MARKETING PLAN 4
Amarketing plan is significant and helps to fulfill purposes thatincludes situational analysis of an organization both in the presentand future. Secondly, a marketing plan provides specific outcomesexpected by the organization at the end of the planned period.Moreover, a marketing plan describes specific actions that anorganization will take. Therefore, marketing plans should becarefully developed in order to achieve the desired goals andobjectives proposed by the marketing directors. This paper willanalyze Nike’s marketing plan and come up with some recommendationsto the marketing plan.
Firstly,the marketing plan provides pertinent information about the company,its target market, industry trends and competitors. Historical trendsin sales, revenue and market share growth is provided. The marketingplan contains Nike’s goals which are formal statements that showthe desired, as well as the expected outcomes that will providedirection for decision making. Additionally, this marketing plandescribes Nike’s marketing mix such as product, price, place andpromotion to the readers. Furthermore, clear plans of actions on howthe company plan to invest and enlarge the business is provided inthe marketing plan (Kasi, 2011).
However,this marketing plan lacks a quality situational analysis whichdescribes the company’s current environment including: the internalenvironment, external environment and customer environment crucialfor decision making factors. No opportunities and threats of thecompany are analyzed in this marketing plan. Yet, a SWOT analysisfocusing on the strengths and weaknesses of the company is providedand this helps in determining whether Nike is doing well, and whereimprovements are required.
Conversely,this marketing plan may be incomplete since there is no fulldisclosure of the expected costs as well as expected revenues. Inaddition, it does not disclose how Nike serve it customer and how theproducts reach its consumers. On the other hand, the actionable stepsdemonstrating how the marketing plan will be implemented and executedis not outlined. Specific activities necessary to implement amarketing plan as well as persons responsible to perform theactivities based on a schedule to be accomplished should be providedin a marketing plan (Kasi, 2011).
Thismarketing plan seems incomplete and should include the executivesummary which is a crucial component that is frequently read,although it is not detailed. On the other hand, economic forces,political forces, technological forces, sociolcultural and legalforces that could affect the business should be included in thismarketing plan, in order to analyze their effect on performance ofthe organization. The specific target market should be clearlydescribed, in order to assess any anticipated needs in the market. Onthe other hand, threats and opportunities should be included in amarketing plan to provide readers with favorable conditions thatcould be properly utilized to yield rewards for the company or anythreats that may hinder the company from achieving its goals andobjectives. In addition, this marketing plan should provide how Nikecan minimize the threats in order maintain their customer base aswell as gain new customers. In conclusion, marketing planning iscrucial in order to create a competitive advantage. A marketing plancan determine the future direction of a company. Nike Companycontinues to make high revenue regardless of economic hardshipsglobally. Therefore, the company should continue with its marketingplans.
Kasi(2011). Marketingplan of nike. Retrievedfrom:http://marketingmixx.com/marketing-plan-2/164-marketing-plan-of-nike.html