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Nike Bar Will Open Every Day from 8 Am to 12 Am, and These Opening Hours Are Not Provided by Its Competitors

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Nike Bar Will Open Every Day from 8 Am to 12 Am, and These Opening Hours Are Not Provided by Its Competitors 2 MARKETING PLAN FOR BRAND EXTENSION Watsamonwan Jankham Kristina Akhrarova Angela Lin 3 CONTENTS 4 Executive Summary - 6 The Business - 8 Brand Extension - 24 Marketing Plan - 40 Marketing 4Ps - 70 Financial Plan - 94 Work Cited - 98 5 EXECUTIVE SUMMARY 6 Now, the quality of life has become very important for many people who care about their fitness and leisure time. Nike, which has been known about one of the biggest activewear brands all over the world, keeps announcing that exercise is the best way to keep healthy. Due to the red ocean of activewear market, Nike can use another way to enhance its overall business, bringing lifestyle into a real life by creating a space to connect customers and increase an in-store experience could pioneer an innovative business model. By creating a lifestyle bar of Nike, it could increase the engagement of customers, making a difference from its competitors. Nike Bar will open every day from 8 am to 12 am, and these opening hours are not provided by its competitors. Nike Bar will be a space that people can spend their leisure time with their friends or individually, and fun entertainment, alcohol and healthy food will be offered. However, fitness is not equivalent to alcohol. This will be a threat for Nike to affect its business value. Maintaining the atmosphere of the bar and keeping the environment positive and energetic would be a challenge for us. We believe that through Nike Bar, we can represent a new lifestyle for people that they can not only balance their daily duties but also enjoy lives. 7 8 THE BUSINESS 9 ABOUT NIKE Nike, Inc. is a global leader in design, marketing and distribution of athletic footwear, apparel, equipment and accessories. The company's operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and other emerging markets. They mainly market their products under their own brand, Nike, however their company's portfolio include subsidiaries such as the brand Jordan, Hurley International and Converse. 10 MISSION Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.) VISION “ We create innovative, must-have products. We build deep, personal connections with consumers. We deliver an integrated marketplace with compelling retail experiences.” 11 HISTORY OF NIKE NIKE founds as Blue Ribbon Sports. 1962 Officially becomes NIKE Inc. 1971 NIKE signs Micheal Jordan. 1984 The slogan "Just Do It" is coined. Portland It was inspired by serial killer, Gary Gilmore. 1988 First NikeTown outlet opens in Portland. 1990 NIKE begins and $8 billion stock buy-back program and employees more than 44,000 people worldwide. 2012 NIKE unvuils its biggest footwear and tech innovations. 2016 12 BUSINESS STRUCTURE According to NIKE.com, NIKE sells its products to retail accounts, through NIKE-owned in-line, factory retail stores, NIKE-owned internet websites and mobile applications, and through a mix of independent distributors, licensees and sales representatives in virtually all countries around the world. Virtually all of their products are manufactured by independent contractors. Their sourcing strategy prioritizes and favors these suppliers that show demonstrable leadership in corporate responsibility and sustainability and who seek to move beyond minimum standards. NIKE has approximately 70,700 employees, and its revenue grows every year recently. The following chart is the growing revenue from 2014 to 2016. 30 20 Billions 10 2014 2015 2016 2017 MARK G. PARKER The Chairman of the Board of Directors of NIKE President and Chief Executive Officer and a director since 2006 Multiple brands and lines of Nike Company 13 TARGET CUSTOMER Males and Females 15-40 years old NIKE targets people who enjoy doing sport and activities. They are positive and confident, willing to challenge themselves and have goals in their life. They hang out with friends and travel locally and abroad. People care about good quality products at a reasonable price and care more about having experience about products. 14 CURRENT MARKETING STRATEGIES - Sustainability - Innovative - High quality product - Fashionable and functional - Strong product portfolio Nike distributes its products worldwide through different channels such as resellers, supermarkets, e-commerce sites, retailers, licensees and company-owned outlets. Nike is the well-known brand globally and its association with the various sports events. 15 BRAND POSITIONING The brand Nike has positioned itself in the minds of the consumer as a high-end product which is quite costly but the value for money with its service , quality and design. 