SNHU Marketing 345: Consumer Behavior
Module One Blog,….
Picking a Company and Category for Final Project
This symbol is iconic for the Nike brand. Nike (NKE), founded January 25, 1964 initially as “Blue Ribbon Sports” and changed its name on May 30, 1971 after the Greek goddess of victory. Nike is a multinational global brand and top 100 of the Fortune 500 Companies and sells products in over 190 countries. Nike has the highest market value among sports businesses. Nike has markets products under its own brand along with several others such as Air Max, Nike, Pro, Nike golf, etc. Regarding consumer behavior, Nike is well known for its trademarks of “Just Do It” slogan and its iconic Swoosh logo as noted above (Wikipedia, 2019).
Nike is a major innovator, developer, and marketer of some of today’s most iconic and fashionable footwear. Research and development investment in the hundreds of millions of dollars annually, is crucial regarding their product designs for their $4.7 billion demand creation budget, as they continue to focus on new technology innovations such as: Flyknit, Air, composite foam, and carbon fiber products. This expenditure is required for their model of direct-to-consumer experiences as promoted by their heavy marketing using major athlete endorsements, digital campaigns, and emotional storytelling, thus centering on the athlete’s voice and purpose (Statists, 2024)
Keeping this information in focus, I will be picking footwear as a category within Nike to address consumer behavior to conduct an analysis of the consumer segment to reach that group through analysis of the buying behavior of that group. Utilizing this analysis will allow me to present a proposed marketing strategy to an executive team. This final project presentation will provide marketing strategies to reach the chosen footwear segment at different points during the buying cycle. Per Statists “This segment is critical in pursuing because it is the primary driver of revenue for Nike and accounts for approximately 66% of sales; furthermore, it will allow Nike to continue or improve their 44.4% market share in the athletic footwear market
References
Statista. (2024, February 15). Nike: Revenue share by product type worldwide 2020. Statista. https://www.statista.com/statistics/412760/nike-global-revenue-share-by-product/Wikipedia . (2019, October 22). Nike, Inc.
Wikipedia; Wikimedia Foundation. https://en.wikipedia.org/wiki/NIKE
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