The Marketing Mix of Nike tells the 4 Ps (Product, Price, Place, and Promotion) of the American multinational clothing Brand – Nike!
Nike, the American multinational corporation, holds the position of the biggest sportswear brand in the industry in terms of sportswear sales. The brand’s sneaker line is particularly noteworthy, as it has made Nike the largest supplier of sporting apparel and athletic shoes globally.
Additionally, Nike is also one of the largest sports equipment manufacturers in the world. The company has a fascinating history, having been founded as Blue-Ribbon Sports in 1964 before changing its name to Nike Inc in 1971.
The co-founder of Nike, Bill Bowerman, was a track and field coach who is credited with designing the “Moon Shoes”. These shoes were later sold for a whopping amount to Miles Nadal at a Sotheby’s auction.
One of the most recognizable things about Nike is its sponsorship of international and local sports teams and professional athletes across a range of sports such as Lawn Tennis, football, and even golf and swimming. This is accomplished through the use of Nike’s iconic Swoosh logo and trademark Just-Do-It.
It’s clear that Nike’s impact on the sports industry is significant and far-reaching, and it’s easy to see why the brand has become synonymous with sportswear and athletic equipment worldwide.
Let’s start with Nike’s Marketing Mix to learn more about their product, price, promotion, and distribution approaches.
Product in Marketing Mix of Nike
Nike’s logo, the iconic swoosh, is designed to attract the eye of customers and is related to athletes themselves. This makes sense given that Nike is a brand that primarily produces sports-related items and equipment.
To ensure that it maintains its mark of quality, Nike designs different products for each type of sport, making sure that their products are comfortable for athletes.
Nike has a wide range of sports equipment and accessories, including bags, backpacks, balls, headbands, caps, and much more. The company has even teamed up with Apple for Nike+ products, which allow runners to track their performance through running watches.
One of the most recognizable things about Nike is its extensive range of shoes for different purposes, such as running, golf, football, cricket, skateboarding, tennis, cycling, and other sports.
Nike also sells casual footwear in vibrant colors that attract younger customers. They manufacture different styles of sneakers for men, women, and kids.
Price in Marketing Mix of Nike
Nike employs two pricing strategies, namely value-based and premium-based pricing, for its products. The company evaluates the current market prices before setting the prices for its products.
It assesses customer responsibility to ensure that they are willing to pay for the items.
By doing this, Nike can increase its profit over time. On the other hand, premium-based pricing involves setting higher prices for high-quality products than its competitors. As Nike increases the cost of its premium products, it can enjoy higher revenue and sales.
Part of Nike’s marketing strategy involves using celebrity endorsements to promote its products, which also enhances its premium branding.
In addition, Nike sometimes offers discounts and promotions like the “Easter sales” to attract new customers while retaining the existing ones.
The company invests heavily in technology, and this is evident in its premium pricing strategy. Nonetheless, it still considers the current market conditions while setting the price range for its products.
Place in Marketing Mix of Nike
Nike’s marketing strategy for place and distribution aims to reach as many customers as possible through various channels. The company has over 1000+ retail stores worldwide, including its flagship Niketown stores, where customers can browse and buy products in a physical store.
These stores offer a premium experience and feature emerging products and professional zones.
The company’s website offers a hassle-free way for customers to purchase products and features the Nike Fit tool, which uses AI and data science to provide an accurate measurement of the right product size.
Moreover, Nike also offers its app where customers can order products and use the Nike Fit feature to ensure a perfect fit.
This multi-channel approach ensures that Nike products are readily available to customers worldwide, whether they prefer shopping in a physical store or online.
Promotion in Marketing Mix of Nike
Nike’s marketing strategy focuses on aggressive promotions and premium branding to enhance its brand image and increase visibility in the market.
The company uses traditional media such as television, radio, newspapers, magazines, billboards, and hoardings to advertise its products and campaigns, featuring celebrities in catchy ads to attract customers.
The brand also offers sales promotion marketing strategies such as bulk and timely discounts during festive seasons like Christmas and Easter, available through online and retail shops.
Nike understands the importance of social media and utilizes various platforms to promote its brand, create user-generated content, and interact with customers, such as on Twitter and Instagram.
The company also collaborates with celebrities, sports stars, and influencers, like Serena Williams and Michael Jordan, to increase brand visibility and endorse lifestyle, fashion, and sports topics on YouTube.
In addition to these promotional strategies, Nike has an excellent loyalty program, which shoppers can sign up for via the Nike website or app.
Members enjoy various benefits like early access to product launches, rewards for regular customers, free delivery, and special offers.
The company has effectively positioned its products in the market through market segmentation, targeting customers with unique features and designs for different sports and activities.
Additionally, Nike’s “Swoosh” logo and “Just Do It” trademark are well-known globally and are used for sponsoring professional teams and athletes worldwide.
I hope you have gathered all the crucial information about the Marketing Mix of Nike and the 4 P’s of Nike. Stay tuned for more Marketing Mix Articles.