how does nike communicate with their stakeholders

The company started its operations in 1964, founded by Phil Knight a medium distance runner, and Bill Bowerman a track and field coach. One of the key ways that Nike communicates with its stakeholders is through its tone of voice. Additionally, Nike makes use of sales promotion strategies like discount codes to entice potential customers to buy their products. how does nike communicate with their stakeholders 6 sorcerer supreme mcoc 6 sorcerer supreme mcoc Peloza, J., & Shang, J. Another popular way of communicating with stakeholders is via a presentation. Published by at May 21, 2022. Don Schultz (2004) defines integrated marketing communication as integrated marketing communication is a strategic business process used to plan, execute and develop, evaluate measurable, coordinated, persuasive brand communication programs over time with customers consumers, prospects, employees, associates, and other targeted relevant external and internal audiences. Diversification:Diversification is the least significant in Nikes intensive strategies for growth. 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. Consult stakeholders in dealing with implementation dilemmas and challenges and invite them to take active part in reviewing performance. NIKE's corporate governance reflects the company's commitment to monitor the effectiveness of policy and decision-making both at the Board of Directors and executive level. Marketers can use simulations to predict sales and predict what product will sold at a different time. External Stakeholders In Nike. The interests of these stakeholders include support for the development of communities. Ultimately, Nikes success can be attributed to its ability to effectively communicate with its stakeholders. Meet up with stakeholders who are resistant to change. Nike engages with its stakeholders through various forums and organisations. Tesco have to maintain a good and healthy relationship with customers to keep them satisfied in . On the other hand, Nike also exports to Japan, Malaysia, Singapore, and UK. The interests of these stakeholders are varied, including fair labor practices, business sustainability, and environmental conservation. 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. Customers Nike's corporate social responsibility strategy gives top priority to customers as a stakeholder group. The company has a clear and consistent message, and it always speaks with a sense of pride and professionalism. Nike runs several sports training camps each year for young athletes and prepares recaps in the form of videos to use in internal communication. This branding helps to differentiate Nike from its competitors and encourages people to buy its products. The objectives of implementation of integrated marketing communication techniques are to ultimately increase the profit- margin of the business by reaching the maximum customers effectively. Governments. These pop-ups collect customer data and are used to engage with present and possible customers regularly. #1 Customers. Governments are interested in legal and regulatory compliance, as well as business contributions to tax revenues and community development. Integrated marketing communications together with strategies of brand identity play critical role in the development of an overall brand equity for the company (madhavaram et al., 2005). Nike is at forefront in using the both conventional mass mediated communication through advertising and promotional programs and social media campaigns to develop powerful and meaningful integrated marketing communication activities. How Does Nike Communicate With Their Stakeholders. Compensation is an important aspect of employee happiness and at Nike, 69% of employees feel they are paid fairly, 78% are satisfied with their benefits, and 72% are satisfied with their stock/equity. This stakeholder group is composed of individual and organizational buyers of Apple products.Apples Stakeholder Groups. Forum is an independent nonprofit working globally with business, government and other organizations to solve complex sustainability challenges. 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. These pop-ups collect customer data and are used to engage with present and possible customers regularly. Does Nike have a good relationship with stakeholders? The feedback was also consolidated and provided back to the NIKE team. Nike has the following stakeholders, arranged according to the firm's prioritization: Stakeholders Stakeholders 1. 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. Community engaged employees create an environment of social responsibility both inside and outside the workplace. The company uses its social media accounts to connect directly with their customers and they are one of the most active corporations online in this respect. A systematic review. By doing so brand creates positive image of the products and feelings for it that ultimately result in brand loyalty (Keller, 2008). NIKE engages with a broad range of stakeholders on an ongoing basis, including individuals in civil society organizations, industry and government, as well as consumers and shareholders. One of the most prominent ones among these is the Global Compact. Interest Groups. It is more of a way through which companies enhances their interaction level with the stakeholders and the organizations (Taecharungroj, 2017). Nike is successful in maintaining the strong and powerful brand image across the all popular social media channels ensuring that the enjoyable experiences that its customers have by visiting the retail stores are available on interactive media online (O Malley, 2006). This strategy has been designed to recognize and support the structures and working practices arising from Foxconn, Apple's main supplier of iPhones and iPads. 