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In this specific paper, I explained my understanding about the concept of business society and planet. I have studied the business market of Nike Inc. to gain an in-depth knowledge about the topic. It is an American multinational corporation which is headquartered in Washington County, USA (Nike.com/au, 2016). The business designs, develops and manufactures footwear, apparels, equipment, accessories and services (Nike.com/au, 2016).
Figure 1: Logo of the Company
(Source: Nike.com/au, 2016)
Through attending the classes, I gathered a clear idea about the real life businesses. Moreover, I have studied about the business market of Nike from various data sources such as academic books, journals, and relevant websites. In this study, I discuss about issues and challenges that the organization confronts in present. More specifically, here I am going to demonstrate the issues and challenges regarding sustainability of the company. Through analyzing the current issues and challenges, I establish my own viewpoint in context of the sustainable development of the business. My viewpoint will be established from the responsibility of a manager. Through this study, I state what I would do if I will be the manager of the respective company.
Through analyzing the current market position of Nike, I came to know that it has attained a good market position in the world business market through their effective marketing strategy. Their brand recognition and research in changing demand of the customers have been leading the business to acquire growth. Further, I found that the prime factor behind their continuous growth is their innovative strategy of brand recognition. They target both the male and female athletic wear consumers and expand their product offerings in their every available market. However, after reading several articles, I came to know that some issues and challenges are there that act as hitches in the path of acquiring sustainable development. In the present situation, Nike is confronting three major challenges which I am going to elaborate in the below section.
The various articles made me come with the information that Nike has been experiencing huge challenges in their apparel industry. I came to know that in most of the markets, the consumers don’t want to spend much money on purchasing the Nike apparels. It has been predicted that the overall sales of apparels and footwear will grow 1-3% in the year 2016 (Nike.com/au, 2016). Along with that, the marketers predicted that the year over year growth of 3-month average calculation of clothing will decline by 5% (Nike.com/au, 2016).
I need to add in this context that the business confronts major challenge in selling their basketball apparels. Presently, they have a strong market for their Air Jordan Sneakers. But, the changing perspectives of the consumers might lead the business to face downward sales curve for all of their popular products. This is the prime concern of the marketers and thus they need to incorporate continuous innovation strategies. In this context, they face challenge regarding the increasing cost curve. They fail to minimize their cost and maximize their profit which is essential to attain sustainable development.
Through analyzing the present business of Nike, I came to know that the major competitors of the organization deliver strong competition to them. It becomes more difficult for the business to acquire sustainable competitive advantages over its competitors in the long run. The strongest competitors of the organization are Lululemon, Skechers USA and Under Armour (Jin & Cedrola, 2016). Furthermore, I came with the information that Under Armour has planned to make their revenues double in the next three years. Besides, Skechers USA ranked in the second position in the list of sports footwear makers.
Through researching the business market of Nike, I found that it has been paying attention in their corporate social responsibility through incorporating Triple Bottom Line Approach. The class lectures and the academic books were helpful for me to attain knowledge about this particular approach. I like to evaluate that the Triple Bottom Line Approach helps to pay heed on the social equity, economic and environmental factors. Most of the businesses incorporate this particular approach as the goal of sustainability. The triple bottom lines are ‘People’, ‘Planet’, and ‘Profit’. In the case, if I become the manager of Nike, I would enhance their strategic approaches in these three bottom lines. It would help the business to deal with their issues and challenges that they face in present. As a manager, my first and foremost responsibility will be for the stakeholders who are directly or indirectly linked with the business. I would include every single person include the planet where we all are living on. This will help to maximize the profit. Through analyzing the case, I have found that organization only concentrates on maximizing their profit. As per my knowledge, they should put focus on minimizing the cost at the same time. Sustainable development would not be possible without the collaboration of minimizing cost and maximizing profit strategies. Therefore, my strategy would be focusing on reducing the expenditure and enhancing the revenue simultaneously.
People: According to me, the leaders should consider the impact of the decision and actions on all the people involved in the business. In the present situation, the organization provides safe working place and healthy environment. If I become the manager of the company, I would offer opportunities of advancement to its stakeholders. As I think, the managers should involve the people of the bottom line also. This would motivate the people to contribute their innovative ideas. Further, this would help them to pick the best one and make effective decision. Through valuing the people of bottom line, I would able to make the employees engage more effectively. Innovation is the only process that helps to make continuous growth in a highly competitive market (Newcomb et al., 2015). As per my knowledge, the opportunities of advancement and involvement of all stakeholders in decision making process will help us to bring out the best strategy.
Planet: It is essential to mention that ecological factor plays an essential role in the sustainability of a business. As per my viewpoint, Nike should reduce their ecological footprint to the largest possible extent. If I would be the manager of the company, I would take certain policies to reduce the ecological footprint. This particular strategy helps us to make the business profitable in the long run. After becoming manager, I would determine the cost in regards to the environment.
Profit: As I think, this particular factor is entirely depends on the first two factors. In a case, if I become the manager of the company, I would minimize the cost including the cost to the environment and enhance their profit.
Through this study, I conclude that Nike fails to obtain sustainable development due to the present issues and challenges. Through studying various articles, I came to know that the Triple Bottom Line Approach has been considered by the organization. In this study, I have demonstrated how the implementation of the approach can be enhanced. As per my knowledge, this would help them to acquire sustainable development in the long run.
Burgelman, R. A. (2016). Complex Strategic Integration at Nike: Strategy Process and Strategy-as-Practice Combined. The Handbook of Strategy Process Research from a Middle Management Perspective. Edward Elgar Publishing.
Desai, K. J., & Desai, M. P. (2016). A Theoretical Study of Triple Bottom Line Approach As A Tool of Reporting Corporate Social Responsibility of an Enterprise. Global Journal For Research Analysis, 5(6).
Heesen, B. (2016). Management Challenges in Dynamic Business Environments. In Effective Strategy Execution (pp. 1-23). Springer Berlin Heidelberg.
Jin, B., & Cedrola, E. (Eds.). (2016). Fashion Brand Internationalization: Opportunities and Challenges. Springer.
MoranSendra, M., Nilmeier, T., Liem, T., & Perkowski, T. (2015). Nike Inc.
Newcomb, H., Sellar, J., & Williams, I. (2015). The Triple Bottom Line.
Nike.com/au,. (2016). Nike.com/au. Retrieved 2 August 2016, from http://www.nike.com/au/en_gb/
Ozanne, L., Phipps, M., Weaver, T., Carrington, M., Luchs, M., Catlin, J., & Williams, J. (2016). Managing the Tensions at the Intersection of the Triple Bottom Line: A Paradox Theory Approach to Sustainability Management.Journal of Public Policy & Marketing.
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