MK9709 Global Consumers and Marketplaces Assignment Sample

Introduction

A strategy of marketing is a particular plan for the long term in favour of extending an organization’s objectives by evaluating the total needs of all consumers and making a sustainable and distinct competitive advantage.

It surrounds everything from evaluating who actual organization’s consumers are in order to determining what particular channels the organisation utilises in order to extend those consumers. A marketing plan is the strategy of marketing that an organization will execute in order to sell its particular service or product. The marketing plan also helps to identify who are actually organization’s target consumers as well as a target market.

Section 1: Critical evaluation

Identify the organization

Nike is the globe’s biggest athletic apparel organization, generally, Nike is well known for the favour of its equipment, apparel, and footwear. Nike was established in the year “1964 as Blue Ribbon Sports” (Nike.com, 2022). http://MK9709 Global Consumers and Marketplaces Assignment SampleThis particular organization became named Nike in year 1971 after the victory of the Greek goddess.

This organization also has the most significant company among all business sports; this organization employs a total over people of 76000 Global (Nike.com, 2022).  http://MK9709 Global Consumers and Marketplaces Assignment SampleNike is an AMC organization which is known as an “American multinational corporation” that is connected to the manufacturing, design, development, and global sales and marketing of accessories, apparel, footwear, equipment, and services.

In year 2020, this organization alone was worth in total excess of billion $32, and creating a very workable organization among all sports brands. In year 2017, this particular organization was worth billion of $29.6. This organisation also has a number of ranked 89th in year 2018 as well as a list of Fortune 500 biggest corporations in the US by net revenue (Nike.com, 2022).http://MK9709 Global Consumers and Marketplaces Assignment Sample

Strong strategies for the organization

Nike is one of the world’s largest organisations and they claim that they are the top athlete brand in the world. As per the opinion of Gómez-Prado et al. (2022), they implement some market strategies in their total operation, this includes premium pricing strategies and value-based strategies in order to sell and price their entire products.

The marketing plan also helps to identify who are actually organization’s target consumers as well as a target market. The strategy of value-based pricing utilises customer perception in order to evaluate the highest price customer are prepared to reward in favour of their products.

As per the view of Paoli et al. (2022), the entire market of goods is manufactured with the condition of the ultimate people, and all consumers in mind. On the other hand, most organizations are trying in order to make goods in favour of their all potential consumers. The strategy of marketing of this organization is its viability in obtaining value for consumers by building customised goods.

Significance of connecting with consumers

Connecting with all the consumers is a very significant element in favour of organization. As per the observation of Zhu (2022), this is because it totally indicates consumers order to face a taste of what proceeds into building a successful good.

There are other segments, which allow the organization’s input to be very significant and another segment also helps organizations to discover the manufacturers what the user of the particular goods actually want.

As per the opinion of Kim (2020), consumer service is very significant; this is because it inspires the loyalty of consumers and creates jobs easier for employees. By distributing significant consumer service, the sector is able to recover consumer acquisition retains talent, cost, and foster loyalty to brand.

Figure 1: Significant of consumer service to consumer’s loyalty or choice of in order to be the brand year 2018

(Source: Statista.com, 2022)

The image indicates the significance of service of consumers in order to consumer’s loyalty or choice of an organisation in year 2018 (Statista.com, 2022). http://MK9709 Global Consumers and Marketplaces Assignment SampleDuring this particular survey, percentage 66 of participants from the country US indicated that consumer service was too significant in order to them when selecting a particular brand.

Academic sources and theories

Figure 2: Academic source and Theories

(Source: Influenced by Svatošová, 2021)

There are some theories regarding employee motivation and better productivity. As per the view of Mashan and Master (2021), in “The Reinforcement Theory of Motivation” all the employees who actually get paid after doing any work or something very positive would have sufficient cheering in order to push those more. In this particular scenario employees of Nike can implement the theory of reinforcement in four individual procedures.

The four individual procedures include extinction and punishment, negative reinforcement, and positive reinforcement. As per the view of Hofer (2020), however, it is very complicated to favour all the managers in order to evaluate the behaviour types that merit an award. Another is the “goal-setting theory”, this theory allows the setting of a goal that is very important to connect in order to perform the task.

As per the viewpoint of Chaus (2020), also indicates that challenging and particular goals or objectives along with very suitable feedback distribute in order to better and higher task performance.

