Nike is a famous brand in the world and it is popular among not only youths, but also all ages who like sports! Why is it so successful? The good marketing strategy of the company is necessary.
Nike’s products include shoes, apparels and equipment products like basketball, running, tennis for men, women, and children. It started its businesses in 1979 and soon becomes very popular in youth because Nike supply Urban fashion clothing products. It also sells small amounts of plastic products to other manufacturers.
Nike charges high prices or premium prices for its high quality products it offers and its famous brand. The pricing based on the basis of premium segment as target customers.
There are 25000 retailers of Nike in US, and its products are supplied in almost 200 countries of the world. This means that place strategy is used by Nike. In the international markets, Nike sells its products through independent distributors.
Nike uses a very effective promotional tool in the market. First, Nike’s logo is very distinctive and highly recognized all over the world. Its company also has advertising in the newspapers and invites a number of famous athletes as its brand ambassadors to make its brand image strong like Brazilian Soccer Team, Lebron James for basketball, Tiger Woods for Golf. Nike also sponsors some events like Hoop It Up, which makes it one of the most recognizable brands in the world. I also like Nike’s creative advertisements, which expresses power of sports.
Nike has a powerful branding strategy, which is one reason for its high revenues. Its quality products, loyal customer base and great marketing managements make Nike a successful branding in the world.