History and Global Growth of Nike
Nike, Inc., is a prominent multinational corporation operating in the sportswear and athletic footwear sector globally. Upon its establishment in 1964, the company was initially known as Blue Ribbon Sports, but it underwent a rebranding process in 1971 and adopted the name Nike (Britannica, 2023). Starting from its modest origins, Nike has experienced significant growth and emerged as a globally renowned and impactful brand.
Current Marketing Strategies
Nike implements the marketing principle engaging celebrities such as Hammon, Morgan, Muhammad, and Semenya (Teng, 2020). The company similarly takes into consideration the shift in buyers’ tastes. Teng (2020) quotes Georgina James, “We provide them with products that conform to the trend of fashion” (p. 288). This indicates that Nike practices the principle of consumer preference by following current trends.
Additionally, the idiosyncratic principle emphasizes offering unique products, which Nike has done perfectly. Pelupessy and Tehuayo (2021) confirm that Nike executes the Idiosyncratic concept by valuing unique products, such as formal-style shoes that trended in 2013. Individuals of both genders extensively utilized these footwear items for attending formal and semi-formal occasions.
The Need for Inclusivity and Social Responsibility
Nike should cover or sell to the entire population by not using only famous and wealthy individuals, because poor individuals often feel left out. The company should ensure inclusivity by producing shoes that are affordable to people from all income levels. By being socially responsible, helping the needy, creating employment opportunities for the jobless, and conserving the environment, Nike can attract many customers who will be convinced that it has a positive impact on the public.
Tvalavadze (2022) equally adds that “Companies that practice CSR will attract a rising number of investors…” (p. 8). This means that by attracting investors, Nike will have better access to capital, thus enabling it to expand and improve. Nonetheless, inclusive marketing will engage even people experiencing poverty, who will feel valued and loved, thereby helping the company build a good rapport with the public. Consistency will also improve Nike, as it will always be available to serve its clients.
References
Britannica. (2023). Nike, Inc. Encyclopedia Britannica. Web.
Pelupessy, M., & Tehuayo, E. (2021). Influence of brand personality on purchase decisions: A case study of Nike shoes in Ambon City. International Journal of Community Service & Engagement, 2(4), 112-117. Web.
Teng, J. (2020). Analysis of Female Marketing—Taking Nike as an Example. In 2020, the 3rd International Conference on Humanities Education and Social Sciences. Atlantis Press. 286-290. Web.
Tvalavadze, G. (2022). Perception of Georgian consumers towards corporate social responsibility in the restaurant industry (Doctoral dissertation, Instituto Politécnico de Bragança). 1-40. Web.