Marketing Strategy and Economic Changes Essay

Marketing Strategy and stinting Changes admittance            Many compositions and railway line entities rescue genuine and hyperbolizeed their operations crosswise the domain as a result of the keen festerings which clear been fancyd in various economies crosswise the military personnel. One of the study issues that name contributed to the exploitation of cheek is their strategies in swoping their products and services so that the consumers be cognisant of what they argon offering. Marketing strategies when implemented powerful often bring goodish reverts to a alliance in toll of increase mart place sh be, increased sales as s swell up up as increase in the profitability(Larson, 2011).            Failure of a go with to prevail resultant roleive merchandise outline raise result in failure and grant of the business since the corporation is not cap subject to pr omote its products and allure the purchasing deportment of the consumers (Parker, 2011). It is important that an organization should formulate a selling strategy that leave modify it realize its objectives and goals in the short and large run. However, at that place are changes in the sparing which may change the merchandise strategies which an organization applies for its products so that it erect be able to pacify in the mart. Economic issues much(prenominal) corner and depression in the sparing may force a connection or an organization to change the strategies and make hot ones that exit not carry on the go with opposely. Nike Inc is a multinational organization that deals in athletic wear in terms of c quite a littlehes as well as shoes for all groups of people(Nike The next Of Marketing, 2012).Nike Inc            Nike Inc is a universewide known leaf blade of sportswear designer, manufacturer as well as dis tributor and seller across the worldly concern. The attach to is known to produce one of the authorise quality steels of products that are used across different sports in the world. The union has been in the forefront in ensuring that its food marketing strategies are effective and capture the market as well as help it stay on top of the competition(Zakrevskaya, & adenineereMastracci, 2013). The marketing strategies which the community has been employ overwhelm mail promotion and commercials with the endorsement of famous celebrities in the sports field. The company uses successful sports professionals, college teams as well as celebrities who they sponsor using their products(Nike The upcoming Of Marketing, 2012).            When the successful sports professional such as Michael Jordan are seen by consumers to use the products of the company, in that respect are higher(prenominal) chances that the consumers pass on be inf luenced to purchase the products since someone that is successful has recommended them and likewise makes use of them(Larson, 2011). This marketing strategy of using celebrities and successful sports persons builds the notion in consumers that they too place have the same experience as the sports persons that use the same products and excessively show their association with the persons of their choice. The company has as well made use of marketing cleavage as part of its marketing strategy. Nike Inc has absolute studyity of the sportsmen as its consumers (Nike The Future Of Marketing, 2012).            However, changes in the ball-shaped economy can have negative impacts and influence the marketing strategies of the company. As mentioned earlier, frugal reckons such as the occurrence of receding, as well as depression are some of the frugal factors which can influence and impact the marketing strategies of the company(DATAMONIT OR NIKE, Inc., 2012). The impacts of the economic changes can be analysed in terms of the effect on the competitive reward of the company, targeting, market segmentation as well as positioning in addition to mark of products. continues of Economic ChangesCompetitive Advantage            Economic recession and depression are the major economic changes that can spectacularly affect the marketing strategies that Nike Inc applies. During the economic recession and depression, it center that at that place is less(prenominal) supply of hard cash and that people do not have enough to sustain their normal purchasing doings(Zakrevskaya, & deoxyadenosine monophosphateMastracci, 2013). The products that Nike Inc offers to the consumers, especially the sportsmen are often of high impairment. turning point and depression result convey that the company entrust have to date for new marketing strategies which can even-tempered help sustain i ts profitability. Sponsoring of the sportsmen is the uncomplicated marketing strategy which the company has used for numerous years and has been seen to be effective (OnurTa, & angstrom unitCunediolu, 2014).            Therefore, during recession and depression, Nike Inc will be squeeze to forgo some of the sponsorships since it will not be able to sustain the sponsorships which are often free to the athletes in return for the athletes wearing the brands of the company(DATAMONITOR NIKE, Inc., 2012). The company would want to contract its costs in sponsoring during the recessions and depression since many an different(prenominal) people at this time do not have enough bullion to spare which they can spend on high-end products such as those of Nike. Companies that produce ministration products which are cheaper will have an added advantage compared to Nike (Groucutt, Forsyth, & angstromLeadley, 2004). Consumers would want to purchase less of the high-end products thusly accusing Nike Inc to lose its competitive advantage to the competitors that offer cheaper products.Segmentation, Targeting and Positioning            Nike Inc is a well-known brand and often uses marketing segmentation as a musical mode of promoting is products. The market segment that the company has set-aside(p) in is the sportsmen segment in the market (DATAMONITOR NIKE, Inc., 2012). The primary target has been athletes and people that hire in sporting activities across the world from different age groups. This means that the company relies heavily on sports to promote and sell its products. Therefore, when there is economic recession and depression, the company may want to adapt a new market segment, that of those that are not involved in sports(OnurTa, & angstrom unitCunediolu, 2014). However, the marketing segmentation and targeting of the non-sporting groups will mean that the company has to a d merely the pricing of its products.            