Marketing Strategy and Economic Changes Essay
Online marketing strategy and Financial Changes Launch В В В В В В В В В В В Various organizations and business choices have developed and expanded their operations across the world as a result of the great developments which has been experienced in several economies across the globe. One of the major problems that have contributed to the growth of organization is usually their strategies in marketing their products and services in order that the consumers are aware of what they are supplying. Marketing strategies once implemented effectively often provide good returns to a business in terms of increased market share, more sales as well as embrace the profitability(Larson, 2011). В В В В В В В В В В В Failure of the company to obtain effective online strategy can result in failure and fall of the organization since the organization is not able to promote its products and influence the purchasing behaviour of the customers (Parker, 2011). It is important that a company should come up with a marketing technique that will permit it realize its targets and goals in the brief and long run. However , you will discover changes in the economic system which may affect the marketing strategies which in turn an organization does apply for its products so that it could be able to stay in the market. Economic problems such economic downturn and despression symptoms in the economy may force an organization or an organization to change the strategies and adopt new ones that will not affect the organization negatively. Nike Inc is a multinational organization that deals in sportswear in terms of garments as well as shoes or boots for all categories of people(Nike: The ongoing future of Marketing, 2012). В В В В В В В В В В В Nike Inc is a worldwide regarded brand of sportswear designer, producer as well as supplier and retailer across the world. The organization is known to create one of the the best quality brands of items that are used around different sporting activities in the world. The company has been in the forefront in ensuring that its marketing strategies work well and get the market as well as help it stay in the loop for of the competition(Zakrevskaya, &Mastracci, 2013). The sales strategies which the firm has been using include manufacturer promotion and commercials with all the endorsement of famous celebrities inside the sports field. The company uses successful sports activities professionals, university teams and celebrities whom they bring in using their products(Nike: The Future Of Advertising, 2012). В В В В В В В В В В В When the effective sports professional such as Jordan are seen by consumers to use the products with the company, you will find high possibilities that the customers will be affected to purchase the merchandise since someone who is successful has recommended all of them and also uses them(Larson, 2011). This online strategy of applying celebrities and successful athletics persons creates the notion in consumers that they as well can have similar experience because the sports persons apply the same companies also display their affiliation with the folks of their decision. The company in addition has made use of advertising segmentation within its online strategy. Nike Inc has majority of the players as its buyers (Nike: The ongoing future of Marketing, 2012). В В В В В В В В В В В Nevertheless , changes in the global economy may have unfavorable impacts and influence the marketing strategies from the company. As stated earlier, monetary factors such as the occurrence of recession, as well as depression are a couple of the financial factors that may influence and impact the marketing strategies in the company(DATAMONITOR: NIKE, Inc., 2012). The influences of the monetary changes may be analysed in terms of the effect around the competitive benefit of the company, focusing on, market segmentation as well as positioning in addition to branding of goods. В В В В В В В В В В В States and depressive disorder are the key economic alterations that can tremendously affect the marketing plans that Nike Inc can be applied. During the economic recession and depression, it means there is less supply of cash which people do not have enough to sustain all their normal purchasingbehaviour(Zakrevskaya, &Mastracci, 2013). The products that Nike Incorporation offers for the consumers, particularly the sportsmen are usually of high selling price. Recession and depression will mean that the business will have to try to find new marketing plans which can still help support its earnings. Sponsoring with the sportsmen is a primary web marketing strategy which the business has used for quite some time and have been seen to work (OnurTa?, &Cunedio? lu, 2014). В В В В В В В В В В В Therefore , during economic depression and depressive disorder, Nike Inc will be required to forgo a few of the sponsorships mainly because it will not be capable to sustain the sponsorships which are generally free to the athletes in return for the players wearing the brands of the company(DATAMONITOR: NIKE, Inc., 2012). The company would want to reduce its costs in sponsoring during the recessions and depression since many people at the moment do not have enough funds to spare that they can can dedicate to high-end goods such as the ones from Nike. Corporations that generate substitute items which are less expensive will have an added advantage compared to Nike (Groucutt, Forsyth, &Leadley, 2004). Buyers would want to buy less in the high-end items hence accusing Nike Inc to lose their competitive benefit to the rivals that offer less costly products. В В В В В В В В В В В Nike Inc is a popular brand and often uses marketing segmentation as a way of promoting is products. The market section that the organization has involved in is the players segment in the market (DATAMONITOR: NIKE, Inc., 2012). The primary concentrate on has been athletes and people that engage in sports activities across the world from different age ranges. This means that the organization relies heavily on sports to promote and sell its products. Consequently , when there exists economic recession and depression, the organization may want to conform a new marketplace segment, those of those that are not involved in sports(OnurTa?, &Cunedio? lu, 2014). Yet , the advertising segmentation and targeting with the non-sporting organizations will mean the fact that company must adjust the pricing of its products. В В В В В В В В В В В Furthermore, the targeting strategy of the company will