Event Planning By Nike for the Launch of Athletic Shoes for Men (Term Paper Sample)

Event Planning By Nike for the Launch of Athletic Shoes for Men
Student’s name:
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Background information
NIKE is a company located in New York, United States. It has specialized in the production of quality sportswear. These include sports kits and footwear. The company stocks and sells an assortment of merchandises ranging from footwear to t-shirts and sporting goods for the following games: football, basketball, and athletics training equipment.
NIKE is a firm that focuses on economic growth. For instance, during an investors’ meeting recently, the management unveiled a revenue target of twenty-seven billion dollars ("New Products: Development, Promotion, and Advertising," 2015). The entity faces stiff competition from other players in the sporting equipment and sportswear manufacturer industry. These include companies like PUMA, ADIDAS, REEBOK and JOMA (Morgan, Magin, Huber, & Herrmann, 2014). Thus, the management has decided to come up with new products for athletes to cash in on the growing demand for men’s running shoes. These include shoes branded as run easy, run fast and run natural. They are all meant for athletes who participate in different categories. The idea is to come up with policies and products that will satisfy demands by the customers and assist the company to achieve the new set targets that focus on fiscal progression.
An event to launch the new products that includes all the stakeholders of NIKE, including customers and suppliers is to be organized. The occasion, to be held at Norfolk hotel, is meant to launch the new products the enterprise has manufactured and market them among the stakeholders. The President and Chief Executive Officer of the company, Mister Mark Parker, chose a team of four employees that would spearhead and make sure this upcoming event occurs as planned. I was included as the leader of the team, and we had to plan for the products launch incident.
Scope of the event
Nike is the leading sports brand and experienced interior and exterior threats. Internal dangers are from some of the staffs who may not be devoted at times. External threats originate from competitors and are related with internal extortions (Ponte, 2014). The competitors are developing new tactics on a daily basis, distinguishing their products, inventing new products, proceeding in expertise and manufacturing commodities in bulk. However, in this extremely competitive and subtle bazaar, Nike cannot sit back and make blunders such as Sweatshops in Asia and reprise child toil issues. Market bonds were seen faltering down due to dogmas of Nike in Asian republics. Odium for the marquee developed forcing clients to shift towards other brands. Thus, the company is obliged to draw up and launch new products through bringing on board all stakeholders that will help the business achieve the new set goals for commercial development.
Nike is a fashion brand among youths particularly teens. Teenagers get easily prejudiced by fashion, style, price and design. Youngsters specially Adolescences tend to buy more and are sometimes known as shopaholics, likened to the average population. Teens get straightforwardly swayed by stars and superstars and contemplate their brands as up to date and Style-oriented (Ponte, 2014). Nike spends have huge budgets on celebrities to ratify their products; and if they expand more, this will help upsurge their returns. These proceeds can be used by Nike to focus on their current product lines such as jewelry, shades, and sportswear and at the same time introduce new ones.
Nike can concentrate on new emergent markets such as China and India, two developing markets, to build up strong brand gratitude. China is a large souk rich of shoppers and Nike can promote their merchandises by pandering in their sporting activities. Global events in sports like athletics competitions are openings to sponsor and market Nike’s brand (Ponte, 2014). Other sports happenings such as rugby matches, boxing events can also be applied primarily in the forthcoming Olympic Games to build up and reinforce Nike’s worldwide product recognition.
Objectives
a) To achieve sustainably and long-term development across the establishment’s extensive collection of trademarks and businesses.
b) To increase income to $27 billion by the end of the financial year 2016 based on progression prospects athwart the portfolio, which comprise the NIKE Brand, Cole Haan, Converse, Hurley, Jordan Brand, NIKE Golf and Umbro.
c) To generate over $12 billion of snowballing free currencies flow from operations via 2016.
