Executive Summary: Annual Marketing Plan

Executive Summary: Annual Marketing Plan
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Brief situation analysis
Nike is the leading retailer in the athletic footwear, apparel, and equipment industry and has diversified operations, which mitigate risks in the industry. Nike has its own exclusive stores, and the company’s products are sold in brick and mortar, different retailers, and across e-commerce platforms. The company also leverages a wide manufacturing base, and this reduces risks linked to geographic concentration. However, the company has also suffered lawsuits because of the company’s price misrepresentations. In the past, there were concerns about overseas labor and sweatshops. Nike has opportunities to expanding the retail market in the US and the international market, and there is also product innovation. Nonetheless, there is expansion by competitors, including Adidas and Puma.Marketing objective
* The marketing objective is to maintain and extend Nike’s competitiveness in the face of growing competition and slow growth in some of the traditional markets.
* Another objective is to improve more on market insights as the company’s marketing strategies depend on knowledge of the market.
* Providing high-quality sports footwear, apparel, and equipment products.Strategies
Innovation is a primary marketing strategy that focuses on the products. Nike has launched various innovative products and leveraged technology to improve athlete comfort (Brohi et al., 2016). However, Nike can still do more to research and patent the innovations, while also emphasizing the company’s innovativeness in advertising and marketing campaigns Nike needs to leverage more on the innovative marketing strategies with the sporting goods brand targeting new customer segments.
The brand portfolio is another important aspect of the company’s strategy with Nike able to serve different consumer segments and diversifying operations so Nike is not dependent on certain products or brands. Making distinctive brands for the sports performance market and the sport-lifestyle is beneficial to strengthen competitiveness. Since Nike has a wide manufacturing base, including a presence in low-cost Asian countries, there is the capacity to improve the brand portfolio to target a larger customer base. Product differentiation is an essential component of the company’s marketing strategy, and brand portfolio differentiation will improve competitiveness. Ideally, customers need to understand what differentiation Nike from other brands with quality and innovativeness helping Nike to appeal to a wider audience.
Nike supports using eco-friendly materials with research, science,...