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ISYS6008 IT Entrepreneurship and Innovation Assignment Sample

Task description:

Your initial task in completing this report is to find a subject for your case study. that is either an entrepreneur or a corporation that uses emerging technologies such as robotics, drones, artificial intelligence (ai), machine learning, online media streaming, iot, real-time processing, rendering or applications, augmented reality (ar) virtual reality (vr) hardware or applications, etc.; and has successfully done one of the following:

- Started a new business, or

- Improved an existing organisation, or

- Had a global impact from using the emerging technologies. your next task is to evaluate his/her/its entrepreneurship journey and its relevance to what you learned so far from this unit’s contents and recommended reading and activities, and write a report which includes the following:

- An introductory paragraph to describe an entrepreneur (or corporation/business) and its associated products or services.

- A discussion on entrepreneurial mindsets applied in to establish the business.

- A discussion on how the business was initialised, including how the initial marketing and/or legal challenges were addressed. it is recommended that you search and include information about the capital sources used to grow the successful venture.

- A description of the latest capabilities of this business and how it has been used by people and its own and/or other companies to improve or transform their activities.

- Finally, provide a conclusion on whether you see any gap that can be addressed or if this case study has inspired you to think of a new idea. you should be concise in your report as you will be required to write no more than 1500 words.

Solution

Introduction

A brief description of the business and its products – Nike

The selected organization for the study is nike, it is a globally recognized brand for sneakers in the footwear industry. the brand was founded in the year 1964 by phil knight and bill bowerman, however, it was earlier recognized as blue ribbon sports. the brand established its first store in the year 1966 and after a 6years, it relaunched the company with a new name "nike". the key products of nike are casual and athletic footwear with sustainable manufacturing and designs, accessories, and apparel.

 

Figure 1: nike
(source: oyibotha, 2022)

Use of online media streaming at Nike

Being in the footwear industry, it was hard for nike to get global success and spread awareness of its name, products, and services all across the world. this is when online media streaming came into the role and nike adopted this service and further implemented it in its marketing strategy. Streaming media is referred to the audio or video content for assignment help sent in the compressed format on the internet and played by the users on several media streaming platforms, commonly on youtube. nike has an engaging channel presence on youtube which posts its new launches, products, services, and about r&d. that is how nike uses the online media streaming services to grow its brand reputation.

The entrepreneurial mindset of Nike

Name of the mind-set to be an entrepreneur, a strong entrepreneurial mindset is necessary. phil and bill both faced challenges at the initial level of their business start-up which is nike, however, they both fought that phase with a strong head. entrepreneur mindset refers to the mode of thought process which helps in achieving the desired success and goals. successful entrepreneurs have the capacity of embracing failures, challenges, and mistakes as new opportunities and develop new skills for their business success.

 

Figure 2: entrepreneurial mindset
(source: eli mindset 2021)

3 Key mindsets that nike follows are-

- A growth mindset: refers to believing that if the right amount of effort and time is put into learning and intelligence then a certain level of success leads to the continuous growth of business as well as personal development.

- Intrinsic motivation: refers to doing something for its own sake instead of greed for external rewards because intrinsic motivation thrives the idea generation and turns it into reality. this mindset involves a high level of engagement and psychological well-being (eli mindset 2021).

- Resiliency: it is referred to the ability to be recovered from challenges and issues quickly. entrepreneurs who are resilient in nature tend to pursue an explanatory style referring to a positive attitude to every situation.

Mind-set demonstration

There are two situations in which nike showed these three entrepreneurial mindsets. phil had an entirely different background from his study to professional life, however, his passion calling never stopped. in the 90s, he believed that sports shoes can be manufactured and sold at cheaper prices and compete with the japanese market, with this idea his crazy insanely flipped the market and revolutionized the sporting world. that's when he showed his intrinsic motivation and growth mindset.
further, in 1962, bill and phil were broke, inexperienced guys, and had no resources with a business idea, however, they refused to let the idea go and crazily presented his idea to the japanese managers supposing to turn the million-dollar american sports market (valuepenguin 2019). even after so many legal challenges, rejections, and setbacks, nike never lost faith and showed a resilience mindset.  

