Samantha Tauferner, Charlotte Tenebrini Steckart, Isabella Tripp, Everett Wieczorek, Keaton Uecke
Nike Overview
Nike is the largest athletic company in the world, and it is known for its footwear, apparel, equipment, etc. The company was founded in 1964 by Bill Bowerman, a track and field coach for the University of Oregon and Phil Knight one of his former students. The original name of the company was Blue Ribbon Sports and in 1971 the name was switched to Nike. The name Nike came from the Greek goddess of victory. Nike’s shoes are best known for their durability and performance for everyday use. Nike is iconic for using the swoosh logo and the slogan “Just Do It.”
Awesome Shoes
The newest running shoe for Nike called Awesome is going to be built with performance, durability, and comfort. Performance of Nike Awesome will be targeted towards high school track and field runners. The durability of Nike Awesome will have to sustain the number of miles a runner goes through with rubber bottoms and being a lightweight shoe. Comfort for the Nike Awesome will include breathable air holes in the fabric and memory foam cushioned insoles. Nike Awesome will come in a variety of colors and shoe sizes such as regular and wide to meet everyone’s needs and expectations. Nike Awesome will be an affordable priced shoe because it is targeted towards high school track and field runners.
SWOTT Analysis
Strengths: Established brand reputation and recognition, with a loyal customer base among athletes. Access to advanced technology, research, and development to create high-quality and functional products. Lower price point than other high-end running shoes which makes it more affordable and accessible to high school athletes and their parents. A focused target market of high school track athletes allows Nike to tailor their marketing efforts and product development to meet the specific needs of this market segment.
Weaknesses: Competition from other athletic shoe brands that offer similar products at similar price points, which could limit market share. A lower price point may be perceived by some as a lower-quality product, which could lead to potential brand image issues. The market for high school track athletes is limited in size and may not provide significant long-term growth opportunities.
Opportunities: Expansion into other running shoe markets, such as long-distance running, could open new revenue streams and increase market share. Increasing the online availability of the product could expand its reach to a wider audience. Offering customization options, such as different colors or team logos, could attract team sales and enhance the brand's image.
Threats: Economic downturns could reduce the number of high school athletes who can afford to purchase athletic shoes, potentially reducing demand. Increasing competition from other athletic shoe brands could lead to decreased market share. Changes in fashion or consumer preferences could negatively impact the appeal of the product.
Trends: Big brand name equipment is known to be purchased more than other less popular brands. Needs proper advertisement for younger generations.
Marketing Research approach
The marketing research approach we would use to develop our strategy and tactics would be focus groups with high school track students. This would give us information on the specifics of what students look for when buying their running shoes. Competitors would have to beat our price range and flexibility in our shoe sizing. It is particularly important for us to investigate our competitors to have a better understanding of competitor intelligence. There are other shoe companies that have cheaper options for high school athletes, but our franchise is one of the most popular name brands in the industry, and high school students are notorious for caring about what brands they wear.
For the market segmentation criteria, we would specifically look at age, income, and location where these shoes would be worn the most. Since we are basing the shoes off high school track students, the age range we would be looking at would be anywhere from ages 14-18, give or take a couple years based off outside factors. In the instance of income, it would more of be based off of whether they would be paying for the shoes themselves or if a guardian would be buying it for them. Also, what the average price of track shoes in that area is and whether we can compare them or not for an equal or even lower price. For the location, we would be looking at shoes that would be able to perform at their most potential outside while still being able to be worn inside, especially on either gym or hard wood floors.
Our product differentiates from other products on the market because we will emphasize all of the added features it comes with like being lightweight, comfortable, breathable, etc. We will also highlight how the shoes will come in different colors and sizes. The different sizes like wide and narrow options will really differentiate us from other competitors because ours would be inclusive to everyone, a feature that a lot of shoes don’t have. Price is also another factor that we will try to emphasize as being one of the lowest prices while also being the best shoe option. The positioning strategy we will employ for this product will be a quality-based positioning strategy and also a customer service-based strategy. As mentioned earlier, all of the features being mentioned on the shoe will be what we will use in our quality-based strategy while the being inclusive in size will be the customer-service strategy.
Comments