Marketing techniques Essay

IntroductionThe argumentes and guides I chose happened to be, Nike and their mercurial football game game game game wager upsurges, and Sony and their PS3 frolic soothe. I chose these reapings beca utilize I presuppose they ar twain reasonably diverse, and in their time, both these mathematical intersections charter experienced a die hard of sections deep down the harvesting vivification cps. For example, imputable to Nikes football nurtures having to be constantly refurbished and re reinvigorateded delinquent to risque competition, they deliver experienced, individually domain, a number of times. In contrast, the Sony and their PS3 lease to a fault experienced standardised experiences. For example, payable to this specific locker being ace of the most favored and exclusive gaming consoles of all time, the boilers suit competition has been reasonably low, and callable to this, this true point of intersection has bring in holdn the harves t-tide spiritedness cycle at a actually different perspective by experiencing each sphere at a much slower rate. w beThe diagram applyed above dictates the serve tumesce in which seames go finished, when market place placeing. E rattling wrinkle ordain follow this outline when they go on and market a harvesting in assure to kick upstairs the most gross revenue, and to prep arr a substantial standard of profit. For example, the first pegleg of this Product Life Cycle is the Development. This degree entitles a vocation concern to organize up a selected idea, in which they pass on afterward hope to stimulate as a crop and thence remove. The interruptment stagecoach is where the business leave alone discover the blue prints of their crossway and how they supply after market it. In other words, the development stage go forths a foundation for the selected product as it leave be built as a epitome to be later exchange to the public in monastic l odge to profit gross revenue and meshwork. This veritable stage is really secretive within close to(prenominal) constitution. Other businesses do non want to let their competitors comport association of what theyre producing, in illustration they steal and hammock the idea before, and knuckle under a mass of forwarding, gross gross sales and gain. The next stage is referred to as the gateway stage this iswhere the business launches its completed product for the first time.This authentic sector is vital as it pass oning later intend how triple-crown the product is, and whether it should be develop go on. within the Introduction stage, sales begin to bring astir(predicate) slowly if the product begins to have packaging, this is usually collect(p) to the lack of intimacy batch have about your product, and it is in commit manner collectible to the lack of publicise. However, a business whitethorn not want to advertise straight away, as they white thorn waste bills on advertising a product that their piers whitethorn not essentially want or drive. thitherfore, business race to use the trustworthy advertising scheme, cognise as in changeative advertising, this includes atrophied processes in which a business toilette build their products reputation or publicity. If this section of the product livelihood cycle is winnerful, businesses can later develop on their products, thus enabling them to create further marketing schemes, undecomposed to them, in regards to their sales, profits and annual turnover.The next stage within the Product life cycle is, Growth. This is where a businesss product begins to subjoin in sales, rapidly. This is due to attachd demands, and the fact that all the businesss persuasive marketing schemes be working, thus sum up sales and profits. The harvest-home sector within this product life cycle primaryally classifies how conquestful a business is, by being within the growth sector this indicates that the businesss product is successful and democratic. The fourth and pen last-ditch stage is cognize as the maturity date stage. This is where a selected product, created by a business begins to restrain profits, and generate sales slowly.This stage takes place later the growth stage, due to some(prenominal) factor outs such(prenominal) as an ontogenesis in product competition due to the publicity of your product, as well as an gain in advertising due to businesses trying to sustain the success of their product. After this stage, comes the final stage, or otherwise cognise as the Decline. This stage entails a businesss product to begin to drop in sales, reduce in publicity and touristyity, it begins to lose its appeal and competition becomes stiffer and bigger, accordingly fewer units are interchange. At this stage, advertising is either halted or solely stopped, and possibly the production of the item whitethorn mitigate in natural action in ordain to retain specie and get ahead the production on other marketing schemes/ideas. Brand Nike, Inc.Nike, Inc or Nike is a very popular and successful business that originatedin the early 70s. This business firstly began, know as Blue Ribbon Sports in 1964, however, 7 old age later saw them changing their name into what we know them today as Nike Inc. This organisation specialises in sports robe and accessories. This sport based business covers items within sports such as football, Rugby, Golf, Basketball, Cricket, tennis, athletics and pretty much all other sport. However, I note they are extremely notorious for their very professional and popular football upsurges. For example, Nike have earned international success and have worked with the desires of Ronaldinho, Ronaldo, Cristiano Ronaldo, Didier Drogba, Neymar, Zlatan Ibrahimovi, Mario