Furthermore, the targeting strategy of the company will be affected negatively since it will need to change from just sponsorship of the sportsmen but also to check on diversity of its products. Under positioning in the market, Nike Inc has been able to position itself strategically across the globe in many countries(Zakrevskaya, & adenosine monophosphateMastracci, 2013). The company operates in different countries hence has a ball-shaped presence which is good for the company. The economic recession and depression will not have a major impact on the positioning of the company as it already has a orbicular presence. However, it may have to look at other markets that are developing where the market may not be greatly affected by the changes in the worldwide economy(MacEwan, & Miller, 2011).Branding            The other outlook of marketing st rategy that may be affected by the negative economic changes in the world(a) economy is brand. Nike Inc has been find to have a unafraid brand that commands a huge market destiny as compared to other competitors(Lee, & Ha, 2012). The branding of the companys product will not be affected since the company has a fully established brand that is well known and has a great market share in sports.Impact on Consumer Behaviour            Changes in the orbicular economy, especially issues such as recession and depression in the economy will have an impact on the consumer behaviour and how they make their purchasing decisions especially regarding the products of Nike Inc(MacEwan, & Miller, 2011). Consumers depend on their income to purchase products and when the global economy faces issue such as recession and depression, their income is likely to be affected. Therefore, the consumers in this case will shy out from high-end products sin ce they are expensive.            According to the law of subscribe to, when the price of an item is high, there are chances that the beg may decline. Income is a determinant factor hence the purchasing behaviour of the consumers will change with consumers anticipateing for more pressing needs such as forage and clothing and other needs or else of spending their money on sportswear (Zakrevskaya, &Mastracci, 2013). Therefore, Nike will be obligate to seek alternative marketing strategy which will still appeal to the consumers such as offering of discounts and providing affordable products. Consumers during recession and depression will often seek for substitute products that can still rifle the same way as the primary product hence they will take to purchase other types of clothing that can still perform the functions of Nike products.Growth Opportunities            The global economy is constantly experiencing growth which continues to nominate opportunities for many companies in the world, Nike Inc included, to grow and expand on their business. Nike Inc has say-so for growth in various areas based on the scientific developments which have continued to increase design and creativity (MacEwan, & Miller, 2011). Furthermore, the many policies in various countries on business have been changed to open up borders for international believe in various countries across the world which means an increase in the potential market for the products of the company. The growth opportunities that the company has include the ripening global market for footgear as well as the growing luck in online retail.Global footwear market            Over the recent years, there has been tremendous growth that has been experienced in the global market on footwear which provides Nike with an excellent opportunity to grow its business (NIK E, Inc. SWOT Analysis, 2014). The company has a strong brand portfolio as well as strong marketing strategies which if properly managed will enhance the business. As mentioned, there has been a lot of reduction in business deal barriers in many countries across the world through trade treaties which have overt up new markets especially salt away developing countries.            The global market for footwear has grown over the years and in the year 2012 the revenue generated amounted to about $256.6 billion. The European markets as well as the Asiatic markets have also experienced growth over the years which provide a great opportunity for the growth of the company (Lee, & Ha, 2012). The global footwear market is poised to grow a lot and hence Nike should take up the opportunity since there is a growing demand among consumers for footwear products that are comfortable.Online Retail          &nbs p The other growth opportunity that Nike Inc has is online retailing. Over the years, there has been a growing trend among consumers to make purchases online as a result of the technological as well as the development of the internet(NIKE, Inc. SWOT Analysis, 2014). Consumers over the recent one-time(prenominal) have been seen to prefer online purchasing which they consider to be affordable, efficient as well as convenient. Therefore, Nike Inc, through its website and creation of an online strain for its products, can growth in the futurity (Larson, 2011).ReferencesDATAMONITOR NIKE, Inc. (2012). 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