The Nike brand, with its distinct V-shaped logo, quickly became regarded as a status symbolin modern urban fashion andhip-hop fashion dueto its association with success in the sport. Copyright 2003-2022 | Academic Master is a trading name of HighEnd Technologies LTD. Every essay on this website is copyrighted by Academic Master. Nike uses a variety of methods to communicate with its employees. Kevin Keller is a branding expert who posits that for the process of development and sustenance of product identity and equity integrated marketing communications have an important role to play. Stakeholders are groups or individuals that have an interest in a business. Nike's main focus are the athletes and not just the athletes but everyone connected with sports. The companys brand communicates a number of things to the market, including a focus on performance and quality, as well as a commitment to innovation. Belch a& Belch (2012) suggest that marketing experts of a company should evaluate and monitor the activities of integrated marketing communication process and execution in order to determine the effective factors and areas of improvement through the process (Belch & Belch, 2012). 1 What does Nike do for its stakeholders? Document interactions to create corporate memory. Nike employees use sporting metaphors for carrying out their everyday business. Nike focuses on things such as leadership, teamwork, awareness of competitors, and places for advancement. Brand mentions peak from 11 AM to 2 PM, while Nike replies the most from 12 AM to 1 PM. In February 2004, Nike held its first stakeholder forum with a broad group of internal and external stakeholders to address current and emerging issues. Corporate website of the company is ranked among the top five sports companies visited by the customers. Pater, A., & Van Lierop, K. (2006). What Are The Working Conditions Of Nike Factories In Vietnam? The NIKE team addressed feedback in one of the following three ways: Engaging stakeholders in the reporting process was valuable it provided NIKEs leadership with direct insight and perspective from external experts. We will write a custom Report on Coca-Cola Business Communication in Practice specifically for you. What is personal selling example Nike is well known for its innovative and regular technique of communication to stay connected with its stakeholders and research based knowledge of its customers needs and demands expected from their products and that who their customers really are. Governerates 4. Nike can make a internal official letter to inform the employees if a problem occurs and to let them know what they have to do and what procedure they have to follow. How does Nike communicate value? These pop-ups collect customer data and are used to engage with present and possible customers regularly. How do you build relationships with stakeholders? Nike Inc. addresses these interests through the Nike Foundations initiatives, as well as sponsorships of a variety of related programs. Accessibility and distribution. Separate online "screen to screen" meetings. The brands shoes are a fixture at runway shows, and sell out in stores. The project illustrates communication process in Adidas, which is used to group and give out information and managerial data. One of the most prominent ones among these is the Global Compact. In addressing the other interests of this stakeholder group, Nike Inc. maintains a number of policies and standards to ensure compliance in all of its business areas. Innovative brands, like Nike, are embracing it with a fervor. Key internal stakeholders include the shareholders, management, in-house employees, and endorsers. Nike communicates with its stakeholders in a variety of ways. At Nike, we build long-term relationships with our contract manufacturing suppliers (suppliers) because we know having trust and mutual respect supports our ability to create product more responsibly, accelerate innovation and better serve athletes*. Nike has supported the FLA since its founding in August 1999. The strategy has a broad scope: the situational analysis is identified, key stakeholders and listed . Nike believes in ongoing dialogue with outside parties talking about the companys challenges as well as its successes, and in the process, helping to create a greater understanding of global supply chains and how to make them better. A.M1 Assess the relationship and communication with stakeholders of two contrasting businesses using independent research. The marketing team of Nike constantly looks for the touch points by which they can engage the customers communicate with them directly. Nike uses a variety of communication methods to promote its products, including television commercials, print advertisements, and online ads. As part of its corporate social responsibility strategy, Nike Inc. identifies governments as a stakeholder group. Transformational advertising help differentiating the product when the consumers are suggested the types of enjoyable experiences they might have using the advertised products and services being advertised (Belch & Belch, 2012. Nikes commitment to the Global Compact is mentioned throughout its website, in select backgrounders and in its 2001 Corporate Responsibility Report. Nike actively communicates with its stakeholders and encourages their feedback. Phil used to sell the shoes personally carrying products in his car whereas Bill keep testing the products with the runners of the University of Oregon in order to determine the best quality of shoes. People should be offered a variety of options to communicate with you and provide their input. Define sustainability strategies, goals and policies in consultation with key stakeholders. This is the story of how Nike turned itself into a globe-spanning fashion brand. Through integrated marketing communication Nike developed and sustained its brand equity in the market as the leader of the industry. How does Nike communicate with customers Besides Instagram, Nike communicate with their customers through email subscriptions. Nike uses a variety of methods to communicate with its employees. Nike engages with its stakeholders through various forums and organisations. Nikes differentiation generic