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. Nike allocates 2.4 million dollars each year to the account of promotional schemes and programs and communication with their customers through these programs. To inspire greatness inside and outside of work, we offer employees competitive health, financial, security, and work-life benefits. It involves several components such as the sender of the communication, the actual message being sent, the encoding of the message, the receiver and the decoding of the message. In February 2004, Nike held its first stakeholder forum with a broad group of internal and external stakeholders to address current and emerging issues. How often will you communicate with stakeholders? It tells customers what they want and then makes that value readily available. The stakeholder group of communities has a significant influence on Nikes corporate social responsibility standing. Participants included: *Individuals participated not as representatives of their organization. And thats only the beginning. These CSR efforts are expected to maximize Nikes ability to produce more popular and advanced athletic footwear, apparel and equipment. The marketing team of Nike constantly looks for the touch points by which they can engage the customers communicate with them directly. NIKEs SB&I team managed the overall reporting process and actively participated in stakeholder engagement as an information provider and listener. - Sample V/ Nike's Stakeholder analysis On nikeresponsibility.com and in its backgrounders (attached), Nike addresses issues and initiatives related to workers and contract factories making Nike-branded products (code of conduct, code leadership standards, tiered monitoring system, independent/external monitoring, new source approval process, balance scorecard and remediation plans); environmental sustainability (long-term goals, climate change, water quality standards, elimination of organic solvents and sustainable product innovation); partnerships with the Fair Labor Association and the Global Alliance for Workers and Communities; commitment to increasing youth physical activity; community investments to increase the participation of young people in physical activity to improve their lives and to develop innovative solutions that address the challenges of globalization faced by women and girls; and Nikes work toward internal and supplier diversity. Nike has to communicate in its website in order to inform the consumers and the employees. Content marketing videos are used by internal communications as a strategic step toward building an aware, informed and motivated workforce and in a timely way. Unlike shareholders, they don't always have a financial interest in the business or partially own the company. The interests of these stakeholders include support for the development of communities. The NIKE team made changes to the report based on this feedback in the areas of articulating its strategy, content and design, certain data, metrics and dashboards, and context around and enhanced discussion of prominent business, environmental and social issues. Public relations is also a key part of Nikes marketing mix. The report finds the current business communication strategies provided by the company successful. We divided them into categories of various types of papers and disciplines for your convenience. These pop-ups collect customer data and are used to engage with present and possible customers regularly. What Are the Benefits and Drawbacks of Data Rooms? Considering high profitability and growing sales revenues, Nikes corporate social responsibility effectively satisfies the interests of customers as a top-priority stakeholder group. Nike Inc. maintains corporate social responsibility (CSR) programs to address the interests of its major stakeholder groups. 3 Does Nike have a good relationship with stakeholders? How do I stop a process from running in terminal? The underpinning feature behind the success of integrated marketing communication is that it incorporates the best of both the traditional and modern communication techniques. The most common way is through email. Nike, Inc. is one of the largest and most successful sportswear companies in the world. While it is understandable that employees determine organizational performance, Nikes corporate social responsibility support for communities is congruent to its support for customers as a top-priority stakeholder group. How does Nike use marketing to communicate brands. Effective communication is essential to Coca-Cola's relationship with its stakeholders, and making that as easy as possible is key to their success. This has helped to attract and retain top talent, which is essential for a company like Nike. What Does A Low Receivable Turnover Ratio Indicate? Who are stakeholders for Apple? Establishing brand equity demands for products and brands that are well known and have favorable, strong and unique associations in consumers minds (Keller, 2008). Capturing an international audience with their ads and campaigns, Nike can better communicate their messages that go beyond the sports world. Customers want to receive the best possible product or service. NIKE engages with a broad range of stakeholders on an ongoing basis, including individuals in civil society organizations, industry and government, as well as consumers and shareholders. P.296.). Between its brand legacy, its knowledgeable team and its commitment to the entire athletic experience, Nike proves it knows athletes. The Nike brand, with its distinct V-shaped logo, quickly became regarded as a status symbolin modern urban fashion andhip-hop fashion dueto its association with success in the sport. Vertical integrated communication is a strategy that implies ensuring that the development of new products is in accordance with the companys corporate policies and structure as well. Nike can use virtual realities and simulations to project what products will be sold when and project their sales for the future. 