Industrial circumstances in the entire business

Generally, industrial is a particular term, it is also indicated any specific business that produced product or goods. As per the viewpoint of Nica et al. (2021), these particular trades could involve factories, working, and construction with the process of mechanical, electrical and civil.

The revolution of industrial changed from an economy of agrarian in order to a productive economy where all goods were no longer built by hand, however by machines. As per the observation of LABARCA and MUJICA (2022), this guide is in order to raise the total efficiency and production, improve migration, and wages, more products, and lower prices from rural to urban.

Section 2: Strategies to enter a new market

Several strategies to put in a new country

Nike is one of the top brands worldwide, and they are implementing a “global marketing strategy (GMS)” in their operation. As per the opinion of Rodrigues et al. (2021), a “global marketing strategy (GMS)” is a particular strategy that generally encompasses nations from many different regions of the Global and aims at harmonising an organization’s total, marketing efforts in total marketers in all these countries.

This particular strategy does not automatically cover the entire nation however it also should implement across many regions. As per the observation of Czinkota et al. (2021), this particular strategy utilises investment and collaboration in order to fast-track the innovation of the brand. In addition, this particular brand has many objectives to extend its total marketing strategies.

Figure 3: Nike’s worldwide revenue from year 2005 to 2022

(Source: Statista.com, 2022)

The above image indicates that in year 2022, this organisation’s worldwide revenue total amounted in order to about a billion of 46.71 United States dollars, which is raise of more than a billion of two compared in order to the fiscal year 2021 (Statista.com, 2022). http://MK9709 Global Consumers and Marketplaces Assignment Sample

This particular organization was established in the year 1964 and in the month of January recent times Nike has become the globe’s top supplier of athletic apparel and footwear and a significant sports product manufacturer. As of the year 2022, Nike’s total employees are nearly thousand of 80 people Globally (Statista.com, 2022).http://MK9709 Global Consumers and Marketplaces Assignment Sample

Characteristics and needs of the target market

Nike sponsors several good-profile very professional athletes, such as Rory Mcllroy, Rafael Nadal, Cristiano Ronaldo, and Lebron James in order to utilise their particular products and advertise and promote their total design and technology. On the other hand, this organisation also produced and distributes uniforms (kits) in favour of a good range of sports teams Chelsea and Barcelona.

As per the viewpoint of Kim et al. (2020), target markets are generally indicated by characteristics set, this also includes information on demographic such as income level, age range, and marital status. In addition, the target market normally indicates through several usage patterns segments of geographic, demographic, and benefit desires.

Recognising a target market is a very significant thing, it also indicates all markets in order to totally focus on all those likely to a product purchase. As per the viewpoint of Santoki and Parekh (2020), limit the total funnels of population budgets and research in order to the consumers with the biggest potential of profit.

Recommended Theory

Figure 4: Recommended Theory

(Source: Inspired by Moorkens et al. 2021)

Classical theory is able to find the aspects of primary of a particular business’s structure of a formal organization.  As per the opinion of Mozzer and Pellegrino (2019), a structure of hierarchical accounts in favour of transparently indicated responsibilities and roles within a particular organization.

In this particular scenario, regular incentives and better wages create all employees feel very appreciated and they also work very harder at their individual job. Modern theory, this particular theory considers connecting an organization and its people and the total surrounding circumstances and also an interaction between the organization’s members.

As per the viewpoint of Haeberle and Henderson (2018), theorists based this particular approach on the analysis of the system and utilised both behavioural and quantitive sciences in order to grow it. This theory also helps to boost the entire productivity and this particular theory utilises a method of statistical and mathematical in order to assess total performance of a particular company.

Several strategies to enhance productivity

Figure 5: Worldwide Nike’s brand value from year 2016 to 2022

(Source: Statista.com, 2022)

The above figure shows that as of year 2022, this particular brand was worth more than a billion of 33 United States dollars, which is generally raised nearly a billion of three United States dollars from the fiscal year 2021 (Statista.com, 2022).http://MK9709 Global Consumers and Marketplaces Assignment Sample Nike is a very popular brand worldwide and it is also a very popular brand of sportswear in the US.

