Reasons why Nike has Dominated the Market
What may be trendy today may not be trendy tomorrow. Relevance in the fashion industry is crucial in establishing your brand. Nike has embraced these key factors to make it a market dominator. Nike was initially known as the blue ribbon company. The company changed its name from Blue Ribbon Company to the Nile in 1978. Most of the products produced by Nike have received positive reception and thus fitted in as casual wear.
To begin with, Nike has used celebrity endorsements to remain relevant in the market. Nikes known to be associated with established athletes and celebrities. For instance Nike may create a new sneaker design with the popularity of the brand these shoes are likely to sell and make profit. 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. 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.
Investing in their marketing has seen Nike be one of the most trusted brands. Marketing creates awareness of any rebranding done on a product to the market. With a lot of people identifying with it has become easy for their marketing strategies to spread quickly. One you see your favorite actor or musician wearing Nike product you will be compelled to buying the products. 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.
Thirdly Nike has dominated the market by buying out other competitor companies. It is very hard to be a monopoly in the international market. Nike, however, is known for buying out competing companies. The bought company’s ideas are usually incorporated with Nikes making unique designs. Nike is, therefore, able to own most of the shoes, clothes and other accessories on market shelves. Nike has expanded beyond its territories to more and more nations through acquisition companies.
Standard products are a key factor which has led to Nike remaining relevant in the market. A produce or manufacturer only way of gaining customers trust is by ensuring that the good they produce are of the required standards. Faithful customers are the best they buy any new product from their esteemed company. Durable products have made Nike a preferable brand to many. Despite the price of the Nike product, customers still buy knowing there is a low possibility of untimely replacement. Producing quality products over the years has made it impossible to come up with counterfeit.