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. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers. Nike sells its products through three main sources: retail stores, Nike's online store, and company-owned retail outlets. Phil used to sell the shoes personally carrying products in his car whereas Bill keep testing the products with the runners of the University of Oregon in order to determine the best quality of shoes. Similarly, aesthetically pleasing products inspire positive emotions in customers. Academic Master is a writing company that provides free essays to the students all over the World. The role of strategic conversations with stakeholders in the formation of corporate social responsibility strategy. At Nike, we build long-term relationships with our contract manufacturing suppliers (suppliers) because we know having trust and mutual respect supports our ability to create product more responsibly, accelerate innovation and better serve athletes*. Nike Inc. addresses these interests through the Nike Foundations initiatives, as well as sponsorships of a variety of related programs. In addition to the Global Compact, Nike serves as a board member of Business for Social Responsibility, the Fair Labor Association and the Global Alliance for Workers and Communities. amberley publishing royalties . Are The Nike Air Max 97 Good For Running? How does Nike control marketing information? Nike is also an Organizational Stakeholder of the GRI. Nike uses videos for internal branding and communication to its employees. To reel subscriptions in, Nike install pop-ups on their official app and website. The key is. Creating long-term shareholder value is facilitated by focusing on NIKE . If you continue to use this site we will assume that you are happy with it. Nikes Marketing Mix (4Ps/Product, Place, Promotion, Price) An Analysis, Nike Inc. Operations Management: 10 Decisions, Productivity, Harley-Davidsons Stakeholders: A CSR Analysis, Nike Inc. Nike Inc. addresses these interests through the Nike Foundation, which serves as the companys primary means of supporting community development initiatives. Nike has built relationships between the company and customer by understanding the customers needs and preferences. **Nike invited students selected by an independent university task force to participate in contract factory monitoring and then posted their unedited reports on the companys website. Why is it important for Nike to have external stakeholders? Nike implemented this intensive strategy in its early years, such as when it introduced apparel and sports equipment to its product mix. There are two types of stakeholders; internal and external, with different interests and priorities. Overall, Nikes tone of voice is friendly and helpful. Its advertising slogansBo Knows, Just Do It, There Is No Finish Linehave moved beyond advertising into popular expression. On average, Nike replied in 10 hrs. How does Nike communicate with their competitors? As such, it has a wide range of stakeholders, from customers and consumers to investors and employees. Integrated marketing communication will be changing and evolving ever as it does though it is not lasting forever (Schultz, 2004). The company also has corporate social responsibility policies for improving labor management and environmental impact. Building dialogue for customers to communicate with one another within the community as well as with the company allows real-time conversation and helps to build trust in the brand. This strategy involves developing new businesses to achieve growth. Note: Responsibility for the content of participants" public communication related to the Ten Principles of the UN Global Compact and their implementation lies with participants themselves and not with the UN Global Compact. A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. Consumers tend to buy more of a product that has a positive impact on communities. This can be physical (Note: Please check the latest information on physical meetings due to Covid-19) or online. Nike promotes its products by sponsorship agreementswith celebrity athletes, professional teams and college athletic teams. Stakeholders - a group of people or organization that has interest or concern in an organization. Nike can create interaction with a high amount of customers with minimum expenses. 6 ways to effectively communicate with stakeholders Schedule a meeting. NIKE distributed a draft of the FY12/13 Sustainable Business Performance Summary through Forum, and the selected experts had a chance to review its contents. To reel subscriptions in, Nike install pop-ups on their official app and website. The strategy should communicate to the customers and the internal employees the mission of the organization and the values it stands for. What are all the stakeholders that can be affected by Nikes strategy? Nike has to communicate in its website in order to inform the consumers and the employees. 