In general, Nike has used all the marketing campaigns possible in the past but it should consider the availability of resources in the different country. This strategy facilitates the company’s growth by targeting new markets or market segments. China Market Entry Strategy – Map of China’s 33 Provinces and Administrative Regions. courses that prepare you to earn Because as Duguid (2005) suggests that such kind of business acquisition will be against interest of consumers and can lead to monopoly. 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. Nike’s entry strategy into China has been largely successful. What the Difference Between Cross-Selling & Upselling? The casestudy attempts to answer these questions and also identifies future outlook thatwould aid sportswear industry growth and NIKE in particular.Entry Strategy/Market DiscoveryAccording to company legend, NIKE‘s business model was developed by Knight whileattending Stanford Business School in the early 1960s. STP strategy assists Nike to advertise its products by focusing on specific exclusive segment of the market (Ghauri and Cateora, 2014). 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. 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. International market expansion is the primary mode of entry for Nike in Brazil. Nike has succeeded over the years in presenting its products in a way that resonates with an audience no matter where they're located. Nike has built much of its marketing and advertising with the help of superstar athletes and sports sponsorships. Suitability of a market entry strategy. In some markets buying an existing local company may be the most appropriate entry strategy. Already registered? It then goes on to describe the different forms of entry strategy, both direct and indirect exporting and foreign production, and the advantages and disadvantages connected with each method. Therefore, a reasonable marketing strategy should be analyzed to help the expansion of IKEA in Chinese market. Your business doesn't have to miss out, however. Plus, get practice tests, quizzes, and personalized coaching to help you As Levitt (1983) said a global producer’s patronage expands exponentially, when he offers his low cost internationally. It commissioned Ernst & Young, an independent organisation to audit its subcontractors’ overseas factories (Rourke, 2000). Company Registration No: 4964706. To better understand customer needs and market characteristics it is very important to develop established ties and alliances with traditional and non-traditional partners in that economy. April 2010; Journal of East-West Business 16(2):146-170; DOI: 10.1080/10669868.2010.486104. Get access risk-free for 30 days, How Does Tuition Reimbursement Benefit the Employer? Figure 1. Franchising is commonly used and a largely successful method of cross border market entry, however … Nike has the ability to influence a DIBC (Dynamic International Branding Capability) to shape the market opportunities around the brand. 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. 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This philosophy and determination determine the way they approach to corporate responsibility in today’s marketplace. Executive summary 1 Great potential, unknown risk 3 The right market strategy for you 3 1. Kindergarten Math Centers: Ideas, Activities & Games, How to View Grades and Export CSVs in Your Study.com Virtual Classroom, School Closures in Texas for Coronavirus: How TX Schools Can Teach Online, Tech and Engineering - Questions & Answers, Health and Medicine - Questions & Answers. 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 … Plus, continued innovation and product quality are keys to success. This essay will critically evaluate Nike’s current international strategy and help to identify Nike’s current strengths, weaknesses, opportunity and threats. Some countries may be against Nike’s methods, but Nike has to find a way to reach out. Additionally, not having a solid grasp of cultural preferences and expectations can impede marketing efforts. It allows the company to get an opportunity to locate in a region that has low production and labor costs, locate close to its target market and provide an opportunity for profit maximization. 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. It optimizes the manufacturing and production processes. The differentiation strategy of Nike is quite competitive so Nike should ensure any international marketing strategy it applies should enhance its superior brand name. Market entry requires a thorough analysis of the market, the goals of the company and its attitude to risk. Services. Keywords: emerging market, entry strategy, market entry, factors behind entry choice, entry mode, entry node, entry timing . However, there have been a few instances of marketing failures at Nike. Being present in footwear, sports equipment, clothing and many others Nike uses differentiated targeting strategy.Produc… All other trademarks and copyrights are the property of their respective owners. And to position a brand competently in a different country needs a great skill to understand all the circumstances. You can test out of the 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. The common objectives are – Foreign market entry; Risk/reward sharing 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. As Nike is operating in 4 different continents, the government legislations will be different for different countries. 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. What Can You Do With a Bachelor's in Marketing? 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. 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 captured approx. Looking for a flexible role? Nike has always come up with some innovative ideas. 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). 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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. This is not an example of the work produced by our Essay Writing Service. Nike has seen many ups and downs in the market and understands the value co-creation with customers. Moller et al. 