how does nike communicate with their stakeholders

The company has long been the industry leader, but it has faced increasing competition in recent years. Additionally, Nike employees typically meet outside of work once a month. There are two types of stakeholders; internal and external, with different interests and priorities. Nike has a very good reputation for treating its employees well and providing them with good working conditions. Thanks to its effective advertising, Nike is able to generate billions of dollars in revenue each year. 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. The interests of these stakeholders are varied, including fair labor practices, business sustainability, and environmental conservation. Nike, Inc. is one of the largest and most successful sportswear companies in the world. Early in our corporate responsibility journey, we learned the importance of engaging with and listening to multiple stakeholders. Nike can create interaction with a high amount of customers with minimum expenses. Nike has the following stakeholders, arranged according to the firms prioritization: Customers. Governerates 4. 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. In time, it can become increasingly difficult to: Manage all stakeholder communication channels. Accessibility and distribution. The company started its operations in 1964, founded by Phil Knight a medium distance runner, and Bill Bowerman a track and field coach. Capturing an international audience with their ads and campaigns, Nike can better communicate their messages that go beyond the sports 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. 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. P.296.). Categories . The role of strategic conversations with stakeholders in the formation of corporate social responsibility strategy. The company also has a variety of Community Impact corporate social responsibility programs, such as the Active Schools & Youth Sports program, which donates funds and sports shoes, apparel and equipment to promote physical activity among students. Nike used some organic cotton and Better Cotton . Advertising is a multi-billion dollars business around the globe as media groups pay top dollar for ad space in hopes of gaining traction. NIKEs SB&I team managed the overall reporting process and actively participated in stakeholder engagement as an information provider and listener. Change), You are commenting using your Twitter account. Currently, Nike is redefining its process for data collection and is developing the tools to help guide both internal and external reporting, including data validation and assurance systems. Nike Inc. stakeholders interests are satisfied through the companys corporate social responsibility (CSR) programs. Nike Inc. recognizes the significance of employees as a stakeholder group that influences organizational effectiveness. Required fields are marked *. This is the story of how Nike turned itself into a globe-spanning fashion brand. 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. Nike allocates 1.5% of its pre-tax income to support these community development initiatives. Nike has to communicate in its website in order to inform the consumers and the employees. 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. This has helped to attract and retain top talent, which is essential for a company like Nike. 2 How does Nike communicate with their employees? The report finds the current business communication strategies provided by the company successful. 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 has to communicate in its website in order to inform the consumers and the employees. And thats only the beginning. Academic Master is a writing company that provides free essays to the students all over the World. The ultimate purpose of integrated marketing communication is to develop and maintain a healthy relationship between the company and its stakeholders primarily customers. - Sample V/ Nike's Stakeholder analysis how does nike communicate with their stakeholders. Nike has been very successful in this regard, delivering strong financial performance over the years. Nike Inc. maintains corporate social responsibility (CSR) programs to address the interests of its major stakeholder groups. Newsletters are one of the most important components of Sainsbury's communication strategy. Nike also uses a distinctive tone of voice in its advertising, which is designed to be persuasive and inspiring. Nikes prioritization of customers reflects the importance of this stakeholder group. Nike allocates 2.4 million dollars each year to the account of promotional schemes and programs and communication with their customers through these programs. Taking a somewhat limited conceptualization of engagement, Du, Bhattacharya, and Sen (2010) also suggest that creating stakeholder awareness of, and managing stakeholder perceptions towards an . Overall, Nikes marketing is very effective in communicating its brand to consumers. Stakeholders are groups or individuals that have an interest in a business. 