Question
Nike's product development process contributes to its success in new markets through a customer-centric approach. The company uses a version of the stage-gate process, starting with idea generation. Nike sources ideas both internally and externally, often engaging with customers for product ideas through design competitions or direct feedback. This ensures that the products developed are in line with customer needs and preferences, which is crucial for success in new markets. Founder Phil Knight's statement that "Nike is a marketing-oriented company, and the product is our most important marketing tool" underscores this approach.
This question was asked on:
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.
Receive new free presentations every Monday to your inbox.
Full content, complete versions — No credit card required.
