This marketing plan mainly describes Nike future development strategies and goals. This report will include the situation analysis, market-product focus, the detailed marketing programme and the financial data and projections.
In the coming year, Nike is going to launch a new product called Nike+ FuelBand, which will be marketed in Hong Kong in 2014. The Fuelband allows the wearer to track their physical activity, steps taken daily, and amount of calories burned. The information captured from the wristband is integrated into the Nike+ online community and phone application, allowing the wearer to set their own fitness goals, monitor their progression, and compare themselves to their peers.
This new product help Nike extend to the high-tech products' market from the clothing and shoes wear industry. These new steps of Nike enhances the brand image in comsumers’ mind and create an opportunity for a potential substantial growth in sales and revenue for years to come. Besides, the market share of the existing and the new market will also increase.
With the launch of the Nike+ FuelBand, substantial revenue is expected. In US, after the introduction of the Nike+ FuelBand, Nike Inc.'s Equipment division saw an 18% rise in profits for the 2012 fiscal year. Similar increase in profits is expected in Hong Kong for the coming years. Moreover, the launch of the FuelBand can boost the sales of the correlated products and hence, increase the profit of the company.
3. Strategic Focus and Plan
This section covers three aspects of corporate strategy that influence the marketing plan: (1) the mission, (2) goals, and (3) core competence/ sustainable competitive advantage of Nike+ FuelBand.
The mission of the Nike+ FuelBand is to encourage people to contribute more time and put more effort for their own sport life, so as the slogan of the FuelBand is lifeXsport. It aims to produce a perfect match on daily life and sport. And this is a consistent with the Nike core mission which is to bring inspiration and innovation to every athlete in the world.Through the new technology applied on the wristband, the users not only can set their own target but also count or track their physical activity, steps taken daily, and amount of calories burned. It offers an incentive for users to complete challenging tasks and satisfy themselves.
In the coming, Nike+ FuelBand seeks to achieve the following goals: Nonfinancial goals
* To retain the present image of being the world’s leading innovator in athletic equipment and accessories. * To strive for the best, create value for the business and innovate for a better world. * To decouple growth from constrained resources with the changing at a systems-wide level. * To build competitive advantage on a sustainable playing field where getting better faster than the competition raises the bar for everyone. * To drive innovation, collaboration and public policy advocacy to deliver carbon reductions across the value chain
* To have an improvement in revenue performance
3.3 Core Competency and sustainable Competitive Advantage
In terms of core competency, Nike + FuelBand seeks to deliver the vision in two ways: (1) Make today better by taking account of our impacts and redefining business performance for the better and (2) Design the future by unleashing innovation, embedding sustainability into our approaches to product and manufacturing, and solving challenges in business sustainability for the world.
To translate these core competencies into a sustainable competitive advantage, the company will structure the plan in three levels: (1) Aims show what we aspire to do, even if we can’t measure progress against these today. In this space we define our desire to find a solution and share our strategy and approach, (2) Targets specify our focus and determination to relentlessly improve our performance....