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. By creating a two-way conversation with consumers, Nike gains actionable insight into their needs and as the results show, they dont just listen, they react. Market Development:One of Nikes supporting intensive growth strategies is market development. The communication process refers to a series of actions or steps taken in order to successfully communicate. They provide the capital necessary for the company to grow and expand. These Community Impact programs align with Nikes mission and vision statementsin considering everyone an athlete. Stefanos/ Athens Greece, 14565, Nike inspires women to push themselves and reach new heights, Understanding of the apparel and footwear business, Expertise and reputation in sustainability strategy and/or issue areas ranging from water and energy to labor and chemistry, Geographic/nationality, gender and issue diversity, Lindsay Bass, Senior Program Officer, Fresh Water, World Wildlife Fund, Leonardo Bonanni, Founder and CEO, Sourcemap, Garrett Brown*, Coordinator, Maquiladora Health & Safety Support Network, Richard Liroff, Executive Director, Investor Environmental Health Network, Richard Locke, Howard Swearer Director of the Watson Institute for International Studies and Professor of Political Science, Brown University, Eliot Metzger, Senior Associate, World Resources Institute, Andrea Moffat, Vice President, Corporate Program, Ceres, Dara ORourke, Associate Professor UC Berkeley, Co-founder of GoodGuide, Michael L. Reading, Manager, Corporate Partnerships & Bill Bowes Fellow, Environmental Defense Fund, Peter Schulte, Research Associate, Pacific Institute, Matthew Thurston, Manager, Product & Supply Chain Sustainability, REI, Vanessa Timmer, Executive Director, One Earth, Auret van Heerden, CEO, Academy for Sustainable Business, Revamped sections of this report summary and/or the online report with additional content or language and tone changes to better clarify particular report sections, Responded to issues that were raised but could not be changed, Flagged stakeholder input for future consideration in NIKEs sustainability strategy and/or future reports. Employees need to feel involved in the business and that their opinions on how the company operates count. Jeff as a marketing technique decided to rename the brand with now famous Nike. Besides Instagram, Nike communicate with their customers through email subscriptions. how does nike communicate with their stakeholders **Nike has allowed hundreds of people from the media, labor, government, multilateral institutions, academia, private and non-profit sectors to visit selected Nike contract factories each year. What is stakeholder communication? The interests of these stakeholders include fair compensation, career development opportunities, and a sense of purpose. v Distant competitors NIKE first held a formal multi-stakeholder forum for feedback on reporting in February 2004. 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. Additionally, Nike makes use of sales promotion strategies like discount codes to entice potential customers to buy their products. Employees 3. It encourages people to be their best selves, and it inspires them to work hard to achieve their goals. Stakeholder relations is the practice of forging mutually beneficial connections with third-party groups and individuals that have a stake in common interest. In February 2004, Nike held its first stakeholder forum with a broad group of internal and external stakeholders to address current and emerging issues. To reel subscriptions in, Nike install pop-ups on their official app and website. Your email address will not be published. Innovative brands, like Nike, are embracing it with a fervor. Learn More. Integrated marketing communication will be changing and evolving ever as it does though it is not lasting forever (Schultz, 2004). 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. Peloza, J., & Shang, J. So, they have joined hands with their material vendors and contract manufacturers to . **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. celtic life insurance claims address; Integrated marketing communications can help firms communicate to its stakeholders, especially customers effectively and efficiently. The goal is to generate both short term financial returns and build long-term brand and shareholder value (Schultz, 2004). **Nike was part of the public release of the Fair Labor Associations first monitoring report, and the FLA annual report. The top shareholders of Nike are Phil Knight, Mark Parker, Andrew Campion, Swoosh LLC, Vanguard Group Inc., and BlackRock Inc. (BLK). Over 90% of Nike footwear and branded apparel is made . Recognize that each person or community is different and select the most suitable communication channel - email, online platforms, social media, phone, or in-person group meetings . Write my paper. We believe that developing and refining listening skills is critical to a companys success. For example, Nike enters new markets in Africa and the Middle East to increase its shoe sales revenues. These CSR efforts are expected to maximize Nikes ability to produce more popular and advanced athletic footwear, apparel and equipment. Separate online "screen to screen" meetings. How do Nike communicate with their employees? How to Market Your Business with Webinars? The company along with the strong presence over all the social media