Photo from DC Shoes
The economic principle I am studying is people generally respond to incentives in predictable ways. My research question is which shoe companies are the most successful and how did the company become so successful?
Nike is the most successful shoe company. It is also the biggest sports equipment manufacturer with an annual revenue estimated to be around $26 billion. Adidas is the second most successful shoe company. It has grown to become the largest sportswear company in Europe and the 2nd largest in the world with annual revenue estimated to be around $23 billion. The next rankings for 10 most popular shoe brands in the world today is Jordan is ranked 3rd, Testoni 4th, Converse 5th, Berluti 6th, Reebok 7th, Johnston & Murphy 8th, Puma 9th, and Bostonian 10th. They make the top 10 for giving their customer base the promised genuineness and high-quality along with snazzy designs that are unique to every brand.
Nike stays ahead of their competitors in terms of technology and marketing. Nike buys out competing sport product brands. Nike focuses on product quality and creating products that help athletes perform better. Nike provides a wide variety of products to a large number of sports to capture greater market share. Nike maximizes marketing money with sports endorsements and uses social media to present their digital marketing. Through extensive marketing investment, Nike established their brand and logo. Their name was changed from Blue Ribbon Sports, created in 1964, to Nike in 1971. Nike co-brands with various top athletes and utilizes emotional branding.
Because Nike is so well-known, most people buy running shoes from them. Most people are pleased with the product and so they buy from there again in the future. It’s a cycle, and people looking at other sports wear (wide range of options) may bump into a pair of nice shoes they weren’t expecting to buy.
Nike is the most successful shoe company. It is also the biggest sports equipment manufacturer with an annual revenue estimated to be around $26 billion. Adidas is the second most successful shoe company. It has grown to become the largest sportswear company in Europe and the 2nd largest in the world with annual revenue estimated to be around $23 billion. The next rankings for 10 most popular shoe brands in the world today is Jordan is ranked 3rd, Testoni 4th, Converse 5th, Berluti 6th, Reebok 7th, Johnston & Murphy 8th, Puma 9th, and Bostonian 10th. They make the top 10 for giving their customer base the promised genuineness and high-quality along with snazzy designs that are unique to every brand.
Nike stays ahead of their competitors in terms of technology and marketing. Nike buys out competing sport product brands. Nike focuses on product quality and creating products that help athletes perform better. Nike provides a wide variety of products to a large number of sports to capture greater market share. Nike maximizes marketing money with sports endorsements and uses social media to present their digital marketing. Through extensive marketing investment, Nike established their brand and logo. Their name was changed from Blue Ribbon Sports, created in 1964, to Nike in 1971. Nike co-brands with various top athletes and utilizes emotional branding.
Because Nike is so well-known, most people buy running shoes from them. Most people are pleased with the product and so they buy from there again in the future. It’s a cycle, and people looking at other sports wear (wide range of options) may bump into a pair of nice shoes they weren’t expecting to buy.
My next research question will be how did Jordan start a successful shoe company?
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