Fall 2021 A1 Is Due On Sunday, October 3 – Turnitin Assignme

Fall 2021 A1 Is Due On Sunday 1003 Turnitin Assignmentupdated Fal

Develop a comprehensive marketing plan for a Company of Expertise (COE) operating in a foreign country, focusing on the country of specialty (COS). The COE should be a B2C company, preferably in the sporting goods industry, that operates or plans to operate in a developed country other than the USA or Taiwan. The plan must include sections such as an executive summary, company background, macro environment analysis (PEST), competition analysis (Porter's Five Forces), target market analysis and segmentation, and marketing mix strategies (product, price, promotion, place). Additionally, include a short conclusion and APA-formatted references. The plan should follow an outline format with bullet points and detailed discussions, adhering to formatting guidelines such as Times New Roman size 12, single-spaced pages, and proper APA citations. The assignment emphasizes originality, critical analysis, and incorporating insights from class discussions, particularly regarding competition, COVID-19 impact, and competitive strengths and weaknesses.

Paper For Above instruction

The conducted marketing plan focuses on Nike, a leading global sporting goods company, expanding its operations into Canada, a stable, developed country with a rich sporting culture and minimal political unrest. Nike, as a Coach of Expertise (COE), exemplifies an established and innovative brand in the athletic apparel and footwear industry. The plan provides a detailed analysis structured around macro environmental factors, competitive forces, target market segmentation, and strategic marketing mix adjustments to ensure successful market penetration and sustainable growth in the Canadian market.

Introduction to the COS and COE

Canada, known for its active lifestyle and high sports participation rates, represents a strategic country of specialty (COS) for Nike’s expansion due to its economic stability, technological advancement, and consumer affinity towards athletic brands. Nike’s background as a pioneer in athletic gear and consistent innovator aligns well with Canada’s culture of health consciousness, technological adoption, and fitness trends. As a B2C company with a broad market base, Nike's primary objective in Canada is to reinforce its brand presence while adapting its marketing strategies to local consumer behaviors and preferences.

Macro Environment Analysis (PEST)

Politics, Rules, and Regulations

• Stable political environment: Canada’s stable political landscape provides a conducive environment for foreign investment and long-term strategic planning (OECD, 2020).
• Trade agreements: Canada's participation in trade agreements like USMCA (United States-Mexico-Canada Agreement) simplifies cross-border operations and reduces tariff barriers (Canadian Government, 2021).

Economy

• High household income levels: Canada's robust economy and high disposable income facilitate premium sportswear sales (Statistics Canada, 2020).
• Economic resilience post-pandemic: The swift recovery of Canada's GDP indicates a resilient economy suitable for investment (Bank of Canada, 2021).

Society and Culture

• Health-conscious society: A growing trend toward health, wellness, and fitness supports Nike’s core product positioning (Canadian Fitness & Lifestyle Research Institute, 2020).
• Multiculturalism: Diverse consumer preferences require culturally adaptive marketing strategies and product offerings (Statistics Canada, 2019).

Technology

• High internet penetration: Over 90% of Canadians have internet access, enabling digital marketing and e-commerce channels (Canadian Internet Use Survey, 2020).
• Innovation adoption: Consumers frequently adopt new technologies, favoring smart and connected sportswear products (PwC, 2021).

Global Competition Analysis

Porter’s Five Forces in Canada

• Threat of new entrants: Moderate; high brand loyalty and significant capital required for market entry.
• Bargaining power of buyers: High; consumers have access to multiple brands and online shopping options.
• Suppliers' bargaining power: Moderate; Nike’s scale and supplier relationships reduce risks, though raw material prices fluctuate.
• Threat of substitutes: Moderate; other sports brands and casual wear options serve as alternatives.
• Competitive rivalry: Intense; Nike competes with Adidas, Under Armour, and local brands like Lululemon.

Primary Competitor Analysis

Adidas is Nike’s primary competitor in Canada, holding a significant market share with its strong brand recognition and product innovation. Adidas’s strengths include extensive product diversity, strong marketing campaigns, and sustainable manufacturing practices. Weaknesses involve higher price points, less localized marketing, and comparatively limited brand prestige in performance apparel.

