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In this assignment we were asked to deliver a marketing strategy for are chosen product I chose to produce a marketing strategy for an improved, however existing Nike trainer.

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Introduction

MARKETING In this assignment we were asked to deliver a marketing strategy for are chosen product I chose to produce a marketing strategy for an improved, however existing Nike trainer. In order to produce a marketing strategy for an improved Nike Trainer I was required to collect a range of primary and secondary sources. The main primary source that is going to be used for my marketing research is a questionnaire that is going to have direct feedback from existing Nike customers. The main secondary sources I will be using in this assignment to help me with my marketing strategy will be the use of the internet, mintel keynote from the city library and CD ROMs. When coming up with an original strategy to increase the sale and revenue produced from Nike trainers the source of information is absolutely essential. There are two types of sources that need to be observed and taken into account when deciding a strategy for marketing a product. The first type of source is a Primary source. A primary source is source that has been retrieved by the company/business directly from the customer an example of a primary source is a questionnaire, the advantages of primary sources are the fact that they are up to date and can give you significant and valid feedback on what customers want and need in a product or a service which is the aim of marketing departments all across the globe in all businesses whether they be small shops or large corporations. However, the disadvantage of primary sources is the fact that due to the manor in which they have to be collected the validity of the information may not be 100% accurate and in some cases may not be accurate at all. With this in mind it would be foolish for any business to develop a marketing strategy for a product solely based on the information retrieved through primary sources. ...read more.

Middle

15-16 year olds and Nike produced a more or less counterfeit of the trainer Nike would suffer in sales. However, if Nike took the information it would give them an idea of what the people want and developed a trainer like puma's with the same image however with originality Nike would be likely to see sales of their product "shoot to the roof". Another advantage of this source of information is the fact that it is easily accessible and is reliable and factual, in addition this source is up to date. The disadvantages of the Mintel/Keynote is the fact that not all aspects of a companies financial status is given, in addition we are only given a limited amount of information about a company. Another disadvantage of the of the mintel is the fact that the language used throughout it can some times be difficult to comprehend which for some people is a great disadvantage for especially if their understanding of English is not particularly high. After weighing up the advantages and disadvantage of the Mintel/Keynote I have come to the conclusion that the level of validity is extremely high, due to the facts given and the fact that it always gives the latest developments, facts and figures for different companies including competitors and for Nike this was Adidas, Reebok and Puma. As a whole this source was very useful in helping me with my marketing strategy and was highly valid. Another source that was used to help me with my marketing strategy for a new Nike trainer were newspapers/business magazines. The advantages of using this source in helping me develop a marketing strategy is the fact that with some of the magazines the annual reports of companies such as Nike is published in it which give some vital statistics about Nike's profits. These statistics give you an idea of where Nike's previous success came from which then help you to develop a strategy to match or exceed previous success. ...read more.

Conclusion

The main reason why my marketing strategy was to simplify the Nike trainer was because I wanted to make a Nike trainer that is not stereotypical, however still have the qualities of other Nike trainer. Another reason why I chose this strategy was because I was aiming for a market of people from the ages of 16-20 who feel they are too old for footwear that draw attention to them just like the stereotypical Nike trainers do. Another reason why I chose this marketing strategy is because everybody likes gradual change. If you notice the idea is to keep the shape of the Nike trainer the same as an already popular existing Nike trainer for I felt if I included the change of the shape that not much people would be interested in the product. The additional strategy was to make the availability of personalization. The reason I chose this as a strategy to market the Nike trainer is because whilst I was in the process of observation I was not only looking at peoples footwear I was also analyzing their clothing and the representation of their clothing. Although before observing it was not noticeable I noticed a lot of people had items of their clothing personalized with their names, nicknames etc. and it came to me that it would be a good idea if there availability of trainers that were personalized. And because so many people have items of their clothing personalized that if available a considerate amount of people would be willing to pay to have their Nike trainers customized. My original idea for a marketing idea was a complete contrast to my present marketing strategy. The strategy I originally came up with was to do with making the accessibility of more colors of Nike trainers, however I did not adopt this idea after a long observation of the types of trainers that are already being worn which are of many different colors, therefore it would have been senseless of me to adopt this idea for it simply lacked originality. A:\MARKETING.doc 1 ...read more.

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