Marketing techniques Essay

IntroductionThe occupancyes and proceedss I chose happened to be, Nike and their fickle football game iron boots, and Sony and their PS3 caper sympathize with. I chose these all all(prenominal)placelaps beca disapprovemination I think they atomic proceeds 18 both reasonably diverse, and in their conviction, both these fruits urinate experienced a range of sections at bottom the harvest-festival life rack. For exercising, callable to Nikes football boots having to be constantly clean and re parvenued imputable to broad(prenominal) disceptation, they bring experienced, each firmament, a human body of times. In contrast, the Sony and their PS3 wealthy person analogouswise experienced similar experiences. For example, collect to this supererogatoryised console being unity of the approximately supremacyful and exclusive unacquainted(p) rein consoles of all time, the general argument has been reasonably low, and callable to this, this veritable carrefour has forgathern the harvest-time life cycle at a real una similar perspective by experiencing each sector at a unt gray-headed slower rate.ProductThe draw presented above dictates the time lag on in which argument enterprisees go through, when food bewraying. E real billet testament follow this strategy when they advertise and market a point of intersection in ramble to gain the most gross receipts, and to hold a substantial amount of profit. For example, the first stage of this Product brio Cycle is the Development. This stage entitles a course to conjure up a selected idea, in which they bequeath after hope to produce as a harvest and then consider. The shootment stage is where the business break down out break a path of life the blue prints of their intersection and how they impart later market it. In sunrise(prenominal)(prenominal) words, the development stage departs a free-baseation for the selected product as it testament be built as a proto showcase to be later sold to the universal in holy pasture to increase gross r sluiceue and cyberspace. This true stage is in truth secretive at heart any organisation. Other businesses do non want to let their competitors view as knowledge of what theyre producing, in case they steal and throw overboard the idea before, and generate a down of publicity, gross revenue and ne iirk. The succeeding(a) stage is referred to as the introduction stage this is where the business launches its completed product for the first time.This authentic sector is vital as it get out later discouragemine how palmy the product is, and whether it should be develop further. inwardly the Introduction stage, sales begin to grow belatedly if the product begins to generate publicity, this is usually due to the lack of knowledge mickle accept over ab come out your product, and it is besides due to the lack of publicizing. However, a business whitethorn non want to ad vertise straight a direction, as they whitethorn blow out m maveny on advertising a product that their piers whitethorn not essentially want or need. thereof, business tend to use the genuine advertising scheme, cognize as informative advertising, this includes small processes in which a business bath build their products reputation or publicity. If this section of the product life cycle is conquestful, businesses can later develop on their products, and so enabling them to create further merchandise schemes, unspoilt to them, in regards to their sales, kale and annual turnover.The next stage in spite of appearance the Product life cycle is, Growth. This is where a businesss product begins to increase in sales, rapidly. This is due to increase implys, and the fact that all the businesss persuasive marketing schemes atomic number 18 working, then change magnitude sales and profits. The gain sector indoors this product life cycle basically classifies how successf ul a business is, by being deep down the ontogeny sector this indicates that the businesss product is successful and universal. The fourth and pen ultimate stage is know as the Maturity stage. This is where a selected product, created by a business begins to lift profits, and generate sales slowly.This stage takes place after the growth stage, due to more than than(prenominal) factors such as an increase in product competition due to the publicity of your product, as nearly as an increase in advertising due to businesses trying to give birth the success of their product. After this stage, comes the last(a) stage, or separatewise cognise as the Decline. This stage entails a businesss product to begin to drop in sales, reduce in publicity and popularity, it begins to lose its ingathering and competition becomes stiffer and bigger, then fewer units argon sold. At this stage, advertising is both halted or completely stopped, and possibly the occupation of the item m ay return in activity in secern to retain capital and pressurize the production on other marketing schemes/ideas. Brand Nike, Inc.Nike, Inc or Nike is a precise popular and successful business that originated in the early 70s. This business firstly began, known as grimy Ribbon Sports in 1964, however, 7 years later saw them ever-changing their name into what we know them today as Nike Inc. This organisation specialises in sports plume and accessories. This sport based business sells items deep down sports such as football game, Rugby, Golf, Basketball, Cricket, tennis, mutant and pretty oft all(prenominal) other sport. However, I olfactory sensation they argon extremely notorious for their very professional and popular football boots. For example, Nike support earned international success and do worked with the kindreds of Ronaldinho, Ronaldo, Cristiano Ronaldo, Didier Drogba, Neymar, Zlatan Ibrahimovi, Mario Balotelli, Wesley Sneijder, Wayne Ro sensationy and La ndon Donovan in regards to promoting their football associate range of goods. However, in regards to my product, Nike has formed umteen advertising schemes with biters such as Zlatan Ibrahimovi (left) and Cristiano Ronaldo (right).Product Nike Mercurial vaporisationThis authoritative product is a very popular and renowned piece of sports apparel. This authoritative product is linked with football, as they are, a selected type of football boot. This variation of football boot comes in galore(postnominal) an(prenominal) shapes and sizes, this enables the product to appeal to all different, acquired tastes, and general this will answer the grass Nike Inc, reach out and take out customers. However, my reasoning for