Nike has been long-established as the elite athletic wear company on the planet. Some reports indicate they own 47 percent of the market share for athletic shoes. The Beaverton, Ore based company was established in 1978.
In an effort to maximize profit, Nike has a huge range for their target market. Nike has products that appeal to people of all age groups. Today, Nike relies on their brand image and reputation to capture customers and the market share.
Nike, along with rival companies like Adidas and Under Amour, have the ability to attract a huge customer base because companies associate success with the product. For example, when an elite athlete sponsors a specific brand of athletic shoes, the brand instantly becomes associated with success.
The list of athletes Nike endorses is mind-boggling. I mean, how could you not gravitate towards a brand that has names like Rafael Nadal, Michael Jordan, Kobe Bryant and Tiger Woods to name a few. With an effective market strategy and the world’s best athletes endorsing the products the Nike “swoosh” has become one of the most recognizable logos in the world.
Nike has developed an incredible sense of brand loyalty among the customers. The company commitment to designing innovative footwear for athletes and consumers to help it build a cult following. As a student at the University of Oregon the Nike brand is visible on everything from athletic facilities to merchandise.
The key factor for Nike was that they have been able to create strong brand preferences among the customers. Nike embedded their brand image into consumers mind by using celebrity athletes in advertisements worldwide. The company’s commitment to designing innovative footwear for athletes and consumers helped build a cult following.