Balotelli, Wesley Sneijder, Wayne Rooney and Landon Donovan in regards to promoting their Football related range of acceptables. However, in regards to my product, Nike has accomplish legion(predicate) advertising schemes with participants such as Zlatan Ibrahimovi (left) and Cristiano Ronaldo (right).Product Nike mercurial dehydrationThis original product is a very popular and renowned piece of sports apparel. This accredited product is linked with football, as they are, a selected case of football boot. This conversion of football boot comes in many a(prenominal) shapes and sizes, this enables the product to appeal to all different, acquired tastes, and overall this exit help the brand Nike Inc, reach out and soak up customers. However, my abstract thought for choosing this brand would be its placement within the product life cycle, due to enlarge and change magnitude competition, businesses such as Nike Inc have to constantly refresh and renew their produce, in ordain to maintain customers and as a business become much appealing and modern/stylish.Therefore, I cogitate these products vary betw ixt growth and Maturity, for example, due to the competition, new boots are brought out every join of months or year, this causes sometime(a) boots, and their predecessors to be regarded as old, wordy or out of fashion. Therefore, each boot only has a selected add to generateher of time, until the next big style or football boot gets released. Like I mentioned before, I hope this product is mainly as genuine within the growth sector, as each boot only hold ins a selected center of time to succeed and become appealing, until the next brand gets released then, its time to mature and become a cemented item is limited.Brand Sony mintSony familiarity, or Sony, is a very successful and popular Japanese international corporation that specialises in electronics, game systems and game entertainment. Sony is one of the guideing providers of game entertainment in todays society they have produced some iconic titles/products the like the PS1, the PS2, the PS3 and its most recent addition, the next generation of console, known as the PS4. These gaming, entertainment systems have altered and revolutionised the way we play realistic games, and they have truly made their mark on gadget history. Sony is a Japanese business that began in 1946, its name, at the time stood as capital of Japan Tsushin Kogyo, however, since 1958, this iconic brand has been referred to as Sony.Product Sony, admit station 3The product I go away be using during this task forget be Sonys, award winning creation/product, known as the PS3. I rely this product has been very, very successful, and I think I it will be an ideal product to evaluate and analyse. For example, seeing as this certain console is one of few gaming entertainment systems to be released in the modern era, the competition is reasonably low, therefore, its time during the product life cycle has sustained and gradually evolved into being a product within the Maturity sector. However, due to recent events, a new range of console appeared, formulaed by the same brand Sony.This new range of gaming console is referred to as, the next generation of gaming entertainment, and this specific console is known as the Sony PS4. This PS4 was released into stores and gaming retailers on such dates as the 15th of November 2013 (for North American Citizens), the 29th of November 2013 (for European Citizens) and 2second February 2014 (for Asian Citizens) and as of March 2nd 2014, this product has already sold as many units as 6 million worldwide. Because of this, the Sony PS3 will eventually fall into the declining sector within the product life cycle, due to decreasing demand, decreasing popularity and a reduction in advertising and production. This certain factor is one prominent reason wherefore I have chosen this product to feature within my coursework. promotional materialThe promotional process within a business is where an organisation would advertise a selected product to either inform living custome rs of new modifications to their products, or to advertise a new product they have fair(a) created and finished. The methods and messages business use when displaying their products are very important, as it can overall determine the outcome/success of the product. For example, businesses want to sustain and attract new and hold uping customers by using persuasive and informative promotional materials, and if their promotional schemes do not win this substantial meter of money can be lost, thus invalidatingly chance uponing the business and probablely damaging the business. There are many forms and ways in which business can parent their products for example Advertising Through TV, radio, magazines, newspapers, internet Direct sell straightway approaching and targeting customers, e.g. public speakers, telesales, door salesmen Direct Marketing Leaflets, mailshots, emailsPoint-of-sale selling point stands, free samples, vouchers, offers Incentives loyalty cards, bonus p oints or point systems i.e. these exist on many crisp and cereal selling brands Public dealings Ensuring the organisations name is well known and grown or growing publicity. cunning slogans, and brand names or e.g. sponsorships like Nikes Cristiano Ronaldo sponsorship deals Sales publicity special offers, deals, sales to attract customers All these ways are ordinarily apply by business in order to boost the publicity and overall speculation on their product, as every business ineluctably to achieve a certain amount of customers, in order to generate profit. As well as these promotional ideas/methods, businesses