Nike was founded in 1964 and is headquartered in Oregon. It started as Blue Ribbon Sports and changed its name to Nike in 1978. In the 1970s, Nike's growth was aided by the rising popularity of running and new shoe technologies. However, in the 1980s Nike faced declining sales as competitors entered the market and Nike's styles became outdated. To recover, Nike focused on innovation, targeted different customer segments, and strengthened its global production and marketing. Today Nike has a large market share worldwide.