Research and information sources
Brand image
For every corporate exceptionality, it is vital to extricate themselves from their opponents. This is essential because when a brand is exclusive, individuals associate themselves with the brand. Therefore, it allows them to value your brand ("Improved image functions," 2008). Awareness of the brand comes from the different range of ideas, advertising, word of mouth, company portfolio, personal experience with that particular brand, and many more ("Crowning glory shared with customers," 2012). Nowadays, the trend is to follow and adapt something that sounds cool and looks cool, even if it's meaningless to the audience (Baker, 2012) Strong brand image pulls a customer to buy the company’s product, even if they are paying more (Sims 2001) and success of a brand depends on how well a brand's image and meaning is maintained over long term (Morgan, Magin, Huber, & Herrmann, 2014). Furthermore, firms must manage their brands by creating awareness so the brand’s positioning must be continuously communicated to the consumers.
Marketing Mix
Product: According to Jobber & Lancaster (2006), ‘Product decision’ is the type of service or product that should be offered. If a company has a strong brand image, customers will buy company’s product even if they have to pay more for it. Product prototype should be sampled before launching their products like Nike. As (Jobber & Lancaster, 2006) states that managing the product is, therefore, vital to a brand’s success. For a company to succeed it needs to improve its services, revise its market position, and its image besides managing it.
Promotion: Promotion covers the communication areas which include, sales promotion, advertisement, public relations, internet marketing, etc. ("Crowning glory shared with customers," 2012). This help enhances the awareness of the products benefits among the consumers. All of the communication areas mentioned have their strengths and weaknesses (Jobber & Lancaster, 2006).
People: People can turn out to be a great asset or a great weakness for businesses. The impact of variables highlighted as attached in appendices during market research help in critically analyzing the market research factors and opting for best tools of pricing of Niche products. Jobber & Lancaster (2006) mention that brand interaction is important with customers to create awareness of the brand. Likewise, for a company to overcome its weaknesses, the targeted audience (people) plays a pivotal role and helps a company, like Nike to shift from a bracket of threats to opportunities. Timely understanding and market research of a company’s weaknesses will prove helpful in overcoming the threats and move towards opportunities in the short and long run.
Place: Place is like a key to branding strategy, because if customers do not have a guide as to where to find the product how will they buy the brand ("Commercialization and Launch," n.d.). Businesses have to Target their audience and then set up their shops according to the demand of their products. Nike has been promoting its products globally and has targeted every country according to their market needs. Customers expect that a company delivers them high-quality products in the shortest time available. Access is improved through multisite locations (like McDonalds, KFC, Pizza Hut), where customers do not have to wait for long or their product delivery. Nike synchronizes supply in almost every major countries in Europe, Asia, Middle East and Africa and productivity problems are solved through its Multisite chains.
Budget
COMPONENTPARTICULARSCOST IN DOLLARSVenue hire (Norfolk Hotel)Hire fee80000Infrastructure Equipment hire2000Audio visual (lighting and sound)500Traffic management 300Security 150Program Travel and accommodation150000Entertainment 4500Catering Food and snacks7600Water 50Refreshment 120Marketing Design 500Print advertising10000TV13000Radio 8500Program 500Flyer 670Distribution / postage50Signage 47Photography 1300Media launch6500Administration Allowances for staff20000Allowances for stakeholders in attendance15000Stationary 50Decorations 100Contingency 10000TOTAL246437
Target market
The use of several stakeholders, when marketing or launching a new product will help Nike develop some corporate duty, guidelines, and slants. During the launch, we view partner’s engagement as a critical enabler of both jeopardy extenuation and novelty. Current record-holder athletes and previous champions will be invited to attract the attention of the present athletes.
The company has an expansive scope of stakeholders on a rolling basis, including persons in the civil societies, industry, and government (Morgan, Magin, Huber, & Herrmann, 2014). However, the occasion only targets all stakeholders in athletics. They include IAAF, athletics bodies for various countries and private marketing organizations like Athletics Solutions. They are from different geographical backgrounds worldwide. Thus, only the primary partners will be invited to the launch, and they ...