alike use certain features like AIDA. This stands for (A) Attraction, (I) Interest, (D) Desire, (A) challenge. This diagram is used to re stick in a customers approach to reviewing a product. For example, when seeing a advert that appeals to them, these (potential) future customers will have a mental review of the product, and over a boundary of time, this AIDA proc ess should unravel and take its formation.This is a process in which many businesses follow, in regards to promoting and relinquish their product/ideas so they can identify what techniques to use, when advertising and promoting their products. For example, firstly comes the Attraction of the product, businesses want to represent their newly formed product as a new revolutionary item that will well-being someone in every way, where its needed. Therefore, business will present their item as cool, modern and bluely judge scorn its not even released yet. This is in order to obtain the tenseness of customers and to gain their attention to their product. The success rate in which businesses do this will determine how many plenty will feel boost to taint your product, an change magnitude of this will overall hit the business and generate them with increase/grown profits. Secondly comes Interest, this is where business aim to achieve the focus and publicity of their product. Becau se of this, businesses want concourse/customers to gain an interest to their product, they want hatful to feel they need and have to bribe it.If a business successes within this stage, this could jar the business in a number of positive ways. For example, an change magnitude amount of tribe interested within your product could call up, an increase in profits, and this will most certainly benefit a business. Businesses do this by containing pile within their adverts or promotional materials looking happy with the product, or featuring historied figures in order to promote how stylish a product can be. Like I briefly mentioned, businesses want customers to feel the need to have their product, this stage is referred to as the Desire stage, this is where business feature many promotional materials in order to obtain the attention of customers and make them feel the need to want to buy and purchase their product. Again businesses can do this through with(predicate) and through f eaturing famous figures like Cristiano Ronaldo in order to promote their new product.By doing this, many fans of these famous figures may feel desired into purchasing the product as they deem it as stylish or maybe they good feel loyal to the role model/celebrity who promoted it. Finally features the stage/section known as Action. This the physical side to this AIDA cycle, for example Action is where the customer/reviewer will eventually purchase the good and use it/consume it for its purpose. Within this cycle, businesses dont really have to do anything to a greater extent at this stage, the customer has bought their product, all the business can do now is wait and assume the certain client has grown genial of their product, thus potentially forming them into an existing customer/loyal consumer. What are the promotional techniques used by your businesses? Within the two businesses I have chosen, there are multiple promotional techniques. Within the paragraphs displayed below, I will present this and eventually outline their strengths,weaknesses, and similarity with competitors and their differences. Nike Inc, mercurial VaporFor this selected product, I found many promotional schemes, however, I commonly found promotional processes within the advertising side of promotion, and these TV advertisements included famous footballers like Cristiano Ronaldo and Zlatan Ibrahimovi in order to boost the attachment of their product as well as the desirability. For example, some screen shots/links of the adverts collectedAdvertisementsCristiano Ronaldo https//www.youtube.com/ envision?v=MWVYwppLPdE https//www.youtube.com/watch?v=_mdgTR5ZyDsZlatan Ibrahimovi https//www.youtube.com/watch?v=pqVk1FHYeFY https//www.youtube.com/watch?v=7SBnk3lKzzgStrengthsWithin this organize of Nike mercantiles, I thought the real strengths and positive aspects had to be the way in which they want spate to perceive their products. For example, within each advert/promotional techniq ue, they indicate how their style of football boot could change the way in which you perform, and how it can alter your abilities. For example, within the Cristiano Ronaldo adverts, it depicts Ronaldo, running through a unhurt team, easily with such pace, the advert then finished with the simple program line of Be fast. Be quicksilver(a). This would indicate to customers that their special brand of football boot could enhance their abilities and the way they perform on the football pitch. For many football fans, and aspiring football players, these factors may be very important and this may encourage them to buy the item as they desire the certain traits these products purportedly provide. This is in addition a good way of advertising, because when citizenry purchase this variation of football boot, its another way of advertising, however its free.For example, potential customers may see other people wearing the advertised boots, and this may cause them to feel jealous due to them knowing what the boots supposedly provide trait wise, as well as the fact, their favourite footballer may be the cover of thatcertain brand, therefore they could feel further experiences of jealousy. This factor is very important because, in modern day football, the competitiveness between aspiring players may be extremely high, therefore each player wants/needs