Dr Pepper Gearing Up For CFB Season Jimmy Butler To Appear For Men's Fashion Line Madison Keys Scraps Tattoo Sponsor Logo New Era Boosts NFL Hat Production At New York Plant Venus Williams' EleVen Undergoes Reboot Does Westbrook Take Jab At Durant In New Ad? Marketplace Roundup Lochte Scores First Endorsement Deal Since Rio Liberty Mutual Sponsoring NASCAR Spotters Venus To Appear In AmEx Ads Around U.S. Open
SBD/August 23, 2012/Marketing and Sponsorship
Controversy Over $300 LeBron Shoes Continues; Is Nike Sending Wrong Message?
Published August 23, 2012
NUMBERS GAME: In Las Vegas, Ed Graney writes, "The fact that an athlete's shoe is flirting with the once unimaginable price of $300 shouldn't send shock waves through anyone's wallet." If it "knows anything, Nike understands the math on this stuff." Nike owns 95% of the basketball shoe market in the U.S., and "retail for its hoop shoes costing more than $100 is up 50 percent." Graney: "I blame James for the ridiculous price and I don't. I get it. The power of capitalism. The basic supply-and-demand strategy" (LAS VEGAS REVIEW-JOURNAL, 8/23). However, CNBC’s Julia Boorstin said, “The problem is marketing and that Nike is marketing these shoes to teenagers and often to teenagers in inner-cities who can’t afford them. I think that Nike does pride itself on its corporate responsibility, they just have to be really cautious how they handle the marketing issue” ("Power Lunch," CNBC, 8/22).