The Marketing Mix
The marketing mix is a significant tool that allows a brand to consider ongoing different aspects when effectively promoting themselves and their products. The marketing mix comprises the ‘’4 P’s’’: Price, Promotion, Product and Place. More recently 3 more P’s have been added: People, Physical Evidence and Process.
Assessing these ‘’P’s’’ help create the foundation and provide broad guidelines on how a brand links in and is a key aspect of overall marketing strategies and approach.
Nike
Nike is the leading sportswear brand of the world, with an estimated brand value of 34.8 billion US dollars. Nike and its swoosh is a worldwide brand that focuses on apparel, footwear, and sporting accessories. Nike currently holds at number 90 in the US Fortune 500 List of Companies.
Nike can attract new customers and retain old ones through their marketing mix techniques whether it’s online, instore, television, social media, or word of mouth with their traditional and modern methods of marketing.
Nike’s Marketing Mix — 4 P’s
Price
Nike considers the current marketing conditions when setting its price ranges for their products. To determine this, they measure the overall value of what customers are willing to pay for every product before setting the amount, which helps retain customers. By using this pricing strategy, profits have been raised significantly.
As market leaders in sportswear and equipment, Nike sets their products at a premium price with their high quality goods. Nike has timely discounts such as ‘’Easter Sales’’ online and in stores which help attract new and retain customers. Customers can sign up for news and offers in order to be the first to hear.
Promotion
Nike heavily relies on sponsorship to promote their band. Nike has a large number of brand ambassadors from all different backgrounds, countries, and professions. These individuals include Mo Farah, Steph Curry, Serena Williams, LeBron James, Rafael Nadal, Christiano Ronaldo, and Tiger Woods. Nike also sponsors teams and competitions such as those in the NBA, NFL and Cricket. This ensures wall to wall exposure of the Nike brand on social media (both corporate and on Ambassador’s personal accounts) and on tv and print media.
Nike is extremely successful in promoting its brand and products by communicating to everyone at all ages and platforms such as offline and online — Instagram, Twitter, YouTube and Facebook reaching millions of people. In February 2020, Nike was number 19 on the ‘’most followers on an Instagram’’ list with 101 million followers. This reinforces Nike being seen as a customer valued brand.
Product
The Nike Swoosh is one of the most recognisable logos in the world — you can’t miss it and relate to its ethos! Although originally just a company for shoes, Nike now produces a variety of products such as clothing and equipment designed specifically for sports. It is the marketing leader in sportswear but still gains its most revenue from sporting shoes.
Nike is constantly adding new lines to the brand such as new sports e.g. shoes specifically for skateboarding. Nike products are sold under a variety of sub-brands to create distinctive products eg Air Jordan, Converse (acquired in 2003 for $305 million) and Hurley. To make their brand unique, customers are able to customise features of products.
Place
Nike employs over 76,000 people and operates 1152 retail stores worldwide (2019). Having a large number of retail stores ensures that customers can easily access the products physically. Nike operates in retail stores, online and its company owned stores named ‘’Niketown’’ with locations all over the world. Niketown stores are very interactive with live DJ’s, customisation booths, several floors dedicated to sports and special events to make the customer experience unique and valued — shopping becomes an experience in itself.
They also showcase their products in department stores, larger sports stores and other online e-commerce platforms such as Amazon. Like their online presence, their physical stores are easy to navigate with lots of room to relax and try on sportswear.
Conclusion
In conclusion, Nike uses its promotional tools in a way that their competitors don’t. Their marketing mix is constantly evolving, with the focus always on the customer and creating that unique bond. As a result, its products will always have a premium value which means its marketing mix ensures the business will thrive. They have built a powerful brand that inspires people to become and remain loyal customers.
Using the marketing mix helps break down key components of their promotion strategy. Brands and businesses that can identify areas of development in their marketing mix to deliver what their customers want will ultimately see greater results and become more sustainable and agile.