There are two types of stakeholders; internal and external, with different interests and priorities. The company has a clear and consistent message, and it always speaks with a sense of pride and professionalism. In the late 1990s, Nike reduced costs and the selling prices of its athletic shoes and other products. Nike has built relationships between the company and customer by understanding the customers needs and preferences. Nike utilizes the DART model as a way to capitalize on the Nike+ brand. Nikes Intensive Strategies (Intensive Growth Strategies). The Swooshs stable of designersVirgil Abloh, Riccardo Tisci, Kim Jones, Rei Kawakuborivals that of any luxury conglomerate. With a global presence, they can create ads that people around the world can identify with, helping Nike communicate their values and mission to contribute to a better world. - Sample V/ Nike's Stakeholder analysis For Nikes business reputation, it was important to be vigilant with communication to external stakeholders to ensure all external contractors and other stakeholders are satisfied. These stakeholders are important because they affect how Nike operates in terms of its permits, limits and legal actions in certain markets for its sports shoes, equipment and apparel. Nike has revised its environmental strategy and this was explained in-depth in the company's annual sustainability report. Nike is also an Organizational Stakeholder of the GRI. Nike engages with its stakeholders through various forums and organisations. McDonald's communication channels are testament to the theory that the strongest communications are always two-way and always maximise the chances for employees to respond. Nike has 73,300 employees worldwide. 4. Identifying and Analyzing Stakeholders and . Through sponsorships and celebrity appearances Nike gives an impression of link between its products and the success of the celebrities (Johnson, 2013). Stakeholders 1st Business: Nike The aim of this business is to provide and develop products for athletes of every ability and to make sure their products help athletes reach their potential. We analyze the Nike case in order to study how stakeholders' pressure shapes a firm's engagement in CSR issues. Forum consolidated the feedback, synthesized it into themes and issue areas, and presented it to the stakeholders during a workshop at NIKE world headquarters. Why is it important for Nike to have external stakeholders? The trademark of the company today is the famous swoosh and the slogan of Just Do It. Footwear industry leader Nike manufactures sporting products and has sub-brands of hurley Internatinal, Converse, Cole Haan, Jordan and Nike Golf. These CSR efforts are expected to maximize Nikes ability to produce more popular and advanced athletic footwear, apparel and equipment. Nike could introduce the use of fairtrade in the manufacturing process to ensure their workers receive a sufficient salary, This would increase the sustainability of the company as well as improving their reputation. Academic Master is a writing company that provides free essays to the students all over the World. Nike sells its products through three main sources: Your email address will not be published. Nike collects feedback from suppliers through Better Buying, an anonymous rating initiative that collects supplier feedback on purchasing practices. NIKEs SB&I team managed the overall reporting process and actively participated in stakeholder engagement as an information provider and listener. The brands shoes are a fixture at runway shows, and sell out in stores. The feedback was also consolidated and provided back to the NIKE team. Nike Inc. uses its promotional mix or marketing communications mix to communicate with target customers in the global athletic footwear, apparel, and equipment industry. The brand replied the most on Tuesdays and Saturdays. What does Nikes brand communicate to the market? Nike was affiliated in footwear, sportswear, apparel of golf and team uniform on 1972 until now. Nike, Inc. is one of the largest and most successful sportswear companies in the world. Nike communicates its progress to its stakeholders, through its website nikeresponsibility.com backgrounders, quarterly electronic newsletters, the 2001 Corporate Responsibility Report and Community Investment Report 2002-2003. It encourages people to be their best selves, and it inspires them to work hard to achieve their goals. To inspire greatness inside and outside of work, we offer employees competitive health, financial, security, and work-life benefits. NIKE and Forum jointly created a list of relevant stakeholders who possess a range of the following attributes: How does Nike communicate with their employees? Capturing an international audience with their ads and campaigns, Nike can better communicate their messages that go beyond the sports world. What is stakeholder communication? A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. Carroll, A. Communities. Authorizers: governments, trade associations, shareholders and the Executive Board. The interests of these stakeholders include fair compensation, career development opportunities, and a sense of purpose. Nike has been very successful in this regard, delivering strong financial performance over the years. It tells customers what they want and then makes that value readily available. Nike Inc. stakeholders interests are satisfied through the companys corporate social responsibility (CSR) programs. Internal branding and communication strategy: The communication strategy of any organization needs to be in line to the product and services it produces. Their tone is upbeat and positive, and it emphasizes the importance of hard work and dedication. In some instances, Nike supplements overall contract factory compensation by partially sponsoring after hours education programs in select footwear contract factories; and health education, management and life skills training, and mobile health clinics in select contract factories through its partnership with the Global Alliance for Workers and Communities. How do I stop a process from running in terminal? Nike is committed to improving working conditions in the contract factories from which it buys product. Nike collaborated with Better Buying to invite our suppliers to participate and we use the information to help inform system and process improvements. This can be physical (Note: Please check the latest information on physical meetings due to Covid-19) or online. External integrated marketing communication refers to the outsourcing of marketing or public relations companies by the businesses to market their products and services. Twitter, Facebook, Instagram; these are one of the main social media platforms that Some of the advantages to Nike as a company because of international business are that they can: promote environmental sustainability by "decoupling" growth from "constrained resources." ensure. Integrated Marketing Communication. It rather can