a certain factor such as new boots that may pose them with an returns over everybody else/their opponents. Overall this will encourage to a greater extent people to purchase Nikes product as the certain products may feel increasingly desired, thus potentially increasing their profits and reputation.I similarly feel strength of these advertisements is the involvement/featuring of worldwide known sports figures like Cristiano Ronaldo and Zlatan Ibrahimovi. Many young people interested within sports and football idolize over certain role models like these players, therefore, when these people see the Nike adverts featur ing them, they feel obliged to purchase the certain piece of sports apparel in a way of supporting their role model. Therefore, Nike can use this to their advantage by exploiting how these players benefit from their products, and how it will reflect on their customers. For example, many fans and expiring footballers may feel, that wearing the same football boot as Cristiano Ronaldo or Zlatan Ibrahimovi will grant them with their abilities and aptitude. Because of this, Nikes advertisements can easily attract more customers by featuring these great athletes, thus potentially boosting their profits due to change magnitude attachment and desirability.WeaknessesWithin these adverts, I felt it was very hard to divulge a significant weakness however, I came to the conclusion of their adverts potentially degrading people. For example, due to the adverts representing how football players could be boosted/enhanced by the certain football boot, certain people who may desire the item, how ever cant afford it may feel, when they play football, they do not have enough skill or power when on the pitch in comparison to people wearing these advertised boots. Because of this, many people may feel degraded, and they may also feel potentially weaker as a footballer, and this could potentially have a negative nucleus on Nike due to some people possibly feeling depressed about their abilities when being reminded of their products and their brand faces like Ronaldo and Zlatan Ibrahimovi. Therefore, Nike may suffer some reductions in customers,therefore a decrease in overall profits.Comparisons with competitorsWhen comparing to competitors, I desire Nike is probably at the best stage, I bank Nike is at the top of their game. For example, I think the way in which these commercials are conducted, represent these products with style, professionalism, power, speed, agility, and skill, precision. Because of this, I believe Nikes target hearing has been expanded for example, due t o the professionalism and anguish appearance of these products and their commercials, elder customers may also be enticed to purchase the products, as well as young, aspiring players.I also feel Nike made the correct survival when choosing players like Cristiano Ronaldo when advertising their products. For example, over the past couple of years, Ronaldo has accomplished many individual and joint awards and has successfully earned his place as the one of the best, if not the Best player in the world. Because of this, more people may have been enticed to buy Nikes products, thus potentially booting their profits and overall reputation.Sony, Play spot 3Again, with this certain product, I found Sony Corporation used many promotional techniques in order to advertise their product, particularly within television, posters and billboards. For exampleLinks https//www.youtube.com/watch?v=YyTlxHwuPZY dour bonk Play Michaelhttps//www.youtube.com/watch?v=gqkNPcUMffU PS3 Baby CommercialS trengthsWithin these Sony, PS3 commercials/promotional material, I found that theses commercials had many aspects about them that were positive. One of these was the engagement to the audition a special individuals that are avid console gamers. For example, within the foresightful Live Play commercial, a group of gaming characters formed in order to celebrate the background character known as Michael who controlled their stories, as he PLAYED their games. I believe this is a positive effect as certain people may recognise these gaming characters, therefore they already obtain some variation of emotionalattachment to them, because of this, more people may be attracted to Sonys products. For example, by seeing characters from certain games they have played may trigger many good memories of these people playing these games when they were younger.Because of this, they may feel encouraged to buy the console in order to recap on old memories, because of this, and change magnitude amoun t of people buying Sonys products will mean, and increased amount of profits, thus benefitting Sony in a number of ways. Another strength could be the suspense during the commercial. For example, the Long Live Play commercial depicts a group of characters speaking and celebrating about this person called Michael, however, customers watching the commercial dont actually get told who this Michael is and why hes important until the very end. I believe this is a very good promotional technique as this may cause customers having to watch the entire commercial as they are inquiring to whom Michael is, and by that time, they are drawn in and notified of the brand Sony PS3. This suspense could ideally cause more people to remember the commercial, and overall these factors could increase the amount of people who will buy Sonys products, thus increasing their profits further.WeaknessIn comparison to the Nike commercials, I felt there were more negatives within these certain promotional meth ods, especially within the first commercial I watch, the PS3 kid commercial. I feel there were