Overview of Nike
In 1962, the Nike Company was started by Bill Bowerman, who was motivated by the mission of bringing inspiration and innovation to every athlete (Bhasin, 2018). The main products that Nike deals with include Jerseys, base- layers, sports shoes, and cleats that are used in a wide range of sports. The company plays a significant role in selling its products to retail accounts, which is made possible by developing Nike-owned retail stores and internet websites into which the products are marketed to wholesale customers as well as to direct consumers via direct consumer operations. The main values that that sustains Nike's operations include effective performance, innovation, and authenticity.
Role of market research in Nike
Market research in a key asset for all organizations that applies scientifically-led studies to gather important information that is meant to boost entrepreneurs' commercial decisions. Idyllically, marketing research in Nike is responsible for giving information that is relevant to decision making. Its main purpose is to minimize the uncertainties surrounding any decisions that are made within the company through the provision of significant data (Bhasin, 2018). The data provided is usually descriptive, predictive as well as diagnostic.
Additionally, the data of the targeted market are well-articulated to support effective decision making about the most beneficial marketing strategies that need to be implemented. Through market research, Nike can identify the marketing secrets that its competitors use to service various products. Consequently, it can add value to its product and adjust the brand as expected by its customers.
How research leads to the creation of marketing influences
Nike Company now believes in achieving its goals even when it implies sacrificing everything, which is a slogan that was introduced by Colin Kaepernick, a new advertising agent who is chosen by Nike to mark its 30th anniversary (News, 2018). The use of Kaepernick in advertising Nike's products was a remarkable breakthrough for the company. A lot of attention was directed to Kaepernick's posts on the social media where he was able to advertise Nike's products. The 30-year-old player was found not standing during a U.S national anthem to protest the issue of racial justice around the year 2016. Colin and other millions of Americans had witnessed police brutality against the blacks and other people of color, and therefore, according to them, they wanted such vices to be eradicated. His action made him not to participate in the NFL. Also, Colin was currently suing NFL because of been frozen out of the league by the owners of the team due to his activism. This triggered numerous critics about the Nike Company.
Nonetheless, because of Colin Kaepernick's actions, he has become famous as numerous spectators love him and he is perceived to be the most inspirational athletes of the present generation. Thus, using Colin's image has helped Nike to advertise its products despite various criticism that comes from some individuals. Thus, this creative strategy has enhanced Nike's marketing influence by using Colin Kaepernick as the face of Nike's brand. As a result, Nike's sales are viewed to have increased by approximately 31%, and Nike's shares have equally increased.
How data has shifted Nike's decision making
The management and independent directors in Nike Company utilize the collected data to make decisions. The decisions that are made may shift from one direction to another depending on the effectiveness of the data. Both the direct and the indirect managers bring different external experiences that assist in strategic formulation concerning making management decisions. The environmental analyzed data that is provided by market research is used in evaluating its interior environment and making relevant resolutions that are based on the analysis. As a result, of the marketing research, Nike's management has decided on revamping its apparel division to become more fashion savvy. The product and price research provide adequate data that helps Nike to decide on the continued effort to ensure high-end market as it escalates the market shares in distinct price ranges in an attempt to expand Nike's product spectrum.
Valuable information that is critical to marketing research for Nike
Nike preserves critical marketing research data about the most effective approaches of innovation and production that always need to implement in the company to improve its brand. Nike's constant innovation has made it easy to succeed such that it is regarded as one of the leading global brands that implement ever-evolving marketing strategies. Most importantly, data on operational formulation strategies has helped Nike products to dominate the aerobics market, which has made it be regarded as valuable information that assists in maintaining the company's performance. Nike uses the evolving technology to increase its production and to ensure that the upgraded product reaches all consumers (Bhasin, 2018). Through creativity and proper decision making based on marketing research, Nike has differentiated itself from its competitors. Moreover, Nike has recognized the significance of hi-tech gadgets, which are combined with its new products to give unconventional capabilities to sportswear customers.
Bhasin, H. (2018, March 6). Strategic Analysis of Nike, Inc. Retrieved from https://www.marketing91.com/marketing-strategy-nike/
News, B. (2018, September 10). Nike sales defy Kaepernick ad campaign backlash. Retrieved from https://www.bbc.com/news/business-45472399
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