be influenced negatively as it will need to differ from just sponsorship of the sportsmen but as well to check on diversity of its products. Under positioning in the market, Nike Inc has become able to position itself logically across the globe in many countries(Zakrevskaya, &Mastracci, 2013). The company operates in diverse countries hence has a global presence which can be good for the organization. The economic recession and depression will not have a significant impact on the positioning of the company as it already provides a global existence. However , it might have to take a look at other markets that are expanding where the market may not be significantly affected by all of the changes in the global economy(MacEwan, & Miller, 2011). В В В В В В В В В В В The other element of marketing strategy that may be affected by the negative economic changes in the global economy is definitely branding. Nike Inc have been observed to possess a strong manufacturer that directions a huge business as compared to additional competitors(Lee, & Ha, 2012). The branding of the companyвЂ™s product will never be affected because the company includes a fully set up brand that is certainly well known and has a wonderful market share in sports. В В В В В В В В В В В Changes in the global economy, especially issues such as recession and depression throughout the economy will have an effect on the customer behaviour and how they make their very own purchasing decisions; especially about the products of Nike Inc(MacEwan, & Callier, 2011). Consumers depend on their particular income to get products and when the global economic climate faces issue such as downturn and depressive disorder, their income is likely to be afflicted. Therefore , the consumers in this instance will avoid high-end goods since they are expensive. В В В В В В В В В В В According to the law of require, when the selling price of an item is excessive, there are possibilities that the demand may drop. Income is a determinant factor hence the purchasing actions of the buyers will change with consumers searching for more vital needs just like food and clothing and also other needs rather than spending their money on sportswear (Zakrevskaya, &Mastracci, 2013). Therefore , Nike will be forced to search for alternative marketing strategy which will nonetheless appeal for the consumers just like offering of discounts and providing inexpensive products. Buyers during economic depression and depression will often seek for substitute items that can continue to function similar to the way as the principal product hence they will opt to purchase other sorts of clothing that may still carry out the capabilities of Nike products. В В В В В В В В В В В The global overall economy is constantly experiencing growth which in turn continues to make opportunities for a lot of companies in the world, Nike Inc included, to grow and expand on the business. Nike Inc offers potential for expansion in various areas based on the technological developments which have extended to increase creativity and creativeness (MacEwan, & Miller, 2011). Furthermore, the countless policies in a variety of countries in business had been changed to clear borders pertaining to international trade in various countries across the world which means an increase in the actual market intended for the products with the company. The growth opportunities that the company features include the growing global marketplace for boots as well as the growing opportunity in online full. В В В В В В В В В В В Within the recent years, there has been tremendous expansion that has been knowledgeable in the global market about footwear which supplies Nike with an excellent chance to grow its business (NIKE, Inc. SWOT Analysis, 2014). The company contains a strong company portfolio and also strong marketing plans which in the event properly maintained will enhance the business. As i have said, there has been a whole lot of decrease in trade boundaries in many countries around the world through operate treaties which have opened up fresh markets especially bin expanding countries. В В В В В В В В В В В The global industry for boots has grown through the years and in the year 2012; the revenue generated amounted to about $256. 6 billion. The Western markets and also the Asian markets have experienced development over the years which provide a wonderful opportunity for the expansion of the company (Lee, & Ha, 2012). The global shoes market is ready to develop a lot thus Nike should take up the option since there exists a growing require among buyers for shoes products which can be comfortable. В В В В В В В В В В В The various other growth opportunity that Nike Inc offers is on the web retailing. Over the years, there has been an increasing trend between consumers to create purchases on-line as a result of the technological as well as the development of the internet(NIKE, Inc. SWOT Evaluation, 2014). Consumers over the new past have already been seen to prefer on the net purchasing that they consider being affordable, effective as well as hassle-free. Therefore , Nike Inc, through its site and creation of an web store for its products, can progress in the future (Larson, 2011). Sources DATAMONITOR: NIKE, Inc. (2012). NIKE, Incorporation. SWOT Examination, 1-10. Groucutt, J., Forsyth, P., &Leadley, P. (2004). Marketing: Important principles, new realities. London, uk [u. a.: Kogan Page. Larson, D. (2011). Global Manufacturer Management вЂ” NikeвЂ™s Global Brand. ISM Journal OfInternational Business, 1(3), 1-14. Shelter, K., & Ha, We. вЂњ. (2012). Exploring the Influences of Key Economic Symptoms and Monetary Recessions in the Restaurant Sector. Journal Of Hospitality Promoting & Managing, 21(3), 330-343 MacEwan, A., & Burns, J. A. (2011). Financial collapse, financial change: Getting to the root base of the catastrophe. Armonk, D. Y: M. E. Sharpe. NIKE, Incorporation. SWOT Analysis. (2014). NIKE, Inc. SWOT Analysis, 1-8. Nike: The Future Of Marketing. (2012). Marketing (00253650), 28. OnurTa?, B. K., &Cunedio? lu, H. E. (2014). JUST HOW CAN RECESSIONS ALWAYS BE BROUGHT TO A FINISH? EFFECTS OF MACROECONOMIC POLICY ACTIVITIES ON DURATIONS OF RECESSIONS. Journal Of Applied Economics, 17(1), 179-198. Parker, L. A. (2011). On Calculating the Effects of Monetary Policy in Recessions. Diary OfEconomic Books, 49(3), 703-718. Zakrevskaya, O., &Mastracci, S. (2013). Gear Effects of the Great Recession by Household Type. Challenge (05775132), 56(6), 87-114.
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