Strategies of marketing adopted by different organizations enhance their competitiveness in local and global markets. The tactics combine four principles, including price, product, promotion, and place, to shape all marketing initiatives. Nike Inc. is one of the international retailers specializing in sportswear, ranging from clothing to shoes. Internal as well as external factors influence marketing approaches used by Nike Inc. for sustainable operations. This paper focuses on Nike Inc.’s SWOT analysis’s strengths aspects, which can guide its strategic direction.
Nike Inc.’s Strengths
The company’s strengths comprise all the internal factors which impact short-term and long-term plans. Robust brand awareness is a crucial strength for Nike Inc. (Media.corporate, n.d.). Nike is among the leading recognizable brands internationally. The company enjoys a considerable share of the world’s athletic footwear market. Every individual who enjoys sports is aware of Nike’s brand. Additionally, it has a unique name, which is memorable and more comfortable to pronounce. Moreover, everyone, including children, easily identifies the brand’s swish symbol. Indeed, it is appealing to all people making it easier to reach new more customers.
Another notable strength of Nike Inc. is associated with its large customer base. The corporation has millions of faithful buyers who are not limited to one region. These clients follow Nike Inc.’s treads and voluntarily participate in its events. Additionally, they provided purchaser feedback, which helps the company offer products that meet specific consumers’ needs. Further, they recommend the products to their families and friends, accelerating Nike’s revenue growth and competitiveness in the global market. This strength can help the organization reach more potential clients at reduced costs and increase sales.
Nike’s iconic relationships and side brands also enhance its strength to compete in the global market. The company’s lasting relationship with Michael Jordan has been beneficial in marketing operations and facilitates the development of “Air Jordan 1 Shoes” (Media.corporate, n.d.). The organization’s success can also be attributed to its capability to maintain and improve side brands such as Cole Haan, Hurley, Converse, and Nike Golf. Each of these brands targets dissimilar and clearly defined consumers. They boost Nike’s ability to maximize its reach and relevance globally by diversifying opportunities for sustainable growth.
Moreover, Nike Inc. uses innovative technology in developing its products. They spend considerable time with consumers and athletes studying, listening, and observing to manufacture products that enhance their experiences. The company’s popular innovations that give it leverage in the global market include Hyperdunk basketball shoe, Trailer 1 shoe, and Nike Flywire support system (Media.corporate, n.d.). Nike collaborates with various stakeholders to develop innovative products that promote their competitiveness. Nike Inc. can use the innovation to offer more customized products to buyers.
Further, Nike Inc. effectively connects with consumers, establishing meaningful relationships. Notably, modern customers are increasingly becoming smart, demanding, and sophisticated. They have more choices than before and value brands with the capability of interacting with them at an individual level. The company recognized these changes and reorganized its brand around several categories such as football, running sportswear, basketball, and action sports, which present an enormous growth opportunity (Media.corporate, n.d.). Nike Inc. can utilize this strength to enhance buyers’ satisfaction and royalty.
Conclusively, Nike Inc. is among the leading global retailers specializing in sportswear, ranging from clothing to shoes. The company’s internal factors define its strengths and capability to grow in the worldwide market sustainably. A robust brand awareness, iconic relationships, and side brands, the use of innovative technology in developing its products, and significant connection with consumers are essential strengths for the firm. Nike Inc. can maximize these strengths in marketing its products, increasing sales and share of the global market.
Reference
Media.corporate. (n.d). Excellence – Nike Inc. A Growth Company. Media.corporate-ir.net. Web.