Nike's Branding Power Essay

Submitted By cornwellnp11
Words: 390
Pages: 2

Principles to Marketing
Section 6
Nike’s Branding Power The Nike “Swoosh” has become one of the most recognized branding symbols in the world. According to Forbes, Nike and the “Swoosh” is ranked 24th in the world with an astounding brand value at $18.2 billion. The brand’s revenue is listed at an incredible $23.7 billion. The company wasn’t even in existence until 1972, so how is it possible that a start-up company dominate the industry and soon become such a positive marketing role model? Nike’s story explains it all. Bill Bowerman, a higly respected track coach at the University of Oregon, and Phil Knight, a middle-distance runner and Oregon graduate, decided to start their own business in 1964 selling running (Tiger) shoes at their new shop, Blue Ribbon Sports. The two began ripping the shoes apart to see how they could make the shoes lighter, more durable, and all around better. After 5 years of success, Johnson began creating new ideas for their own product line. In 1971, Johnson knew that they needed a brand name that carried meaning for company and the consumers – thus Nike was born. “In Greek mythology Nike is known as “Victory” by a goddess who personified victory, also known as the Winged Goddess of Victory.” Carolyn Davidson, a graphic design student at Portland State University, then later created the “Swoosh”, which she was paid $35 to develop. The brand’s personality started to grow once Nike decided that they needed a face behind the logo,…