Order from us for quality, customized work in due time of your choice.
Nike company remains the largest supplier of sports shoes and apparel in the world. It is essential to note that the company is engaged in developing, producing, and marketing not only shoes and clothing but also sports equipment and accessories. The most crucial consideration that built Nikes successful management was the development of strategic marketing through the diversification and appliance of strategic management tools.
Management Success Strategy of Diversification
There are three factors supporting the success of the company: the quality of production new ideas in products, and providing sponsor services to top athletes. Diversification is central to Nikes product strategy. Specific shoe lines were developed under the parent Nike brand. The company also launched Air Jordan in 1984 using Michael Jordans branding (Pratap, 2020). The Nike SFB also includes tactical and combat boots designed for police and military personnel (Pratap, 2020). These shoes and clothes were integral to urban fashion and hip-hop culture. The company also attracts casual people looking to improve and maintain a healthy lifestyle through exercise. In essence, Nike has become an everyday brand in different market segments.
Strategic Management Tools
The companys strategic management is impossible without implementing the strategic tools to estimate, plan, and evaluate the companys procedures. Nike allocates such instruments as SWOT analysis to compare the achievements of the competitors and define the companys strengths and advantages (Pratap, 2020). Moreover, the system of SMART goals was established as the core principle for posing realistic goals and achievement methods to improve general planning.
The companys greatest strength is marketing, attracting more customers, and expanding market share. Nike constantly monitors the changing demands and preferences of its customers. Nike offers its customers a variety of new cutting-edge clothing technologies so that everyone can choose what they need. Today, Nike is undoubtedly the largest manufacturer of sportswear and footwear in the world. As a role model for effective brand marketing, the company continues to focus on consumer desires through strategic management.
Reference
Pratap, Abhijeet. (2021). Nike in 2020: A SWOT analysis. Notesmatic.
Order from us for quality, customized work in due time of your choice.