Reasons why Nike has Dominated the Market
Fashion trends change from time to time. If a brand is unable to stay relevant, then they suffer a risk of losing its market. Apart from maintaining relevance; other factors contribute to market dominance; they include marketing, quality, and varied designs. In 1972, Nike was promoted to a foreign market. Ever since Nike has continuously held a place in the fashion industry. When walking around you cannot fail to recognize one or two people wearing Nike, and there are ways in which Nike has managed to dominate the market over the years.
To begin with, Nike has used celebrity endorsements to remain relevant in the market. Nike takes this to their advantage to sell their products to the fan thorough their esteemed athlete, a new creation and design is created with relevance to the celebrate or athlete. For instance Nike may create a new sneaker design with the popularity of the brand these shoes are likely to sell and make profit. Long term commitments have more impact than short term commitments. When Nike identify new and upcoming celebrities, they can grow with them until they are well known. With the many endorsements at the display of celebrities a company looking forward to dominating the market up their game to have the best deals.
Nike has managed to stay popular through excellent marketing campaigns. Through marketing, the brand start conversations among the possible clients, and they can give feedback about the product. Nike has influenced a large population using its slogan the ‘ do it.’ Nike also uses celebrities as a marketing strategy. It is the dream of every individual to be considered classy and fashionable. If the celebrity they love wears a certain shoe Nike ensures that there are a variety of sizes for children and adults.
Acquisition of companies has helped Nike to expand drastically. There are a large number of Nike competitors all over the world. Some of the companies in which Nike may have bought over the years include Cole Haan, Converse Shoe Company and Canstar Sports. BY buying out competing companies Nike has reduced competition. The market which had been dominated by the bought companies are incorporated with others owned by Nike around the world. Nike has expanded beyond its territories to more and more nations through acquisition companies.
In conclusion, quality products have maintained Nike’s market dominance. If the goods produced by a company are of good quality then they are likely to last long. Despite the individual looks for a product that will serve efficiently. The good standard of products make it easy for customers to differentiate between the real Nike product and counterfeit. The production of the good quality product should be consistent with being known all over by potential clients. Producing quality products over the years has made it impossible to come up with counterfeit.