be taken as a whole business process by looking into the external, internal, horizontal and vertical integrated marketing communication categories. In this capacity, Forum jointly selected stakeholders with NIKE, coordinated the overall process, led stakeholder discussions and virtual feedback sessions, and consolidated feedback for us. They help us prioritize key issues and develop our corporate responsibility policies and approaches. Peloza, J., & Shang, J. 0. how does nike communicate with their stakeholders. They are the ones who buy the products and keep the company in business. roland kaiser beinprothese. External stakeholders include clients or customers, investors and shareholders, suppliers, government agencies and the wider community. Forum played the role of a neutral facilitator in this process and helped to reframe the conversation around not only our reporting but also our approach. Since the integrated marketing communication techniques have been incepted they have been found to be the most reliable and mode of communicating the message of the businesses to target audiences. Nike can make a internal official letter to inform the employees if a problem occurs and to let them know what they have to do and what procedure they have to follow.Click to see full answer. The communication process refers to a series of actions or steps taken in order to successfully communicate. In February 2004, Nike held its first stakeholder forum with a broad group of internal and external stakeholders to address current and emerging issues. A.M1 Assess the relationship and communication with stakeholders of two contrasting businesses using independent research. After compiling thousands of independent employee reviews from companies around the United States, CareerBliss announces the 8th annual CareerBliss 50 Happiest Companies in America. At present, Nike is a high standard of design and good quality brand on customer mind (Nike INC -History & Heritage, 2011). How does Nike use marketing to communicate brands. Nike implemented this intensive strategy in its early years, such as when it introduced apparel and sports equipment to its product mix. According to Archie Carroll, stakeholders are individuals or groups that have a significant stake in what the business does. The brand image and sales performance of Nike sports shoes, apparel, and equipment are significantly subject to the effects of stakeholders interests and corresponding actions. Nike can make a internal official letter to inform the employees if a problem occurs and to let them know what they have to do and what procedure they have to follow. Nike believes in ongoing dialogue with outside parties talking about the companys challenges as well as its successes, and in the process, helping to create a greater understanding of global supply chains and how to make them better. We have continued this type of engagement through a number of meetings some informal and casual, others formal and facilitated by organizations including SustainAbility and Business for Social Responsibility. Nike is one of the most successful and well-known brands in the world, and much of its success comes from its effective marketing. A shareholder owns part of a public company through shares of stock, while a stakeholder has an interest in the performance of a company for reasons other than stock performance or appreciation. for only $16.05 $11/page. Integrated marketing communications are strategic tools that not only bring long-run effective results for the companies but also enable the companies to build a healthy relationship with the customers that ultimately turn into brand loyalty. How does Nike build relationships with customers? How does Nike communicate with their owners?Nike communicates its progress to its stakeholders, through its website nikeresponsibility.com backgrounders, quarterly electronic newsletters, the 2001 Corporate Responsibility Report and Community Investment Report 2002-2003. Nike competitors include adidas, New Balance, Skechers U.S.A., Steve Madden and ASICS America. Gain your stakeholders trust right from the start. However, sometimes Nike will use a more playful tone in order to engage employees and get them excited about upcoming events or products. Considering high profitability and growing sales revenues, Nikes corporate social responsibility effectively satisfies the interests of customers as a top-priority stakeholder group. How does Nike communicate with customers Besides Instagram, Nike communicate with their customers through email subscriptions. Document interactions to create corporate memory. Twitter appears to be the core platform in which Nike used to communicate important information to customers and the public. What communication methods does Nike use? Thus, through such branding initiatives, Nike ensures that all its employees have the ultimate goal of creating a world-class sporting product at the back of their minds all the time. Branding is another important part of Nikes marketing strategy. Over 90% of Nike footwear and branded apparel is made . Nike also holds regular investor briefings and holds annual meetings for stakeholders to provide an overview of the companys performance and plans for the future. At Nike emotion is used in everyday work to remain competitive in the workplace. amberley publishing royalties . Integrated marketing communication will be changing and evolving ever as it does though it is not lasting forever (Schultz, 2004). Nike is a champion brand builder. The company started its operations in 1964, founded by Phil Knight a medium distance runner, and Bill Bowerman a track and field coach. The company is among the firsts to assess the potential of engaging the customers through viral video channel Youtube. As of July 23, 2020, Knight was ranked by Forbes as the 24th richest person in the world, with an estimated net worth of US$54.5 billion. However, the Nike Foundation is the main arm of the companys corporate social responsibility strategy. Tesco communicate with their customers through a variety of ways. Horizontal integrated communication for marketing involves an open and efficient communication among the teams assigned for the development of products, its distribution and the finance team. What is the relationship between corporations and stakeholders? Viral marketing videos give Nike a personal touch and sharing and discussing viral content within informal networks creates the feeling of belonging for the customer. Impact of influencers on customer behavior in the luxury market and the rise of micro-influencers. The company has a history of offering good wages and benefits, and it is committed to creating a safe and healthy work environment. This email includes updates on what is going on at the company, new products, and other news. One of the most prominent ones among these is the Global Compact. To put it simply, Nike doesn't just sell products. 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