According to Healthcare Financial Management (2016), many middle- age people have taken an interest of being more active and healthier. Running and exercise have become a part of many people daily routines which includes jogging, yoga, walking, or joining a local wellness center. The yarning needs to stay fit has boosted Nike’s shoes and clothing sales. It has also increased Nike and their competitors’ current and future ads. Within the past five years Nike has included new products, which includes styles for everyday activity. Nike would invest in new products that other competitors was not doing at the time. Nike researched yoga and made a great decision to invest in yoga gear and clothing.
Social media has encouraged the creation of many organizations such as Nike. Social media can connect many people in a short time frame. Old methods such as commercials and newspaper ads are fading away because of the heavy interest of social media. Facebook and Twitter are two popular social media outlets that Nike is currently using to advertise their brand. Within the last five years Nike has been successful in terms of sales, marketing, customers demand, and making their brand stronger.
Nike is a well-developed brand which is solid in keeping its name by using celebrities for marketing. Nike marketing objective is groundbreaking, fun, creative and bold which is the perfect mix for a successful company both internally and externally while adding to the Nike brand. Nike connects with the everyday people, and encourages them to remain and achieve for a healthy body. One pro is that Nike connects good with their target markets which includes a variety of people including athletes, celebrities and ordinary customers. The Nike Swoosh is a popular brand marketing strategy. Just do it campaign is highly successful because it is so inspirational to many people when they are trying to achieve their fitness and health goals.
There are some cons one which include that the Nike name is mainly afforded by those with higher incomes. Nike has not connected with the lower income group due to their high price. Nike has only been concerned with creating high cutting-edge style products and selling them a very high cost. Nike was under fire for having products made in sweat shops in disadvantaged countries. Nike eventually took notice to the problems and listened to the people needs and concerns. They made some changes to the work policies which added to their code of ethics.
Three competitors of Nike include Reebok, Adidas and Puma. This is based on customers reviews, sales, and bran acknowledgement. Each brand is different, however, they all share some of the same advantages and disadvantages regarding to their products. Each brand has a common goal to ensure that customers have stylish and a reasonable price product.
Adidas is a well-known sport clothing brand and creating comfortable products. Adidas is offers clothing and shoes just as Nike do, however, it also adds it position by having a connection with Reebok which is also a known brand. Reebok is a secondary of Adidas meaning it is better in terms of innovations is concerned and meeting customers’ demands. Reebok brand is known for comfort and attention to detail. Puma has good revenue and great recognition mainly by everyone. The creator of Adidas and Puma is brothers. Puma is still one of Nike’s biggest competitors. Puma has extended their brand as an independent clothing brand.
Nike is a strong competitor for Adidas, Reebok, and Puma. Nike is popular with the footwear aspect, which can be tricky their brand to diversify only in one aspect. The triple bottom line is to make sure that your organization is watching the business from all functions, which involves profits, environmental concerns, and customers’ needs. A company should invest in strategic plans, which will discuss as having a great mission statement, and value statement, which explains how the business plan to conduct their operation.
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