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    Project 5: Nike Leveraging Technology For Growth: Problem Statement

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    operations justpick
    Nike realizes it must innovate through technology to remain competitive as technology increasingly impacts the world. Currently, Nike's annual revenue has increased year-over-year but decreased slightly for the most recent quarter. Nike plans to leverage further technology and digital capabilities to achieve over $50 billion in annual revenue by 2022 with 50% coming from digital channels.

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    Project 5: Nike Leveraging Technology For Growth: Problem Statement

    Uploaded by

    operations justpick
    49 views4 pages
    Nike realizes it must innovate through technology to remain competitive as technology increasingly impacts the world. Currently, Nike's annual revenue has increased year-over-year but decreased slightly for the most recent quarter. Nike plans to leverage further technology and digital capabilities to achieve over $50 billion in annual revenue by 2022 with 50% coming from digital channels.

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    project5nikeleveragingtechnologyforgrowthproblemstatements

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    Nike realizes it must innovate through technology to remain competitive as technology increasingly impacts the world. Currently, Nike's annual revenue has increased year-over-year but decreased slightly for the most recent quarter. Nike plans to leverage further technology and digital capabilities to achieve over $50 billion in annual revenue by 2022 with 50% coming from digital channels.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views4 pages

    Project 5: Nike Leveraging Technology For Growth: Problem Statement

    Uploaded by

    operations justpick
    Nike realizes it must innovate through technology to remain competitive as technology increasingly impacts the world. Currently, Nike's annual revenue has increased year-over-year but decreased slightly for the most recent quarter. Nike plans to leverage further technology and digital capabilities to achieve over $50 billion in annual revenue by 2022 with 50% coming from digital channels.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Project 5: Nike Leveraging Technology for Growth

    Problem Statement
    Overview and Summary

    Nike Inc. is one of the leading companies in the world known for its athletic

    footwear, apparel, equipment, and accessories. America is the source of Nike. It

    is a worldwide corporation that creates, develops, and produces footwear,

    equipment, clothing, accessories, and services.

    Nike is renowned for its global marketing campaigns and consistent product

    sales. On September 8, 1969, Nike became a legal entity. The company's top

    seven product categories are running, basketball, football, men's and women's

    training, Nike clothing, and action sports.

    Additionally, it creates items for children and other sporting and leisure pursuits

    like baseball, tennis, volleyball, soccer, cricket, and other hobbies. The Nike

    Company also sells athletic footwear, backpacks, and accessories.

    Nike has realized that technology is taking over the world and that they must

    innovate their products and be market leaders in order to survive and remain

    relevant to their customers.

    Current State:

    Nike's revenue for the three months ending May 31, 2022, was $12.234 billion, a

    0.89 percent decrease from the previous year. Nike's revenue for the year

    ending May 31, 2022, was $46.710 billion, an increase of 4.88 percent from the

    previous year. Nike's annual revenue in 2022 was $46.71 billion, a 4.88 percent

    increase from 2021. Nike's 2021 annual sales of $44.538 billion were a 19.08

    percent rise over 2020. In comparison to 2019, Nike's yearly sales in 2020 were

    $37.403 billion, a 4.38 percent decrease.

    Source:https://www.retaildive.com/news/nike-plans-for-50b-in-revenue-next-

    year/602456/#:~:text=The%20sports%20giant%20is%20now,(from%2035%25%2

    0now).
    Future State

    According to Nike's chief financial officer, Matt Friend, the sports giant

    anticipates revenue exceeding $50 billion in 2022. Nike is focusing on digital and

    DTC, as it previously did. Through internal channels and partnerships, the

    company hopes to achieve a 50% digital presence by 2025. DTC makes up

    approximately 40% of the business.

    Nike has realized that to sustain and stay relevant in the market, they need to

    adapt to technology and solve customer problems using technology. In addition,

    they need to leverage technology and improve or launch new products to meet

    increasing customer needs and demands.

    Source:https://www.retaildive.com/news/nike-plans-for-50b-in-revenue-next-

    year/602456/#:~:text=The%20sports%20giant%20is%20now,(from%2035%25%2

    0now).

    Task

    Nike is planning to leverage technology to improve its shoe business. Design a

    Smart Shoe. Smart means incorporating technology to deliver an upgraded

    experience to the customer.

    1. Research, Identify the customer segment to target and come up with

    their key pain points. This customer segment could be any segment

    where Nike would get growth, and because it would be a technology

    product, the customers should be tech savvy enough to respond and

    reciprocate to the product.

    2. This vision drives the DNA of the product. Each feature should follow the

    vision philosophy. A vision should define the brand and position the

    product.
    3. Research, identify, and prioritize features and prioritize them. Provide

    reasons for the prioritization of features. Every product has pitfalls.

    Identify the pitfalls and concerns that users might face. Explain the

    pitfalls of the smart shoe. This would help you understand key decisions

    and trade-offs while designing a product.

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