Develop a marketing plan - Assignment Example

Corse: NIKE’s market plan Executive Summary The market plan for Nike has been triggered by the need to get closer to the consumersand reduce the risks involved in depending on sportspersons to market their product. Getting close to its consumers will enable them take advantage of the worlds greatest promising marketers such as online communities which is relatively effective than TV. Additionally, the company also wants to the home of digital sport, a division that was started four years ago (Cendrowski, n.pg). Developing devices that technologically help individuals track their performance in the sport they participate in.

The company also expects to reach more consumers as well as tremendously diverse ideas via social media. Going online is a part of their mission to shift from traditional marketing into digital realm. Marketing Program StrategyCompany DescriptionNike is American multinational organization that was started in 1957 by Bill Bowerman and Phil Knight. The company designs, develops, manufactures, marketing and sells goods and services such as footwear, equipment, apparel and accessories all over the world.

Twenty years down the line, Nike has joined the top companies in the footwear market. This was not as a result on TV advertisement but from positive appraisals by athletes they sponsor (Cendrowski, n.pg). For instance, the company made approximately 919.80 million dollars after Olympic players was seen wearing Nike in 1984 Olympics. The company’s mission is to innovate and inspire athletes in the world every day. Besides maximizing its profits the company also focuses on establishing environments that offer a platform for consumers to contribute into the company.

Moreover, the company wants to build strong emotional ties with its consumers.The Target MarketThe company’s target market is an active online 17-year-old user who is likely to spend 20% more to buy shoes in comparison to his adult counterparts. This is based on the fact that a significant population of young men has given up television to online communities. The company also targets over 5 million runners and other athletes to use their digital devices in determining their performance (Cendrowski, n.pg). Marketing Program TacticsProduct strategy: currently Nike offers several apparel, equipment and accessories online such as the Nike+ running sensor, a performance-tracking tool.

Nike+ running sensor has enabled over 5 million runners to check their performances. The company plans to include its new sport device, fuel band, which is able to track the energy output of its users (Cendrowski, n.pg). Price strategy: the current prices are either influenced by the competition or other forces in the market. With the new focus of being a customer-oriented organization the value of the product and customer satisfaction will be the main determinant in pricing of the product (Cendrowski, n.pg). 149 dollars for a device that can measures movement as well as calculates its users energy levels the enter day is relatively reasonable considering the technology complexity.

Place strategy: Nike products are and have been marketed in major events such as the World Cup, Car Raising and Olympics. However, since Nike decided to go digital it has made online platform its major preferred marketing strategy (Cendrowski, n.pg). For instance, after 2010 world cup, Nike marked its campaigns by launching the Nike Footballs Facebook page which in turn gathered 8 million viewers within a week as compared to its competitor who spent months to cultivate a base of only 1 million fans.

Promotion strategy: Nike has over the years relied on the WOM and BUZZ marketing strategy to communicated to customers as well as promote its products. This is where the company has to sponsor a specific sportsperson like Tiger Woods or sometimes produce a new product under a sportsman’s name such as Nike Air Jordan sneakers (Cendrowski, n.pg). However, non-traditional marketing strategies such as online marketing will enable them make follow ups on their product, build a Nike online community that will in turn strengthen their customer- producer relationship.

Additionally, an online store has enabled customers to post designs of the products they would like to purchase such as shoes.Conclusion The new marketing strategy provides ideal digital campaigns which in turn communicates the bland image, creates a platform for intimate conversations with customers and acts as a laboratory through which the company can study consumers’ behaviors and patterns. Analysis has it that Nike company membership have grown to 55% as a result of digital campaigns. This has led to a 30% increase in sales which amounts into 2.

8 billion dollars. The company also expects to hit 200 million views daily as compared to 200 million that are estimated to turn TV everyday when a major event is aired. Work citedCendrowski scott. Nikes new marketing mojo. How the legendary brand blew up its single-slogan approach and drafted a new playbook for the digital era. 2012. Web. 6 May 2014.