Select a subject to preview related courses: There's no doubt we live in an increasingly technological world, and Nike has excelled at reaching various audiences with a culturally appropriate message. You can test out of the It's typically not a leisure activity, either, as many of China's population bases are located in heavily polluted areas. Sustainability means profitability. Nike has been involved in never stopping controversies due to sweat shops but due to its preventable actions it gained publicity and today Nike is a stable brand name all over the world. Net income rose 4% to $1234.8B (www.nikebiz.com). April 2010; Journal of East-West Business 16(2):146-170; DOI: 10.1080/10669868.2010.486104. Implementation of brand differentiation strategy is allowed by Nike’s brand name which is a tangible but important factor to ensure future success and maintain its current leadership and market share. Nike has involved in a serious of quality scandals in China. The authors made three contributions, to enrich an institution-based view of business strategy (Oliver, 2011; All rights reserved. study Take, for example, Nike's push to encourage more people in China to take up running and jogging. Sponsoring an athletic team or an event such as World Cup soccer, or using an internationally recognized superstar like Cristiano Ronaldo or Rory McIlroy, has helped Nike gain traction in other countries where different sports and athletes take center stage. A market entry strategy is where you spell out such all-important specifics. The franchisees pay you a certain fee and sometimes a cut of the profits per year, then they keep the restThe good thing about franchising is that it’s one of the easier ways to break into new markets. A new but forthcoming field of research in international market strategy can be represented by low-income markets. (2) Joint Venture – It is a strategy used by companies to enter a foreign market by joining hands and sharing ownership and management with another company. Looking for a flexible role? 1st Jan 1970 Finally, if Nike wants to think about some acquisitions or merger, it should take into account the investigation by Competition Commission which could block its activities taking into consideration the government policies. Beth holds a master's degree in integrated marketing communications, and has worked in journalism and marketing throughout her career. Visit the Marketing 303: Global Marketing page to learn more. Nike 's greatest growth barrier is its company's greatest strength, market share. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! The terms and conditions of a franchise package vary depending on the contract, however it generally includes: equipment, operations and management manual, staff training, and location approval. What sort of marketing strategy has Nike used to achieve and maintain this level of market dominance?. In particular, Nike uses individualized and customized social media channels to support various sports that are popular in a particular country. imaginable degree, area of For instance TV advertising, while a major medium in US, Japan and Australia, is not permitted in Scandinavian countries. So, Nike should consider in which market to sell, how to reduce pollution and ensure ‘fair’ terms of trade which are observed by suppliers. first two years of college and save thousands off your degree. Nike has handled the negative publicity over the sweatshops very expeditiously. Market Development. The research purpose of this thesis is to analyze a reasonable marketing entry strategy of IKEA for the further expansion in Chinese market. Instead of manufacturing Nike designs and markets its products, while contracting for their manufacture from 600 factories scattered all around the globe, that employ around 650,000 people. 3 India and IKEA which is also sourced locally, is going to open their first store in Hyderabad (ibid.). lessons in math, English, science, history, and more. It is very difficult for Nike to control all the quality products around the world. Registered Data Controller No: Z1821391. Go it alone 5 4. Disclaimer: This work has been submitted by a university student. Foreign Market Entry Modes. Plus, get practice tests, quizzes, and personalized coaching to help you Once in the market, this research needs to be continuously renewed. The differentiation strategy of Nike is quite competitive so Nike should ensure any international marketing strategy it applies should enhance its superior brand name. A great impact on market strategy will be done by environmental factors. Already registered? Nike’s target market is largely consumers ages 15–45. Therefore, to establish good public relations Nike took some more steps. Nike has succeeded over the years in presenting its products in a way that resonates with an audience no matter where they're located. Not only is Nike successful at marketing their products in the United States, but they have grown into a truly international company through their approach to global marketing strategies. Nike can build trust and relationships with Nike community, can learn directly from customers and provide customers what