Plan-Analysis-Template PDF

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Marketing Plan Analysis and Presentation: Part 2 – Research Template Directions: Using the company and research sources from the Topic 2 assignment as a starting point, conduct additional research to acquire information related to consumer behavior, product or service, and price associated with the company you selected. In the “Research Summary” section, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company marketing objectives and business needs. Information to be Researched Describe the customer segments and target markets.

Describe characteristics of the target markets that will affect product/service and pricing decisions.

Research Findings -The company uses behavioral approaches, psychographic approaches, demographic approaches, and geographic approaches. -The company separates their target market in different types of athletic activities and sports. -Demographic segmentation is the main factor used by Nike to target consumers according to their age, life cycle, gender, occupation and generation. -The 4Ps correlate in affecting pricing decisions which are place, price, promotion and product. -Weather or not the product is putting them closer to achieve their athletic goal. -If competition is offering a higher quality product or better price.

Resource Citation Information Nike's Target Markets: Everything You Need to Know. (2019, October 18). Retrieved November 07, 2020, from https://marketrealist.com/2019/10/nikes-target-marketseverything-you-need-to-know/

Pricing Considerations. (n.d.). Retrieved November 07, 2020, from https://ni-ke.weebly.com/pricing-considerations.html

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Describe how the company differentiates its product and positions its brand.

Describe a consumer buying behavior model for this company and brand.

-Differentiation strategy is to establish company as the standard for athletic wear. -Focuses on product line to produce high quality products that meet customer expectations. -Wide variety of products. -Commitment to research and development of products. -Maintaining innovation by partnering up with up with other companies, such as Apple. 1) Motivation -Nike uses headlines and slogans using motivational words such as freedom and victory to give customers a sense that everything is possible when you are using Nike products -They also incorporate famous athletes in their advertisements using their gear to give customers the feeling that they can also achieve that same greatness. 2) Perception -Motivational headlines with strong fit athletes are displayed throughout Nike stores. This shapes the perception of customers to buy Nike products and be just like them. 3) Learning - Nike is a well-known brand and

Stand Out from the Crowd: Examples of Differentiation. (2019, September 18). Retrieved November 07, 2020, from https://www.cleverism.com/stand-crowd-examplesdifferentiation/

CONSUMER BEHAVIOR – Psychological Factors. (2013, December 27). Retrieved November 07, 2020, from https://ladinladin.wordpress.com/consumer-behaviorpsychological-factors/

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Describe the product mix.

is often frequently talked about amongst people sharing their positive experiences with their products. -After purchasing Nike products people learn more about the brand and experience the quality and how that product fit their demand. 4) Beliefs and Attitudes - When consumers use Nike products it makes them feel like they are bettering themselves. Gives them the feeling of motivation and that they are accomplished and healthy. -Consumers form attitudes about the brand after purchasing, makes them feel good and stylish. -Several lines of athletic shoes and apparel. -Product mix width consist of different types of sports and athletic activities.

Gregory, L. (2018, September 10). Nike Inc.'s Marketing Mix (4Ps/Product, Place, Promotion, Price) - An Analysis. Retrieved November 07, 2020, from http://panmore.com/nike-inc-marketing-mix-4ps-productplace-promotion-price-analysis

Footwear: -Running -Basketball -Soccer -Sport inspired urban shoes -Children’s shoes Performance Equipment’s: 3

Describe the product lines.

Describe the service processes.

Discuss physical evidence of service,

-Bags -Socks -Sport Balls -Eyewear -Timepieces -Electronic devices -Bats -Gloves -Protective equipment’s -Product lines are a subset of the product mix. Nikes product lines Nike Product Line. (n.d.). Retrieved November 07, 2020, from categorizes shoes, appeal, and http://shoesnike0.blogspot.com/2013/02/nike-productequipment to different types of line.html sports. -Nike Consumer Experience, also known as NCX includes Nikes own Danziger, P. (2018, December 03). Nike's New Consumer direct to consumer network as well as Experience Distribution Strategy Hits The Ground Running. a slate of wholesale distribution Retrieved November 07, 2020, from partners. https://www.forbes.com/sites/pamdanziger/2018/12/01/nikes-Because of this Nike has been able new-consumer-experience-distribution-strategy-hits-theto double its speed to market and ground-running/?sh=277ad325f1d0 double its direct connections with consumers. -Consumers will not wait for other brands to catch up, allows the customer to engage whenever they want. -Nike identifies retailers that offers the best access to customers while targeting who can deliver the best customer experience for the brand. -Nikes service scape is usually located at a mall or in a separate Scape (Niketown Chicago retail). (2013, May 06). Retrieved 4

