This blog is for an assignment for my Marketing Research course. When considering marketing research, Nike has the opportunity to provide more diverse accessories to their inventory. Nike, as a Fortune 500 company, has the means and resources to include new products that are innovative and helpful to those in their target audience. Nike is a company that I have researched previously, and their marketing has always stood out to me personally. I like their “fitness is for everyone” attitude in recent marketing and social media posts (Instagram, 2023)!
A product that I feel fits with Nike’s current mission of sustainability and would be useful would be a new bag that has a compartment that is dedicated to a reusable water bottle or cup (Nike Sustainability. move to Zero). Various research methods will need to be used to determine the profitability, possibility, and scope of this project. Market research could include understanding Nike’s core audience and how it can be narrowed down to those passionate about sustainability and physical wellness. Research methods like studies, surveys, or even focus groups could help Nike gain a better understanding of what consumers are looking for in this product.
Different research methods that I feel would be the most helpful would be using exploratory research in the method of focus groups. This seems to be the best way to connect with current consumers about a new product and can help alleviate any issues that come up. Understanding what consumers want is important, however, this is something that needs to be balanced with Nike’s profitability and product development. Using focus groups to open an honest, transparent discussion and feedback will allow for multiple product iterations (Botha, 2019). For instance, if several focus group participants are interested in more sustainable materials, a thicker strap to hold more weight, or extra compartments for keys and their wallet, this will eliminate multiple rounds of trial and error due to a lack of communication and expectations.
There will be more information on my research methods and findings as this course continues!
References:
Botha, M. (2019, May 4). How to conduct exploratory marketing research. Alchemer. https://www.alchemer.com/resources/blog/how-to-conduct-exploratory-research/
Instagram. (2023). https://www.instagram.com/nike/?hl=en
Nike Sustainability. move to Zero. Nike.com. (n.d.). https://www.nike.com/sustainability