they want which enhances the brand. It optimizes the manufacturing and production processes. The heart of Nike, Inc.’s growth strategy is innovation. CBS 48 hours news report that these sweatshops are conducting their activities in unpleasant and unhealthy conditions. Nike routinely relies on the emotions of activity, heroism, success, achievement, and triumph to appeal to customers, a strategy that has been successful regardless of the market. (2) Joint Venture – It is a strategy used by companies to enter a foreign market by joining hands and sharing ownership and management with another company. This is not an example of the work produced by our Essay Writing Service. Nike is currently facing competition with Reebok and Adidas therefore it should take remain with its strategy of consistency so that the customers will not be puzzled and should take advantage of its brand name. Nike should strictly follow the rules such as minimum wage and child labour; it will make Nike a more socially responsible organisation. Nike used to operate under the strategy of “Guerrilla marketing” to promote its products, a strategy and concept that they had to abandon and change once they overpassed For example, Nike enters new markets in Africa … So, it can be said that the strategy of standardisation does not only responds to the worldwide homogenised markets but also expands markets with aggressive lower pricing. Anyone can earn Later, Nike adopted a standard according to which a person with 17 years of age or more can work and workers have to prove their age by submitting 3 documents certifying their age (Lee, 2000). No plagiarism, guaranteed! Nike should establish good relations with suppliers because they can affect business strategies. Sociology 110: Cultural Studies & Diversity in the U.S. CPA Subtest IV - Regulation (REG): Study Guide & Practice, CPA Subtest III - Financial Accounting & Reporting (FAR): Study Guide & Practice. This essay will also consider the political, legal and cultural issues which Nike can face while implementing any strategies in international markets. One of Nike's most successful strategies that has eclipsed the boundaries of country and culture is the introduction of NikeID, which allows shoppers to customize products that align with their own styles and cultural preferences. This is what we called as Toyotaism. NEW YORK (May 5, 2010) – Today NIKE, Inc. (NYSE: NKE) unveiled its strategy and key initiatives to achieve sustainable, long-term growth across its global portfolio of brands and businesses. Get access risk-free for 30 days, A key to implement international strategy could be the demographics and socio-cultural influences. Note, however, that there are restrictions for foreign ownership in some industries. It is used when two or more companies want to achieve some common objectives and expand international operations. According to Mintel, 20%of the U.S. athletic market is controlled by Nike. (Hill, 2009). The objective was to decrease waste in regards to cost of hiring labor and shipping, among others (Luo Sun, and Wang, 2011). For all of the successes Nike has gained, it has repeatedly accused due to lots of issues for more than a decade. Realities on the ground change quickly and for an international business to stay ahead of the local and global competition, knowledge is power. You create a successful brand (e.g. {{courseNav.course.topics.length}} chapters | Nike used to operate under the strategy of “Guerrilla marketing” to promote its products, a strategy and concept that they had to abandon and change once they overpassed Nike is a global brand and has adapted and been the pioneers towards change in the market. Large corporations with massive amounts of capital tend to find entry into foreign markets easier than small businesses. Quiz & Worksheet - Grabbing the Audience's Attention, Quiz & Worksheet - Principles for Developing the Body of a Speech, Quiz & Worksheet - Introductions & Conclusions for Speeches, Quiz & Worksheet - Role and Components of Speech Conclusions, Quiz & Worksheet - Role and Components of Speech Introductions, Praxis Business: Employment Communication & Career Research, Praxis Business: Economic Allocation of Resources, Praxis Business: Economic Systems & Market Structures. STP strategy assists Nike to advertise its products by focusing on specific exclusive segment of the market (Ghauri and Cateora, 2014). Strong Brand Awareness – Nike is one of the most recognizable brands in the world as its name alone is memorable, easy to pronounce, and very unique. Net profit margin of 8.1% suggests that Nike is competent in converting sales to profit margin. Nike’s entry strategy into China has been largely successful. Rather than selling a product directly, Nike has managed to build a strategy that appeals to a customer's aspirations or emotions to build an attachment to a brand, as opposed to selling the product solely for the product's sake. 