MKT 345 Final Project
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Marketing
Date
Feb 20, 2024
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NIKE
MKT 345 – FINAL PROJECT
ELIZABETH HAUCK
NIKE OVERVIEW
Nike is the largest athletic shoe and apparel company in the world and is an esteemed brand among professional sports businesses and athletes. The company was founded in 1964 by Phil Knight and Bill Bowerman and the brand is valued at more than 33 billion USD. Nike dominates the market even with several strong competitors including:
Adidas
Puma
Under Armor
Success comes from their digital marketing strategy and building connections with consumers, creating a story behind the brand, and offering both unique and quality products.
MARKET SEGMENTATION
It is critical for marketers to understand that a consumer has diverse needs. For them to properly understand both the wants and needs of their potential consumer, they must divide them into market segments based on the following:
Demographics
Behaviors
Location
Purchasing Habits
Other factors that influence their purchasing patterns.
Market segmentation is dividing the population into subgroups based on certain criteria such as demographics, psychographic, behavioral, and geographic.
DEMOGRAPHIC SEGMENT
•
Gender
•
67% Male, 33% Female
•
Age
•
15-50 years old
•
Education
•
College Degree:
•
Associates, Bachelor, and/or higher
•
Income
•
Upper-Middle Class •
Upper Class
Demographi
c Segmentatio
n
BEHAVIORAL SEGMENT
Sports Enthusiast Interested in an active and healthy lifestyle
Tech Savvy
Up-to-date with Fashion Trends
GEOGRAPHIC SEGMENT
Nike’s target market is located all around the world, but mostly in urban areas. Nike generates more revenue from North America than any other region they are in. Resource: http://www.statista.com
Above is Nike’s revenue worldwide from according fiscal years 2017-2022 based by region (in million U.S. dollars
):
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