2. What are 7 P's of
Marketing?
PRODUCT
PRIZE PLACE
PEOPLE
PROCESS
PHYSICAL EVIDENCE
PROMOTION
3. PRODUCT
Nike offers a vast range of products, including sports shoes, apparel,
gear, and accessories.
It makes and sells products for men, women, boys, and girls. It also offers
a broad range of shoes of varieties and styles suited for use in various
sports.
For example, there are sports shoes for basketball, football, running, gym,
and even lifestyle shoes available from Nike.
It also offers sportswear like tech fleece and Windrunner for athletes,
shorts, t-shirts, and pants.
4.
5.
6. PRIZE
Nike does not set prices according to the market condition or the costs of
manufacturing. Instead, it sets prices according to the estimated value of a
product.
Nike focuses on supplying high-quality items at the correct price to provide the
greatest customer experience, whilst other firms believe that selling things at the
lowest possible price would increase sales.
For example, a customer who buys a pair of Nike shoes for $100 will feel that they
got a good deal because the customer knows that the shoes are worth more than
what was paid.
7. PLACE
Nike has 1000+ shops all over the world and offices
located in 45 countries outside the US. Most of the Nike
products are sold in retail shops as many customers prefer
to physically select the products by trying on sportswear.
Retail stores are easily available in every city and it is
convenient for customers to find Nike products.
The company has its outlet named Niketown.
They have a customization booth, service, professionals
zone where you can take advice for the right product. The
customer’s shopping experience is made unique and is
valued.
9. PROMOTION
Nike depends on the effective promotion of its products to
maintain a strong brand image.
This element of the marketing mix deals with the tactics the
firm uses to communicate with its target market.
Nike's promotional activities according to significance:
Advertising, Personal Selling, Direct marketing, Sales
promotions, Public relations
10.
11. PHYSICAL EVIDENCE
Nike try to understand the customers perspective. They do this by
providing physical evidence they can see and feel to the customer
before they can see the end product
For example they show demonstrations of new products before they
are actually out. They provide advertisements and videos of new
products to explain what the customer can expect. In most cases
this is when they use professional sports athletes to try out the
products and demonstrate what they can do.
12. The video is an example of this it was created to demonstrate the Nike
LeBron 17 before their release this gives the customers a feel of what the
product will be like.
13. PROCESS
Nike has outsourced nearly all of its production to external suppliers. It leaves the
company free to focus on all the other essential business processes.
The faster growth and business expansion of the company is because of its focus
on marketing, product design and innovation. The company is primarily involved in
marketing, distribution, and store operations. Nike has optimized its value chain for
maximizing output and faster growth.
It invests a significant sum each year in marketing as well as research and
development to achieve more growth. The company’s focus on higher efficiency of
business processes has also helped it maintain its growth momentum.