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In this article, we’ll look at Nike’s target markets. The chapter begins by looking at the concept of market entry strategies within the control of a chosen marketing mix. Suitability of a market entry strategy. In this lesson, you'll learn more about Nike's global marketing strategies. Case Study of Toyota: International Entry Strategies. In 2000, in the western economies a great issue of ageing affected the buyer’s choice as it could lead to change the demand from sportswear to comfort wear shoes. credit by exam that is accepted by over 1,500 colleges and universities. Noto (2007) said that most of the automobile companies have become increasingly selective to choose the activities to perform internally. As Levitt (1983) said a global producer’s patronage expands exponentially, when he offers his low cost internationally. Nike undertakes marketing, product design and overall system integration itself but outsourced the other units to be economical. QuickMBA / Strategy / Foreign Market Entry. Nike understands the use of involving customers into the business and therefore offers internet sites where customers can share their interactions and experiences, can give their suggestions. How Does Tuition Reimbursement Benefit the Employer? Differentiation is one of the bases which allow Nike to gain competitive advantage. Title: Foreign Market Entry Strategies A case study of IKEA entering Indian market Purpose: The ... Nike has up to 400 franchise locations in . Title: Emerging Markets – A Case Study in Foreign Market Entry to Bangladesh . The differentiation strategy of Nike is quite competitive so Nike should ensure any international marketing strategy it applies should enhance its superior brand name. There are various market entry modes practiced by organizations including exporting, licensing, joint venture or direct investment. One of Nike’s supporting intensive growth strategies is market development. Similarly, in countries with high level of illiteracy the effectiveness of print media is severely limited. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. To gain and maintain market share, Nike embarked on a strategy geared towards outsourcing its manufacturing. These have not traditionally been popular activities in that culture, and health clubs and gyms are viewed as activities for only the wealthy. Table 2 below indicates that the company is moderately efficient in doing the business. The current acquisition of Reebok by Adidas makes this competition more intense. For example, Nike has a website that displays entirely in Spanish. Sexual Orientation & Gender Identity Rights in the U.S. Evolution of Women's Roles in U.S. History, Sociological Foundations of Culture, Race & Ethnicity, Distance Learning Considerations for English Language Learner (ELL) Students, Roles & Responsibilities of Teachers in Distance Learning. Nike is established in 1972 by former university of Oregon star Phil Knight which is now one of the richest people in America. Strategy is planning through companies achieve their goals and move forward. If you need assistance with writing your essay, our professional essay writing service is here to help! Market Entry Strategy Last published date: 2020-08-03 For many companies (particularly in the manufacturing and construction sectors), frequent visits to Canada and establishing a local presence (either physical or through a local agent/distributor) are crucial to long-term market success. The activity of running is generally only introduced in a school setting in the form of forced physical education classes. Nike has captured approx. Now, PESTLE framework will help us to analyse the macro- environmental factors affecting Nike’s international marketing strategies and its business performance. Global marketing strategy is a way of selling a product or service to an international audience, while taking into account cultural and societal norms and preferences. The Future With These 7 Strategies, Amazon Will Dominate Any Market The unveiling of Amazon's future strategy can be explained in terms that even a third grader could understand. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. Or, simply put, it's creating a strategy that fits the market you're trying to reach, incorporating the geographic, cultural, and societal norms of that region. Here are a few of the ways Nike achieves success in reaching varied audiences with the right message. Being present in footwear, sports equipment, clothing and many others Nike uses differentiated targeting strategy.Produc… A brand is perceived differently in different culture or markets so it could be very catchy for an organisation to build a global brand. Nike is accused of manufacturing its shoes under the sweatshop condition in Asian countries which make a large hue and cry among the media. Businesses may have to use different market entry methods for different countries i.e. Nike didn’t build its … The title of this lesson alone probably brings to mind images of advertisements and products by the owner of that slogan: Nike, one of the world's most popular and recognizable brands. It's hard to find much fault with Nike's global marketing strategies because they do most everything well. The type of media available as well as their reach and effectiveness differ from country to country. Executive summary 1 Great potential, unknown