assess the relationship and communication with stakeholders of nike

Co-founder and chairman Phil Knight delineates Nike as a marketing orientated company and states that marketing their products is the companys core competency (Willigan, 1992). What Zodiac allows Nike to do is crunch together its data points from customers using the Nike app and other connected devices like Fitbits to know customer habits and predict purchasing decisions. Web3. Experts are adding insights into this AI-powered collaborative article, and you could too. On the other hand Nikes uses mass marketing through standardized worldwide advertising campaigns. The involvement with clothing is dependent on the degree to which the costumer uses clothing as a means of self-expression (Michaelidou, 2006). The RMA measures four dimensions of relationship maturity: trust, communication, value, and partnership. WebTest and Feedback answers WS1 7. WebDevelop & Execute Communication Plans to all the stakeholders In collaboration with the strategy team, apply behavioural tools to assess the impact of change on the organisation, using assessments of organisational culture, performance and readiness of change The company has a strong media presence and uses this to build positive relationships with the public. For Nike, the classic market relationship relationships to customers and supplier and the mega respectively external relationships are the most crucial. Or you may want to use a workshop or a meeting to engage your stakeholders, co-create solutions, and celebrate successes. The third step is to plan your actions to improve your relationship maturity level with each of your stakeholders. Due to the characteristics of a product, it is a lot more difficult to offer genuine personal touch compared with services (Godson, 2011), which signifies a challenge for Nike. Pgina Principal | Nike also uses formal outreach strategies such as partnership work and stakeholder engagement activities, to identify issues and challenges that need to be addressed as a part of the organisations Communication Strategy. Nike Inc., being a worldwide company, has a diverse set of, stakeholders that have a considerable impact on the firm's sales of sports shoes, and other item. mantenimiento regular y actualizacin en la base de datos de nuestro WebTo build and sustain positive relationships, you must give focused attention and be responsive to the individual needs and interests of your stakeholders. Opinions expressed are those of the author. WebThese two principles shape the development of stakeholder relations philosophy which includes: Encouraging stakeholder participation in the decision-making process Providing timely information Open, and honest communication Listening to stakeholder concerns Respecting diverse opinions Seeking mutually beneficial solutions Learning from each other 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. Be intentional about building a small, focused team that can foster that connectivity. Nike has been very successful in this regard, delivering strong financial performance over the years. Get your custom essay on, Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". As a result, Nike is one of the most successful and well-known brands in the world. Nike has a very good reputation for treating its employees well and providing them with good working conditions. Who are Nikes These four partnerships are: - External partnerships with competitors, alliances and governments Nike has millions of customers and it can be argued whether it is possible to create a relationship with all of them (Gummesson, 2008). Consumers tend to buy more of a product that has a positive impact on communities. Of course, youu can reduce this list later, but you dont want to miss a potentially pivotal stakeholder at this early stage. They would communicate with people convincing people to show support for Oxfam and how they could help and join Oxfam by taking part in events. The volunteers would not have to communicate be forced to communicate in a formal manner. In line with the mission statement, Nikes key target group are athletes. Relationship maturity is not a static state, but a dynamic process that requires constant attention, adaptation, and evolution. Thats where the idea originated to start a shoe subscription service for kids (once called EasyKicks, now calledNike Adventure Club). Customers and consumers are the lifeblood of any business and Nike is no exception. At the supporter level, repeat buying behaviour turns into genuine loyalty to the Nike brand. If a customer usually buys shoes every six months and its been 12 months since the purchase, Nike will know to reach out and prompt that customer to resume their purchase cycle. Stakeholder relations is the practice of forging mutually beneficial connections with third-party groups and individuals that have a stake in common interest. Stakeholder analysis is the process of identifying an organisations stakeholders and their interests, assessing their influence, or how they are impacted by the organisation, so as to formulate strategies for Nike uses a variety of methods to communicate with its