certain negative, such as how vague the promotional method was, for example, I dont feel and cant seem to analyse any form of message or purpose into why Sony depicted a baby doll, glancing at their product and making a series of different noises. If anything I believed this certain commercial was quite weird, and if I were to watch this commercial, my initial reaction would probably deter me from buying this product,, as I found dwarfish about the product itself, and the way I think the commercial was conducted was very strange and dysfunctional. I believe this would overall be a negative effect in regards to Sony. For example, if people are deterred from buying you product, due to your commercial, this could result in reduce sales and ultimately a decrease in your annual turnover.I also find, within the Long Live Play commercial, if you were new to gaming and un assured of some of th e figures within the production, the advert wouldnt really appeal to you,therefore the way Sony aimed to increased sales through this promotional method may not work as well as hoped. For example, how do you expect to connect with some of the characters when youre un aware of their story/history? Ultimately this could affect the turnover and sales created through this product and it could mean less people may purchase Sonys products, thus potentially affecting their profits. However, in relevance to my last point, it could also be perceived as a positive, for example, if some people are unaware of certain characters, this may leave them questioning their purpose, and why theyre there.Because of this, people unaware of this information may feel the need to purchase a games console and some related game titles in order to find understand why certain characters were within the commercial. Due to this, businesses like Sony who sell gaming systems may suck in increased sales due to peop le new to games, and are searching for a correct programme to play on. Overall this would positively affect Sony as sales may increase, as well as profits, thus benefiting the social club economically. In comparison to their competitors I feel Sony dont feel the need to s deletetlebutt as much effort into their advertisements. They seem to focus on sales promotions within storehouse windows like spunky or Game Station. I also feel Sony withdraw from increased advertising as it be money, and they seem to find leaving their customers without that many details, It might give them an increased chance in regards to buying the console as the negative personal effects of the product may be unknown until purchased, this is expert to Sony as once more, more sales mare be generated, thus a potential increase in profits.Pricing Strategies UsedPricing strategies is another word for the structure, and how businesses solve to sell their goods, and depending on these products, the type of terms may change.Nike, Mercurial VaporThe first set strategy I think Nike use in regards to this specific product happens to be the strategy known as promotional Pricing. This is where businesses provide offers, and sales on their certain products. And in Nikes case I believe this is exactly what they do, for example, considering the competition for this variation of product is very high, businesses like Nike have to constantly circulate new products and new Mercurial Footballboots, otherwise, their competitors will receive the upper hand and potentially an increase in customers due to less competition and other competitors not releasing new, updated inception. So, businesses like Nike release new stock/products like Mercurial Football boots in order to maintain their customers interest, therefore a majority of their older stock falls into the category of sales, deals and special offers.For ExampleFor example, Nike cut rarify this special type of Mercurial Football boot down fr om 55.00 to 43.00, a 12.00 price decrease.Nike also follows the determine strategy of Price Skimming. For example, when Nike first releases a new rendition of the Nike Mercurial Football boot, the price is initially, extremely high. I believe they do this because they know people would pay so much, just to stay up to date and modern in regards to the latest range, I also believe they do this because they know they are outlet to later decrease the price, therefore they initially sell their products at an extremely high price, just to take advantage of the limited time its going to be that price for to ensure they may generate a major profit per unit, thus potentially increasing their sales and overall increasing their profits.For exampleThe screen shot displayed above represents how much Nike initially release their Mercurial Vapor range at, later this price will decrease as new boot ranges will circulate, and this certain style will eventually go decrease in fashion/popularity.Son y, Play Station 3The Sony PS3 has been around for around for around 7 8 years now, therefore the pricing strategies Sony used may or may not have changed during the products long lasting existence. Over that period of time, the Sony PS3 has been altered, re-mastered and perfected, therefore the pricing has obviously had to be changed, and considering the release of the new PS4, the Sony PS3 price has probably fluctuated at an even greater scale. One of the pricestrategies the Sony PS3 withheld was, Price Skimming. Sony needed and has used this strategy due to the products huge market life. In order to generate and receive the most sales/turnover, Sony needed to keep the price as high as they could until something like the PS4 appeared. For example, since its release, the Sony PS3 has maintained a price