including youtube, Facebook, twitter and other s has its own social netrking site known as Nike+. This stakeholder group is composed of individual and organizational buyers of Apple products.Apples Stakeholder Groups. Copyright 2023, Sneakersopedia - All Rights Reserved. Additionally, Nike makes use of sales promotion strategies like discount codes to entice potential customers to buy their products. The interests of these stakeholders include support for the development of communities. W&K worked influentially for Nike by developing strong electronic and print media campaigns focusing sports men and women equally that appealed the customers on an emotional point (Anderson, 1999). What is the relationship between corporations and stakeholders? Devising Alternates The strategies of integrated communication for marketing can be changed and altered when there is a need to replace the unsuccessful elements and features from the plan. This understanding is utilized to design products which form an integral part of Mike`s value proposition. Organizational Structure Characteristics (Analysis), Nike's Mission Statement & Vision Statement (An Analysis), Home Depots Stakeholders: A CSR Analysis, Microsofts Corporate Social Responsibility Strategy & Stakeholders (An Analysis), Unilevers Corporate Social Responsibility & Stakeholders, Intels Corporate Social Responsibility Strategy & Stakeholders, General Electric Companys (GE) Corporate Social Responsibility (CSR) Strategy and Stakeholders - Analysis, United Nations Foundation Nike Foundation, Stakeholder Analysis & Corporate Social Responsibility (CSR). 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. It would benefit the local economy and resolve conflict with employees , customers and suppliers. how does nike communicate with their stakeholders 6 sorcerer supreme mcoc 6 sorcerer supreme mcoc The companys corporate social responsibility strategy is also satisfactory in terms of giving second priority to communities, considering the variety of policies and programs to support these stakeholders. This session allowed for all available participants to engage more directly with NIKE on its approach to reporting, systems change and innovation. (LogOut/ This email includes updates on what is going on at the company, new products, and other news. How does Nike communicate with technology? These methods and tactics have specific purposes in communicating with target customers and maintaining the market dominance of the company's shoes, clothes, accessories, and equipment. Nike engages with its stakeholders through various forums and organisations. The interests of these stakeholders include support for the development of communities. Nike has the following stakeholders, arranged according to the firm's prioritization: Stakeholders Stakeholders 1. On the other hand, Nike also exports to Japan, Malaysia, Singapore, and UK. Public , Your email address will not be published. After compiling thousands of independent employee reviews from companies around the United States, CareerBliss announces the 8th annual CareerBliss 50 Happiest Companies in America. Internal integrated marketing communication refers a development of healthy response of employees towards the new products and services so that a premature leakage of the product details is gained and potential customers are excited about the new products before their launch into the market. The strategy should communicate to the customers and the internal employees the mission of the organization and the values it stands for. Nike also uses social media to communicate with employees. Top 3 Rephrase Tool For Marketers And Content Creators, Kemp House, 160 City Road, London, EC1V 2NX, UNITED KINGDOM. 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. What type of communication does Nike use? It is a maker of sports apparel and shoes. Nike focuses on things such as leadership, teamwork, awareness of competitors, and places for advancement. Copyright 2003-2022 | Academic Master is a trading name of HighEnd Technologies LTD. Every essay on this website is copyrighted by Academic Master. The mass mediated marketing communication majorly used the transformational approach to persuade the customers for purchase. Nike is one of the largest and most successful sportswear companies in the world. For instance, Nikes video featuring Ronaldinho received twenty million likes in 2006 (Wasserman, 2006). Thus each employee can identify himself as a part of the team that is called Nike Inc Nike is endorsed by athletes who have a reputation for winning and a passion for the sport they play. Besides Instagram, Nike communicate with their customers through email subscriptions. The intent of this engagement process was to bring together subject-matter experts who could provide valuable input into our sustainability reporting process and respond to the specific expectations around reporting. How do I stop a process from running in terminal? 5 How do you build relationships with stakeholders? Between its brand legacy, its knowledgeable team and its commitment to the entire athletic experience, Nike proves it knows athletes. One of the most prominent ones among these is the Global Compact. 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