Reasons why Nike has Dominated the Market
It almost impossible to keep up with fashion trends. Relevance in the fashion industry is crucial in establishing your brand. Nike has embraced these key factors to make it a market dominator. In 1972, Nike was promoted to a foreign market. Ever since Nike has continuously held a place in the fashion industry. Most of the products produced by Nike have received positive reception and thus fitted in as casual wear.
Having long-term deals with superstars. Nikes known to be associated with established athletes and celebrities. Nike maximizes the sale by naming the shoe line to a certain celebrity, thus capturing all their fans. By having long term commitments, Nike has been able to influence generations to wear and buying Nike products. Nike is vigilant to identify an upcoming and potential celebrity. Nike has ensured that their markets stable thus encouraging celebrities to renew their contract with them over and over again.
Investing in their marketing has seen Nike be one of the most trusted brands. Through marketing, the brand start conversations among the possible clients, and they can give feedback about the product. The Nike slogan has been very helpful as it has seen a lot of people identifying with it. One you see your favorite actor or musician wearing Nike product you will be compelled to buying the products. When a celebrity wears the products of Nike then the products are usually associated with the class. Children like to identify with the celebrities they love.
Thirdly Nike has dominated the market by buying out other competitor companies. In every field of business competition is always present. Through mutual agreements, Nike dissolves competing companies making them part and parcel of the brands. BY buying out competing companies Nike has reduced competition. The facilities and workforce of the bought companies are used to create more expansion of the brand. This no strong completion Nike has managed to stay relevant in the market.
Durable products have played a major role in the brand Nike. 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. Nike is known for quality sportswear to footwear. The production of the good quality product should be consistent with being known all over by potential clients. With the rise in the number of counterfeit companies Nike has been stood out.