Nike promotes an athletic lifestyle by designing footwear, apparel, and accessories. From a global perspective, the factors that will impact the extent to which Nike’s strategies will be successful are the growing demand for sports, active lifestyles, and demographic changes. Additionally, the increasing digitalization and the personalization trend will positively affect Nike’s 2X Innovation, 2X Speed, and 2X Direct initiatives. Nowadays, Nike’s customers may exchange designs and choose to buy the footwear created by peers (Standaert, 2021). Moreover, Nike had changed their channel mix in response to consumer trends regarding digital shopping experiences, favoring its website and exclusive mobile applications.
Nike’s challenges to be expected when implementing its strategies in less-developed countries are poor digital infrastructure, supply chain issues, labor shortages, and political uncertainty. To combat such destabilizing risks, acquiring a solid grasp of innovative and focused strategies is crucial. Successful businesses modify their corporate and production strategies to meet the demands of the environment (Brönner et al., 2020). They examine the company’s past and present circumstances to make predictions for the future. Nike needs to consider five significant influence categories to solve possible challenges (Brönner et al., 2020). The first is the technological aspects that affect both the product and the production methods. The second factor is the legal framework, which impacts internal and external company domains. Moreover, macroeconomic and microeconomic factors must be considered when implementing a strategy in an emerging market. Fourth, environmental issues must be acknowledged, together with sociocultural factors that, for instance, influence business values and conduct.
To conclude, from a company and product branding perspective, I would recommend that Nike provide a locally tailored and attractive value offering, utilize local resources, and understand the community’s requirements while establishing promotional strategies. Additionally, it is vital to foster inclusive corporate culture and adapt to developing trends in the athletics world to meet the needs of the global sports community. The competition is growing, and Nike should strive to discover new ideas for its products by utilizing the latest technological trends, being sustainable, and co-creating value with customers.
References
Brönner, M., Salah, S., & Lienkamp, M. (2020). Production challenges in least developed countries. Challenges, 11(1), 1-20.
Standaert, W. (2021). Product digitalization at Nike: The future is now. Journal of Information Technology Teaching Cases, 12(1), 28-34.