Nike’s Pricing and Retail Strategy Student’s Name Institutional Affiliation Nike’s Pricing and Retail Strategy Nike is the world’s top manufacturer of apparel footwear and accessories. It was founded in 1964 and sells its products in all parts of the world. Like other businesses Nike puts great effort in its pricing strategy. Primarily pricing is one of the components of the 4Ps of marketing mix. As such the company understands the need for a pricing and retail strategy that will create a competitive advantage as well as serve as the basis for the success of the company (Pandey 2017). Therefore this essay will describe Nike’s pricing and retail strategy and analyze its market situation and competitive strategy. Pricing and Retail Strategy Nike utilizes a prestige pricing strategy. Tanner and Raymond (2012 define prestige pricing as the use of higher prices to give an offering that the product is of high It also ensures that it competes on value such that customers consider the characteristics of the products rather than price. The use of innovation also ensures that the company can charge a premium price for its products. Customization also serves a competitive factor for Nike. This involves designing products according to the needs of particular customers. Primarily the company has NikeiD that allows customers to modify some of the products that they purchase (Pandey 2017). References Ozanian M. (2012). The Forbes Fab 40: The World’s Most Valuable Sports Brand. Forbes. Online. Retrieved from www.forbes.com Pandey B. (2017). Nike Inc-Strategic audit. Independently published. Porter M. E. (2008). Competitive advantage: Creating and sustaining superior performance. Simon and Schuster. Sinclair N. (2017). What Nike is doing that’s bad news for traditional retailers. Yahoo Finance. Online. Retrieved from at finance.yahoo.com Tanner J. F. & Raymond M. A. (2012). Principles of marketing. V. 2.0 Flat World Knowledge. [...]
In this essay: Describe and evaluate a company’s pricing and retail strategy. Include analysis of the current market situation and the competitive strategy. Be sure to cite at least three credible outside sources and apply the concepts presented in the textbook Principles of Marketing version 2.0 by John Tanner and Mary Anne Raymond, regarding pricing and retail strategies. Your paper should be 2- to-3 pages in length, well written, and formatted according to APA Requirements.