The company was founded on January 25, 1964 as Blue Ribbon Sports by Bill Bowerman and Phil Knight and on May 30, 1971 they officially became Nike Inc. The company name came from Nike, the Greek goddess of victory. The goddess Nike is also known for her traits of swift running and flying. The founders liked the idea of using Nike as a brand …show more content…
The marketing strategy of Nike invests a lot in production promotion and commercials. The endorsements by sponsoring athletes certainly have also played a significant role. Through this tool Nike has reached a large number of consumers who are likely to purchase their products.
Globally competitive, Nike has remained successful through its ability to introduce products that capture the attention of consumers with their constantly evolving and innovative product range. The creation of products that is better for the athletes, businesses and also the planet. They have a strong global brand and influence that reaches consumers internationally. Nike through its effective marketing strategy helps it to reduce the cost of manufacturing products. Most of their factories are located in Asian countries which are emerging economies which involves low production cost.