Topic > Nike Market Expansion Strategies

IndexIntroductionResearch MethodsResearch QuestionCustomer Decision MakingMarketing StrategiesPositioning and Differentiation Market Niche PositioningRecommendationIntroductionNike is among the world's leading manufacturers of high-quality apparel, footwear, accessories and equipment. The company, whose history dates back to the 1960s, has expanded over the years to take on a global dimension with branches all over the world. However, the company is facing a shrinking market share due to stiff competition from other companies such as Puma, Adidas, Reebok and Li Ning, among others. The company must then carry out market research to identify measures on how to extend its market share and gain a competitive advantage over its rivals (Sutherland 2012). Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Research Methods The most appropriate research method to use to identify the market plan for Nike Company is the quantitative research approach. This is a research method that will involve both primary and secondary sources of information, describing the current phenomenon: contraction of market share and creation of relationships between variables (Emory 1976). Research tools such as interviews and questionnaires will be appropriate in data collection, after which the data collected from the target market segment will be analyzed to provide the company with the best approach to gain a competitive advantage. Research question The research will be guided by the research question flow; What approach should Nike take to increase its market share compared to its competitors? The research question should provide guidance towards an effective marketing approach that will influence customer purchasing behavior and improve Nike company sales. Customer Decision Making The Nike company produces clothing, footwear, and gaming equipment and tools. The market is aimed at all potential buyers, but particularly places emphasis on different players and athletes. In addition to players, most Nike products are purchased and used by fans and ordinary people. In this case my target market segment is the sports department. The problem is that most potential customers turn their attention to other sellers of similar products such as Puma and Reebok, thus leading to a reduction in sales of Nike products (Datamonitor 2002). It is therefore important to conduct marketing research that identifies the best approach to regain customer choice and preference. An analysis of customers' decision-making process is therefore important. According to Cadogan, J.W. (2009), the physiological traits that influence clients' decision making are matters such as beliefs and attitudes. In the field of sport for example, 'true fans' believe that the true fanatic wears sports gear similar to that of the player or team he supports. Targeting the most popular and supported games, clubs and players through this character will lead to increased sales of Nike products to fans. Another element is the demographic character such as age and gender. Young people, for example, will probably make impulse purchases because they are attracted by the product. The reference market, in this case, may be the youth market. Another element to consider are geographical characteristics. Highly populated regions will mean more customers and therefore more sales of the product (Cohen 1995). Marketing Strategies A good marketing strategy is derived from market research and optimization of the product mix in order to meet customer satisfaction,.