, from https://www.retailcustomerexperience.com/news/report-says-91-percent-of-women-do-online-research-before-making-a-purchase/  Smartwatch market size, Share & Industry growth: Analysis - 2027 . Allied Market Research. (n.d.). Retrieved November 27, 2022, from https://www.alliedmarketresearch.com/smartwatch-market  SMART Goals . MindTools. (n.d.). Retrieved November 29, 2022, from https://www.mindtools.com/a4wo118/smart-goals  Wikimedia Foundation. (2022, November 17). List of United States cities by Crime Rate . Wikipedia. Retrieved November 29, 2022, from https://en.wikipedia.org/wiki/List_of_United_States_cities_by_crime_rate

MKT 432 Final Project

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