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. succeed. Some of Nike's emotional branding tactics have included advertisements with phrasing like, 'Anticipate greatness' or 'Your only limit is you.'. 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. Go it alone 5 4. These ways can be a shade of company’s strength, potential and the level of interest in marketing. The research purpose of this thesis is to analyze a reasonable marketing entry strategy of IKEA for the further expansion in Chinese market. You want to start exporting or expand to a new foreign market. Nike’s target market is largely consumers ages 15–45. 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.' 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. 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. CBS 48 hours news report that these sweatshops are conducting their activities in unpleasant and unhealthy conditions. | {{course.flashcardSetCount}} We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. To unlock this lesson you must be a Study.com Member. Nike’s Strengths – Internal Strategic Factors. Stout (1997) argued that this made a positive image of Nike in media and enhanced its public image in Asian countries. Other Interesting Facts 10. 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. Tools for International Marketing Strategies. It is very difficult for Nike to control all the quality products around the world. 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. The simplest form of entry strategy is exporting using either a direct or indirect method such as an agent, in the case of the former, or countertrade, in the case of the latter. 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. 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. Invest in promotional activities will also be a good idea. References Nike's Strategy to Become the Leader in their Market. 3 India and IKEA which is also sourced locally, is going to open their first store in Hyderabad (ibid.). Plus, continued innovation and product quality are keys to success. All work is written to order. 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. 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. Nike Success. Such clever marketing tactics have helped make Nike the icon for the new China. Nike came in front and took this social responsibility to make a code of conduct to improve the working condition and to improve the conditions of workers and it has amended it time to time. Sciences, Culinary Arts and Personal Market development is a third strategy for consideration due to Nike's ability to geographically expand our product offerings. {{courseNav.course.topics.length}} chapters | The choice for a particular entrymodeis a critical determinant in the successful running of a foreign operation”. © copyright 2003-2020 Study.com. *You can also browse our support articles here >. 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. Nike should establish good relations with suppliers because they can affect business strategies. Here are a few of the ways Nike achieves success in reaching varied audiences with the right message. The decision of how to enter a foreign market can have a significant impact on the results. Realities on the ground change quickly and for an international business to stay ahead of the local and global competition, knowledge is power. Any strategy has to be clear and well-thought out, with partners chosen wisely. Although foreign companies in the b2c sector still remain focused on coastal cities, business-to-business markets are often far more geographically scattered. 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 activity of running is generally only introduced in a school setting in the form of forced physical education classes. What is the Difference Between Blended Learning & Distance Learning? Nike’s Strengths – Internal Strategic Factors. For marketing and selling Nike is already using Internet web mode, any future marketing strategy should consider telecommunications and information technology advancements as they can go on twitter, face book as these websites are mostly accessed by youngsters which could be the fan of Nike. 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. credit by exam that is accepted by over 1,500 colleges and universities. 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 one of the most successful companies on the globe, both from a sales standpoint and in their marketing initiatives. It's hard to find much fault with Nike's global marketing strategies because they do most everything well. Kicking off the list at #1 is franchising. According to Ni and Hu (2012) say that Shanghai qualit… DIBC is the ability to manage the international branding process as a dynamic capability. If you need assistance with writing your essay, our professional essay writing service is here to help! This essay will also consider the political, legal and cultural issues which Nike can face while implementing any strategies in international markets. Even though the market gets bigger and bigger as the number of targeted countries increases, but the tools used for promotion are the same. Businesses may have to use different market entry methods for different countries i.e. (L. Hill, 2009). So, Nike should consider in which market to sell, how to reduce pollution and ensure ‘fair’ terms of trade which are observed by suppliers. The type of media available as well as their reach and effectiveness differ from country to country. Now-a-days, growing health awareness will result in the demand of sports and fitness commodities (Moore, 2003). All rights reserved. Eisenhardt et al. Firstly, the government action certainly will have a great influence. Moller et al. - Structure, Uses & Benefits. This paper will talk about Nike’s global presence and how Nike has achieved success in past years. Direct exporting is selling directly into the market you have chosen using in the … 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. Direct Exporting. Work with a big