The assignment talks about Nike’s Creativity and Innovation. Additionally, there is a description of Market Penetration Strategy. So, increase Nike’s market share through cutting-edge technologies.

Nike’s Creativity and Innovation – Market Penetration Strategy

Description. Firstly, you are required to identify the marketing strategy for Nike company. Secondly, define the market development. Thirdly, analyse the product and Develop new strategies to penetrate into the market.

Product Development. The primary intensive growth strategy for Nike is product development. This intensive strategy involves the introduction of new products to grow sales revenues. For Nikes Mission Statement highlights innovation applied through new designs for shoes and related products. New technologies enhance the products and set them apart from the competition. In product development, these products remain attractive despite changing consumer preferences. Thus, this intensive strategy supports Nike’s differentiation generic competitive strategy via product innovation. A suitable strategic financial objective based on this intensive growth strategy is to increase Nike’s market share through cutting-edge technologies integrated in the design of sports shoes, apparel and equipment.

Nike’s Creativity and Innovation – Market Penetration Strategy

Market Penetration. Nike’s secondary intensive growth strategy is market penetration. In this strategy, the company grows by increasing sales revenues in existing markets. For example, Nike increases its stores and retailers in the United States to sell more athletic shoes to American consumers. Market Development. One of Nike’s supporting intensive growth strategies is market development. This strategy facilitates the company’s growth by targeting new markets or market segments. For example, Nike enters new markets in Africa and the Middle East to increase its shoe sales revenues.

Nike’s Creativity and Innovation – Market Penetration Strategy

Alongside product development, the company applies the market development intensive growth strategy by investing in new technologies to penetrate new market segments, such as segments composed of bodybuilders.

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