You Will Use Your Analysis From Task 1 To Create A Business

You Will Use Your Analysis From Task 1 To Create A Business Strategy F

You will use your analysis from task 1 to create a business strategy for Nike. Will send task 1 analysis directly to the teacher once a handshake has been done. Requirements: A. Create a business strategy in report format by doing the following: 1. Create an executive summary that includes the following points: the vision, mission, and value statement of the business the execution of a strategy the financial evaluation of the strategy a conclusion or summary of the business strategy 2. Discuss the vision, mission, and values statement 3. Justify the analytical tools used in developing your strategy. 5. Discuss your plan for maintaining competitive advantage. 6. Discuss the implications of competing in international markets. 7. Discuss a diversification strategy that should be considered in your business strategy. 8. Discuss at least one ethical consideration of your strategy. 9. Discuss your planned execution of the strategy. 10. Discuss how you would use ROI (return on investments) and cost-benefit analysis as part of your business strategy. 11. Create a conclusion for your business strategy. B. When you use sources, include all in-text citations and references in APA format.

Paper For Above instruction

The creation of a comprehensive business strategy for Nike requires a thorough understanding of its current position, future objectives, and the competitive landscape. Drawing from the initial analysis, we develop an integrated plan that aligns with Nike’s vision and mission while addressing strategic priorities such as competitive advantage, global expansion, diversification, ethical considerations, and financial evaluation.

Executive Summary:

Nike’s vision is “To bring inspiration and innovation to every athlete* in the world,” emphasizing its commitment to innovation and inclusivity. Its mission is “To create groundbreaking sports innovations, make products responsibly, and build a creative and positive environment.” Nike's core values include innovation, sustainability, creativity, and diversity. The strategy involves leveraging brand strength, expanding global markets, innovating products, and maintaining operational efficiency. Financially, the plan projects increased revenues through market expansion and product diversification, balanced against investments in sustainable practices and digital transformation. The strategic plan aims to solidify Nike’s position as a leader in sportswear and athletic apparel.

Vision, Mission, and Values:

Nike’s vision epitomizes its goal of inspiring athletes worldwide through innovation and branding. Its mission emphasizes product excellence and responsible business practices. The core values underpinning Nike’s strategy include innovation, sustainability, inclusivity, and community engagement, which serve as guiding principles for strategic decisions.

Analytical Tools Justification:

To develop this strategy, tools such as SWOT analysis, PESTEL analysis, and Porter's Five Forces have been utilized. SWOT analysis helps identify Nike’s strengths, weaknesses, opportunities, and threats, enabling targeted strategic actions. PESTEL analysis assesses external factors like economic conditions, technological developments, and regulatory environment across markets. Porter's Five Forces evaluates competitive intensity and industry profitability, informing strategies to enhance Nike’s competitive position.

Maintaining Competitive Advantage:

Nike’s competitive advantage hinges on its brand equity, innovative products, and extensive distribution network. To sustain this advantage, Nike must continue investing in R&D to innovate, strengthen its digital presence through apps and e-commerce, and prioritize sustainability initiatives that appeal to environmentally conscious consumers. Strengthening customer loyalty via personalized marketing and exclusive collaborations will also reinforce its market position.

Implications of Competing in International Markets:

Expanding into international markets offers growth opportunities but introduces complexities such as cultural differences, regulatory challenges, and currency fluctuations. Nike must adapt its marketing strategies to local preferences, establish local partnerships, and comply with diverse regulations. Managing supply chains efficiently across borders and safeguarding intellectual property rights are crucial for success.

Diversification Strategy:

A suitable diversification strategy involves expanding into related product categories, such as health tech wearables or athleisure, complementing Nike’s core sports apparel. This approach taps into emerging markets and segments, enabling risk spreading and revenue diversification while leveraging existing brand strength.

Ethical Consideration:

An ethical consideration involves ensuring sustainable sourcing of materials and fair labor practices in manufacturing. Nike must transparently communicate its responsibility efforts and continuously improve supply chain transparency to maintain consumer trust and comply with international labor standards.

Strategy Execution:

The execution plan includes setting clear milestones, aligning resources, and establishing accountability across organizational departments. Focus areas include launching innovative products, expanding digital channels, and entering new markets. Regular monitoring and flexibility to adapt plans based on market feedback are essential.

ROI and Cost-Benefit Analysis:

ROI calculations will guide investment decisions, prioritizing initiatives with high returns, such as digital platform enhancements and sustainable product lines. Cost-benefit analysis will evaluate potential projects’ profitability versus costs, ensuring resource allocation aligns with strategic objectives and maximizes value creation.

Conclusion:

Nike’s strategic plan aims to reinforce its leadership through continuous innovation, global expansion, and responsible business practices. By leveraging analytical tools, maintaining focus on core strengths, and addressing ethical and market challenges, Nike can sustain competitive advantage and achieve long-term growth in an evolving global marketplace.

References

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  • Kim, W. C., & Mauborgne, R. (2015). Blue ocean strategy: How to create uncontested market space and make the competition irrelevant. Harvard Business Review Press.
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  • Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78-93.
  • Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.
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