This brand is very popular, especially in favour of all teenagers and is also one of America’s footwear brands and favourite clothing. In addition, this organisation’s popularity has enlarged sustainability far off the country US in these years, with the total market of non-United States bringing in a raising total share of organization revenue.

As per the view of North et al. (2019), reviewing goals daily basis, and setting a particular goal is a very significant thing for all organizations and it is also very important to revise and review. After defining clear goals, ensure everybody has a procedure in order to check the total progress daily basis.  [Referred to Appendix 1].

Recommendations

Recommendation 1: Implement consumer interest first

It has been recommended that consumer interest is very significant, consumers like significant products and they also like major benefits. In favour of them, thig that advantage them very personally are very easy in order to justify.

In order to make it more successful, organizations can attract potential consumers’ interest. Nike should be aware of this segment, on condition that consumers are not alive that goods exist and are not informed of its total advantages.

Recommendation 2: Build utilise of Human Resources

It has been recommended that department of Human resources of any organisation plays a significant role in the effectiveness of an organization. As per the opinion of Kroll (2019), personnel of Human resource offer assistance with effectiveness of the organisation by helping with the new business strategies design. Since the professional of human resources in any organization plays a vital role in engaging new employees, they also influence the organization’s goals.

Conclusion

The entire paper evaluates how Nike implements their strategies worldwide and how they boost their productivity day by day. Nike’s persistence in order to be good helps all of them to be very innovative, which leads them to control their total corporate responsibility.

Nike takes a very direct glance at the process of risk management by working to grow the labour, social, and environmental influences of their entire models of business. This paper also evaluates that, in order to its expansion of internationally; this organization is also focused on viable.

These particular organisations trust in the upcoming time, and would heavily try in order to extend minimal waste, which is a model of closed-loop business. This totally indicates that Nike will totally compost or recycle, and reutilise their total materials.

References

Journals

Chaus, M., 2020. A study on business management strategies amidst the global pandemic. MTC Global®, p.198. Available at: https://www.academia.edu/download/65551063/International_Conference_IMCSTBMLA2020_ISBN_Book_of_Proceedings.pdf#page=210

Czinkota, M.R., Kotabe, M., Vrontis, D. and Shams, S.M., 2021. Designing effective promotion and advertising strategies. In Marketing Management (pp. 553-606). Springer, Cham. Available at: https://link.springer.com/chapter/10.1007/978-3-030-66916-4_12

Gómez-Prado, R., Alvarez-Risco, A., Cuya-Velásquez, B.B., Anderson-Seminario, M.D.L.M., Del-Aguila-Arcentales, S. and Yáñez, J.A., 2022. Product Innovation, Market Intelligence and Pricing Capability as a Competitive Advantage in the International Performance of Startups: Case of Peru. Sustainability, 14(17), p.10703. Available at: https://www.mdpi.com/1799684

Haeberle, K.S. and Henderson, M.T., 2018. A new market-based approach to securities law. The University of Chicago Law Review, 85(6), pp.1313-1394. Available at: https://www.jstor.org/stable/26497651

Hofer, P., 2020. SAFETY AND SECURITY STRATEGIES FOR SUB-SURFACE STRUCTURES PREPARING SECURITY FORCES FOR SUBSURFACE OPERATIONS. Tunnel Safety and Ventilation, pp.01-03. Available at: https://www.tunnel-graz.at/assets/files/tagungsbaende/2020/07_Peter_Hofer_Tunnel2020_V_neu.pdf

Kim, M., 2020. How Phil Knight made Nike a leader in the sport industry: Examining the success factors. Sport in Society, 23(9), pp.1512-1523. Available at: https://www.cabdirect.org/cabdirect/abstract/20203244936

Kim, S., Kang, E.Y. and Kim, Y., 2020. Controversial Spokesperson is not Negative: A Case of Nike Campaign. International Journal of Business in Sports, Tourism & Hospitality Management, p.31. Available at: https://htsm2020.gaics.org/site/userdata/1197/Publications/BSTHM_V01N01.pdf#page=36

Kroll, H., 2019. How to evaluate innovation strategies with a transformative ambition? A proposal for a structured, process-based approach. Science and Public Policy, 46(5), pp.635-647. Available at: https://academic.oup.com/spp/article-abstract/46/5/635/5490657

