The FuelBand tracks your workouts, sleep, and most, if not all, movements. The FuelBand can sync with your phone via an app and allows users to connect with their friends to help promote and encourage exercise between friends (Nike Store). The product is a tangible good that is worn around the users’ wrist. Nike’s FuelBand also provides intangible services through its effect on the user to exercise more frequently and promote general fitness (Carl & James, 58).
Nike is currently in a very good financial position. Their stock price is up 18% year to date, currently outperforming its competitors and the market. They are continuing to develop new products and explore new sectors of the market. Nike has a very good credit rating, AA-, and has no reason to have financial worries for the foreseeable future (Morningstar). The key stakeholders for the Nike FuelBand would include the development team, the marketing team, and the design team behind the process that brings the Nike FuelBand from an idea to the shelf. These people would have the greatest impact on the success of the FuelBand as a product because they involve themselves in the production and sale of the FuelBand. Other stakeholders would include investors in the product through Nike and retailers that sell the product directly to the public (Nike.com).
Majority of the final customers for Nike products are sportsmen. This is because the company has the utility that favors the sportsmen and women. Athletes likely prefer shoes marketed and designed by Nike than people who are active in exercises and sports. The company has targeted these consumers through the contractual agreement between the athletic teams and Nike for sponsorship and promotion to other team members. This way the company is able to reach their final customers and those that are more willing to buy. Although other people are always in the position to buy, the company has ...Show more