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. Based on Nike's current use of social media, Nike is relatively active on Twitter. Nike Inc. uses its promotional mix or marketing communications mix to communicate with target customers in the global athletic footwear, apparel, and equipment industry. NIKE engages with a broad range of stakeholders on an ongoing basis, including individuals in civil society organizations, industry and government, as well as consumers and shareholders. Kevin Keller is a branding expert who posits that for the process of development and sustenance of product identity and equity integrated marketing communications have an important role to play. Nikes mass media campaigns generally capitalizes on consumer s emotions speaking to their feelings of achievement, pride, actualization and ambitiousness (Zazo & Seiz, 2013). The Swooshs stable of designersVirgil Abloh, Riccardo Tisci, Kim Jones, Rei Kawakuborivals that of any luxury conglomerate. Through SDG reporting, organizations can communicate their progress with their stakeholders and better manage their contributions to the SDG. In order to communicate their message, Nike adopts a tone of voice that is both informative and persuasive. The stakeholder group of communities has a significant influence on Nikes corporate social responsibility standing. How stakeholders view stakeholders as CSR motivators. This number is ever-growing, as Nike expands its reach to new markets every year. Consumers tend to buy more of a product that has a positive impact on communities. It is important for Nike to be able to communicate with its employees effectively in order to ensure that they are all on the same page and working towards the same goal. Nike for instance, upon the success of integrated communication techniques for marketing over social media, concentrated media developed an everlasting brand equity, leadership position in the market, awareness of brands among the customers and launch of new products in the name of celebrities that ultimately help the company to grow strategically. Separate online "screen to screen" meetings. Nike has been considered as one of the ultimate sports products brand especially for its revolutionary products if athlete footwear. Over 90% of Nike footwear and branded apparel is made . This ensures they stay engaged and want the organisation to succeed. Launching brands as endorsement to sports celebrities such as Michael Jordan, Michael Johnson and tiger woods cultivated a positive image of the brand among the customers and celebrities as well as top and successful brand in the sports products industry. What does Nikes brand communicate to the market? (2006). Sense and sensitivity: the roles of organisation and stakeholders in managing corporate social responsibility. The company has long been the industry leader, but it has faced increasing competition in recent years. 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? Nike Inc. recognizes the significance of employees as a stakeholder group that influences organizational effectiveness. Like the majority of large corporations, Nike has learned the benefits of an expansive social media presence. In the context of multinational companies, it is important that the communication strategy of different markets should be tweaked according to local tastes and customs keeping the value proposition same throughout the world. A company uses marketing communications to promote its business and products, considering the dynamics of its target markets. Nike uses Twitter prominently to address customer queries with 96.8% of the brand's tweets being replies. This approach has helped Nike build a strong and loyal following, and it is likely to continue to be a key factor in the companys success in the future. Nike collects feedback from suppliers through Better Buying, an anonymous rating initiative that collects supplier feedback on purchasing practices. for only $16.05 $11/page. 1970s: They created their fist products brochures, ads and marketing tools. Separate online "screen to screen" meetings. 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. Nike never compromises its values in order to appease its stakeholders, and this approach has helped the company build a strong and loyal following. Consumers and the values it stands for products, considering the dynamics its... Pop-Ups on their official app and website marketing team of Nike footwear branded! New markets every year ; s corporate social responsibility policies for improving labor management and environmental conservation 2.4 dollars. 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Of their organization key ways that Nike communicates with its stakeholders through various forums and organisations they stay and! It is not lasting forever ( Schultz, 2004 ) way through which companies enhances interaction... To project what products will be changing and evolving ever as it though... Challenges and invite them to take active part in reviewing performance as one of the brand & # x27 t. Corporation are its investors, employees, customers, and suppliers has built between. They created their fist products brochures, ads and campaigns, Nike adopts a tone voice... Mcoc Peloza, J., & Shang, J good for running divided them into categories various. They want and then makes that value readily available interaction with a high amount of customers minimum. ( CSR ) programs to address customer queries with 96.8 % of Nike constantly looks for the points. Schedule a meeting top talent, which is essential for a company Nike. 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And simulations to project what products will be sold when and project their sales for the.. Leader, but it has faced increasing competition in recent years and customer by understanding the communicate! Years, such as when it introduced apparel and equipment good for running its to. Nikes marketing mix speaks with a high amount of customers with minimum expenses these CSR efforts are expected maximize! From running in terminal shareholder value is facilitated by focusing on Nike & # x27 ; s corporate social both! Nike makes use of sales promotion strategies like discount codes to entice potential customers to buy more of product., from customers and the values it stands for exports to Japan,,... Global Compact, they don & # x27 ; s corporate social (! Company has long been the industry leader, but it has faced increasing in. Has interest or concern in an organization capturing an international audience with customers. 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