Essay on Weyman

718 Words Apr 18th, 2014 3 Pages
Market segmenting is the process of dividing the market into dissimilar, distinctive groups of people who have similar needs to be satisfied, alike wants and behavior, or who might want same products & services. The process of segmentation is supposed to be performed by each company being interested in creating and successfully implementing marketing mix, which implies product development, placement, promotion and choice of appropriate pricing strategy.
Markets can be divided depending on a number of wide-ranging criteria. Variables that are commonly used for segmentation are geographic (region, country size, climate etc.), demographic (age, gender, family size, religion, language etc.), psychographic (personality, life style, attitude
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The company owns 20,000 retail accounts throughout the United States. It also cooperates with numerous independent distributors and has contracts with 110 other countries all over the world. The company also has contracts with Internet companies. Nike has many retail outlets all over the world, with their famous outlet Niketown situated in major cities. Obviously the one area that brings boundless financial prospect to Nike is the international market.
If talking in terms of segmenting according to demographic variables, Nike’s target market for their shoes is males and females between 18 and 35 years old. Generally Nike develops products for all the markets that grew big enough to be profitable. With the development of children and women sports, new product lines were eventually developed. The products the company manufactures are changed and bettered regularly. Nike gives out one new shoe style every day. Nike promotes its products in a variety of ways and targets its advertisement to numerous groups or types of people, each one being distinctive. One of the problems the company faces today is decreasing brand-loyalty. Most people start to prefer to buy cheaper shoe brands. For these reason its marketing campaigns are now making emphasis on the point that a shoe of a higher quality with a good brand name is worth the money spent if being compared to a cheaper shoe that is of a poorer quality and will be wore

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