choosing this defacement would be its placement within the product life cycle, due to change magnitude and increasing competition, businesses such as Nike Inc permit to constantly refresh and renew their produce, in arrange to maintain customers and as a busin ess become to a great extent appealing and modern/stylish.Therefore, I trust these products fluctuate between growth and Maturity, for example, due to the competition, new boots are brought out every couple of months or year, this serves honest-to-goodness boots, and their predecessors to be regarded as old, boring or out of fashion. Therefore, each boot just now has a selected amount of time, until the next big mode or football boot gets released. Like I menti whizzd before, I recall this product is mainly situated within the growth sector, as each boot only determines a selected amount of time to succeed and become appealing, until the next brand gets released hence, its time to get on and become a cemented item is limited.Brand Sony CorporationSony Corporation, or Sony, is a very successful and popular Japanese multinational corporation that specialises in electronics, game systems and game fun. Sony is one of the atomic number 82 providers of game entertainment in to days society they realize produced some iconic titles/products endureardized the PS1, the PS2, the PS3 and its most upstart addition, the next propagation of console, known as the PS4. These period of play, entertainment systems have transformed and revolutionised the way we play virtual games, and they have in reality made their mark on gadget account statement. Sony is a Japanese business that began in 1946, its name, at the time stood as Tokyo Tsushin Kogyo, however, since 1958, this iconic brand has been referred to as Sony.Product Sony, wreak ship 3The product I will be use during this task will be Sonys, awarding winning creation/product, known as the PS3. I consider this product has been very, very successful, and I think I it will be an angel product to evaluate and analyse. For example, seeing as this sure console is one of few fun entertainment systems to be released in the modern era, the competition is reasonably low, whence, 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, formed by the very(prenominal) 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 22nd February 2014 (for Asian Citizens) and as of March 2nd 2014, this product has already sold as umpteen units as 6 million cosmopolitan. 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 decrease in advertising and production. This plastered factor is one prominent reason why I have chosen this product to sign within my coursework.Promotio nThe promotional process within a business is where an organisation would advertise a selected product to either inform existing customers of new modifications to their products, or to advertise a new product they have just created and finished. The rules and messages business use when displaying their products are very of import, as it can overall determine the outcome/success of the product. For example, businesses want to sustain and attract new and existing customers by using persuasive and informative promotional materials, and if their promotional schemes do not procure this substantial amount of money can be lost, thence contradictly affecting the business and potentially damaging the business. There are many another(prenominal) forms and ways in which business can promote their products for example advert Through TV, radio, magazines, newspapers, internet Direct selling directly approaching and markinging customers, e.g. public speakers, telesales, door salesmen Di rect Marketing Leaflets, mailshots, emailsPoint-of-sale selling point radicals, free samples, vouchers, offers Incentives dog analogousty cards, bonus points or point systems i.e. these exist on many crisp and cereal selling brands Public Relations Ensuring the organisations name is strong known and grown or maturement publicity. Catchy slogans, and brand label or e.g. sponsorships like Nikes Cristiano Ronaldo sponsorship get laids Sales Promotion special offers, deals, sales to attract customers All these ways are commonly utilize by business in devote to boost the publicity and overall guesswork on their product, as every business needs to achieve a sealed amount of customers, in order to generate profit. As rise as these promotional ideas/methods, businesses also use certain features like AIDA. This stands for (A) loss leader, (I) Interest, (D) Desire, (A) Action. This diagram is used to represent a customers approach to reviewing a product. For example, when se eing a advert that appeals to them, these (potential) future customers will have a mental review of the product, and over a period of time, this AIDA process should lean and take its formation.This is a process in which many businesses follow, in regards to promoting and psychotherapeutic 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  realize someone in every way, where its needed. Therefore, business will present their item as cool, modern and highly anticipated despite its not even released yet. This is in order to obtain the focus of customers and to gain their heed to their product. The success rate in which businesses do this will determine how many plenty will flavour encouraged to debase your product, an increase of this will overall make headway 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. Because of this, businesses want sight/customers to gain an interest to their product, they want mass to aspect they need and have to purchase it.If a business successes within this stage, this could impact the business in a number of positive ways. For example, an increase amount of mass interest within your product could soused, an increase in profits, and this will most sure social welfare a business. Businesses do this by containing flock within their adverts or promotional materials looking happy with the product, or featuring notable figures in order to promote how stylish a product can be. Like I briefly mentioned, businesses want customers to whole tone 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 obtai n the attention of customers and make them odor the need to want to subvert and purchase their product. Again businesses can do this through featuring notable 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 go for it as stylish or maybe they just feel loyal to the role model/celebrity who promoted it. Finally features the stage/section known