The company I’ve chose to follow is Nike. I chose Nike because I would like to learn about the strategies to grow and manage in the apparel industry. After reading Chapter 2 , Nike managers analyze the external environment by closely monitoring consumer trends, technological changes, competition, and social and economic factors. By identifying early warning signs, they are able to reduce potential threats and take advantage of new opportunities, allowing Nike to remain competitive and adaptable.
I can implement some of these strategies for my apparel business. For example, I could analyze the external environment by closely monitoring customer preferences, trends, and changes in the market. Pay close attention to which designs, colors, and messages are gaining popularity on social media and my website, so I can identify opportunities early. I could also track competitors’ pricing, marketing strategies, and product quality to avoid falling behind. By watching economic factors such as material costs and consumer spending, I can anticipate potential threats and adjust my designs, pricing, and marketing strategies to remain competitive and grow my t shirt business.
Overall, this is a solid introduction to the course. I look forward learning about the strategic management strategies Nike implements.