Homework answers / question archive / IMC Plan Progress Report Situational Analysis Nike's mission statement, “Bring inspiration and innovation to every athlete* in the world (*if you have a body, you are an athlete”, is the defining term for the company

IMC Plan Progress Report Situational Analysis Nike's mission statement, “Bring inspiration and innovation to every athlete* in the world (*if you have a body, you are an athlete”, is the defining term for the company

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IMC Plan Progress Report Situational Analysis Nike's mission statement, “Bring inspiration and innovation to every athlete* in the world (*if you have a body, you are an athlete”, is the defining term for the company. The company does not only deal in apparel and accessories, but also Nike instills inspiration in hundreds of millions of people it gets in contact with. Nike was established in 1964 under the name Blue Ribbon Sports and has grown to be the top sport brand globally with over 50 offices. One of the factors that has made it remain ahead of its competitors is its capability of designing innovation at every step of achievement. In situational analysis, we are going to assess the strengths and weaknesses of Nike as a company. Strengths of Nike > High quality and sustainability of products. Nike is known for its high quality products which keeps the company ahead of its competitors. This is one of the major strengths that Nike has capitalized on as it ensures that each of its products is furnished with components of superior quality and ultimate finishing. > Strong branding. Nike runs some of the best marketing campaigns in the world. Accustom campaigns around the trending corporate social responsibility themes has been effective in branding. The innumerable slogans of Nike have sprinkled the magic of inspiration to potential audience. > Huge network of production. With over 50 offices around the world, Nike has the advantage of huge network production. → Innovation at every step. Nike’s mission statement is an embodiment in itself which reassure it customers of innovation at each step of its creation and production. Strong customer service. The company is sure to provide a great deal of customer service due to its strong network of offices across the globe. Weaknesses of Nike → Strong hold of retailers. Retailers are the biggest buyers of Nike and hold a strong part in deciding the final price of Nike's products. Research has proved that 60-70% of the company's stock is sold directly to retailers, which weakens the company's pricing strategies. ? Sexual harassments. Sexual harassments of women at Nike work environments has strictly worked against the image of the company. ? The unequal pays. It is quite unfortunate to learn that Nike still practices the toxic culture when it comes to paying men and women equally. Opportunities for Nike > Improvement of work environments. Nike should work towards making its employees happy and then focus on producing quality and innovative products for its customers by providing better working conditions. > Remove disparities and equalize the pay. Nike should ensure that it installs an equal pay scale irrespective of sex, race, and nationality. It is important for Nike to realize that it can reap a lot of benefits when it capitalizes on its employees. ? Markets of developing nations. Nike needs to penetrate markets of developing nations as it can fetch great clientele for the brand. Risks for Nike ? Fake products. One of the major threat for Nike is the issue of fake products The products are of lo quality and paint a bad picture of the company to its customers. Increasing competition. Competition has always been a threat to brands all over the world. With the onset of new products by brands such as Under Armor and Adidas, it is very difficult for Nike to beat the innovation strategies practices by other brands. Marketing Objectives As Nike’s brand manager, I am more interested in reducing the increasing competition from other brands. To reduce the competition, the following are the main marketing strategies that we aim to put: Grow digital presence. Nike visibility in the digital platforms has been decreasing with time. To counter this, Nike should focus on growing its digital presence by purposeful marketing in the social media sites. ? Increase sales. By increasing sales, Nike will be able to generate more revenue for conducting CSRs globally. Target Market The target market for Nike’s products is all individuals across the globe. By participating in CSRs, the company is able to create a strong brand awareness campaign. Also, digital marketing will be of great value in reaching out to more potential customers.