Nike Inc. Analysis: Establish Long-Term Goals And Objectives

NIKE INC. ANALYSIS Your Name Course No. Professor UNIVERSITY 24TH MAY 2018 * Establish Long-term Goals and Objectives Nike’s long term goal is to double its business growth while reducing its carbon footprint by more than 50% (Ros, 2012). The company has a low environmental impact strategy that defines a low carbon future as a critical component of its strategic goals and objectives. Subsequently, Nike has three strategic long term objectives which are: Reduction of environmental impact, manufacturing restructuring and unleashing the full potential of human resource capacity (Jannarone, 2010). Part of Nike’s long term strategy is to create the future by use of sustainable innovation based on new business models and partnerships across the industry. The company aims to significantly diminish its environmental footprint in its entire product development life cycle, through significant reduction in carbon emission and energy consumption while minimizing wastage (Anonymous, 2010). Thus the company’s single long term strategy is to take full advantage of sustainableinnovation. And use it as a platform for promoting future growth while acting as a catalyst for change that will be a hallmark of environmental sustainability across the industry (Datamonitor, 2011). * Strategy Formulation. Nike’s strategy formulation process is underpinned by the company’s core goals and objectives. The company formulates its strategy based on areas of strategic interest namely environmental sustainability, sports promotion among the youth, empowering women and minority groups, transformation of manufacturing process, minimization of resource wastage, unleashing the fullest staff potential through promotion of creativity and diversity and promotion of an active lifestyle among the youth (Ros, 2012; Jannarone, 2010). * Indicate the markets that the company will pursue. Nike intends to pursue three types of categories namely women, youth athletes and runners (Datamonitor, 2011). The company plans to expand its women sports segment given that the women training segment has recently emerged as the fastest growing segment surpassing the men’s segment. By promoting youth athletes, the company is investing in future sports men and women especially in three sports: Basketball, soccer and athletics (Datamonitor, 2011). This is in line with the company’s strategy of creating future markets today. To reach these three market segments, the company uses a triple double approach. Nike’s triple double strategy is focused on the consumer and emphasizes three areas namely 2x innovation, 2x speed and 2x direct relationship with consumers (Datamonitor, 2016). Using double innovation, Nike hopes to unleash the full potential of its innovation strategy whereas the double speed approach will help reduce the product development life cycle by half using its newly launched express lane that accelerates product creation. * Specify the unique value the company will offer in the selected markets. Nike hopes that moving into these markets will help bring Nike products closer to its customers. This strategy will not only improve efficiency, but also product access convenience. Another unique value will be reduced product pricing in the selected markets (Datamoni...