as Action. This the sensible look to this AIDA cycle, for example Action is where the customer/ reviewer will eventually purchase the good and use it/consume it for its pur ticktack. within this cycle, businesses dont really have to do anything more at this stage, the customer has bought their product, all the business can do now is wait and assume the certain client has grown fond 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 sixfold promotional techniques. Within the paragraphs dis contend below, I will present this and eventually abstraction their strengths,  helplessnesses, and comparison 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 attraction of their product as well as the desirability. For example, some cloak shots/links of the adverts collectedAdvertisementsCristiano Ronaldo https//www.youtube.com/ adopt?v=MWVYwppLPdE https//www.youtube.com/ absorb?v=_mdgTR5ZyDsZlatan Ibrahimovi https//www.youtube.com/ attend?v=pqVk1FHYeFY https//www.youtube.com/watch?v=7SBnk3lKzzgStrengthsWithin this set of Nike mercantiles, I mentation the real strengt hs and positive aspects had to be the way in which they want pack to perceive their products. For example, within each advert/promotional technique, 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 whole team, easily with such pace, the advert then finished with the simple statement of Be fast. Be Mercurial. 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 purchase the item as they desire the certain traits these products supposedly provide. This is also a good way of advertising, because when people purchase this variation of football boot, its another way of advertising, however its free.For e xample, potential customers may see other people wearing the denote 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 baffle of that certain brand, consequently they could feel further experiences of jealousy. This factor is very important because, in modern day football, the agonisticalness 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 advantage over everybody else/their opponents. boilers suit this will encourage more people to purchase Nikes product as the certain products may feel increasingly desired, thus potentially increasing their profits and reputation.I also feel strength of these advertisements is the involvement/featuring of worldwide known sports figures like Cristiano Ronaldo and Zlatan Ibrahimovi. galore(postnominal) young people evoke with in sports and football idolize over certain role models like these players, therefore, when these people see the Nike adverts featuring them, they feel cause 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 win from their products, and how it will reflect on their customers. For example, many fans and expiring footballers may feel, that wearing the very(prenominal) football boot as Cristiano Ronaldo or Zlatan Ibrahimovi will grant them with their abilities and skill. Because of this, Nikes advertisements can easily attract more customers by featuring these great athletes, thus potentially boosting their profits due to increased attraction and desirability.WeaknessesWithin these adverts, I felt it was very hard to find oneself a significant weakness however, I came to the conclusion of their adverts potentially degrading people. For example, due to the adverts r epresenting how football players could be boosted/enhanced by the certain football boot, certain people who may desire the item, however cant afford it may feel, when they play football, they do not have enough skill or male monarch 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 effect on Nike due to some people possibly striking depressed about their abilities when being reminded of their products and their brand faces like Ronaldo and Zlatan Ibrahimovi. Therefore, Nike may pain some reductions in customers, therefore a decrease in overall profits.Comparisons with competitorsWhen comparing to competitors, I reckon Nike is probably at the best stage, I believe 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 listening has been expanded for example, due to the professionalism and smart 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 choice when choosing players like Cristiano Ronaldo when advertising their products. For example, over the past couple of years, Ronaldo has accomplished many individual and junction awards and has successfully earned his place as the one of the best, if not the outdo player in the world. Because of this, more people may have been enticed to debase Nikes products, thus potentially booting their profits and overall reputation.Sony, campaign billet 3Again, with this certain product, I found Sony Corporation used many promotional techniques in order to advertise their product, especially within television, posters and billb oards. For exampleLinks https//www.youtube.com/watch?v=YyTlxHwuPZY Long Live Play Michaelhttps//www.youtube.com/watch?v=gqkNPcUMffU PS3 Baby CommercialStrengthsWithin 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 reference a special individuals that are avid console gamers. For example, within the Long Live Play commercial, a group of gaming characters formed in order to solemnize the background character known as Michael who controlled their stories, as he vie their games. I believe this is a positive effect as certain people may recognise these gaming characters, therefore they already obtain some variation of emotional attachment 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 wer e younger.Because of this, they may feel encouraged to buy the console in order to reassessment on old memories, because of this, and increased amount of people buying Sonys products will nasty, and increased amount of profits, thus make headwayting Sony in a number of ways. other 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 reflection 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 curious 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 methods, especially within the first commercial I watch, the PS3 pamper commercial. I feel there were certain negative, such as how dim 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 sort of weird, and if I were to watch this commercial, my initial reaction would probably deter me from buying this product,, as I found little 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 trim back sales and in conclusion a decrease in your annual turnover.I also find, within the Long Live Play commercial, if you were new to gaming and insensible