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Module 2 Assignment:
Marketing Strategy for Good
Prepared by:
Date:
Part 1: Laying the Foundation for Persuasive Marketing Tactics
To this day, Nike remains my favorite corporation. Over the last several years, Nike has been more well-known and profitable than ever before, solidifying its position as the dominant sportswear brand and corporation worldwide (Gausselin, 2019). Athletes are Nike’s primary demographic, and the company sells apparel, accessories, and gear designed specifically for them. It also creates exclusive merchandise for the Jordan and Converse brands. The company’s goal is to improve the lives of athletes worldwide through motivation and new ideas. This fits in with the company’s marketing strategy, which aims to keep Nike competitive in the face of a rapidly evolving market and competitive landscape. This company has established itself as the market leader in producing and distributing sportswear. This strategy will aid management in determining the extent to which the firm’s strengths and shortcomings impact day-to-day operations. In this approach, we may better use the strengths to counteract the flaws. In large part, Nike’s success may be attributed to the company’s proactive, innovative, and strategically focused marketing approach, which has capitalized on industry shifts and the brand’s unique place in the market (Gausselin, 2019).
Nike’s positive Social Change Campaign
Nike’s corporate governance initiatives focus on creating a safe and welcoming workplace for all its workers, with the ultimate goal of making a good social impact. In order to achieve this goal, the organization actively works to foster a culture that values and promotes diversity and inclusion in the workplace. To further educate the public on racial equality and social progress issues, Nike launched two new CSR projects in 2020: the Juneteenth learning initiative and the Unconscious Bias Awareness training program (Korpi, 2018). By 2025, Nike aims to have achieved its five-year plan to increase diversity in the workplace, which includes achieving gender parity in the workforce (by having women make up 50% of the company’s employees) and racial and ethnic diversity (by having minorities make up 35% of the company’s employees) (Gausselin, 2019). Nike has pledged $125 million over the next five years to help organizations working on “leveling the playing field” as part of this program (Gausselin, 2019).
Marketing campaign desired outcomes.
Ads, especially those visually appealing ones, may influence consumers’ opinions of a company by appealing to their favorable associations with the stories they tell and the feelings they evoke. Nike, which sees itself as a forward-thinking, technical business, heavily emphasizes social media as part of its integrated marketing communications (IMC) strategy (Korpi, 2018). When promoting a new product to a specific audience, direct marketing is used alongside other promotional strategies such as commercials and social media marketing. A positive reputation score and reviews give you an edge over rivals like Adidas. To maximize their effectiveness, advertisements for specific items are directed toward the kinds of people most likely to purchase those goods.
Nike’s persuasive marketing tactics
Famous people are used as mascots for Nike products to appeal to the target audience. Former product endorsers for Nike often included famous people who like sports. Audience members are paying attention as their favorite celebrities endorse the brand. Thus, consumers are influenced to act in a manner consistent with their favorite stars’ norms. In order to promote the company’s goods to consumers, Nike uses the well-known marketing communication mix of ad figures of well-known celebrities to inspire consumers to make purchases (Korpi, 2018).
Swot Analysis of Nike’s Persuasive Marketing Strategy
Strengths: Nike’s global recognition and strong brand recognition might help the company maintain its current market share.
Weakness: When famous people make blunders, it may cost Nike a lot of money and upset consumers.
Opportunities: Famous people have the power to spark the aspirations of their fans. Nike, for instance, may find commercial success by targeting women and millennials.
Threats: Sometimes famous people are more talked about than the products themselves. They could buy into the celebrity instead of the goods. Competition in the market is fierce for Nike since its rivals provide superior products and can reach more consumers.
References
Gausselin, B. (2019). Impact of Nike Inc.’s Utilization of Social Issues in Their Marketing Strategy on Brand Equity, Brand Image, and Brand Loyalty (Doctoral dissertation).
Korpi, A. E. (2018). The effectiveness of corporate social responsibility initiatives to promote labour and human rights in the global supply chains. A case study of effectiveness of Nike’s CSR initiatives and actions.