Marketing mix may be defined as the identification of customer needs under four main aspects.
Identification of client needs is done in order to meet them. Businesses normally have two distinct functions. The first is identification of a marketing mix while the other is innovation. The marketing ±mix aspect is concerned with getting clients while the innovation apect is concerned with creation of new products or services for clients. As soon as a business is able to fulfill these two obligations, then it will be well on its way to success. Details of the marketing mix will be elaborated in detail below then they will be linked to the company under study. (McGahan, 2004) The Company chosen for analysis is a sports equipment and clothing company. It is global and can be identified with a number of products that include golf equipment, tennis rackets, skateboards, basketballs, footballs, shoes and athletic equipment. The company has established its name as one of the best in the sports industry. It has a trademark that aims at bringing out the sporting spirit i.e. µjust do it¶. It has built about five hundred manufacturing industries in different parts of the world. Additionally, the company has gone out of its way to market itself, this is because it has such a huge production potential and needs to back this up with a wide client base. Nike¶s marketing mix serves as an example to other dealers in the sports wear industry and it is definitely a force to recon with. Product McGahan (2004) describes a product as a service or tangible good that is made available for exchange. In marketing terms, a good may be used to refer to a single product, a series of products that fall within a product line or a service. Products are crucial to the marketer because they act as a means to measure level of demand. This is because the more the goods sold, the higher the demand for the item and the greater its success. Products must be created in such a way that they fulfill a number of marketing issues. First and foremost, the product must be unique. This means that the product should have the ability to meet special needs in the market that no other product can. A product should also be part of a brand family. However, when introduced into this brand family, it should possess the ability to appeal to a different market segment or increase the consumer base currently. A product should also be created in such a way that it will contribute positively to a client¶s life. Other aspects of the µproduct¶ include a brand name. Marketers need to ensure that the brand name they select captivates consumers¶ attention. This is because it is the first aspect of the product that customers encounter. The product must also be packaged in such a manner that it draws customer¶s attention. Care must be taken to ensure that the entire product package speaks volumes because customers do not just buy the item itself. Extra features included in the product offering are also deemed a part of the µproduct mix¶. For example, when selling hair chemicals, inclusion of a comb could be termed as part of the product mix. Companies need to ensure that they also offer after sale services such as free delivery or issuance of warranties. On top of that, if a marketer adds some information about how to use a given product, then they will be adding value to their product and this will go along way in securing sales. Nike has followed the above examples in its product mix strategy. The Company offers a wide
The Company has also gone out of its way to add some value to its products. This means that they may require a range of products to meet all their sporting needs. prices need to include market forces and as a company establishes itself in the market. However. Some critics have claimed that Nike prices are rather high. First of all. Producers also need to consider all the losses that will occur in the distribution chain and these must be accommodated in the quoted price. it used penetration/ introductory strategies when entering the market. To the client. 2006) Place Place may be interpreted to mean the exact location of a product or it may also refer to type of distribution channel. This is especially in relation to its shoes. Marketers need to ascertain that their goods have lower prices when entering a given market. One must consider any discounts offered or distances that the goods will have o travel. This is because price can be used by the marketer to lure more clients by making them lower than thir competitors. They usually make them in a hip-hop manner. The Company has established a reputation of quality in their industry.range of products from shoes apparel equipments These are all ways in which the company is trying to meet consumer needs. price is negative since they have to part with it. The company also takes time to create quality goods. the company has adopted a premium pricing strategy. However. The Nike Company has applied a number of pricing strategies. For example. there are some Nike shoes that have been installed with radio devices intended on measuring a runner¶s pace. price is positive because it demonstrates the revenue they are obtaining from the goods they are producing. To the supplier. experts claim that prices should reflect quality of the product. Distribution channels include any of the following activities or groups. (Hampy. However. It realizes that there clients could be participating in more than one sporting event. selling feedback displaying promotion
. This type of strategy is called introductory pricing. it is a tricky process to make out the perfect price. However. The premium strategy is application of a fixed price based on the quality of the product. Price Hunger (2003) define price as that thing that must be given up in order o derive value form a product. after establishing itself in the industry. Another example of how the Company has added value to its products is by adding a trendy feel to their clothes. It should be noted that price has a number of implications to the marketer. This strategy seems to be working because most clients who choose to purchase Nike products assert that they are ready for their prices since they feel that Nike is justified. prices need to reflect that too.
However. may experience some difficulties. This is because customers tend to prefer locations where they can get all the goods they require under one roof. This is because they can improve customer care and make it part of their marketing strategy. shipping ordering storage (Hunger & Wheelen.
