Market Research Proposal for Nike

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Market Research for Nike Student’s Name Institution Date Market Research for Nike IntroductionIntroduction of a new product in the market comes about with various issues. In this case, Nike intends to introduce a smart shoe in the market as one of its ways to maintains its position as a global leader in the sportswear industry. As a result, market segmentation by the company is important to achieve this goal. Definitions Demographic segmentation comes about when a market is segmented based on elements such as company size and type of industry. Geographic segmentation comes about when the market is segmented depending on the geographical position of the target audience. Psychographic segmentation comes about when the market is divided based on elements such as lifestyles, personality, and social class. Behavioral segmentation arises when the market is divided based on attributes such as loyalty, knowledge, awareness, usage and purchase patterns. Importance of the Brand Nike as a brand is very important for the growth of the company operations worldwide. People may identify themselves with a brand due to the nature of products that the company produces (Buil, Catalán & Martínez, 2016). This new product is intended to serve the general population all over the world. However, people who do not have electricity in their homes are the main target for the brand. The smart shoe as a brand has a unique competitive position due to the idea behind its development. The company believes that no person should have difficulty charging their mobile phones due to the lack of electricity in their homes. In addition, Nike is a global leader in the manufacture of sport

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