Marketing in Media

Approach to marketing has dramatically changed over the past decades; modern business environment is facing stiff competition for the products and services as the world experiences globalization and socialization. Business entities have been forced to adapt to the current marketing strategies in getting the attention of the target market. Strategic marketing has been shaped by the constant evolution of a brand. Customers in the twenty first century have diverse digital tools and platforms that enable them communicate globally with ease. The information they share over the digital platforms has the capability of building value to the products and services and at the same time destroying the reputation of a product or service.

This report describes and evaluates the marketing models engaged by the modern media. The report has represented Nike Inc. as a real example in marketing and advertising. The paper has purposely considered changes that organisations face in adapting to the modern world in creating a competitive edge in the target market. Nike Inc. has managed adopting to the global changes in marketing and in improving sales. The paper has considered marketing theories and media advertisements engaged by the Nike Inc.

Concept

Marketing is complex and dynamic depending on the environment of operations. It has been noted that marketing in most cases involves processes in which products and services change hand from concept to the target consumers. 4P’s elements of marketing are engaged in building the brand.

Identification, development and selection of the product. Nike has managed to develop a number of products depending on the target market. Some of the common products in the target market identifies with equipments, foot wear and accessories in sports among others (Goldman & Papson, 2008).
Price determination. Nike inc. has managed positioning its products in the target market in regards to design, high technology and excellent quality. Prices set by Nike are competitive and considers diverse range of consumers using various products.
Distribution channels are excellent in making sure that the products are available to the consumers at the strategic places. An example is the Nike India targeting at manufacturing of low priced products depending at the nature and the diversity of the market. Such products have been exported to likeminded markets in the developing nations and in the least developed nations.
Development and implementation of promotion strategy. Nike has managed to associate its products with the target market, particular with firms and clubs in the sporting industry. Professional teams are engaged in building and creating the brand awareness. An example is on the support Nike offers to cricket team in India since 2005.

Why media marketing?

Media marketing is facing the changing market in which the consumer market is changing with cultural orientations. Media marketing in remaining relevant in the eyes of consumers means that it has to do away with traditional marketing and embracing modern marketing models. Traditional marketing has lost influence in the target market, where modern marketing is revolutionising the markets.

Marketers in the modern world are forced to understand the wants and needs of the target customers, in making sure that brand responds effectively in improving or changing the products and services in meeting the needs of the target customers. Marketing strategies can be termed as short term or long term depending on the variables in the macro-environment and micro-environment (Goldman & Papson, 2008). Marketing teams must work in handy in fulfilling the vision and the mission of the organization.

Marketers are expected to understand the diversity in market, understand basic accounting and metrics, understand efficiency and effectiveness, engage research and design, understand the contribution of technology to marketing, communicate effectively and develop mechanisms of addressing different customers (Carbasho, 2010).

Marketing concept has drastically changed with the development of online communities which is facilitated by the internet. New media marketing is facilitating satisfied consumers in extolling and congregating the virtues of diverse brands in the market. The common online communities identify with podcasts, Web video productions, RSS, blogs, product reviews, message boards, social networks and Wikipedia among others. All these platforms have encouraged criticisms, transparency, praise, suggestions and questions.

(Google.com, 2013)

Nike’s Advertisement 2013

(Manchesterunited.lt, 2013)

The above picture is part of the recent advertisements used by Nike with the engagement of the football team. The football consists of famous athletes and players in showing expressive image, fast and attacking concepts while members all in Nike’s branded sportswear. Celebrity image has been used in this case in marketing Nike to the target market. It is expected that the competitiveness of the team members in the advertisements translates similar competitiveness of the Nike’s products and services, the advertisement plays a psychological game in building the brand, which in return convince the consumers in purchasing the products made by Nike (Strasser, 2003).

The above pictures are relevant to marketing of Nike, in showing the close association between the organisation and the celebrities in the society. Nike has signed a number of celebrity deals with sporting stars in Mexico, United Kingdom, Argentina, Portugal, Japan and in China. Nike is an international brand supporting sporting activities in the world.

Marketing stake being faced by Nike shows that there has been an increase in the prices of the products, a move that has led to multi-fold increment in the profits of the firm. The marketing environment is experiencing diversity and complexity; which has been partly contributed by ever increasing competition. Product life cycles have been minimized in increasing sales through return consumers. Customers are more enlightened on the products to purchase due to the presence of communities that are communicating through diverse platforms. Customers in the twenty first century are no longer restricted to channels, products and sellers (Carbasho, 2010).

Emotional Advertising

Nike engage emotional branding in selling its products, it has been noted that emotional branding technique has contributed significantly in building customer loyalty. Emotional branding is characterised with a hero story, in which Nike has contributed actively in the success of such individuals and the general outcomes, this is an indication that Nike is improving the overall attributes of players in different sporting activities and to the community in general. Nike discourages laziness and encourages endurance and competitiveness (Katz, 1995), laziness is considered as an external foe that must be done away by indivudls. Nike takes responsibility in managing the choices made by the sportsmen and sportswomen.