. but if they choose the right method. they eliminate that option. Consequently. Additionally. there are able to save themselves some of those additional expenses that they incur with long distribution channels. It may be defined as the issuance of corporate communication to certain target groups. the company has also utilized the internet to distribute some of its products. Specialty firms on the other hand refer to all the groups that will be involved in helping the company sell its wares but will not become owners of the products. Such a strategy was quite feasible in the current age of technology. companies that choose to do the retailing themselves. When selling its products directly. marketers need to choose methods that are the most economically viable. It may involve advertisements. Resellers are those groups that buy products from manufacturers and become owners of the product. retailers and industrial distributors. Additionally. companies to ascertain that they choose distribution channels that meet these two conflicting needs half way. Promotion Promotion is one of the most critical aspects of any marketing mix. it also had to use licensed distributors because it is rather difficult to reach all those parts of the globe. 2004) In the process of distribution. It has achieved this through two approaches. Companies may not necessarily make any money in the distribution aspect. Because the company is located all over the world. While clients may prefer delivery companies that do it as fast as possible. Resellers may include wholesalers. Some of them may deal in the area of transportation while others may assist manufacturers in the storage aspect. The Company sometimes sells its products directly or it also uses subsidiaries and distributors. This is because retailers have direct contact with clients and can therefore analyze consumer preferences. 2003) Companies have the option of choosing specialty firms or resellers. Specialty firms normally come in the form of agents or companies. they may save up a lot of valuable resources. (McGahan. The Nike Company has tried to maximize distribution channels in order to increase sales. Some producers may opt to do retailing on their own. customers have to move form location to location just to buy all the goods they require. One of the most interesting aspects of place is retailing. This can be deemed as a virtual store. producers may have o part with hefty sums to acquire such deliverers. A case in point is when a company chooses to hire a delivering company to take goods to clients. They area also in position to determine the level of demand for a good because they can measure the exact sales made for that particular product. But when manufacturers are selling their own products. the company has created the idea of Nike towns in different parts of the US in order to bring something unique to the market.
The main advantage of such a method of promotion is the fact that third parties get to talk about a given company. Experts have argued that this may be deemed as a waste of resources. Examples of such people include Kobe Bryant in basketball. 2003) Advertisements are usually chosen in cases where a message is intended on reaching large numbers of audiences at a particular time. assessments of their competitor¶s products and innovation. Companies can also encourage their staff members to participate in community activities. It does this through measures of product movements.. Blackwell Publishing Ltd. This means that a promotion can be done by paying up a well know celebrity to endorse a given product or they may simply be done through word of mouth depending on the level of importance. They have achieved competitive edge through the employment of sound marketing techniques in the four aspects hence their performance.K. this does not undermine the fact that advertisements do have some disadvantages. (2003): Essentials of Strategic Management. Tiger Woods in Golf and Roger Federer in tennis. they do not target specific groups and messages are received by all who happen to be at a certain location even when they will never buy it. T.. (2006): Reengineering the Nike Corporation: A Manifesto for Business marketing in Nike. However. clients are more likely to believe it than if they just saw a huge poster created by the company. Ronaldhinho. Oxford (U. D & Wheelen.) Hunger. Advertisements have been instrumental in marketing most of Nike¶s products. advertisements can achieve what all other forms of promotion cannot. J. First of all. and direct sales among others. they break geographical barriers and can reach people on other parts of the world. This is normally achieved through charitable events and donation to worthy causes.M. Reference: Hampy. magazine. J. the company normally sponsors numerous sporting personalities in a wide range of sporting activities. Wayne Rooney and Christiano Ronaldo in football. Another advantage of this form of promotion is that it can create a lasting image in a customer¶s mind. (2005): Marketing Analysis and marketing strategy. Public relations are a means of portraying a good image of a given company. (Hunger & Wheelen. R. 2003) Nike Has tried to maximize this aspect of its marketing mix. L. New Jersey: Pearson Education Inc.
. They may come in the form of television.public relations. newspaper or internet advertisements. Harper Grant. the internet and posters. However. There are thousands of Nike advertisements that can be found on televisions. size and level of importance of a certain product. When a newspaper or magazine writes a good review about a certain company. Promotions need to reflect the type. The purpose of doing this is to establish a strong brand in those sporting activities. (Hunger & Wheelen. 2003) Conclusion Nike¶s marketing strategy is to continuously improve its products and services. The reason for this is that reviews are assumed to be more neutral and less susceptible to biases. This has really boosted the Company. (Hunger & Wheelen.
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