Nike’s initialisation, marketing strategies, & legal challenges INITIALIZATION

 

Table 1: initialisation

Marketing strategies

- The very first marketing strategy of nike is selling its slogan “just do it” on its online platforms to connect with the world

- The compelling tagline for attracting the audiences

- Using the power of social media and collaborating with celebrities for marketing

- Empowering the targeted market such as women for social causes marketing

- Selling stories, not the product (pride, 2022).

Figure 3: instagram page of nike
(source: instagram 2022)

Legal Challenges

The key 5 legal challenges that nike faced due to its unethical actions are -

1. Racial discrimination- ahmer inam joined worked as senior director and claimed he faced racial discrimination as he was treated poorly as compared to his white teammates. this impacted his physical and mental health (young 2019).

2. Environment protection act- environmental pollution and use and discharge of toxic chemicals- in their production, nike was observed to use toxic chemicals in their development causing health issues and leading to the killing of sea animals. it is against the csr of the manufacturing industry and business.

3. Labour law act challenge- employed manual workers are very underpaid and are forced to work at low wages and long work hours, nike went against the labor protection act, not only that it employs child labor.

4. Copyright law challenge- the jumpman logo of nike brand jordan worth billion is copied, life magazine claimed that it is their true publishing that nike took and violated the copyright act (bain 2022).

5. Traded secrets- nike filed a 10million lawsuit against the three best designers of the company who broke the non-compete agreement and traded their designs with adidas and violated their privacy.

Capital resources

Capital plays an important role in the development of the business, however, nike makes huge amount of profit by itself that it does not worry about getting a loan from any bank and expect other companies to invest in it. yet, the key capital shareholders of nike are-

- philip knight- 0.9& class a and 2.6 class b shares
- mark parker- 0.09 shares
- andrew campion- 0.01% shares
- swoosh llc- 16.5%
- vanguard group- 7.0%
- blackrock- 5.9% (reiff 2022).

 

Figure 4: capital shares
(source: author 2022)

NIKE’S LATEST CAPABILITIES AND IT UTILISATION

CAPABILITIES

Nike has started to develop the eco-friendly and sustainable shoes through the use of the supergases technology. as the environment has started to get impacted in sever manner these days, which is why nike decided to initiate the sustainability program and also attract the new audiences to their brands. nike's corporate social responsibility and initiatives are largely focused on the company's fundamental idea that "sports have the capacity to impact the world for the better." nike leverages its sports prowess to fulfil csr goals in three key areas diversity and access, civic engagement, and environmental balance. nike fulfils their csr obligations by initiating these initiatives-

- Covid-19 response program
- Environment friendly branding
- Inclusion & diversity
- Community support programs

This capability of nike is considered in the r&d aspect of the brand.

Figure 5: figure 2: nike eco-friendly brand
(source: mahirova, 2021)

Example of company’s demonstration and succeeded in marketing

the idea of sustainable production and eco-friendly development has appealed a lot of people specially the younger generation. it is noticed that too many of the influencers who are very much active on social media platforms such as twitter, instagram, facebook, & youtube, who uses the online media streaming recognizing this capability of nike and approach the brand to collaborate with them (ravi 2018). this not only helped the brand to gain a huge recognition but also gave nike a new marketing strategy.

Nike started to make engaging videos and audio contents for its social media pages, as well as the collaborators having millions of followers also made the streaming content with the iconic slogan “just do it” and posted it on their accounts. this way nike not only got benefit and recognition of their new launches from their pages but also from the collaborators influencing the minds of billions of users just through one click. in short nike used the sustainability research and development as its leading marketing strategy.

Figure 6: twitter of nike
(source: ravi 2018)

CONCLUSION

The report demonstrated the online media streaming through the example of nike brand, being a sports brand nike had a few choices in the past era to promote their products. however, with the introduction of the social media marketing and streaming services, nike took advantage of it and promoted their products through engaging video and audio contents. the report has successfully analysed the emergence of new technology through discussion on entrepreneur mindsets, nike's marketing strategies and legal challenges, and it's capabilities through the demonstration.

Inspiration for a new idea the study has pushed entrepreneur mindset into the student and led to the new generation of ideas. as nike is a sports brand, and it has direct link with the health and fitness leading to the idea of introducing a fitness app with a health monitoring wearable device (band). this will create a new source of income into the company and also allow the company to put its leg into the information technology industry.

References
 

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