between 400 150, therefore within that 8 year product life bracket, Sony has only cut the pricing down from around 250, and like I mentioned before, Sony did this in order to genera te the highest amount of sales/turnover in order to sustain a substantial amount of profit.Sony have also used the pricing strategy known as promotional pricing, for example, since Sony and their consoles involve features such as buyable accessories and games, Sony seem to release the occasional deal which involves a mix of a variety of games, certain gaming related accessories and obviously, the console itself. These deals appeal to many people as they receive the highly anticipated console as well as many other beneficial features. However, businesses like Sony use these added features in order to boost peoples encouragements as they believe the deal is better than it actually is. This is beneficial to the business as it overall could result into increased sales/profits due to deal prices and bundles potentially being sold for more than the individual console.This then leads me on to my next and final pricing technique, for example, business use the pricing strategy known as Psych ological pricing. This is where businesses sell products at a price to deceive customers and trick them into thinking its cheaper than what it really amounts to. For example, many businesses sell items ending in 00.99, this is due to it seeming like its much cheaper than the price following it, for example, people feel theyve received a great deal off an item for 19.99 instead of it being 20.00, condescension its one penny less, your eyes deceive you and it seems to look like a much smaller number/price. For example, in regards to Sony, their PS3 has been usually sold at a price ending within 00.99 in order to trick and deceive people, thus causing Sony, to generate an increased amount of money, thus boosting sales and potentially enlarging the businesss profit.For exampleAs you can see, this certain retailer has applied this strategy on order to generate a increase within each unit sold. This will overall benefit Sony asmore money will be generated within their company, causing th em to receive a positive cash flow. smudgeNikeNike is business that specialises within sports apparel and sports related accessories, therefore you will find most Nike goods within common Sports retailers. For example, popular European stores like Sports Direct, JD sports and the Nike shop will supply these related goods as they are all feature within the same business sector Sporting and Leisure activities. These products produced by Nike are supplied within these stores as Nike is a multinational brand, and its comely increasingly popular, therefore, over the past couple of years, the demand for Nike produce, such as Mercurial Football boots has increased.Because of this, businesses like Sports Direct and JD sports want to sell their goods as Nike will cause them to generate increased profits due to increase popularity of Nike products and increasing demand for the certain stock, supplied by Nike. This is beneficial to both stores, for example, Nike will receive money through t he selected stores Nike stock sales as a percentage of this money will be generated and transacted to them, as long as Nike provide these businesses with suitable and updated stock. The only negative I can imagine could be the certain percentage of the money Nike might receive, for example, this percentage may be quite low, and therefore it might actually negatively affect Nike as they may spend more money manufacturing and transporting the goods than what they receive in return.Sony, Play station 3Since Sony and their PS3 is categorized as a gaming entertainment system, the stores that usually sell this product are gaming retailers like, Game, HMV, Game station, and CEX, however, since PS3 became a worldwide product, they have gradually been sold within basic superstores like Tesco, Wall mart, Sainsburys, Morrisons, ASDA and Waitrose. Again, due to the products speculation and overall success, these businesses decided to get in touch with Sony and sell their produce (PS3) as they were certain its success will provide them with increased sales, and overall profits. Many businesses likeTesco also bought the stock in order for more people to enter their stores, fro example, by increased amounts of people entering a Tesco in search for a PS3, they may buy a certain drink or product provided by Tesco, and because of this Tesco and other superstores selling the PS3 may have also generated increased product/stock sales and well as potential increased profits.Much like the positive effect presented above this will also overall benefit Sony, as an increased amount of businesses wanting to sell their produce, will mean an increase in funding and overall boost in the finances within the organisation as more money will be externally inserted within the company. The only negative again could possibly be an insufficient amount of money to compensate for the extensive amount of demands from businesses wanting to sell Sonys products, however their funding/money should cove r it, thus evading this problem and providing Sony with no real negative phone number in regards to this problem.Evaluate the marketing techniques used by a selected business NikeAfter evaluating and analysing Nike and their Mercurial Vapor football boots, I have resulted in a conclusion, and have formatted my final opinion, on their way of marketing. I in person believe Nike used very smart and successful marketing strategies, as the popularity of their business represents how they have globally attracted people to their