(Assets.nydailynews.com, 2013)

Marketing Theory

There are a number of marketing theories that come into play, some of the common marketing theories identify with unique value preposition, stakeholder map, SWOT analysis, consumer decision making process, the marketing environment, PESTLE analysis, Segmenting consumer markets, Boston Consulting Group Matrix and Maslow’s Hierarchy of needs among others. This paper reflects on the unique value preposition, Maslow’s Hierarchy of needs and on Boston Consulting Group (BCG) matrix.

Unique Value proposition

Nike for a long time has been associated with design, quality and acceptable prices in the target market (Smit, 2009); value of the Nike products is attached to the experiences and benefits offered to the consumers; which has contributed to meaningful influence in the target customers; hence building value proposition, in building a strong brand, which considers changing with the wants and the needs of the consumers (Katz, 1995).

Maslow’s Hierarchy of needs

Maslow’s hierarchy of needs is influential in Nike as the company traces the needs and the wants of the target market. The theory focus at the physical attributes which are safety and physiological; social attributes which are belongingness and love; and the self attributes that reflects on self actualization. Abraham Maslow developed this theory in 1943 in relation to the human motivation (Maslow, 2011). The theory was extended to understand the innate curiosity of the human beings. Nike can apply the same concept in developing products that identify with the curiosity of human beings and as part of tapping the human development psychology in gaining a competitive edge in the target market. Nike has the responsibility of identifying with safety, physiological aspects, love, belongingness, self actualization; esteem and self transcendence in motivating target market consume the Nike products (Maslow, 2011).

Boston Consulting Group (BCG) matrix

Nike can engage Boston Consulting Group (BCG) matrix in developing a competitive edge in the target market, it has been noted that the BCG matrix reflects on stars variable, question marks variable, cash cows variables and dogs variables in understanding the best strategies for the organization depending on the relative market share and market growth rate (Stern & Stalk, 2008).

Stars category is realized if Nike has a neutral cash flow and the earnings are stable, low and growing. The best strategy to be adopted by Nike is investing for growth. Question marks category in Nike will be realized if the company has a negative cash flow and the earnings are growing, low and unstable. Then the best strategy to be adopted by Nike is selling the company, form a merger or invest if it has resources (Stern & Stalk, 2008). Cash cows category in Nike will be realized after Nike has a stable and high cash flow and the earnings are also stable and high. At this juncture, Nike is encouraged to invest more to maintain the harvest or the current level. Dog’s category in Nike will be realized if the company has a negative or neutral cash flow and the earnings are unstable and low; at this stage, Nike will be forced to opt for divesting strategy (Carbasho, 2010).

Traditional marketing is slowly fading with the advancement of technology, with majority of the consumers in the twenty first century making their decisions basing on internet referrals and research, an indication that consumers are more convinced by likeminded consumers, and not relying on the corporate marketing like radio, television, newspaper advertising and direct mail among others (Katz, 1995).

References

Assets.nydailynews.com. (2013). Nike, Just Do It. Retrieved November 02, 2013, from Assets.nydailynews.com: http://assets.nydailynews.com/polopoly_fs/1.1264272.1360866473!/img/httpImage/image.jpg_gen/derivatives/landscape_635/oscarnike15s-2-web.jpg

Carbasho, T. (2010). Nike (Corporations That Changed the World). Westport, Connecticut: Greenwood.

Goldman, R. & Papson, S. (2008). Nike Culture: The Sign of the Swoosh. Thousand Oaks, California: SAGE Publications Ltd.

Google.com. (2013). Images for Nike Advertisemnets. Retrieved November 02, 2013, from Google.com: https://www.google.com/search?q=nike+advertisements&espv=210&es_sm=93&tbm=isch&tbo=u&source=univ&sa=X&ei=6Jh0UuGEAfGM7Absx4CABw&ved=0CDAQsAQ&biw=1440&bih=785

Katz, D. (1995). Just Do It: The Nike Spirit in the Corporate World. New York: Adams Media Corporation.

Manchesterunited.lt. (2013). Nike. Retrieved November 02, 2013, from Manchesterunited.lt: http://www.manchesterunited.lt/uploads/photo/nike-football_1327856130_1242.jpg

Maslow, A. H. (2011). Hierarchy of Needs: A Theory of Human Motivation. New York: www.all-about-psychology.com.

Smit, B. (2009). Sneaker Wars: The Enemy Brothers Who Founded Adidas and Puma and the Family Feud That Forever Changed the Business of Sports. New York: Harper Perennial.

Stern, C. & Stalk, G. (2008). Perspectives on Strategy from The Boston Consulting Group. Hoboken, New Jersey: Wiley.

Strasser, J. B. (2003). Swoosh: Unauthorized Story of Nike and the Men Who Played There. New York: HarperBusiness.