Question

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Discussion Question Chapter 10: Product Strategy

THE PRODUCTS ITS ABOUT THE COMPANY NIKE (SHOES)

Instructions

Write a post for the Discussion Forum on this topic, addressing the questions below. You may use either a written paragraph or bullet-point format. Part 1 should be 2–3 paragraphs in length or an equivalent amount of content in bullet-point form. Responses to your classmates’ posts should be 1–2 paragraphs or several bullet points in length.

Part 1: Product Strategy

Briefly describe your product or service. Where is it in the product development life cycle? What recommendations do you have for improving the offering to fit your target market’s needs? Be sure to consider the following:

• What level of quality and consistency does the offering have?

• How many features does it have and can they be removed or added?

• Does the design and/or service deliver what the customer values? If not, how can it improve?

• What improvements would help your offering compete more effectively?

Part 2: Respond to Classmates’ Posts

After you have created your own post, look over the discussion forum posts of your classmates and respond to at least two of them.

Part 3: Incorporate Feedback

Review the feedback you receive from classmates and your instructor. Use this feedback to revise and improve your work before submitting it as part of the “Complete Marketing Plan” assignment.

Answer 1

PART-1

PRODUCT STRATEGY:

Here the product is Shoe from NIKE. This a global shoe brand used by sportsperson across the country. NILE is an innovative company and across the year spent a huge amount of money behind the innovation of finest quality of the global shoe, which may be comfortable for the renowned sports person irrespective of the sports event.

PRODUCT DEVELOPMENT LIFE CYCLE:

It consists of 4 stages. Each stage has a significant role in the product development process.

1. Introduction: When a product is completely new and presented to marker and consumer for the first time then it called the introduction stage. Here the product is completely new for the consumer. The product always introduced with a heavy investment in marketing communication strategy. Mass awareness is required to introduce the product into the market. Based on the quality and value returned preposition the company can decide the launch the product either with a penetration pricing or skimming pricing. As NIKE is a global brand and it is helping the sports community with its best innovative products, hence it may go for a skimming price strategy. Initial sells of newly introduced product s are too low and slowly the sales figure will grow.

2. Growth; From this stage onwards the sales figure start increasing if the product well adopted by the consumers. Once the product gains popularity, the company should reduce the expenditure towards the promotion. Will introduced many varieties and try to be in this stage for a long period. This is the period when the company start earning the profit. As NIKE is a global brand, hence it should launch its products keeping the value positioning in the mind and a long term profit strategy.

3. Maturity: This is the stage when the product demand starts declining and the product is count as an ageing product. The right strategy here to save the iconic past of the product is to make a modification in the product according to the consumer's need. The product can also change its positioning statement and geographical location to regain its past glory. Identifying the new consumer database with the same product is also a possible strategy to save the branD, but here modification in the product may require looking at to the change in the market. Nike may take a similar step in any of its ageing product needs careful attention in the maturity stage.  

4. Decline: This stage is one of the critical stages the company faces form its inception period. When the product starts losing its essence in the market or when the new buyer starts demanding the fresh products, the established brand or old brand face forceful extinguish from the market. Competitors also play an important role to bring a company to this stage. Here the product sales are almost nil and there is no profit. The company also stop spending money fro promotion and reinventing the product for the future generation. If this kind fo the situation prevails for a long time then the company stop selling the product and it automatically removed from the product basket. I think in the near future no product from NIKE will face such kind of situation. In the history of NIKE it gas never removed any of its shoe brands due to lack of confidence by the consumers.

Improving the target market is the strategic plan for many companies. To improve the target market NILE should introduce more comfortable shoe for the athletes During the time of 100metres run event by many sports organizer NIKE must keep in the mind how best the shoe should be Airfree and will not damage any part of the feet. The company should work lighter shoes for their future consumers. Target consumers may be sports person irrespective of the nature of sports. Also, NIKE should introduce many personal design shos for male and kids.  

Quality of the shoes and long term usage in rough and tough condition should be the two value prepositions for the company so that it can win the confidence of the consumers.

Nike has many features based on which shoe meant for which category of the sportsperson. It will remove those shoes which are not profit-making brands for the company and continue with those brands which are classic in nature.

Designing much variety of shoes according to the need of the sportsperson is a must and it helps the company for a better service to the customer and also adds value to the consumers buying behaviour. Any improvement in the shoe and its wide acceptance by the sports buyer will lead to competing in the market. Besides NIKE there are many other global shoe brands like ADIDAS who is also working in a similar line of products for its respective buyers.

Product offerings improved in a continuous way if consumers feedback is added to next stage of production and through R and D also the continuous improvement can be possible and value-based positioning can also be maintained for a long time period.