16 CURRENT MARKETING MIX PRODUCT Nike focuses their products in ten key categories by function: Running, NIKE Basketball, The Jordan Brand, Football, Men’s Training, Women’s Training, Action Sports, Sportswear, Golf, Kidswear Shoes $89.97 - $250.00 MEN Accessories & Equipment $3.00 - $429.00 Clothing $13.97 - $750.00 Shoes $54.97 - $250.00 WOMEN Accessories & Equipment $3.00 - $429.00 Clothing $12.97 - $700.00 Shoes $34.97 - $195.00 KIDS Accessories & Equipment $3.00 - $99.00 Clothing $9.97 - $230.00 17 PRICE Nike provides trendy shoes at reasonable price in all its international stores as compared to other competing international brands, and odd pricing appeals to certain customer interests. Shoes : $34.97 ~ $250.00 Clothing : $9.97 ~ $750.00 Accessories : $3.00 ~ $429.00 18 DISTRIBUTION NIKE distributes its products through three major channels that is selling products to wholesalers in the United state and international markets, direct-to-consumer sales which include in line and factory retail outlets and e-commerce sales through www.nike.com. sales to global brand divisions. NIKE has four types of stores: NIKE Brand factory stores NIKE Brand in-line stores (including employee-only stores) Converse stores (including factory stores) Hurley stores(including factory and employee stores) United States Market : 384 stores Non-U.S. Retail Stores : 758 stores 19 PROMOTION -Social Media Instagram, Facebook -Discounts Sale online, Seasonal events, Clearance -Loyalty Program Nikeplus Membership -Advertisement TV, Youtube, Advertising board 20 CURRENT COMPETITION DIRECT STRENGTH : Adidas has an effective distribution system for their products available through different channels. WEAKNESS : Limited budget allocation to advertisement. STRENGTH : Low selling price than other competitors and Eco-friendly products. WEAKNESS : Very short range of target market. STRENGTH : Offer good product quality at affordable price. WEAKNESS : New balance has limited market share growth because of global competitors. INDIRECT 21 SWOT ANALYSIS STRENGTHS -Market position with a strong brand portfolio. -Focus on R&D activities. -Multi-channel approach both online and physical as well as other channels. -Nike has a significant amount of brand equity in terms of recognition and appeal around the world tied to its status among celebrities and sports professionals. WEAKNESSES -Dependence on independent contract manufacturers. -Increasing marketing and overhead operating expenses. OPPORTUNITIES -Growing global footwear market. -Growing online retail channel. THREATS -Growth in counterfeit products. -Intense competition. 22 COMPETITIVE ADVANTAGES AND COMPETENCIES - Largest athletic clothing company in the world - Comprehensive distribution channel - Various categories provided to consumers - Having famous and positive brand image 23 24 BRAND EXTENSION 25 THE CONCEPT & MARKETING OBJECTIVES 26 - Exposure to a new market which is food industry - Increase brand awareness. - Approach more customers rather than only customers who purchase apparel. - Test extension of future goals. Ex Nike can collaborate with beverage industry to develop co-branded drinks. - Provide a Nike lifestyle concept store. - Increase profits by engaging potential customers to buy NIKE’s products. - Announce that people can work hard and also enjoy their life, and also how to make their life healthier. 27 SITUATION ANALYSIS 28 MACRO ENVIRONMENT POLITICAL According to USA Today, bars are affected by the biggest political issue, which covers wage hikes and immigration laws. Bars have to compliance challenges, such as the Americans with Disability Act, mandatory health care, paid/unpaid leaves, tip allowances and union organizing. According to U.S. Food & Drug Administration, bars should provide healthy nutrition due to strong political ideology, considering childhood obesity, diet-related diseases, food safety, menu labeling and allergen. ECONOMIC An average single person monthly costs is $1,184.49 without rent. Rent per month for Apartment (1 bedroom) in City Centre is $ 3, 323.87. Average Monthly Net Salary (after tax) is $4,973.90. These stable economic progress will provide customers’ solvency. Also, the State of California attracts hundreds of millions of visitors annually. The effects of travel and tourism on California’s economy are significant. This provide stable income and large turnover of customers per day. Nike Bar can attract different aged people and provide healthy service. 29 SOCIAL Labor pool is growing in USA. Average living has become longer and it has caused paying more pension to their employees. Furthermore, a good social status means everything for modern corporations. Worldwide “health consciousness” idea is spreading fast and forces people to move towards better lifestyles. These people will definitely buy sports apparel for their routine sport procedures and eat health
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