This creates a sense of security for the companies that have been able to create a niche. Primary research provides two basic forms, exploratory and specific. While retaining our company's long-standing tradition of placing performance through new-product development as a top priority, a never-before seen element of fashion will receive a second-place priority built into our products and image. Exploratory research does not aim for specific results or data points. Businesses must extend their vision, learn more and then apply their functions to attract maximum people of different demographics.
Great and in-depth post about marketing! Although survey error is applicable to this question as well, we can conclude that nearly 75% of consumers have purchased 3 or more items of athletic wear in the past year. For example, if you noticed your website was not producing any sales and you chose to interview users to determine any problems, they might say they found it hard to navigate the site or they found it overwhelming and too content-heavy. Most importantly, we will continue to meet the ever-changing needs of our customers, through product innovation. As the graph below illustrates, net income has been volatile in the latter half of the 90's. General recession and sluggish market conditions in the industry also have had a direct impact on lower sales and profitability. The current domestic industry focus is on casual and comfortable shoes.
Market Research Methods: An Overview The most basic classification of market research is. The industry average of 21. Hence, all businesses must make it a point to do a little bit of both the research works. The greatest benefit of this technique is that researchers can measure actual behavior, as opposed to user-reported behavior. By employing this simple market research experiment on which website images performed better, Obama was able to maximize contributions in a major way.
Knight Chairman of the Board and Chief Executive Officer, Nike, Inc. Invoice Submission Process Invoices must include the following information or will be returned to you for correction: Detailed description of the goods or services provided. While in general this is a good policy to abide by, at times Nike would be better served by a management team that can react more quickly to given information. Nike India has a large marketing network with over 1,500 showrooms, 27 wholesale depots and eight retail distribution centers across the country. Incorporating fashion into our products is one way to achieve this strategy. One major downside to primary market research is cost. The Swoosh was meant to symbolize a wing of the Greek Goddess.
There are many examples of observational research. Industry Entry and Exit Barriers Entry Barriers The athletic footwear industry is a very competitive and mature market. Percentages of respondents answered similarly are calculated and placed in a table. Keeping this in mind, present study will find out and analyse consumer behaviour towards Nike footwear. Speedskating team in the 2002 Winter Olympics in Salt Lake City, Utah. Social Responsibility - Strength In response to accusations by consumer groups over unfair labor practices, Nike has developed a Corporate Responsibility Policy that discusses how we will improve working conditions for our international employees.
Nike is a global brand. While Nike has had various policies in place, weaknesses still exist in regards to labor policies in overseas locations. It is a seller of athletic footwear and athletic apparel in the world. Our focus also allows us to maintain a somewhat narrow niche that enables us to effectively capture the needs and wants of our consumers. Focus groups fall under the qualitative research method and help businesses know a lot about customer or market trends. Consequently, long-time competitors like Saucony and K-Swiss have been struggling for years just to keep their brands alive.
This cutthroat environment has hindered the entry of new competitors. Competitive Strategies - Strength The competitive strategy that Nike introduced at the end of the 1990's concentrates on honing the focus of our marketing strategies and product offerings through product differentiation. Have you bought any customized or personalized footwear? Specific primary research routinely involves interviews and is very precise. Such high value items do tend to have associated with them, high profits. Distribution through E-commerce - Strength Nike has taken the lead in e-commerce by being the first to market with its e-commerce web-site. But Simonson argues some companies can take the concept too far, like the Custom Foot chain of shoe stores that took detailed measurements and specifications from each customer to design one-of-a-kind shoes. Pressure groups Opportunity An opportunity produced by pressure groups is the ability to react in a positive manner to concerns of the public as well as customers.
This brand power translates into bottom-line revenues. For instance, if you are launching a new website and want feedback regarding its design and efficacy, the research firm you retain would share the site with focus groups in order to gauge their responses to the website. By being the first to market, Nike enables itself to become established while competitors rush to join us. This could have altered our data two ways: 1 Alternating answers to make themselves look better. Reducing inventory levels was a key initiative for Nike in fiscal year 1999. To exploit this opportunity, Nike needs to focus on who the next generation of loyal customers will be and cater to their needs. The project report then goes on to the customer analysis section.
Please check the one box that best indicates how well the statement describes you personally. Regardless of this year's decline, Nike Inc. Kangan for her kind help and encouragement. Doing the research like you have listed will definitely lead to finding that target audience and discovering new and better ways to communicate with them. Product: The product range of Nike comprise of shoes, sportswear, watches etc. Management of Debt - Weakness Despite the lower percentage of assets that are borrowed to finance Nike, our times interest earned ratio is weaker than the industry average. The pricing is based on the basis of premium segment as target customers.
This is needed to create a distinction between demographics, choices, genders, and personalities, etc. Corporate Objectives — Weakness Nike has no published corporate objectives in relation to the overall company. Nike is strong at research and development, as is evidenced by its evolving and innovative product range. Suppliers: Factories in Asia which supply the labor for creating the products. This certainly shows your concern and care for customer satisfaction and your strong understanding of what your customers expect of your company. So if one store charges a price for a pair of sports shoes, the consumer could go to the store along the street to compare prices for the exactly the same item, and buy the cheaper of the two. These kinds of instances show that Nike has limited control over its contract manufacturers.