Promotion of Nike Fuel Band - Assignment Example

? Promotion means activities that communicate the merits of the product and persuade target s to buy it (Kotler & Armstrong, . This forms the communication function of marketing where a promotional mix which is defined as the basic tools or elements that help the firm to sell more products is used. “The concept of integrated marketing communications (IMC) suggests that the firm must blend the promotion tools carefully into a coordinated promotion mix,” (Kotler & Armstrong, 2010, p.436). The IMC Promotional Mix includes these mediums: advertising, direct marketing, interactive/internet marketing, sales promotion, publicity/PR and personal selling. As such, this paper seeks to describe how Nike Fuel Band is currently utilizing each of the components of the IMC mix mentioned above. Nike, a giant in manufacturing and selling athletic and other sporting related products has announced a new and more colourful Nike+ FuelBand SE that will be available on 6th November 2013. According to Berg (2013), “this product enables users to track individual sessions and see the points earned in real time. The band is still largely based around Fuel points.” The image below shows how the fuel band looks like. Given that this is a new product in the market, Nike ought to utilize the IMC Promotional Mix in order to successfully market the product to the targeted audiences. Advertising is a very effective strategy that can be used by Nike in order to market this new product. As stated by Kotler & Armstrong (2010), advertising can reach masses of geographically dispersed people at low cost and it enables the seller to repeat messages. For instance, television advertising can reach huge audiences and this is the reason why this strategy is ideal for this new product. Nike is also given the opportunity to say something positive about the brand and it can use integrated media such as print as well as broadcasting services to advertise this product to the targeted customers across the globe. Direct marketing involves the use of SMS, direct mail, online marketing as well as telephone and it is designed to promote dialogue between the marketing team and the consumer (Kotler & Armstrong, 2010). In order for Nike to successfully utilise this strategy, the marketers need to identify the people they can target in the first place and then compile a list. This can be a very effective strategy since it is intended to build one to one relationships between the marketers and the customers of this product. The other strategy that can be used is that Nike can target institutions of learning or other important gatherings specifically meant for sport and try to create personal contacts with enthusiasts in sporting activities. This contact list can then be used to send direct messages to the targeted customers so that they may be attracted to buy this new product. The other effective strategy is the use of internet marketing. “This is the application of the internet and related digital technologies to achieve marketing objectives,” (Strydom, 2004, p. 240). The main advantage of using this particular strategy is that the company can be in a position to reach a wide range of people located in diverse backgrounds. The internet is fast and it enhances marketing communication in various ways. It enables the company to carry out market research and it can also enable the marketers to interact directly with their customers regardless of the distance that may exist between them. Through the use of specially designed website, Nike can appeal to the interests of as many people as possible since research has shown that online business has significantly gained prominence over the past years. The other advantage for Nike in using this strategy is that it has a two way communication channel such that the marketers can get feedback from the customers about their perceptions towards the new Nike FuelBand. Sales promotion is a strategy that seeks to attract the customers and offers them strong incentives to buy the product (Kotler & Armstrong, 2010). This can be done through the use of coupons as well as strategies such as price discount. Given that the Nike FuelBand is yet to be introduced into the market, the strategy of sales promotion can be used when the product is launched in the market. The price for one band is pegged at $149 but the company can utilise the strategy of offering price discounts to customers who buy the product as soon as it is introduced into the market. This is meant to attract more customers so that they can buy the product if they are aware that they will get incentives for making decisions to purchase the product. Nike can also use the strategy of personal selling to market its new product in the market. This strategy involves interaction between two or more people (Kotler, 1999). It is the most effective marketing tool in certain instances given that the marketer is in a better position to influence buyer preferences. In this case, the buyer and the marketer interact directly and there are high chances that these people can share common understanding in different things given that the face to face scenario enables them to exchange different views and ideas about a certain product. The marketer has the opportunity to explain some of the product features to the customers as well as outlining the benefits of buying such a product. If properly implemented, Nike also stands better chances of creating lasting relationships with the customers. Public relations is another strategy that can be used by Nike to Market its product to the targeted customers. PR entails building good relations with the company’s various publics by obtaining good publicity (Strydom, 2004). On the other hand, publicity is a brainchild of PR since it utilises different media to publicize certain events for free. In the case, Nike can use press releases to get publicity about the new product it will launch in the market within a few weeks. The main benefit of this strategy is that this information is likely to be received by thousands of people located in different areas. Over and above, it can be observed that a company is set to achieve its marketing objectives if it carefully implements different aspects of the IMC Promotional Mix. These marketing tools are designed to attract the customers so that they can buy the products being offered by a particular company. In the case of Nike FuelBand, it can be noted that the above mentioned strategies can go a long way in marketing this product which is yet to be introduced into the market. The tools discussed above enable the company to tailor its message in such a way that it can appeal to the interests of many customers. This can help it to generate more revenue from the sales of its new product. References Berg, D. (15 October, 2013). “Nike announces new and more colorful Nike+ FuelBand SE.” The Verge. Viewed from:< http://www.theverge.com/2013/10/15/4840642/nike-announces-new-and-more-colorful-nike-fuelband-se>. Kotler, P. & Armstrong, G. (2010). Principles of Marketing. Cape Town: Prentice Hall. Kotler P. (1999). Kotler on Marketing: How to create, win and dominate Markets. London: Free Press. Strydom, J. (2004). Marketing. Cape Town: JUTA. Read More