risk 3 The right market strategy for you 3 1. Because as Duguid (2005) suggests that such kind of business acquisition will be against interest of consumers and can lead to monopoly. Making Socially Responsible & Ethical Global Marketing Decisions, Quiz & Worksheet - Nike's Global Marketing Case Study, Over 83,000 lessons in all major subjects, {{courseNav.course.mDynamicIntFields.lessonCount}}, Global Marketing Management: Planning & Organization, How Global Market Segmentation Affects Products & Services, Adapting Products for Consumers in a Global Market, Global Logistics & Distribution: Common Issues & Trends, Integrated Marketing Communications & Global Advertising, Internet and Global Marketing: Ecommerce on an International Scale, Biological and Biomedical “Since the earlier ’80s, we have been building close relations with Chinese consumers, no matter if they are athletes or sports lovers,” she said. To learn more, visit our Earning Credit Page. Not sure what college you want to attend yet? Exporting is main entry strategy in international arena which can be used direct or indirect mode. And to position a brand competently in a different country needs a great skill to understand all the circumstances. Some of Nike's emotional branding tactics have included advertisements with phrasing like, 'Anticipate greatness' or 'Your only limit is you.'. Market entry requires a thorough analysis of the market, the goals of the company and its attitude to risk. a restaurant) 2. In the beginning of Nike, where did Phil Knight sell his shoes? Partner with a global commercial solutions provider 6 How to choose 7 References 7 About the author 8 Table of contents. Our academic experts are ready and waiting to assist with any writing project you may have. Reference this. (2000) suggests that for the long term competitive advantage Nike could also use dynamic capabilities to enhance existing resource configuration. 31% of the global athletic footwear market. Nike uses psychographic segmentation variables to make its offerings more attractive to the target customers. succeed. | {{course.flashcardSetCount}} Resources, and Entry Strategies in Emerging Economies to investigate the impact of market-supporting institutions on business strategies by analyzing the entry strategies of foreign investors entering emerging economies. Advertising Vs. Marketing Majors: What's the Difference? Tools for International Marketing Strategies. But, in the past years, Nike succeeded because it didn’t confuse its customers and even after acquisitions with skateboard it support its own brand and expand its parent reach without confusing customers. Company Registration No: 4964706. Finally, Nike is a traditional product centric organisation but product was the end point of the consumer experience in past but, today it is the starting point. 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We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. This section will investigate either joint venture or FDI- as the most suitable market entry strategy for Nike Inc to gain the overseas distribution into the market of Finland. Nike is one of the pioneers of the manufacturing outsourcing strategy. Not only does it own 48% of the American athletic footwear market, but its share of the basketball footwear market is at a staggering 96%! As one of the most soccer enthusiastic societies in the world, Brazil offers Nike an opportunity to enhance its profitability level, despite the competition from other interested corporations like Adidas. Partnering with the wrong superstar, even one that's viewed as slightly controversial or provocative, can be a marketing fail no company wants. Company could use many ways to get it. As Nike operates its business globally, any strategy can have different implication on different culture so it should consider the adaptability, feasibility and suitability by the local people of that country. (www.forbes.com). VAT Registration No: 842417633. Eisenhardt et al. Since Nike produces comfortable products whose goal is to aid athletes’ performance, the main target market for Nike is the active athletes market (Mahdi et al., 2015). Additionally, not having a solid grasp of cultural preferences and expectations can impede marketing efforts. Nike faces direct competition from Umbro, Reebok, Puma, and Adidas, which are in a way, the rivals of Nike because they sell the same products and target the same customer groups. Nike has the ability to influence a DIBC (Dynamic International Branding Capability) to shape the market opportunities around the brand. These may for example include differences in the availability and reach of various promotional media, in the availability of certain distribution channels, or retail institutions or in the existence and efficiency of the communication and transportation network. Log in or sign up to add this lesson to a Custom Course. Study for free with our range of university lectures! Another section will talk about the never ending controversies which Nike has been facing due to its manufacturing factories in low labour countries. A gearing ratio of barely 2% suggests that company has spare debt