How Nike Dominated the Market
What may be trendy today may not be trendy tomorrow. If a brand is unable to stay relevant, then they suffer a risk of losing its market. Apart from maintaining relevance; other factors contribute to market dominance; they include marketing, quality, and varied designs. Nike was initially known as the blue ribbon company. Nike some of the things Nike deals include jazzy, sportswear, footwear, most of the Nikes production are for sports reasons. Most of the products produced by Nike have received positive reception and thus fitted in as casual wear.
Having long-term deals with superstars. Athletes with huge fan base are the key targets of Nike. For instance Nike may create a new sneaker design with the popularity of the brand these shoes are likely to sell and make profit. Nike is known to make long-term commitments with celebrities, unlike other brands. When Nike identify new and upcoming celebrities, they can grow with them until they are well known. With the many endorsements at the display of celebrities a company looking forward to dominating the market up their game to have the best deals.
Secondly, Nike has the best marketing strategies. Marketing involves making a brand known to its potential marketing. With a lot of people identifying with it has become easy for their marketing strategies to spread quickly. Nike also uses celebrities as a marketing strategy. When a celebrity wears the products of Nike then the products are usually associated with the class. Children like to identify with the celebrities they love.
Acquisition of companies has helped Nike to expand drastically. It is very hard to be a monopoly in the international market. Some of the companies in which Nike may have bought over the years include Cole Haan, Converse Shoe Company and Canstar Sports. BY buying out competing companies Nike has reduced competition. The facilities and workforce of the bought companies are used to create more expansion of the brand. This no strong completion Nike has managed to stay relevant in the market.
Standard products are a key factor which has led to Nike remaining relevant in the market. A produce or manufacturer only way of gaining customers trust is by ensuring that the good they produce are of the required standards. Faithful customers are the best they buy any new product from their esteemed company. Nike is known for quality sportswear to footwear. Despite the price of the Nike product, customers still buy knowing there is a low possibility of untimely replacement. Producing quality products over the years has made it impossible to come up with counterfeit.