The appropriate pricing strategy for your product or service and the price you will set at launch The channels of distribution you will use to sel

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Khanh Nguyen

Craig Clark

MRKG 1331 Sections: 86001 and 86002

March 27, 2022

Product/Service, Product Life Cycle Strategy

Nike has successfully identified the demands of its target group by designing items that are easily functional and generate a feeling of community. When it comes to promoting its goods, Nike depends extensively on advertising, particularly those that feature well-known sportspeople and celebrities. When it comes to attracting new clients, Nike employs several sales promotion techniques, including the usage of discount coupons. Luxurious garments and shoes and top-of-the-line surf and skateboard gear, golf clubs, and related items are all part of the Nike brand's product line. In terms of support, Nike sneakers are top-notch (Lorette, 2022). The solid rubber and herringbone pattern used in Nike products enhance the wearer's help and comfort. Shoes made by Nike are known for their combination of lightness and durability, resulting in flexible and comfortable shoes to wear.

Without sacrificing performance, Nike Air cushioning minimizes the weight of the sneaker. Athletes use less energy when they are wearing lighter shoes. Athletes depend on the cushioning in their shoes to last, so Nike Air is built to do just that (Lorette, 2022). Running with Nike Free shoes provides a sense of liberation and a secure grip, and natural flexibility in the feet. Individuals may improve their performance by working these muscles. By doing all this, my product ends up solving the needs of my target market.

The product life cycle is usually the normal progression of a product's lifespan. Development, introduction, expansion, maturation, and decline are the five phases that make up the product's life cycle (Cox, 1967. As the product evolves via its life cycle, the variety of marketing approaches utilized at each stage is also diverse in response to the changing demands of the product. This will describe how my marketing efforts will change with each phase in the product life cycle.

Development Stage

At this point, the product could still be a concept, in the course of being created, or not yet on the market. It's not time to start executing marketing techniques yet; the firm is still studying and strategizing about promoting its new product, rather than doing so (Cox, 1967. This phase's marketing efforts will comprise methods to bring attentiveness to Nike's product to prospective customers via special promotions and marketing campaigns.

Introduction Stage

The introduction phase of the life cycle begins as soon as Nike's product reaches the market. When a new product is first introduced, sales are often low since people aren't aware of it (Cox, 1967. Currently, marketing costs are considerable due to the extensive work necessary to raise public knowledge of the product. At this point in the product's life cycle, the promotion mix includes strategies for establishing a bazaar and spurring sales of the produce.

Growth Stage

A product's life cycle moves to the growth phase as more people take notice of my Nike's development and so as sales rise (Cox, 1967. At this point, my product must have a distinct brand identity to stand out from competitors in the market. It's important to show clients why this product is better than their competition's, which is constructing brand preference.

The maturation phase of the product life cycle occurs when the product has surpassed its competitors (Cox, 1967. Throughout this period, customers who transfer to my brand from competitors will often get special discounts and incentives as part of the marketing mix.

Decline Stage

The decline phase of a product's life cycle begins when the market for the product has been saturated. During this time, both the marketing strategy and effort are reduced (Cox, 1967). During this stage, my company will keep clients who have been devoted to the product, but it will not be able to bring in additional sales from these customers. The marketing strategy that is still in place throughout the decline stage focuses on image reinforcement to maintain a favourable brand image on the sight of the product's devoted consumers.

Packaging used

In every way, Nike comes out on top. Recycling and reusable cardboard materials will be used to make the most famous and contemporary Nike box, which has clean, symmetrical lines, a major tick, and an orange backdrop. The clean, reusable orange bioplastics and the orange box take on the same character when used with a certain marketing approach (Lorette, 2022). They are likely to get a larger part of the market than any other sports firm because they provide more items to more customers in more markets. Like many industry leaders, Nike will place a high priority on the customer and the significance of delivering a high-quality product.

References

Lorette, K. (2022). 8 Ways Adobe Creative Cloud Can Help Grow Your Business. Small Business – Chron.com. Retrieved 26 March 2022, from https://smallbusiness.chron.com/adobe-creative-cloud-grow-business-13771091.html

Cox, W. E. (1967). Product life cycles as marketing models. The journal of business, 40(4), 375-384.

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