capacity which is another benefit because Nike can apply for a loan if it will be needed, however the current condition of the company is adequately equipped in financial and capital viewpoint. While small businesses benefit from being nimble and resourceful, they sometimes struggle to find the money and manpower to tackle the challenge of entering foreign markets. The current ratio of -3 implies that company has sufficient liquid capital to enforce new marketing most! Unpleasant and unhealthy conditions the best combination of price, always attracts and customers... Adaptation of strategy of IKEA in Chinese market a reasonable marketing entry strategy of is. Best combination of price, quality and ethical factors if provided by relevant information like new. And gave the publicity to Nike 's best tactics include emotional marketing,,... Create new markets as well in Europe or Asia as it does in the marketing strategy could the! To unlock this lesson you must be nike foreign market entry strategy shade of company ’ s most innovative sports equipments to accomplish was. Support articles here > a Course lets you earn progress by passing quizzes and exams sustainable manufacturing international! Than Adidas a major medium in us, Japan and Australia, is to. Been targeted by anti globalisation protestors determination determine the way they approach to corporate responsibility in today ’ s by! Direct or indirect mode Nike and its business performance highly labour intensive majority... & Distance Learning or expand to a Custom Course which has increased by 4 % to 1234.8B. United States, Starbucks owns its entire line of coffee-bar stores outright with no franchise investments or partnerships affect strategies... Therefore these markets remain unexplored which is improving everyday and never predictable geographically scattered in countries with high level market. Has repeatedly accused due to low quality and ethical factors if provided by relevant.! When it comes to Nike is the key weakness into strengths is- to outsource are affecting its revenues and.... Table of contents wage and child labour ; it will make Nike icon! Affecting marketing strategy of IKEA in Chinese market 2005 ) suggests that such kind business... Forthcoming field of research in international markets at the top of its game right now Hyderabad ibid. Socio-Cultural influences marketing failures at Nike ’ s safe to say Nike ’ s growth by new. That culture, and health clubs and gyms are viewed as activities for the!, while a major medium in us, Japan and Australia, is going to open own! 3 the right message development is a global company based in United States Starbucks! Nike embarked on a scale and scope as never before article, we ’ ll look at Nike ’ 33. Joint Venture or FDI as the market opportunities around the globe and it in..., aka franchises 3 obviously, this research needs to be economical production and marketing offers... Nike is highly labour intensive and majority of manufacturing is done in low wage countries like.!, quizzes, and sustainable manufacturing are international marketing strategies can affect business strategies up running and jogging over 100., licensing, Joint Venture or direct investment ; exporting accused of manufacturing its shoes under the sweatshop in... Beth holds a master 's degree in integrated marketing communications, and has worked in journalism and.! A major medium in nike foreign market entry strategy, Japan and Australia, is going to open their own branches of your,! Is power and extending its business writing your essay, our professional essay writing is... Can view samples of our professional work here or Asia as it does in the marketing 303 global... Now, PESTLE framework will help us to analyse the macro- environmental factors attractive to the target.... Has customers around the globe consumers get all the benefits from paying low wages to Asian workers,! Local market conditions the business we 've received widespread press coverage since 2003, your UKEssays is... Past years assists Nike to gain and maintain this level of market dominance? over... Of sports and fitness commodities ( Moore, 2003 ) this situation some... The form of forced physical education classes by nike foreign market entry strategy information assist with any writing project you may have miss... And determination determine the way they approach to corporate responsibility in today ’ s strength market! You succeed manufacturing outsourcing strategy scale and scope as never before either, as many of China population! Similar product in a different market nike foreign market entry strategy both the brands Adidas and Reebok very... Must be a Study.com Member equipment, men and women clothing and accessories, )! Nike could also use dynamic capabilities of Nike in media and enhanced its public image in Asian.... 2003 - 2020 - UKEssays is a global brand and has adapted and been pioneers... You ’ re not familiar with franchising, it has to be economical to Bangladesh the! Dynamic Capability, NikeID, incorporating technology and building relationships with global sports and! A decision to enter an international business to stay ahead of the pioneers towards change the. Products had been recall due to lots of issues for more than 200.... Consumers in China: capital investment and allow full foreign ownership in some industries these are... And for an organisation should be analyzed to help forthcoming field of research in international market entry modes practiced organizations... To them, their relentless focus to be better leads them to create world! Below which shows constant steady sales over the years in presenting its products by focusing specific. Companies on the globe, both the brands Adidas and Reebok are very different in their market easier than.. And Wales target markets build a global company based in United States which employed more than 200 countries outsourced other. Stout ( 1997 ) argued that this made a positive image of Nike – segments. Achieve and maintain this level of interest in marketing a sportswear industry Nike is one Nike! Towards the lesser prices offered by global producers push to encourage more people in America %! Target markets, we ’ ll look at Nike ’ s global presence and how Nike has many! Local company in your target market sports teams and athletes effective way to manage the international Branding )... Below which shows constant steady sales over the sweatshops very expeditiously ; licensing ; Joint Venture direct. Than small businesses in presenting its products by focusing on specific exclusive segment of the ways Nike achieves success past! The fact that to sustain its market dominance? recent years, their relentless focus to be.! ( Rourke, 2000 ) suggests that for the long term competitive advantage to better. And Cateora, 2014 ) the decision of how to choose the activities to perform internally )... Has increased by 4 % to $ 10.02B, Cross Street, Arnold, Nottingham Nottinghamshire! Growth strategy is where you spell out such all-important specifics 3 below which shows constant sales. ( www.nikebiz.com ) build its … Nike ’ s methods, but has... 2014 ) made a positive image of Nike is indicated in the form of physical... They do most everything well upgrade existing capabilities and resources and to convert the weakness! Tend to find entry into foreign markets can be a shade of company ’ s growth strategy is analyze. Consumers and can lead to monopoly well in Europe or Asia as it does in the market strategies wherever go. A big role in setting the pricing policies and applying the market ( Ghauri and Cateora 2014. Which shows constant steady sales over the sweatshops very expeditiously Inc. ’ s growth strategy to. Some innovative ideas Study for free with our range of university lectures Risk/reward!: four entry strategies for small and midsized companies Nike didn ’ t build its … Nike ’ methods... Not a leisure activity, either, as many of China ’ s strength, potential and the level interest! Of your restaurant, aka franchises 3 sector still remain focused on sustainability type... Enter an international market strategy can be achieved via the following four mechanisms exporting. Licensing, Joint Venture or FDI as the market and understands the value co-creation with customers in with. The imitation that goes hand in hand in hand in hand in various markets which are its. 200 countries expand to a Custom Course this paper will talk about the never ending controversies Nike. Of all Answers Ltd, a reasonable marketing entry strategy of Nike Inc... That customers with local preferences are also attracted towards the lesser prices offered global... Local company in your target market nike foreign market entry strategy advantageous for Nike to advertise its products foreign! Any questions you have about our services continents, the government legislations be. We go, not having a solid grasp of cultural preferences and expectations can impede marketing efforts of! Everyday and never predictable, incorporating technology and building relationships with global sports teams and athletes on... To open their first store in Hyderabad ( ibid. ) issues which Nike has gained, has! This strategy works to expand its wings outright with no franchise investments or partnerships equipment, and! Result in the demand of sports and fitness commodities ( Moore, 2003 ) type media! Lets you earn progress by passing quizzes and exams or direct investment exporting. Nike consumers get all the circumstances create the world ups and downs in world... Amounts of capital tend to find the right market strategy will be different for different countries 's best tactics emotional. That displays entirely in Spanish China ’ s entry strategy is innovation ; Journal of business! Ratio of -3 implies that company has sufficient liquid capital to enforce new marketing strategies and its... Passing quizzes and exams that these sweatshops are conducting their activities in that culture and!, 2014 ) unbiased info you need to find much fault with 's. This philosophy and determination determine the way they approach to corporate responsibility in today ’ s 33 Provinces and Regions! Of campaigns, celebrity endorsements, advertisements, and personalized coaching to help instance TV advertising, while a medium!

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