Nike Strategic Plan Management Coursework Research

Nike Strategic Plan
Name:
Course
Instructor:
Date:
Create the Final Strategic Plan for Nike. The Final Strategic Plan contains the elements of all the previous weeks' components. The final strategic plan should contain:
Executive Summary
Nike manufactures, distributes and sells sports footwear, apparel and equipment, and the company has focused on innovation and exceeding the customer’s needs. The sports market is the major business segment, but Nike markets targets different markets. Inspiring the customers and innovation areclosely aligned with the corporate culture and values. The company has a global presence including the supply chain with Asian suppliers. However, Nike suppliers’ needs to improve labor practices, Nike also needs to expand into different markets and expand the product offerings in new markets. When implementing changes, the management needs to be actively involved to ensure the success of change management. Identifying, prioritizing and managing the risks will improve change management and outcomes.
Company Background
NIKE, Inc was founded and incorporated in 1964 as Blue Ribbon Sports and renamed as Nike, Inc in 1971. The company is involved in the design, development, manufacture and marketing of athletic footwear, clothing, equipment, accessories and other sporting goods. Nike is one of the largest suppliers of athletic footwear and sportswear and a major manufacturer of sports equipment, supply the domestic American market and international market
Mission Statement
The company aims to provide inspiration and innovation for all athletes worldwide (Nike, 2020). Furthermore, Nike mentions that everyone is an athlete and the company seeks to reach consumers in the sports footwear, apparel, and equipment and ‘athleisure’ markets
Vision Statement
The vision is based on the idea that everyone is an athlete, and Nike is passionate about innovation in sports and inspiring athletes, where there is focus on expanding human potential. The vision statement implies that Nike is improving lives and exceeding expectations by being dynamic while offering the best footwear, apparel and sports equipment (Nike, 2020).. Value Statement
The core values are linked to working together to create a better future in sports through sports innovations, while being connected, distinctive and an inspiration to athletes.
Environmental Scan
The US is a mature market with favorable business policies and practices, and lower taxes and an improved business environment will likely result in further growth, albeit at a slow pace. Jiang (2018) highlights that Nike relies on cheap labor in Asian countries through subcontracting, but there is increased cost of labor in these countries as well as concerns about factory and labor conditions. Nike has a global presence and supply chain that allows the company to be competitive, but there is a need to get supplies with those who maintain high safety standards.
Nike is an innovative company with presence in diverse markets, which improves the company’s growth potential. Even though, there are cheaper alternatives, Nike emphasizes quality and performance and the company’s brand is reputable. Nonetheless, there is competition from companies such as Puma, Adidas and Under Armor. Nike’s ability to innovate in the design and manufacture of its products improves the company’s competitiveness (Childs & Jin, 2018). Nike has also leveraged the use of social media to build a reputable brand and optimize targeting different markets and emphasizes the innovative features of the products and meeting the customer needs.
Internal and External Environmental Analysis
The strengths and weaknesses reflect the internal factors affecting the company, while the opportunities and threats are the environmental factors affecting the company. Nike has a global presence, strong financial performance and wide manufacturing based. The company operates in different continents and is able to attract customers at the global level and expand to new markets. Nike is the leading sports manufacturer and distributor and has experienced growth in diverse markets. The R & D and wide manufacturing based allow Nike to be more efficient and operating ousted the US reduces the operational costs.
There is an expanding retail ...