brands, and sports apparel. For example, in regards to their Product, I believe the way theyve dealt with the growing/fast competition really functions well within their business. For example, Nike has adapted and became accustom to bringing out and releasing new products, like football boots every couple of months/year in order to sustain the interest of their customers and target audience. For example, they need to sustain each of their products like the Mercuri al Football boots within the growing sector in regards to the product life cycle, until the next brand or style of boot gets released.Without these certain functions, and Nike regularise approach, I doubt the business would be as successful as it has been over the past few years, this certain function has certainly helped Nike achieve success, sales and profits and these are all very beneficial features within an organisation. Due to these factors, I also believe Nike has breached its customers expectations they have released consistent and faddish products, muchlike the rapid production and competition of football boots, and they are definitely one of the best within their selected sector of Sports and Leisure apparel/equipment. This is why I believe Nike could be regarded as one of the best, if not the best football boot producers/retailers within the world, and I believe they are definitely one of the feared businesses, in regards to their competitors like Adidas, Puma, Umbro, Sondico and Warrior.Secondly, I believe Nikes Promotional sector is also very effective, for example, as I mentioned previously, I believe the way Nike advertise and present their products is very professional, stylish and smart in regards to their appearance. And because if this, I believe Nikes target audience is expanded, for example, by appealing to an increased amount of people, Nikes football boot sales may increase, therefore Nike may even result in an increase within profits thus benefiting the business further. I also believe Nike conducted their sponsors very professionally and successfully as well. For example, Nike and their range of football boots obtain sponsorship deals with players like Zlatan Ibrahimovi and the two time Ballon dOr winner Cristiano Ronaldo. I believe these deals have secured Nikes success, for example, due to players like Ronaldo promoting their produce, an increase amount of people have been encouraged to buy their products, like the Mercurial footb all boots thus boosting their sales, revenue and overall, profits. Again, in comparison to their competitors, I believe Nike are the best in their business sector.For example, the way theyve conducted each commercial, poster or other promotional source, they do it with certain features that I feel provides them with an skirt in regards to attracting and generated desiring customers.Within Nike, I feel their pricing strategies were extremely good / beneficial to the organisation, and I believe, there isnt any other form of strategy that I would follow, in terms of generating sales, and ultimately profits. For example, I believe the strategies they used were very good, in regards to their products, and how it will function with their target audience/customers. For example, one of the pricing strategies they used was, promotional pricing, this is where business sell their goods by offering certain deals and sales and cutting down the price in order to attract and generate an increased amount of customers.I believe it wasconvenient for a business like Nike to use this certain strategy, as the football boot market is very competitive, and new boots will have to be released every couple of months/ year. Because of this, its only right if they cut down the price on their other goods by introducing sales, offers and other forms of promotional pricing, in order to attract more customers, and potentially increase sales/profits. Another form of Promotional pricing that Nike conduct is the strategy known as Price skimming. This is where businesses initially release their item at a very high price however, as it progresses through the product life cycle, this price tends to decrease in order to benefit the business and customers by producing potentially more sales, thus more profits, as well as a cheaper price, therefore increasingly affordable. Again in Nikes case, this is mainly due to the strong, competitive market. For example, new products like Mercurial football boo ts will have to be released, therefore the stock referred to as the old stock will slowly come down in price as new products and goods get released.This will benefit Nike as the cheaper prices could attract more customers, because of this, Nike could face an overall sales increase, and this sales increase could eventually lead to the increase in Nikes profits. Nike could mitigate the sales of this by promoting these reductions in such things as Television Adverts or posters, combined with popular retail stores such as Sports Direct. By promoting these reduced offers, more people within their target audience may feel interested to purchase their products, due to this Nikes sales and overall profit may lead to an increase. Within these advertisements further deals with popular sports personalities such as Cristiano Ronaldo could take place further promoting these reduced products, ultimately leading to more people having a desire or wanting for these items, resulting in an increase i n Nikes sales and profits. I believe the way Nike sells their produce, like their Mercurial Vapors is very convenient and beneficial to the organisation.Therefore I believe these certain pricing strategies are very effective and this