strategy provides unique products. Nike also engages stakeholders directly through one-on-one meetings and other forms of collaboration. (LogOut/ The interests of these stakeholders include support for the development of communities. In 2004, Nike signed on as an Organizational Stakeholder of the GRI demonstrating its support for the GRI as a framework for common reporting standards. Does Nike Have A Good Relationship With Stakeholders? These stakeholders have significant effect on Nike in terms of potential government intervention and in terms of consumer perception regarding the company and its sports shoes, apparel and equipment. P.296.). For Nikes business reputation, it was important to be vigilant with communication to external stakeholders to ensure all external contractors and other stakeholders are satisfied. On the other hand, Nike also exports to Japan, Malaysia, Singapore, and UK. Nike addresses these interests through corporate social responsibility policies and programs that focus on internal leadership development, talent management through coaching and mentoring, and team building. Additionally, Nike makes use of sales promotion strategies like discount codes to entice potential customers to buy their products. 1971 the name changed the name for 'NIKE', the logo and their design. This strategy has been designed to recognize and support the structures and working practices arising from Foxconn, Apple's main supplier of iPhones and iPads. Customers Communities 2. There are many different types of communication, but one type that is particularly important for businesses is advertising. Its advertising slogansBo Knows, Just Do It, There Is No Finish Linehave moved beyond advertising into popular expression. If they run fast and with comfort, customers will associate happier sentiments with the brand. Finally, Nike is influenced by its competitors. Nike actively communicates with its stakeholders and encourages their feedback. This can be physical (Note: Please check the latest information on physical meetings due to Covid-19) or online. 7 Tactics to Maintain Positive Stakeholder Relationships. #4 Suppliers and Vendors. This has helped to attract and retain top talent, which is essential for a company like Nike. See more at: http://www.nikeresponsibility.com/report/content/chapter/stakeholder-engagement-reporting#sthash.wUqBHiaN.dpuf. Multinationals like Nike, have incorporated the values of sports like teamwork and perseverance and adopted them into the company culture. External Stakeholders In Nike. Arsalan is the founder and CEO of Academic Master, Integrated Marketing Communication in Nike. The customers is the stakeholder most important, the customer can help the company . The purposes of integrated marketing communications are many-fold, they serve knowledge based product development catering the needs and demands of the customers and also keeping the customers excited about the new launches by the brand. A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. Governments. Nike can use virtual realities and simulations to project what products will be sold when and project their sales for the future. Nike communicates its progress to its stakeholders, Besides Instagram, Nike communicate with their customers through, To put it simply, Nike doesn't just sell products. Nike is a global powerhouse when it comes to athletic apparel and footwear. On nikeresponsibility.com and in its backgrounders (attached), Nike addresses issues and initiatives related to workers and contract factories making Nike-branded products (code of conduct, code leadership standards, tiered monitoring system, independent/external monitoring, new source approval process, balance scorecard and remediation plans); environmental sustainability (long-term goals, climate change, water quality standards, elimination of organic solvents and sustainable product innovation); partnerships with the Fair Labor Association and the Global Alliance for Workers and Communities; commitment to increasing youth physical activity; community investments to increase the participation of young people in physical activity to improve their lives and to develop innovative solutions that address the challenges of globalization faced by women and girls; and Nikes work toward internal and supplier diversity. Nikes Marketing Mix (4Ps/Product, Place, Promotion, Price) An Analysis, Nike Inc. Operations Management: 10 Decisions, Productivity, Harley-Davidsons Stakeholders: A CSR Analysis, Nike Inc. The stakeholder group of communities has a significant influence on Nikes corporate social responsibility standing. They are open and honest about the origins of their products, and they are clear about the benefits that their products can provide. The brand image and sales performance of Nike sports shoes, apparel, and equipment are significantly subject to the effects of stakeholders interests and corresponding actions. Jeff as a marketing technique decided to rename the brand with now famous Nike. The most common way is through email. Marketers can use simulations to predict sales and predict what product will sold at a different time. How Much Does Adidas Pay You To Test Products? Nike tracks its performance according to GRI''s Sustainability Reporting Guidelines and was one of several organizations participating in the GRI''s inauguration in 2002 as an independent organization. The satisfaction of customers directly affects revenues. By creating a two-way conversation with consumers, Nike gains actionable insight into their needs and as the results show, they dont just listen, they react. The marketing communication with an integrated approach builds a high-profile for the brand that contributes to the esteem of the business. Learn More. Internal integrated marketing communication refers a development of healthy response of employees towards the new products and services so that a premature leakage of the product details is gained and potential customers are excited about the new products before their launch into the market. The strategy should communicate to the customers and the internal employees the mission of the organization and the values it stands for. 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