service scape, and ambiance.

Discuss the roles of company employees in service delivery.

Define the company’s pricing objectives and discuss whether the objectives are profitor sales-oriented.

Provide an example of current company pricing strategies.

building outlet store. -Nikes atmosphere is inviting and organized with motivational headlines and athletic equipment displayed throughout the store. -Marketing employees focus on the advertisement of the company. -Nikes service deliver consists of employees seeking ways to improve the way they deliver service. -In this position employees report to the global deskside services director, with responsibility for support across enterprise and retail environments. -Value based pricing strategy. -Nike considers consumer perception about the value of its products. -Premium pricing strategy. -Premium involved high prices, based of premium branding strategy that establishes Nike products as higher in quality. -Profit oriented pricing.

-Nike uses value based pricing, this is when a company sets their price according to the value the customer places on the product. -This pricing strategy is appropriate for Nike because they promote and advertise their business as top of the line, this persuades the customer to

November 08, 2020, from https://servicethlinking.blogspot.com/2013/05/service-scape-niketownchicago-retail.html

How Nike is bringing super service to mainstream retail. (2017, July 07). Retrieved November 08, 2020, from https://www.insider-trends.com/how-nike-is-bringing-superservice-to-mainstream-retail/

Learning, L. (n.d.). Principles of Marketing. Retrieved November 08, 2020, from https://courses.lumenlearning.com/clintonmarketing/chapter/reading-pricing-objectives/

Gregory, L. (2018, September 10). Nike Inc.'s Marketing Mix (4Ps/Product, Place, Promotion, Price) - An Analysis. Retrieved November 09, 2020, from http://panmore.com/nike-inc-marketing-mix-4ps-productplace-promotion-price-analysis

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Describe pricing tactics (discounts, etc.) that are used to drive short-term demand

purchase the product even if it means paying more. -Nike has outlet stores that offer lower prices on their products that have been out in the market for awhile. While giving customers a lower price on higher priced items they are still receiving good money for these older products. -They also utilize things such as price bundling, value, discounting, and product line pricing.

Mateos, G. (2020, July 30). Nike's Pricing strategy withing the extended marketing mix. Retrieved November 09, 2020, from https://medium.com/@gemamateos.gmc/nikes-pricingstrategy-withing-the-extended-marketing-mix-52e644f67954

Research Summary: In 250 words, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company's marketing objectives and business needs. In order to increase revenue and benefit Nike as a global athletic retailer they need to use a range of marketing techniques to make use of their data analysis and market analysis. The marketing mix plays a huge role in Nikes approach to reach their target market and their selling strategy. Nike uses a variety of strategies when it comes to identifying and segmenting consumer goals, such as demographic, behavioral, and psychographic strategies. However, the main strategy Nike uses is demographic segmentation, one of the most important demographic factors is age. Although Nike does a great job of advertising they don’t market to their older audience. In Nikes advertisements they only show young, fit, and professional athletes using their products, although this does a great job selling to the younger audience, it doesn’t grasp the attention of the older generation. If Nike were to advertise a separate product line of footwear, apparel, and exercise equipment specifically for the higher age group their range of consumers would increase dramatically. By gaining this new audience their revenue would increase a considerable amount while gaining publicity and attention for releasing this new product line. When creating an advertisement for this product line Nike should still use the phycological strategies they use in most of their marketing, such as motivational quotes, a heartwarming story, and a call for action. This will make the older audience feel like anything’s possible and that its never to late to start improving their physical health and be active.

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