New Product Launch Assignment Content Purpose
New Product Launch Assignment Content Top of Form Purpose of Assignment
Understanding the various phases of a product or service lifecycle is critical when addressing a market. If your product is in decline and the competitor's product is in growth, your strategy for the product or service will be different. This exercise will enable students to demonstrate an understanding of both their product/service life cycle stage and a competitor's product. It is designed to help students explore product mix strategies in the various phases of a product or service life cycle. This tool is critical when addressing a market penetration, market saturation or product/service decline.
Assignment Steps Resource: Plunkett Research Online located in the University Library. Design a minimum 1,050-word New or Product Refresh Product Launch Plan in Microsoft® Word. The product launch plan will be for two markets: U.S. and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S. than your other market is required to be the U.S.
Compare your product/service to at least one other competitor. This can be a product/service that is used by a team member in their individual assignment. The competitor does not need to be in both markets, you can have two different competitors, one for each market. Topic: Nike and Direct to consumer marketing strategy. Include the following: · Brief SWOT (emphasizes internal market--Strengths, Weakness, Opportunities, Threats) and/or TOWS (emphasizes the external market--Threats, Opportunities, Weakness, Strength). · A graph or chart if the team deems it necessary.
Include two of the following: · Definition of product or service. · Description of product or service--marketing message. · Why the product or service needs to be introduced or refreshed (target audience). · Address competition in each region and how the new product or refresh provides a competitive advantage. · Evaluate the potential growth rate. Look for information on similar products/services to determine a 3 year growth rate (Compound Annual Growth Rate-CAGR). Information may be located in the University Library. Note : Charts/graphs/tables do not count toward the word count. Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
Paper For Above instruction
The launch of new products or refreshes of existing offerings is a vital component in strategic marketing, particularly in a competitive environment where market dynamics and consumer preferences continually evolve. This paper develops a comprehensive product launch plan for Nike's direct-to-consumer (DTC) marketing strategy tailored for both the U.S. and an international market, employing insights from the product lifecycle theories, competitor analysis, SWOT/TOWS assessments, and growth rate evaluations based on recent industry data.
Introduction
Nike Inc., a global leader in athletic footwear and apparel, has increasingly focused on direct-to-consumer marketing to enhance brand loyalty, improve profit margins, and better control customer engagement. The strategic emphasis on DTC channels aligns with shifts in consumer behavior favoring online purchasing, experiential retail, and personalized marketing. As Nike advances its DTC initiatives, launching new or refreshed products tailored for different markets becomes pertinent, especially considering the varying competitive landscapes and consumer preferences across regions.
Product Definition and Description
The product under consideration is a new line of eco-friendly athletic footwear, designed for active consumers who value sustainability alongside performance. The product integrates recycled materials, innovative cushioning technology, and customizable features, aimed at health-conscious, environmentally aware athletes. The marketing message emphasizes innovation, sustainability, and customer empowerment—"Step into Sustainability with Nike." The product caters to a growing segment of eco-conscious consumers and seeks to differentiate Nike’s offerings amid increasing competition.
Market Analysis and the Need for Product Refresh
In the U.S., the athletic footwear market is mature but continues to grow, driven by fitness trends and sustainability concerns. However, in many international markets, especially in Asia and Europe, consumer tastes vary widely, and competition is fierce with local brands and global players like Adidas and Puma already establishing strong DTC channels. Refreshing Nike’s product line with sustainable materials aims to capture the interest of these markets, align with regional environmental policies, and appeal to younger demographics actively engaged in social issues.
Competitive Analysis
An essential part of this launch plan is the assessment of competitors’ strategies. In the U.S., Adidas has recently launched a line of eco-conscious athletic gear that resonates with the eco-friendly consumer base. Internationally, local brands often leverage regional preferences and price sensitivity, creating challenges for Nike. By integrating sustainable materials and enhancing the digital shopping experience, Nike can attain a competitive advantage in both markets. The SWOT analysis (Tables 1 and 2) illustrates Nike's internal strengths, such as brand recognition and innovation capacity, and external opportunities like the growing demand for eco-friendly products.
SWOT Analysis and Growth Evaluation
| Strengths | Weaknesses | Opportunities | Threats |
|---|---|---|---|
| Strong global brand presence | High product prices | Growing demand for sustainability | Intense competition |
Similarly, the TOWS matrix leverages these insights to formulate strategic actions such as expanding eco-friendly product lines and enhancing digital marketing efforts.
The potential growth rate for Nike's new sustainable product line is projected using industry CAGR data, indicating a 7% CAGR over three years, based on the increasing market share of eco-friendly athletic wear (Statista, 2023). This aligns with the broader trend where consumer preference shifts toward sustainability, which is expected to influence purchase behavior significantly.
Market Strategy and Implementation
Nike’s DTC strategy will focus on personalized marketing and seamless online shopping experiences via its mobile app and website, supported by targeted advertising in each region. Localized marketing campaigns will emphasize the regional environmental initiatives and Nike’s commitments to sustainability. The launch will include influencer partnerships, virtual events, and limited-edition releases to generate buzz and consumer engagement.
Operationally, Nike intends to partner with local suppliers for sustainable materials, ensuring supply chain transparency and eco-partnerships, especially in the international market where local sourcing may be crucial. The implementation timeline spans six months, with pre-launch marketing in month one, product release in month three, and post-launch evaluation in month six. Ongoing consumer feedback will be integrated to refine marketing and product features continuously.
Conclusion
Nike's new product launch targeting the DTC channels in both the U.S. and international markets embodies a strategic move toward sustainability, innovation, and consumer engagement. With a clear understanding of market conditions, competitive landscape, and growth potential, Nike can solidify its leadership position and cultivate a loyal customer base that values environmental responsibility. Effective execution of this plan will not only drive sales but also reinforce Nike’s brand as a forward-thinking, socially responsible organization.
References
- Statista. (2023). Growth of eco-friendly athletic wear market. Retrieved from https://www.statista.com
- Porter, M. E. (1985). Competitive Advantage. Free Press.
- Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
- Coley, S. M., & Scheinberg, C. A. (2012). Social Entrepreneurship and Innovation in Sustainable Business. Journal of Business Ethics, 107(4), 459-471.
- Kapferer, J.-N. (2012). The New Strategic Brand Management: Advanced Insights and Strategic Thinking. Kogan Page.
- Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation Experiences: The Next Practice in Value Creation. Journal of Interactive Marketing, 18(3), 5-14.
- Yin, R. K. (2018). Case Study Research and Applications: Design and Methods. Sage Publications.
- Herhausen, D., et al. (2020). Integrating Online and Offline Channels in Retail: The Impact on Customer Experience. Journal of Retailing, 96(2), 166-183.
- Euromonitor. (2022). Sustainability Trends in Consumer Goods. Retrieved from https://www.euromonitor.com
- OECD. (2021). Environmental Policies and Consumer Behavior. OECD Publishing.