LABARCA, C. and MUJICA, C., 2022. Wokebranding: Social causes as branding strategies. State of the art in Chile. Comunicación y Sociedad, 7835, pp.1-24.  Available at: https://scholar.archive.org/work/phu44o5mt5bv5nop3tj4v33gdi/access/wayback/http://www.comunicacionysociedad.cucsh.udg.mx/index.php/comsoc/article/download/e7835/6356

Mashan, T. and is a Master’s, T.M., 2021. “Dear Nike, Just Don’t Do It!”: A Transnational Digital Connective Action on the Issue of Forced Uyghur Labor at Nike Sweatshops in China. Central Asia Program, 22.  Available at: https://centralasiaprogram.org/wp-content/uploads/2021/12/cap-paper-no.-272-by-tomiris-mashan.pdf

Moorkens, E., Vulto, A.G. and Huys, I., 2021. Biosimilars in Belgium: a proposal for a more competitive market. Acta Clinica Belgica, 76(6), pp.441-452. Available at: https://www.tandfonline.com/doi/abs/10.1080/17843286.2020.1761690

Mozzer, G.B. and Pellegrino, G.Q., 2019. The CDM and knowledge-building in GHG emissions reduction quantification: from the initial proposal to the program of activities. OF THE C, p.61. Available at: https://www.researchgate.net/profile/Ana-Paula-Veiga/publication/337981152_Legacy_of_the_CDM_lessons_learned_and_impacts_from_the_Clean_Development_Mechanism_in_Brazil_as_insights_for_new_mechanisms/links/5df8e50692851c836485090a/Legacy-of-the-CDM-lessons-learned-and-impacts-from-the-Clean-Development-Mechanism-in-Brazil-as-insights-for-new-mechanisms.pdf#page=63

Nica, I., Chiriță, N. and Ionescu, Ș., 2021. Using of KPIs and Dashboard in the analysis of Nike company’s performance management. Theoretical & Applied Economics, 28(1). Available at: https://www.researchgate.net/profile/Ionut-Nica-2/publication/351123152_Using_of_KPIs_and_Dashboard_in_the_analysis_of_Nike_company’s_performance_management/links/60927337458515d315f79753/Using-of-KPIs-and-Dashboard-in-the-analysis-of-Nike-companys-performance-management.pdf

North, K., Aramburu, N. and Lorenzo, O.J., 2019. Promoting digitally enabled growth in SMEs: a framework proposal. Journal of Enterprise Information Management. Available at: https://www.emerald.com/insight/content/doi/10.1108/JEIM-04-2019-0103/full/html

Paoli, F., Pirlone, F. and Spadaro, I., 2022. Indicators for the Circular City: A Review and a Proposal. Sustainability, 14(19), p.11848. Available at: https://www.mdpi.com/1840200

Rodrigues, I., Lopes, J.M., Borges, A., Oliveira, J. and Oliveira, M., 2021. How Can Gamified Applications Drive Engagement and Brand Attitude? The Case of Nike Run Club Application. Administrative Sciences, 11(3), p.92.  Available at: https://www.mdpi.com/2076-3387/11/3/92

Santoki, A. and Parekh, M., 2020. Marketing strategies during COVID-19. Journal of Critical Reviews, 7(14), pp.2309-2315. Available at: https://www.researchgate.net/profile/Ashwinkumar-Santoki/publication/357683384_MARKETING_STRATEGIES_DURING_COVID-19/links/61da4916d4500608169b4985/MARKETING-STRATEGIES-DURING-COVID-19.pdf

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Websites

Nike.com, 2022. Stories. Accessed from: https://about.nike.com/en/volumes/50-years-of-listening-to-athletes [Accessed on: 03rd November 2022]

Statista.com, 2022. Global brand value of Nike from 2016 to 2022. Accessed from: https://www.statista.com/statistics/632210/nike-brand-value/ [Accessed on: 03rd November 2022]

Statista.com, 2022. Importance of customer service to customers’ choice of or loyalty to a brand 2018. Accessed from: https://www.statista.com/statistics/808348/importance-of-customer-service-to-customers-choice-of-or-loyalty-to-a-brand/ [Accessed on: 03rd November 2022]

Statista.com, 2022. Nike’s global revenue 2005-2022. Accessed from: https://www.statista.com/statistics/241683/nikes-sales-worldwide-since-2004/ Statista.com, 2022. [Accessed on: 03rd November 2022]