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Nike's approach to product development significantly contributes to its market leadership. The company uses a version of the stage-gate process, which starts with idea generation. Nike values customer feedback and often sources ideas directly from them, whether through design competitions or direct feedback on their websites. This customer-centric approach ensures that the products developed are in line with customer needs and preferences, thereby enhancing their market appeal. Furthermore, Nike's founder, Phil Knight, emphasizes that the product is their most important marketing tool, indicating the high priority placed on product development.
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Founded in 1964, Nike has maintained market leadership because of its attention to customer needs and its success in new product development. Founder Phil Knight says "Nike is a marketing-oriented company, and the product is our most important marketing tool." Nike uses a version of the stage-gate process as part of its product development process. The company's first stage is idea generation. At this stage, companies have a choice to source ideas internally or externally. Knight says "We used to think that everything started in the lab. Now we realize that everything spins off the consumer." Nike engages with customers for product ideas, whether it's through shoe design competitions or direct feedback through its websites.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in ...
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