MKT 400 Module_Three_Short_Paper.docx MKT 400 “ Strategic Brand Management MilestoneTh

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MKT 400 Module_Three_Short_Paper.docx MKT 400 “ Strategic Brand Management MilestoneThree Short Paper Southern New Hampshire University During the maturity stage of a brand, sales growth tends... to slow down, and the product has become widely accepted in the market. Companies want to prolong this stage for as long as possible to avoid crossing over into the decline stage. Competition for market share may be high while in the maturity stage. What this typically forces are things like innovation, new products, and new messaging tostay relevant and competitive and to continue to grow or peak a company™s sales. The main objective during this stage is to maximize profit and defend market share. Nike is the world™s largest athletic shoe and apparel manufacturer and continues to grow and stay on top of their competitors. Nike currently has roughly 50% of the market share and is several times larger than its closest competitor (Polk, 2020). Demand for comfortable athletic footwear and apparel continues to increase as most that train and play sports consider having these items are a must to help achieve their fitness goals. Nike uses the marketing mix to ensure relevance during the maturity stage by conducting surveys asking their consumers what products and features they would like to see. This is how they develop new ideas and bring innovation to the market. They determine pricing based on the market. Even during the maturity stage, Nike continues to use their main distribution channels: wholesale, direct t. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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