The 8ps of Marketing Mix Nike Company
A good combination of the eight marketing decisions defines who successful a marketing mix is. Nike Company has a well-developed marketing strategy taking into consideration all the 8Ps of a good marketing mix. It is the adoption of such a marketing strategy that have seen the profits of the company run into excesses of three billion and increase by more than 10% every year. This report seeks to analyze the marketing mix adopted by the company regarding the eight important marketing decisions. The study then makes necessary recommendations that can make the company cope with the increased level of competition in the global business. Pricing 10 3. Place 11 4. Promotion 11 5. People 11 6. Processes 12 7. 27 and a revenue of over 30 Billion dollars every year. It is estimated that the company's profit increases by approximately 10% every year.
The success can be attributed to the adoption of a good marketing mix. This includes sound decisions concerning all the marketing mix decisions which include place, promotion, price, partnership, promotion, physical evidence, processes as well as product. Marketing Mix Decisions 1. The company offers high performing products, consistent with its marketing target of offering products that change the athletics for the better. According to Carr (13), the Company ensures that the products are of good quality, and it is the quality of the products that the company has built its brand around. The company boasts of good quality products that have penetrated the market in all parts of the world. The products offered covers numerous sports which include tennis, soccer, and basketball among many other sports.
Pricing Pricing is one of the most important decisions that have to be made in designing the marketing strategy that the company will adopt. Place Making the product available to the customers is very important. The company should ensure that the products it is offering are available to the customer through good distribution channels. Enache (55) argue that it is important to note the location of the distribution channels is as important as other decisions that the marketing department of the company has to make. The company should ensure that the customers do not struggle to access the products. The location of the products will determine whether the company will be able to attract the ‘passersby’ customers. The company ought to employ different forms of advertisement and products promotion to ensure that the information reaches big populations.
Nike Company recognizes the importance of products promotion, and it is among the companies that have the best marketing communication strategies. Landrum (130) states that this is the major strength of Nike Company. In the advertisement of its sports products especially the shoes, the company adopts different strategies which include use of celebrities, billboards, and sports sponsorship. The company also adopts another form of advertisement such as the print media. The company has done this by offering good customers services and use of personalized communication in case the customer has any problem with the product (Landrum 131). The company would then try as much as possible to solve the problem, and this has helped the company maintain a good relationship with its customers.
Processes The processes can be defined as the standard procedures that are applied by any specific company in the provision of the products to the customers. The processes are very important and are affected by the type of the product as well as the location of the product (Angeles 96). The processes to be followed in the marketing of the products is a very important decision in the formulation of the marketing strategy. It helps in reducing the cost if marketing as well as in reaching a wide base of target customers. It is for this reason that Nike Company has marketing partners who include Amazon. com. The company advertises together with Amazon. com which is an entertainment firm. Product The designs of the product are very important decision that any particular company must make as part of their marketing strategy.
The product's design is important increasing the competitiveness of the products of any particular company. Nike should improve their designs to ensure that they are acceptable. The products should be designed in a manner in which they will be attractive to all people, both those interested in sports and those not interested. The products should also be designed to meet the demands of the emerging markets such as Africa. Therefore, Nike Company ought to set prices at a level that would be affordable to the majority of the willing customers. Place The distribution channels are one of the important decisions that a company have to make. The place is one of the methods that can be used as an advertisement strategy.
Any particular company should ensure that its products are placed in strategic locations, to be accessed by both current and potential customers. To increase the accessibility of its products, Nike should open retail shops in all place across the world. Nike Company should incorporate the opinions of its target customers in all processes to increase customers’ satisfaction. Before coming up with new designs, the company should conduct a market survey to know the needs of the particular customers. Increased competition in the global business calls for businesses to offer more specialized services and products to its customers. Therefore, the products of Nike Company should be designed depending on the needs of its target customers as informed by the market survey. Processes According to Arora (54), a good marketing mix should incorporate simple processes in accessing the products to the customers.
These clubs will be very beneficial in the marketing of the products from the company. They will both, directly and indirectly, promote the products of the company. The company should also form the partnership with other companies such as those in communication and entertainment industry to help it reduce the cost of marketing. Physical Evidence One of the most important marketing mix decision that any particular company comes out to make is concerning the level of physical evidence to apply in the market. This includes having the company’s logos in the products (Arora 54). The profits are also projected to increase by 10% every year. The success can be attributed to a good marketing mix. It is the production of unique and high-quality products which are fairly priced and well distributed in the market that has seen the company succeed.
From $10 to earn access
Only on Studyloop