employees. According to Gummesson (2008), the relationship between customers and supplier form the foundation of commercial exchange. Suppliers can also change credit terms which may have cash flow issues for Tesco and they could decide whether or not to allow discounts for bulk orders or loyal customers. #5 Communities. Theoretical frameworks intentando acceder se encuentra fuera de servicio temporalmente debido a un A look at the scope of duties of the different departments of Nike reveals that a central part of Nikes global marketing activities is telling a story about the Nike brand (Nikeinc.com, 2012). Last year,Nike acquireda leading data analytics company called Zodiac. In general, the more precise you are in defining what the organization needs to achieve and where it should be Investing in data science also means being unafraid to make acquisitions when necessary. Why? 3.3 Electronic Relationships (R12) Don't use plagiarized sources. Nike as a global brand is in the maturity phase of the product life cycle. Naturally, leaders and managers pass this information to relevant employees via email, face-to-face and eventually will be posted on public company forum. A.M1 Assess the relationship a. Tescos stakeholders: The table below shows a selection of the 30Rs applied to Nike. Nike has a very strong and loyal customer base, which is partly due to its marketing and branding strategies. Relationship maturity assessment tool is a framework that helps business relationship managers (BRMs) evaluate and improve the quality and value of their interactions with their stakeholders. They have a Twitter account called Nike News which posts updates on new products, events, and other news. This has led Nike to focus on innovation and creating new products. The table below differentiates between the different types of Nike customers by applying the ladder of loyalty. Nike Direct is not just an app. We appreciate you letting us know. Many of the issues around corporate citizenship are extremely complex and there is much to be learned by all the players. This article is about how to communicate effectively with stakeholders. Nike also uses social media to communicate with employees. The 30Rs of relationship marketing model is applied to underpin the four partnership model. The list of potential stakeholders could include: Executive staff Marketing Sales WebThe next step is to identify your desired relationship maturity level with each of your stakeholders. Nike uses a variety of communication methods to promote its products, including television commercials, print advertisements, and online ads. Its competitor, Under Armour, purchased MyFitnessPal in 2015 and began a collaboration with IBM Watson in 2016. Shareholders are always stakeholders in a corporation, but stakeholders are not always shareholders. For example, if the supplies do not arrive on time the finished goods may not be ready for shipping to customers. 3. 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. While time must be allocated to phone calls and emails, in-person meetings create spaces to truly get to know faculty, department chairs, deans, and other stakeholders. Acquisitions have given Nike deeper insight. They seem to communicate with customers through this platform, providing relevant and important news updates as well as inspirational posts. - Customer partnerships with intermediate customers and final customers. Nikes aim should be to move customers up the ladder of loyalty. Permission marketing was first introduced by Godin (1999) and means that the consumer gives his consent to receive marketing messages from companies. Informally, the organization facilitates participation and memberships in networks and organization. In addition, Nike has been a leader in using sustainable practices in its supply chain. If the stakeholder model represents an emerging model for the strategic vision of a company, ESG (Environmental, Social, and Governance) metrics can be used to assess and measure company performance and its relative positioning on a range of topics relevant to the broader set of company stakeholders in the same way that financial Involvement in a marketing sense is the relevance a person attaches to a certain product or brand, based on their needs, values and interests (Solomon, 2010). Additionally, Nikes marketing campaigns often feature well-known athletes and celebrities, which helps to further strengthen the brands image. Instead of merely focusing their marketing activities on the acquisition of new customers, companies need to balance between customer retention and acquisition (Godson, 2011). He is the co-founder and chairman emeritus of Nike, Inc., and was previously chairman and CEO of the company. Oxfams stakeholders: Employees are the last key stakeholder group for Nike. 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. They will also be participants part of promoting the charity organisation and will be part of the support of the organisation. Area Relationship Marketing. The companys commitment to innovation and alignment with superstar athletes like Michael Jordan has made it an industry powerhouse for more than 30 years.