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The Concept and Process of Marketing

Extracts from this document...

Introduction

BTEC- HNC in BUSINESS Unit 1- MARKETING Assignment 1 The Concept and Process of Marketing Name- Karan Aggarwal Tutor- Marion Fieldstead Date- 28/11/2007 Contents: Page: a.) Introduction....................................................03 b.) Comparing Alternative Definitions of Marketing........04 c.) Nike a Market Oriented Organisation.....................05 d.) Elements of the Marketing Concept........................07 e.) Benefits & Costs of a Marketing Approach...............08 f.) Identifying Factors Influencing Marketing Decesions.11 g.) Reference List.................................................16 h.) Bibliography...................................................19 Company Profile: Nike Inc. Founded: 1972 Type: Public Ticker: NKE Stock Exchange: NYSE Industry: Sportswear and Sports Equipment Employees: 30200 2007 Sales: 16,326,000,000 Slogan: Just Do It! Website: www.nike.com Introduction Blue Ribbon Sports now known as 'NIKE' was named after the Greek Goddess of victory, founded, in 1965, by The University of Oregon track athlete Phil Knight and his coach Bill Bowerman. Nike has built the omnipotent 'Swoosh' {which represents the wing of Nike, the goddess of victory} into one of the most popular and known brand symbols on the planet. The power of its brand logo demonstrates the company's superb marketing skills. The company's strategy of building superior products around popular athletes and its classic 'Just do it!' ad campaign have once and for all changed the face of sports marketing. [1] Business Description: "The Group's principal activities are to design, produce, develop and market high quality sports and fitness footwear, apparel, equipment and accessory products. It mainly markets athletic footwear and athletic apparel worldwide. The Group also caters its products to tennis, golf, soccer, baseball, football, bicycling, volleyball, wrestling, cheerleading, aquatic activities, hiking and other athletic and recreational uses. The trademarks of the Group include NIKE(R) and Swoosh Design(R) and are sold under the brand names Cole Haan(R), Bauer(R) and NIKE(R)."[2] "The Group operates in six continents. Its suppliers, shippers, retailers and service providers employ close to 1 million people. The diversity inherent in such size is helping Nike evolve its role as a global company". [3] Nike Inc. ...read more.

Middle

branded athletic footwear market....Nike's brand images, including the Nike name and the trademark Swoosh, are considered to represent one of the most recognizable brands in the world. This brand power translates into bottom-line revenues." "The explosion of the Internet has resulted in the empowerment of customers, internet to a great extent has reversed the information asymmetry and allowed access to hitherto unavailable information about product features, price and peer recommendation." (Leading to more aware and demanding customers).-Seeing this Nike launched its e-commerce site in April 1999 by offering 65 styles of shoes to the U.S. market for purchase. Also NIKEiD enables online consumers to design key elements of the shoes they purchase. The program represents the first time a company has offered mass customization of footwear. "The future potential of the company and its potential attractiveness is often controlled by the capital markets, companies and managers are constantly under immense pressure to demonstrate the financial strength every quarter." (Forcing companies to adopt a short term perspective on Profitability)- "Our company's current ratio is 2.26, just slightly below the industry average of 2.28. The current ratio, while not a major strength, shows that Nike is inline with the industry concerning ease of converting assets to cash to cover short-term obligations. The quick ratio of 1.43 is above the industry average of 1.17. Being slightly above the industry indicates that we could sell less of our inventory than what other companies in the industry would have to sell to meet current obligations. Neither the current or quick ratio exceeds the industry average substantially enough to be considered a true strength. The fact that we are not leaders is ultimately a weakness." "Market research is mostly analytical leaving little room for qualitative assessments of customer relationships towards products, services, or brands." Extensive market research is needed, which makes it time consuming resulting in time delay for the product to get to the market. ...read more.

Conclusion

However, this poses as an opportunity for Nike because they have the ability to influence the next generation of Nike customers. The older generation of Nike brand purchasers have the power to influence their children - part of the next generation of Nike loyalists. In addition, by marketing different types of shoes to this market, these existing customers will continue to be loyal to Nike.' Technological- * E-tailing, or customer-designed internet merchandise, is providing with a totally new marketing intermediary without the middle-man, also Nike being the first time a company offering mass customization of footwear allowing it to increase its profitability and market share. * 'One of technology that Nike has applied is Global Technology Network. Nike will feature new print and television advertising, taking a different look at women and sports and featuring everyday women.' * 'The industry has reached a level of maturity. While style and technology in athletic apparel and footwear has reached a leveling-off point, the important aspect now is for companies to differentiate their lines, Reference List [1] Philip Kotler, Veronica Wong, John Saunders, Gary Armstrong (2005) Principles of Marketing, pg: 4, Prentice Hall, Europe. [2] ( Nike Inc. - Company Profile Snapshot: http://wrightreports.ecnext.com) [28 Nov. 07] [3] (Company Overview: www.nikebiz.com) [28 Nov. 07] [4] Philip Kotler, Veronica Wong, John Saunders, Gary Armstrong (2005) Principles of Marketing, pg: 6, Prentice Hall, Europe. [5] (http://www.venturerepublic.com/resources/Market_orientation_marketing_strategy_brand_leadership.asp) [28 Nov. 07] [6] (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] [7] (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] [8] (http://www.nikebiz.com/company_overview/history/2000s.html) [28 Nov. 07] [9] (http://www.nikebiz.com/customer_service/) [28 Nov. 07] [10] (http://www.nikebiz.com/company_overview/history/2000s.html) [28 Nov. 07] [11] (http://www.nikebiz.com/customer_service/) [28 Nov. 07] [12] (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] [13] (http://www.blurtit.com/q173791.html) [28 Nov. 07] [14] (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] [15] Collectively Adapted & Sourced From: o (http://www.venturerepublic.com/resources/Market_orientation_marketing_strategy_brand_leadership.asp) [28 Nov. 07] o (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] o Marketing Orientation Handout- Marion Fieldstead, Wirral Metropolitan College (2007) [16] (http://marketingteacher.com/Lessons/lesson_marketing_environment.htm) [28 Nov. 07] [17] Collectively Adapted & Sourced From: o (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] o (http://www.marketingteacher.com/SWOT/nike_swot.htm) [28 Nov. 07] [18] Collectively Adapted & Sourced From: o (http://condor.depaul.edu/~aalmaney/StrategicAnalysisofNike.htm) [28 Nov. 07] o (http://www.ibisworld.com/industry/retail.aspx?indid=339&chid=1) [28 Nov. 07] o (http://www.megaessays.com/viewpaper/13289.html) [28 Nov. ...read more.

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