specific range of marketing techniques are very successful in terms of generating the business with increased sales and overall increased profits. Nike has overcome their competitors by formulating certain schemes to override their opponents and receive increased customers, sales and profits. Like I mentioned previously, to strengthen this, Nike could promote their discounted and reduced priceseven more. For example, since a new style or variation of their products such as Football boots are renewed monthly in order to maintain a controlling position within the Market, a commodious amount of their old products are slightly forgotten about in regards to customers and their target audience. Therefore I think it would be highly beneficial to Nike if they compensated more for the promotion of their older products with reduced prices as it could overall increase the sales of their business, and ultimately lead to increase publicity.More people would be interested to purchase these promoted items with reduced prices, creating a larger attraction to the Company (Nike) and its products, either new or old. Further promotional materials with sports personalities would also help solidify their position, as certain sporting figures may attract a larger audience to their business, increasing the publicity and knowledge of their products this would be highly beneficial to Nike as it may result in increased sales, ultimately leading to an increase within profits, further benefiting the organisation. However, if I had to make one improvement I would say the pace at which the company skims the prices off its products. For example, many times I have been looking at popular football boots and noticed how the prices are extraordinarily high.For exam ple, popular football boots promoted by famous athletes sometimes cost over 200. For children, and sometimes adults, this type of money to compensate is nearly impossible, or considered a waste. This high price may result in push factors for people in search for the adequate balance I regards to sporting goods such as football boots, people will look for price, fitting and appearance and if the price is high, it may deter people from purchasing it, ultimately reducing Nikes sales, potentially leading to a decrease in profits. By increasing the rate at which these products are reduced, and shortening the period they are sold at a very high price for, more people may be attracted to buying and using the product, thus promoting the businesss content furthermore, and ultimately leading to an increase in profits due to increased customers and sales.Lastly, within the marketing sector, comes the section known as Place. This essentially refers to where the products are actually sold. For example, for Nike this is the common sports retailers like Sports Direct, JD sports andmore. This encourages greater sales as the product is widely available. For example, it would be common to provide businesses who have generated success, introductory to you letting them sell your specific items. Therefore, it was only beneficial for businesses like Nike to sell their good to businesses like Sports Direct who are very successful and have generated an array of customers in search for products like Nikes Mercurial football boots. This will benefit them as the businesss success could potentially mean, more people might purchase Nikes products, like their Mercurial Vapors, therefore Nike would benefit as they could potentially result in an increase within profits, and sales.Another way Nike may be able to improve the promotion and success of their sporting related goods could be the increase in personal customization, for example, many people buy and purchase products such as footbal l boots to stand out within their selected sport, by leave aloneing your customers to personalize a product, catered to their wants and desires will enable an increased level of individuality. For example, this customisation technique may allow people to feature their own personal initials and colour combinations on their selected Nike products. Also, this certain function should not only be introduced via the internet, but also via primed(p) outlets. This would enable people and customers to receive a visual on how their selected product would appear. Certain physical features such as a wider Nike product customisation would potentially lead an increased amount of customers, for example, like I mentioned previously, within their selected sports, people want to stand out, in order to attract attention or an increased chance of remembrance.Therefore, by allowing people to customize their personal products whether it is tops, shoes, boots, victimize or even tennis rackets, a wider audience may be attracted. Ultimately this may increase Nikes sales, leading to an increase in their overall profits. The only recommendation for Nike, in my opinion would be if they were to provide more promotional pricing methods in order to prevent certain items falling into a decline, for example, due to the high competition within the market in regards to football boots, they have to release new boots, every couple of months, therefore the older boots decline in price and popularity quickly. In order to prevent this, I think Nike should increase the amounts of offers within their football boot range this will potentially increase sales and even boost profits as anincreased amount of people would be encouraged to purchase Nikes products due to the falling/cheaper prices. Again this will benefit the business as more money could be generated, and this could possibly mean Nike may sell more, thus increasing their overall sales.