Present Status and Future Development of Marketing at Nike Assignment

Present Status and Future Development of Marketing at Nike - Assignment Example Additionally, Nike’s marketing strategy has continued to evolve through diversification. For example, when Nike’s sales started to stagnate in 1988, it realized that solely focusing marketing efforts on specific market segments â€Å"could only grow sales and profits so far† (Hill & Jones, 2009). As a result, Nike diversified market development into other areas such as aerobics, golf, and basketball and implemented the 4Ps marketing mix; namely product, price, place, and promotion (Pride & Ferrell, 2008). Furthermore, Nike’s marketing strategy also involved entering new markets by purchasing established footwear companies such as Converse and Cole Haan (Hill & Jones, 2009, p.200). In addition to diversifying, Nike’s marketing strategy has been dramatically redefined in the 21st century as a result of the interrelationship between globalization and the e-commerce business model (Pride & Ferrell, 2008). The incoming of the second media age and multiple digital platforms have created new societal trends and business opportunities through the multimedia business model, which has challenged pre-existing methods of information dissemination. On one side of the spectrum, this has led to increasing commercialization of the customer, which is further reflected by changing consumer habits and multi-chain retail strategy (Vollmer & Precourt, 2008). On the other side of the spectrum, the digital era has redefined how the people interact with each other, thereby marking a shift in societal relationships and trends, which in turn informs cultural norms and enables innovation in building consumer/business relationships. Appurtenant to the digital revolution has been the radicalization of communication modes, with the inception of chat rooms, email, instant messaging and blogs.