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Introduction and Product overview(nike)

Extracts from this document...

Introduction

Name: Ronit Aryal Course: Business AS applied Product: NIKE {Air force shoe} The Air Force athletic shoe is a product of Nike Inc. Created by designer Bruce Kilgore. This is a basket ball shoe with the Nike air technology. The shoes are sold in three different types: the low, the mids, and the high-tops and come in many different colorways, forms, textures, and patterns. The shoe mainly designed focusing for basket ball players is now famous within the young generation for fashion look. Air force shoes nowadays are so popular that they are custom made depending on the demand of the individual costumer. Why chose this product? Nike Inc Company is the largest and most successful brand of shoes. And the most successful of all the brands is Air force. Millions of air force shoe has been sold till date. History The Air Force 1 was produced in 1982 and discontinued the following year. It is the first Nike basketball shoe Nike ever created. Little has changed to the Air Force One since its creation in 1982, since then, over 1,700 color variations have been produced, bringing in an estimated 800 million USD/yr in revenue. 2002 Rap Star Nelly released a chart topping song about Air Force Ones Air Force 1 debuts as the first Nike basketball shoe with an air sole. The Air technology differentiated Nike from rest of the competition and propelled the company to become the industry's leader - a position which Nike has never relinquished to this day. Furthermore, Air Force 1's strap, classic design and popularity allowed the shoe to remain a best-selling sneaker even as we speak. Is it a success? Yes, it has been a massive success. Nike air force shoes are sold all over the world. Popular star like Michel Jordan used to play games wearing Air force ones. Air force one was in the business about for 25 years but still it is one of the best selling shoes in the market. ...read more.

Middle

Revenues are thus improved. Improved segmentation can lead to significantly improved marketing effectiveness. With the right segmentation, the right lists can be purchased, advertising results can be improved and customer satisfaction can be increased Market segmentation Market segmentation helps us to Identify new product opportunities. It does this by helping you identify the needs of different market segments and developing products to satisfy those needs. Develop more efficient methods of promoting existing products by enabling you to: Identify new or highly profitable markets or new channels of distribution. Target a particular market segment more efficiently than spreading limited resources over a wide area. Maintain sales but reduce expenditure on promotion and advertising. Successful segmentation requires the following homogeneity within the segment heterogeneity between segments segments are measurable and identifiable segments are stable over time segments are accessible and actionable target segment is large enough to be profitable Measurable. It is important to be able to measure the segment, otherwise its potential for sales cannot be estimated. Sizeable. The segment must be large enough to support the business. You have to recognise that some segments are simply too small to; Justify the cost of developing a product to serve their specific needs. Produce sufficient revenue to permit the product to be advertised and promoted. Reachable. You must be able to penetrate the market without incurring excessive advertising, promotion and distribution costs Variables Used for Segmentation Geographic variables Region of the world or country, East, West, South, North, Central, coastal, hilly, etc. Country size/country size: Metropolitan Cities, small cities, towns. Density of Area Urban, Semi-urban, Rural. Climate Hot, Cold, Humid, Rainy. Demographic variables age gender Male and Female family size family life cycle Education Primary, High School, Secondary, College, Universities. income occupation socioeconomic status religion nationality/race (ethnic marketing) language Psychographic variables personality life style value attitude Behavioral variables benefit sought product usage rate brand loyalty product end use readiness-to-buy stage decision making unit profitability income status The overall intent is to identify groups of similar customers and potential customers and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. ...read more.

Conclusion

It also can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level. Do you think market research is important, if so, why and how do you intent to use the information you have collected in your marketing strategy? The data I collected will be used to make our aims and objectives and also in making the market strategies. The data that I collected are likely to be beneficial to further promote my product and point out the faults in our product. What other examples of primary research have your used The other primary research that I have used is internet survey. And it was beneficial for our research. This internet research showed that our Nike air force shoe is viewed online world widely by 2 million users every day and about 20,000 air force shoe are sold online every day. This is the best selling shoe till date and we hope this will continue in future too. I think this is possible because of the very large advertisement that we did world wide. And also our old and regular costumers are loyal to the product and hopes for the best How can you use the primary research to determine the market segment or target group? A research helps a lot in planning the best market segment or target group, especially primary research. FOR THE MARKETING MANAGEMENT, THE MARKETING RESEARCH IS THE MAIN/MAJOR TOOL. Primary research helps us to feel the market sensitivity, market reactions to the product, price etc which helps in the decision to provide the market the right product, right price, right promotion and at the right place, which are the same information we need to determine market segment. So with the help if primary research and further planning we will be able to plan the market segment. ...read more.

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