pharma partner 4 2. (Hill, 2009). It cost the company millions of dollars. NIKE – Marketing StrategiesNIKE has 15 contract manufacturers in India (located in Karnataka, Tamil Nadu,Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttrakhand, andHaryana) that it has outsourced the manufacturing of its footwear and apparel.Market Expansion strategies Shared distribution channels among varied product lines lowering cost Large Size provides … Get the unbiased info you need to find the right school. Differentiation is one of the bases which allow Nike to gain competitive advantage. Image 6: Market Entry Strategy (Source: Gross2013) Some essential feature those are required for the market entry strategies for the Nike are as follows: Country Identification: Apart from the developed country to start their business, Nike has selected two countries – Nigeria and Bangladesh, where there is not much development until now. You create a successful brand (e.g. Nike is one of the pioneers of the manufacturing outsourcing strategy. Net income rose 4% to $1234.8B (www.nikebiz.com). The current acquisition of Reebok by Adidas makes this competition more intense. No plagiarism, guaranteed! 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. Now, PESTLE framework will help us to analyse the macro- environmental factors affecting Nike’s international marketing strategies and its business performance. Foreign Market Entry Strategies. Obviously, this deal will increase the amount of money spent on advertising from both the companies. Nike's Values 9. To ensure its international expansion, Nike is likewise focused on sustainability. Though Nike offers a full complement of athletic shoes ready to buy off of store shelves, they recognized that consumers have individual tastes and preferences, particularly consumers in other countries with varying cultural and societal differences. The three strategies are very closely linked. Free resources to assist you with your university studies! Dong said through localization in the Chinese market, Nike will draw inspiration to develop a stronger and competitive edge in the global market, the report said. The objective was to decrease waste in regards to cost of hiring labor and shipping, among others (Luo Sun, and Wang, 2011). Sustainability means profitability. (www.forbes.com). Karpin and Voola (2008) believe that consistency is the key aspect of brand management in the international context. 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 Some consumers however, prefer those products which caused less harm to others or which are produced in their own country and this is called ethical factor. According to them, their relentless focus to be better leads them to create the world’s most innovative sports equipments. 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. Disclaimer: This work has been submitted by a university student. Many a times Nike stores have been targeted by anti globalisation protestors. The major threat to Nike is the imitation that goes hand in hand in various markets which are affecting its revenues and businesses. because shortage of supply can play a big role in setting the pricing policies and applying the market strategies. Nike is accused of manufacturing its shoes under the sweatshop condition in Asian countries which make a large hue and cry among the media. Nike is established in 1972 by former university of Oregon star Phil Knight which is now one of the richest people in America. Which products should you export? Large corporations with massive amounts of capital tend to find entry into foreign markets easier than small businesses. Nike has customers around the globe and it remains informed and connected with its customers which gives Nike a new source of value. For example, Nike enters new markets in Africa … Title: Foreign Market Entry Strategies A case study of IKEA entering Indian market Purpose: The ... Nike has up to 400 franchise locations in . 31% of the global athletic footwear market. When it comes to Nike's bread and butter, basketball shoes over $100, domestic market share exceeds 95%. 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. 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. Another factor affecting marketing strategy could be the technology, which is improving everyday and never predictable. Case Study of Toyota: International Entry Strategies. Nike Entry Mode Global. Another section will talk about the never ending controversies which Nike has been facing due to its manufacturing factories in low labour countries. The use of campaigns, celebrity endorsements, advertisements, and sustainable manufacturing are international marketing strategies most people can agree on. Study for free with our range of university lectures! Or thinking of selling your products in foreign lands? 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). Note, however, that there are restrictions for foreign ownership in some industries. In particular, Nike uses individualized and customized social media channels to support various sports that are popular in a particular country. Global Marketing Degree Program Overviews, Global Marketing Manager: Job Description & Career Info, Associate in Arts Degree (AA): Marketing Degree Overview, Entry-Level Jobs for a Marketing Major: Career Information, Comparing Finance and Marketing MBA Programs. Website that displays entirely in nike foreign market entry strategy in presenting its products in a serious of quality in., potential and the level of market dominance, it works like this: 1, a company makes decision... The lesser prices offered by global producers a large number of local market conditions that culture and. Segment of the nike foreign market entry strategy produced by our essay writing service is here to help the expansion of in... Product offerings earn progress by passing quizzes and exams come from auxiliary brands and increased international strategy! Bigger Adidas a company makes a decision to enter an international business to stay ahead of the market, strategy. 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