The Marketing Strategy Of Nike

2833 Words Dec 29th, 2014 12 Pages
Growth strategies are used by businesses to enhance their sales and produce various products that are aimed at their target market as well as building and improving each time to consume maximum profit. One of the strategies includes market penetration; this is when a business sells the same products to an existing market. This means that whatever the products the company are selling to a particular market are being sold effectively, this usually exists of basic products the company have produced for example Nike are very efficient in the selling of sports trainers and clothing as the existing market always buy these products.
Product development: is when a business produces a new product that is aimed the existing market, to befit the customers that have different desires. This is beneficial to businesses as it increases their overall sales in addition expanding their range of products. Nike redesigned their branding strategy by using terms such as Nike ID, Nike+ and nike5. Nike ID enables customers to personalise their own shoes, and Nike+ is an app that customers can download to help them with their workouts and measure amount of exercise they have done, e.g. Nike+ running app, Nike+ coach and Nike+ challenges.
Market development: is another strategy that businesses use, this is the processes of selling existing products to a new market; for example Nike developed their market from America to china, Russia India, brazil etc. These are all multi-billion dollar markets. This…

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