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The Product: Nike is a worldwide renowned sports equipment manufacturer. They are primarily known for footwear in athletics. Running shoes being the primary product which Nike promotes, it is still holding a hefty market share. Ever since 1962 when Nike was first formed, Phil Knight, the co-founder of Nike has taken the company into many conglomerate product areas related to athletics such as its own clothing line, watches, sunglasses and MP3 players. Nike’s clothing line includes Nike, Air Jordan and many other seasonal wear. A few years ago, Nike even started producing and endorsing watches and sunglasses which are high in quality compared to competitor’s products. Nevertheless, keeping consistently high quality comes at a price; higher cost of merchandise. Recently, Nike saw a new market opportunity in which it could produce and endorse MP3 players which is backed by the solid reputation of the Nike. Unfortunately, this market wasn’t as profitable for Nike as its managers had predicted. Even though Nike had a solid reputation, it was only for athletic shoes an