Summary Comparison Table

Secondary Competition

Lululemon, primarily a Canadian brand, focuses on athleisure and yoga apparel. Its strengths are high brand loyalty among fitness enthusiasts, premium product quality, and a strong retail presence. Weaknesses include limited product range outside athleisure, higher prices, and heavy dependence on the North American market.

Target Market Analysis & Segmentation

Current Target Market

Currently, Nike’s primary target includes young adults aged 18-35, urban residents with active lifestyles. Their strengths are familiarity with Nike products and brand loyalty; weaknesses are narrow demographic focus, potentially missing older or more diverse segments.

Target Market Segmentation

In Canada, Nike should focus on two key segments: first, the urban fitness enthusiast demographic aged 25-45, characterized by higher disposable income, interest in sports technology, and a preference for sustainable products. Second, the youth segment aged 15-24, active in school sports, influenced by social media trends, and seeking affordable yet trendy athletic wear.

Recommended Target Market

Nike should expand targeting to include health-conscious middle-aged consumers aged 45-60 who participate in recreational sports and prioritize comfort and durability in athletic wear. This demographic offers growth potential due to increasing health awareness with aging populations and a desire for high-quality, long-lasting sports gear.

Global Marketing Mix Strategies

Product Strategy

Current: Nike offers innovative athletic footwear, apparel, and accessories, emphasizing performance and style. Strengths include cutting-edge technology and widespread brand appeal. Weaknesses include higher prices and occasional lack of product diversity for older consumers.

Recommended: Develop a line of ergonomic, durability-focused products targeting middle-aged consumers, incorporating eco-friendly materials to meet sustainability trends.

Price Strategy

Current: Premium pricing strategy aligns with Nike’s brand image but limits accessibility for price-sensitive segments. Strengths are perceived value; weaknesses are exclusivity and limited market penetration among budget-conscious consumers.

Recommended: Implement tiered pricing models, introducing more affordable options to expand market share without diluting premium offerings.

Promotion Strategy

Current: Nike employs extensive digital marketing, celebrity endorsements, and sports sponsorships. Strengths include global reach and effective storytelling; weaknesses involve limited local adaptations and social media engagement tailored to Canadian consumers.

Recommended: Increase localized campaigns, leveraging Canadian sports icons and cultural themes, and expand social media engagement to foster community involvement.

Place Strategy

Current: Nike’s distribution includes flagship stores, retail partnerships, and e-commerce channels, providing broad access. Strengths are extensive retail presence; weaknesses include reliance on large retail outlets and less focus on regional specialty stores.

Recommended: Expand direct-to-consumer channels with pop-up stores in sports events and collaborate with local sports clubs to strengthen community presence.

Conclusion

Nike’s expansion into the Canadian market represents a promising strategic move grounded in Canada’s economic stability, technological readiness, and health-conscious society. To maximize success, Nike should tailor its product offerings to include durable, eco-friendly options appealing to middle-aged consumers, adopt a tiered pricing strategy to broaden accessibility, and intensify localized marketing campaigns to resonate with regional culture and sports enthusiasm. Strengthening community engagement and leveraging digital platforms will be vital in establishing a sustainable market presence. With these strategic adjustments, Nike can secure a competitive edge, foster brand loyalty, and capitalize on Canada’s long-term growth opportunities in the athletic wear industry.

References

• Bank of Canada. (2021). Economic growth and recovery. Retrieved from https://www.bankofcanada.ca
• Canadian Fitness & Lifestyle Research Institute. (2020). Trends in health and wellness in Canada. Ottawa: CFLRI publications.
• Canadian Government. (2021). Trade agreements and tariffs. Retrieved from https://www.canada.ca
• Canadian Internet Use Survey. (2020). Digital adoption in Canada. Statistics Canada.
• OECD. (2020). Economic policy reforms in Canada. OECD Reports.
• PwC. (2021). Canadian consumer technology trends. PwC Insights.
• Statistics Canada. (2019). Multiculturalism in Canada. Ottawa: Government of Canada.
• Statistics Canada. (2020). Income and expenditure of Canadian households. Statistics Canada.
• U.S. International Trade Administration. (2021). Canada's economic profile. Retrieved from https://www.trade.gov/canada
• World Economic Forum. (2022). The future of sports in Canada. WEF Reports.