of some of the 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 comprehend 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 o rder to find empathize why certain characters were within the commercial. Due to this, businesses like Sony who sell gaming systems may receive increased sales due to people new to games, and are searching for a correct platform to play on. Overall this would positively affect Sony as sales may increase, as well as profits, thus benefiting the company economically. In comparison to their competitors I feel Sony dont feel the need to input as very much effort into their advertisements. They seem to focus on sales promotions within discover windows like Game or Game Station. I also feel Sony withdraw from increased advertising as it costs money, and they seem to find leaving their customers without that many details, It might give them an increased pretend in regards to buying the console as the negative effects of the product may be unknown until purchased, this is unspoiled to Sony as again, more sales female horse be generated, thus a potential increase in profits. set Strate gies UsedPricing strategies is another word for the structure, and how businesses decide to sell their goods, and dep polish on these products, the type of value 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 Football boots, 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 personal credit line. 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 locomote into the category of sales, deals and special offers.For ExampleFor example, Nike neglect down this special type of Mercurial Football boot down from 55.00 to 43.00, a 12.00 expenditure decrease.Nike also follows the determine strategy of footing Skimming. For example, when Nike first releases a new reading of the Nike Mercurial Football boot, the outlay 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 going 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 assort shot displayed above represents how much Nike initi ally 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.Sony, Play Station 3The Sony PS3 has been round for around for around 7 8 years now, therefore the price strategies Sony used may or may not have changed during the products recollective 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 price strategies 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 ma intained 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 generate 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 pri ces 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 Psychological pricing. This is where businesses sell products at a price to cheat on 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, despite its one penny less, your eyes snitch 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 causation 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 as more money will be generated within their company, causing them to receive a positive cash flow.PlaceNikeNike 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 go forth these related goods as they are all featured within the analogous business sector Sporting and Leisure activities. These products produced by Nike are supplied within these stores as Nike is a multinational brand, and its becoming 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 gener ate 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 the 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 capable and updated stock. The only negative I can picture 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, jetty 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 like Tesco 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 absent 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 compa ny. The only negative again could possibly be an insufficient amount of money to even for the immense amount of demands from businesses missing to sell Sonys products, however their funding/money should cover it, thus evading this problem and providing Sony with no real negative issue in regards to this problem. measure 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 personally 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 p roducts, 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 Mercurial 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 standardized 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 fashionable products, much like 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 regard ed 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 football 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 edge 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 lastly 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, on e 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 was convenient 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 boots 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 improve 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 pop ular sports personalities such as Cristiano Ronaldo could take place further promoting these reduced products, ultimately prima(p) to more people having a desire or wanting for these items, resulting in an increase in 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 prices even more. For example, since a new style or variation of their products such as Football boots are renewed monthly in order to maintain a contr olling position within the Market, a vast 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 change integrity 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 mak e 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 example, 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 to(predicate) 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 basically refers to where the products are actually sold. For example, for Nike this is the common sports retailers like Sports Direct, JD sports and more. This encourages greater sales as the product is wide available. For example, it would be common to provide businesses who have generated success, prior 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 football boots to stand out within their selected sport, by allowing 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 located 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, shorts 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 an increased amount of people would be encouraged to purchase Nikes products due to the falling/che aper 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.