The relationship between the marketing strategy and business strategy is that you need to be effective in both of them to make the most profit from your market. The marketing process beings with you figuring out your business mission statement which tells everybody about your product. The SWOT analysis which is the strengths, weakness, opportunity and threats of your market. Your objectives are specific goals you are looking to achieve. Figuring out your target market, and market mix which is your product, promotion, distribution, and price. Then the last part of your marketing plan is the implementation, which is the evaluation and control of the company. The business plan is how to manufacture your market. Which good or service to provide, and how to distribute it. If you effectively complete these strategies, you will have an effective company.
Nike’s mission statement is “To bring inspiration and innovation to every athlete in the world. If you have a body, you are an athlete” (Nathaniel). This is the summary of Nike showing the values of a company. One strength of this company is their strong brand image. Every person knows what Nike is. If anyone sees that symbol on any product the know what it is. It does not matter if it is shirts, shorts, shoes, backpacks, etc. If you lay eyes on the symbol you know what it is by second nature (Daniel). Another strength is the global production and distribution network. The ability of how they are able to spread the word of their product across the globe is a huge strength. Many of Nike’s competitors do not have the same success when trying to expand their brand globally. They way they put out commercials, get their product on social media, or websites is very effective to how they promote their product globally.
In their commercials they provide so much emotion that you feel obligated to get that product because you want to be apart of that brand. A weakness is the limitations in the product mix. The company has trouble with the limited presence in the developing marketing because the issues with pricing (Daniel). The issue with pricing leads to trouble developing those target markets because only certain types of markets can afford the product. If they cannot afford the product you will not make as much profit as you would like, it could likely lead to a surplus. An opportunity for this company is a chance to improve their marketing mix. If they improve their marketing mix it will help the company with the global branding impact (Daniel). As previously stated the way Nike has targeted their market overseas was one of their strengths, but there is always opportunities to improve the marketing mix so you can expand the brand.
A big threat is all the competition the company has to compete with. Nike’s competition is different than other companies because they compete with everyone because their target market is everyone. The normal competition would be like Under Armour, Addidas, Rebook, and Puma because they all make the same type of products when it comes to shoes, clothes, socks, backpacks, etc. Where their competition gets more difficult is when they have to compete with brands such as Michael Kors, H&M, or North Face. This is different because Nike competes with them when it comes to different kind of clothes and jackets. So Nike constantly has to make better looking prices and find the right price to price these products so they can beat as much competition as possible.
The business plan is them figuring out what some of their problems will be, and how will they solve the problem. Some problems they can face is that some people just will not like our product more than some other brands. Ways they can fix that is Nike could find popular athletes to help promote their product because the athlete market will buy into that. Athletes are very persuaded when athletes promote a certain product. Making their commercial with what they are promoting to be a very moving, heartfelt, emotion commercial. Nike had a commercial for women where the slogan was “It’s only crazy until you do it” (Olivia).
It was an emotional commercial that was targeted to remind the woman that they are equal when it comes to anything. This is an easy way to draw in a market for your product. Another way to help is social media. If they can just get their more appealing looking products out in twitter, Instagram, snapchat, Facebook or just wherever you can get the brands name out it may draw in more customers as well. A problem that could occur is not knowing what to price their items so the customers will not go to a different company. A way Nike could fix that is when they release their products they see how much the competition sells their product for. When the price is revealed they can compare prices and figure how much they need to sell everything for to make the most profit of the products.
Another part of the business plan is Nike can set new professional goals for themselves. Some goals they could set could be that they want to be the top selling sneaker company this year over their competition. They could want to sign another big name athlete to their deal this year. If a company has goals to work to it will put the company on the right path to complete the business plan. If a company follows this marketing and business plan it will be a good start for your company. In the marketing plan you have to figure out your target market because that is who your product is going to. You have to learn about your customers because the more you know about the more you can figure out what they like.
When you figure out what they like you can start thinking of more products you can make. Also if the customer likes the product they might tell a friend who may like It as well, and that friend could do the same and when that happens you already have this chain of new customers just because of one customer. In the business plan first you need to start the outlining the basic concept of what the problems could be in the business. Once you figure out the problem you need to start thinking of ways you can solve these problems so you can stay ahead and not run into any problems. The last part you need to do for the business plan is figure out how you are going to distribute the product. if all these tasks are followed this will have the company moving most efficient and earning profit. Nike follows all of these tasks and that is why they are one of the best if not the best companies at spreading their brand all across the globe.
