Marketing Plan for Nike

Anonymous
timer Asked: Feb 7th, 2019
account_balance_wallet $55

Question Description

.This marketing plan is to be based on a product of your choice sold by a company of interest to you. This might be a company in which you work or a publically-held company whose mission statement, marketing objectives, and financial objectives can be accessed.

Part I: Executive Summary

Summarize the most important aspects of the proposed plan including a description of the product or service and how it is differentiated in the marketplace. Also, be sure to state what the target market looks like as well as the sales potential for the plan and , if possible, the return on the marketing investment (ROI).

Note: Although this will comprise the first part of your Work Product, you should write the Executive Summary after completing all other parts of the Assessment.

Part II: External Assessment

This part is comprised of several components. Before completing each component, describe the general situational context you have chosen for this Work Product (e.g., Company X is in its second year of operation in the mechanical industry, providing solutions in x, y, and z). Key elements to mention about the company are the “what” and “how.” Part 2 should include the following:

Market Opportunity

  • Describe the market for the product you are working with.
  • Provide an estimation of market size for years one, two, and three.

SWOT or PESTE Analysis

  • In tabular form with narrative, describe the product’s strengths, weaknesses, opportunities, and threats (SWOT). If appropriate, explain any political, economic, social, technological, or environmental (PESTE) risks associated with the product.

Competition Using Porter’s Five Competitive Forces Model

  • Who will you compete with and why? Describe the risks of competing with other brands using Porter’s model.

Global Markets

  • Using Porter’s model, analyze the attractiveness and risk of at least one non-domestic market (of your choice).

Part III: Creating the Marketing Strategy

The marketing strategy should include the following:

Mission, Marketing Objectives, and Financial Objectives

Describe the company’s mission, marketing objectives, and financial objectives.

Target Market

  • Detail market demographics and other relevant information.

Positioning

  • Provide detail on how the product will be differentiated in the minds of prospective purchases/customers.

Marketing Mix

  • Product Strategy
    • If you are creating a new product or significantly modifying an existing one, indicate whether your product is competing with others within the company. For existing products, summarize the current product offering.
  • Promotional Strategy
    • Explain the use of traditional and digital marketing tactics.
  • Pricing strategy
    • What is price?
    • How does it compare to competition?
  • Distribution Strategy
    • How is the product/service to be distributed?
    • Explain the rationale for the strategy.

Contingency Planning

  • Considering a changing marketplace driven by technology, describe the implications of altering one marketing mix variable on the entire strategy (e.g., move from traditional bricks and mortar to online retailing) including competitive response, customer base, marketing mix considerations, and core competencies of the firm.

Part IV: Financial Assessment

Summarize the company’s budget, schedule and monitoring in a spreadsheet, and include comments.

Sales Forecast

  • Include a breakdown by product, segment, and region, if applicable.

Expense Forecast

  • Include a breakdown by partner, segment, and region, if applicable.

Marketing Expenditures Alignment With Strategy and Tactics

  • List strategy/tactics along with related expenditures. Explain the return on investment for marketing expenditures.

Break-Even Analysis

  • Create a “Cost of Goods” estimate and determine the revenue required for break even.

Part V: Build Key Performance Indicators (KPIs)

What measures will you use to determine the progress and success of the Plan? Explain why each is important.

Establish a Timeline (Including milestones integrated with the KPIs)

  • Create a set of at least four KPIs and a 12-month timeline.

Post Sale Customer Feedback

  • Describe customer feedback mechanism to assure satisfaction and the minimization of product performance issues.

Create a Performance Dashboard

  • Using a spreadsheet, provide a Performance Dashboard comprised of the timeline and the KPIs.

Tutor Answer

Tutor_Booth
School: UIUC

Hey! Kindly find the attached answer. Thank you and all the best.

Running head: MARKETING PLAN FOR NIKE, INC.

Marketing Plan for Nike, Inc.
Student’s Name
Institution
Date

1

MARKETING PLAN FOR NIKE, INC.

2

Executive Summary
Nike, Inc. is a global company that attempts to provide a mix of styles, comfort, and
functionality to all the customers worldwide. It was founded in 1964 by Bill Bowerman and Phil
Knight. The company believes that innovation is accomplished by having a workforce that is
diverse. Thus, different cultures and professions are brought together to impact the design of the
product. The company targets different individuals, and this has led to the company remaining
relevant up-to-date. Over the years, the company has become the largest in terms of sales in the
sports products industry as it sells footwear, apparels, and accessories. The success of the
company is linked to the ability to make products that are easily accessed by its consumers
globally. The products are sold in their retail stores, online, and independent retailers in different
countries. The goal of the company is not only to have the best quality products but also have
affordable prices for the buyers.
The company does not have a particular target group even though they deal with
sportswear. This has enabled them to be the leading company globally. The company also
positions itself in a way that maintains its relevance to its consumers. Even though there is stiff
competition in the industry, the company has been the biggest in the sports industry as they value
their customers. This paper will indicate the external assessment, creation of marketing strategy,
financial assessment and Key Performance Indicators of Nike, Inc.

MARKETING PLAN FOR NIKE, INC.

3

External Assessment
i.

Market opportunity
The company is in its 55th year of operation in the sports industry, providing solutions for

athletes and ensuring that they are comfortable and inspired. Market opportunity refers to the
sizing forecast of a company for its products for the present and the future. The marketing
opportunity for Nike, Inc. is through the continued global growth, digital investments, and
manufacturing revolution. The company gets more than half of the sales from the country, but
there is the potential of growing internationally. The product of choice is the footwear collection
from the company. The market share for the company was 21.1% in the United States, 10.2% in
Western Europe, 6.6% in Eastern Europe and 6.2% in the Asia Pacific (Statista, 2018). It shows
that the company is doing great in terms of its competitors. The sales of the company were
$9,322 million, $9,684 million, and $9,299 million in 2018, 2017, and 2016 respectively. Since
the company was founded in 1964, their first sales were $8,000, and th...

flag Report DMCA
Review

Anonymous
Good stuff. Would use again.

Similar Questions
Hot Questions
Related Tags
Study Guides

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors