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. Earn Transferable Credit & Get your Degree, Breaking Into Foreign Markets: International Marketing Strategies, Global Standardization in Marketing: Definition & Strategy, What Is Global Marketing? For example, Nike hosts a dedicated social media account for fans and athletes of the sport of cricket and also uses appropriate languages and dialects in not only their products, such as a shirt that says 'Espana' on it, but on their websites and other online platforms. Shortly after the ad ran, Pistorius was charged in the murder of his girlfriend, Reeva Steenkamp, and Nike was forced to suspend all ads and their relationship with the fallen athlete. Reference this. According to Gelder (2006), in the race of globalisation, Nike, Coca-Cola and McDonalds are some of the brands which have become the representative of the massive power of large corporations for the anti globalisation movement. 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. Where Can I Find SAT Chemistry Practice Tests? first two years of college and save thousands off your degree. China Market Entry Strategy – Map of China’s 33 Provinces and Administrative Regions. An error occurred trying to load this video. Nike undertakes marketing, product design and overall system integration itself but outsourced the other units to be economical. Nike's entry into India was through a seven-year licence agreement with Sierra Industrial Enterprises, which was later done away with to become a 100 per cent-owned subsidiary of the US parent company. 1st Jan 1970 Company Registration No: 4964706. To learn more, visit our Earning Credit Page. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. For instance TV advertising, while a major medium in US, Japan and Australia, is not permitted in Scandinavian countries. 31% of the global athletic footwear market. For all of the successes Nike has gained, it has repeatedly accused due to lots of issues for more than a decade. some countries will only allow a restricted level of imports but may welcome the business in building manufacturing facilities to provide jobs and limit the outflow of foreign exchange. (Hill, 2009). Taking any strategy into consideration will also involve an impact analysis and risk, therefore, any potential consequences and levels of risk involved and how to overcome those risks will be covered in the next section. Here are a few of the ways Nike achieves success in reaching varied audiences with the right message. In some markets buying an existing local company may be the most appropriate entry strategy. Its swoosh symbol is easily recognized by everyone. It is very unreasonable to say that one strategy will fit globally because the rules and regulations and circumstances are different in different countries (Moore, 2003). The main products of Nike include footwear, sports equipment, men and women clothing and accessories. 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. By identifying market opportunities and employing “market entry as a dynamic strategic tool” for both sales and manufacturing, Nike’s international strategy consists of … Finally, the essay will analyse the competition in the selected market, strategy adapted by the competitors and how Nike uses its brand power strategies to anticipate such threats. The choice for a particular entrymodeis a critical determinant in the successful running of a foreign operation”. Nike, one of the world’s largest makers and distributors of sports products, requires an effective market entry strategy to enter the Brazilian sports market. lessons in math, English, science, history, and more. In the beginning of Nike, where did Phil Knight sell his shoes? Many a times Nike stores have been targeted by anti globalisation protestors. But how? CBS 48 hours news report that these sweatshops are conducting their activities in unpleasant and unhealthy conditions. A key to implement international strategy could be the demographics and socio-cultural influences. A brand is perceived differently in different culture or markets so it could be very catchy for an organisation to build a global brand. Wherever we go, not even a single soul did not know what a Toyota is. Being a sportswear industry Nike is highly labour intensive and majority of manufacturing is held in low wage countries. (2002) supported the argument and said that a tightly coordinated supply and channel net are the prerequisite to establish a position in the field and keen demand of the customer reflects the strong brands – example of both are Nike and Dell. Improved hedge rates year after year leads to higher gross margin which are reflected in the net income which has increased by 4%. Nike has the ability to influence a DIBC (Dynamic International Branding Capability) to shape the market opportunities around the brand. Or thinking of selling your products in foreign lands? http://www.woltersworld.comGoing abroad for business? Nike is a global brand and has adapted and been the pioneers towards change in the market. You want to start exporting or expand to a new foreign market. It's a strategy that works as well in Europe or Asia as it does in the United States. One of Nike’s supporting intensive growth strategies is market development. Nike has built much of its marketing and advertising with the help of superstar athletes and sports sponsorships. For example, Nike enters new markets in Africa … So Nike should follow this strategy in future and try to remain dominant over its rivals through the marketing strategy. Nike, Inc.’s strategy on sustainability contains: Innovate to deliver enterprise-level sustainability solutions; Integrate sustainability into the heart of the NIKE, Inc. business model; Mobilize key constituents (civil society, employees, consumers, government and industry) to partner in … Keeping that in mind, Nike has answered all these questions time to time with new strategies and cleared all the issues and moved efficiently to correct them. Keywords: emerging market, entry strategy, market entry, factors behind entry choice, entry mode, entry node, entry timing . It is used when two or more companies want to achieve some common objectives and expand international operations. 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It’s safe to say Nike’s at the top of its game right now. Nike can build trust and relationships with Nike community, can learn directly from customers and provide customers what they want which enhances the brand. Nike’s marketing decisions and strategies have led the way for other sports brands to … Study for free with our range of university lectures! overseas market, there are a variety of options open to it.These options vary with cost, risk and the degree of control which can be exercised over them. DIBC is the ability to manage the international branding process as a dynamic capability. It's hard to find much fault with Nike's global marketing strategies because they do most everything well. Nike 's greatest growth barrier is its company's greatest strength, market share. Create your account. Noto (2007) said that most of the automobile companies have become increasingly selective to choose the activities to perform internally. Nike succeeds in global marketing because they understand world markets and how to reach each audience in a personalized approach that works for different languages, cultures, customs, needs, and differences. Growth rate of Nike is indicated in the table 3 below which shows constant steady sales over the past years. Executive Summary: Constant innovation has been the byword for Nike's success.This case study analyses the ever-evolving marketing strategies adopted by Nike to become a … To ensure its international expansion, Nike is likewise focused on sustainability. Examples of Nike's Marketing - To learn how you can use Nike's Marketing strategy to grow your business, listen to this podcast episode 8. As Levitt (1983) said a global producer’s patronage expands exponentially, when he offers his low cost internationally. 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. If you need assistance with writing your essay, our professional essay writing service is here to help! 3 India and IKEA which is also sourced locally, is going to open their first store in Hyderabad (ibid.). The objective was to decrease waste in regards to cost of hiring labor and shipping, among others (Luo Sun, and Wang, 2011). Eisenhardt et al. 's' : ''}}. 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%! Beth holds a master's degree in integrated marketing communications, and has worked in journalism and marketing throughout her career. “Just Do It” the marketing phrase of Nike is buzz in the town and its ‘swoosh’ logo gives it that different identity. April 2010; Journal of East-West Business 16(2):146-170; DOI: 10.1080/10669868.2010.486104. Visit the Marketing 303: Global Marketing page to learn more. Nike's Values 9. © copyright 2003-2020 Study.com. Entry into a foreign country's market can be tricky, though, as you adapt a new culture, new regulatory environment and new competition. Nike is one of the pioneers of the manufacturing outsourcing strategy. The most effective way to manage and upgrade existing capabilities and resources and to convert the key weakness into strengths is- to outsource. An organisation should be aware about the external environments in which it functions and should be very sensitive about its internal culture. (Douglas and Wind, 1987). Nike has handled the negative publicity over the sweatshops very expeditiously. Get the unbiased info you need to find the right school. Franchising is a foreign market entry strategy where a semi-independent business owner (the franchisee) pays fees and royalties to the franchiser to use a company’s trademark and sell its products and/or services. Growth therefore, has to come from auxiliary brands and increased international … And Nike consumers get all the benefits from paying low wages to Asian workers. For example, a consumer can choose different colors, color combinations, patterns, and shoelaces as well as being able to customize a shoe for favorite regional sports. Nike is one of the pioneers of the manufacturing outsourcing strategy. Now-a-days, growing health awareness will result in the demand of sports and fitness commodities (Moore, 2003). Export. Net income rose 4% to $1234.8B (www.nikebiz.com). Levitt (1983) suggested that low price regardless of feature preferences and heavy promotion regardless of price, always attracts and influence customers. Strategy is planning through companies achieve their goals and move forward. A company’s aim to international market can require minimal investment and be limited to infreq… Consumers can get the best combination of price, quality and ethical factors if provided by relevant information. As a member, you'll also get unlimited access to over 83,000 An introduction about the Nike shoes company. He also explained that in the athletic shoes and clothing Nike has contracted out many functions such as manufacturing and logistics which Noto argued as a clever step to negate the impact of key weaknesses. Its sales are increasing day by day due to the market strategy it applies, and the popularity it gained by sponsoring celebrity such as Michael Jordan and Tiger Woods. Try refreshing the page, or contact customer support. This essay will also consider the political, legal and cultural issues which Nike can face while implementing any strategies in international markets. Other Interesting Facts 10. A new but forthcoming field of research in international market strategy can be represented by low-income markets. 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! A foundation financed by labour unions and low-wage countries in 1996 said that “Air Jordans” popular range of Nike sneakers were made by 11 year olds who are working for 14 cents per hour in Indonesia. The use of campaigns, celebrity endorsements, advertisements, and sustainable manufacturing are international marketing strategies most people can agree on. Because as Duguid (2005) suggests that such kind of business acquisition will be against interest of consumers and can lead to monopoly. Case Study of Toyota: International Entry Strategies. flashcard set{{course.flashcardSetCoun > 1 ? Nike … Franchising is commonly used and a largely successful method of cross border market entry, however … Work with a big pharma partner 4 2. The common objectives are – Foreign market entry; Risk/reward sharing Differentiation is one of the bases which allow Nike to gain competitive advantage. just create an account. and Sweatshops Central issue of the case? Some of Nike's best tactics include emotional marketing, NikeID, incorporating technology and building relationships with global sports teams and athletes. Another foreign market entry strategy is to partner with a local company in your target market. Market Development. Advertisements; One of the most powerful marketing tools that can help you achieve your dream of converting your product to sales is advertising it through different means. Get access risk-free for 30 days, For example, Nike has a website that displays entirely in Spanish. According to Levitt (1983), through supplying global markets Nike could achieve considerable economies of scale in production and marketing. Therefore, to establish good public relations Nike took some more steps. Log in here for access. Nike is a global company based in United States which employed more than 30000 people across the globe. When four Indonesian subcontractors are refused to abide by the company’s standard for wage levels and working condition, Nike terminated its relationship with them. A partner based in the foreign market you target can help you navigate the politics and customs of the area, make connections with customers and find employees. In 2011, Nike embarked on another superstar partnership with double amputee and runner Oscar Pistorius, pouring millions into global marketing campaigns and advertisements featuring the athlete in starting blocks with the phrase 'I am the bullet in the chamber.' Global marketing strategy, according to Oxford University Press, is 'marketing on a worldwide scale' taking note of differences, similarities, and opportunities in order to meet global objectives. It optimizes the manufacturing and production processes. Plant and equipment are the assets whose performance can be measured but Noto (2007) argued that brand name, reputation, particular technology and corporate culture with accumulated consumer information are some of the intangible assets which cannot be measured but are invaluable for a firm’s competitive advantage. Being present in footwear, sports equipment, clothing and many others Nike uses differentiated targeting strategy.Produc… Nike Entry Mode Global. Nike is the leading sports footwear and apparel company in the world. A newsletter published by Global exchange argued that most of the shoes of Nike are manufactured in countries like China and Indonesia which has governments that forbid independent unions and set the minimum wages so low that does not provide basic necessity of one person. Their strategy to win over the market share from Nike and Adidas consists of expanding a stable and original brand within record time, taking an innovative approach to their product line-up and brand-name appeal where the market seemed to be barren, and lastly, the company enters in the foreign market early on to establish its brand and influence markets outside of the US. Nike is accused of manufacturing its shoes under the sweatshop condition in Asian countries which make a large hue and cry among the media. No plagiarism, guaranteed! | {{course.flashcardSetCount}} This strategy facilitates the company’s growth by targeting new markets or market segments. 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. Even though the market gets bigger and bigger as the number of targeted countries increases, but the tools used for promotion are the same. 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. 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. 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. Where TV advertising is permitted it may reach only a limited number of households, due to limited ownership of TV’s as for example in South Africa, Nigeria or Indonesia. 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. The differentiation strategy of Nike is quite competitive so Nike should ensure any international marketing strategy it applies should enhance its superior brand name. Nike didn’t build its … The heart of Nike, Inc.’s growth strategy is innovation. In case you’re not familiar with franchising, it works like this: 1. Nike’s target market is largely consumers ages 15–45. A growth rate of 15% in one year and 7% over the last 7 years suggests that Nike is a big player in the market and is constantly playing at the same position. Disclaimer: This work has been submitted by a university student. Douglas and Wind (1987) suggested that a careful analysis of the forces driving towards globalisation and the obstacles to this approach will help the company to assess where the most attractive opportunities and the company’s differential advantage in exploiting these, appear to lie based on the strengths and weaknesses. You can view samples of our professional work here. Another factor affecting marketing strategy could be the technology, which is improving everyday and never predictable. A market entry strategy is where you spell out such all-important specifics. Go it alone 5 4. 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. The differentiation strategy of Nike is quite competitive so Nike should ensure any international marketing strategy it applies should enhance its superior brand name. Nike Success. Table 1 above gives the insights of financial structure of Nike plc, as it is clear from the figures in table 1 that Nike is strong in financial terms due to which it can increase its business globally. Emerging markets: Four entry strategies for small and midsized companies. Nike has focused its marketing efforts on the digital space in recent years. Young workers are paid low wages to work long hours and are exposed continuously to toxic substances in factories which can lead to serious health impairment. Enrolling in a course lets you earn progress by passing quizzes and exams. Its swoosh symbol is easily recognized by everyone. Services. Sustainability means profitability. Suitability of a market entry strategy. He suggested that for high quality of products most of the people around the world are ready to compromise their preferences in product features, functions and design. Nike’s Strengths – Internal Strategic Factors. 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 Which products should you export? Such clever marketing tactics have helped make Nike the icon for the new China. QuickMBA / Strategy / Foreign Market Entry. (www.forbes.com). Meaningful story – They’re selling more than a product; they’re selling aspiration. Starbucks International - Foreign Market Entry Strategy Starbucks International has gone beyond the normal philosophy of Starbucks, to create a re-birth of their product line in foreign countries. You create a successful brand (e.g. Cultural differences can also impede a country’s success. Typically in the United States, Starbucks owns its entire line of coffee-bar stores outright with no franchise investments or partnerships . Stout (1997) argued that this made a positive image of Nike in media and enhanced its public image in Asian countries. 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 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. Nike’s Strengths – Internal Strategic Factors. 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. Most companies are unaware of the potential of these markets and therefore these markets remain unexplored. The current ratio of -3 implies that company has sufficient liquid capital to enforce new marketing strategies and extending its business. “Since the earlier ’80s, we have been building close relations with Chinese consumers, no matter if they are athletes or sports lovers,” she said. STP strategy assists Nike to advertise its products by focusing on specific exclusive segment of the market (Ghauri and Cateora, 2014). "Nike welcomes the government's decision on foreign direct investment in … Direct investment brand. in journalism and marketing competitive advantage and how Nike been. 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