How Nike Became A Highly Profitable Company, The Critical Success Factors Behind Nike's Success As A Highly Profitable Producer Of Athletic Footwear Products And Sports Apparel Products, And Nike's Growth Strategies For Long Term Revenue Growth

How Nike Became A Highly Profitable Company, The Critical Success Factors Behind Nike's Success As A Highly Profitable Producer Of Athletic Footwear Products And Sports Apparel Products, And Nike's Growth Strategies For Long Term Revenue Growth

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This essay sheds light on how Nike became a highly profitable company, identifies the critical success factors behind Nike' success as a highly profitable producer of athletic sportswear products and sports apparel products, demystifies Nike' growth strategies for long term revenue growth, and reveals the future outlook of Nike in the digital era. Nike is a highly profitable multinational company that produces a host of products, such as athletic footwear products, sports apparel products, and sports equipment products. Unbeknownst to most people, Nike was founded in 1964 and became highly profitable in 2021 to the extent of generating $5,727,000,000 in net income and $44,538,000,000 in sales revenue in 2021. Nike was formerly known as Blue Ribbon Sports from 1964-1971 before being renamed to Nike on May 30th of 1971. Even though Nike has been able to operate profitably for decades, Nike reached a new pinnacle of profitability in 2021 in which Nike generated $5,727,000,000 in net income in 2021. In spite of offering ample products in 2020, Nike' net income generated in 2021 is a far cry from their net income generated in 2021. Nike' net income in 2020 was $2,539,000,000 while its net income in 2021 was $5,727,000,000 which ultimately means that NikeÕs net income amplified by about 125.56%, an increase of over 100% in this one year period. Nike became highly profitable in 2021 primarily as a result of there being increased demand in 2021 for Nike footwear products. Nike produces a host of product offerings. Nike leverages independent contract manufacturers to manufacturer their product offerings. Nike does not just design, develop, and market products, but also sells their product offerings via their retail outlets and on their website. NikeÕs product offerings are also available for sale in retail stores that sell athletic footwear products, such as Footlocker. ÒAs of May of 2021, Nike operated a total of 1,048 retail stores throughout the worldÓ. Nike has a prominent retail presence throughout the world. Nike products are not limited to just being purchasable via retail outlets and on their website which ultimately renders it easier for customers to be able to procure them. Nike products are easily accessible to people throughout the world since Nike products are available for sale in at least one hundred and seventy countries around the world. NikeÕs highest revenue product line is its footwear products.