ipl-logo

Kevin Plank Free Enterprise Essay

874 Words4 Pages

Free enterprise is an economic state where people can start up private businesses without government control. Success or failure is decided by competition and the demand for a product. The people ultimately decide what they want to purchase or not. Kevin Plank, the founder of Under Armour, entered his business into a market towards the end of the growth period and with a lot of hard work, became a success. The free enterprise system enabled Kevin Plank to create a powerful and revolutionary company in a mature market.

A growing market has businesses that are successful by demand creating sales growth. The athletic clothing industry is still in the growth phase because of constant innovations and upgrades to products, but is close to maturity. …show more content…

There were established players like Nike, Reebok, Umbro, Fila and Adidas, to name a few. Nike was the clear leader. Michael Jordan and Nike had taken the athletic shoe market by storm with his “Air Jordan” shoe line beginning in 1991 and everyone wanted to “Be Like Mike”. There hadn’t been a clear industry fabric innovation in many years which actually gave Plank an …show more content…

Instead of marketing his merchandise to the general public, Plank marketed the clothing to professional and college sports teams. His business took losses and he gave away merchandise to get teams to try it. Once they did, he began receiving orders. The turning point was in 1999 when a $25,000 advertisement in ESPN led to $1 million in sales.

Kevin Plank used free enterprise to gain his success. He manufactured his product, put it in the market he chose, the sports industry, and let the product represent itself. The demand for his product created Under Armour’s ultimate success.

The idea behind free enterprise is the businesses will succeed or fail based on their merit and the demand for the product in the market without intervention from the government. There are many success stories that support this argument – Apple, Microsoft, Mary Kay Cosmetics, YouTube, among many others. The government did not have to help these businesses to succeed. The ideas they had were worth merit and people supported them.

Free enterprise also gives entrepreneurs a market where they can try their ideas. It may take many renditions before a product is what the public wants. Free enterprise makes people be creative, think differently than others before them and figure out what will help people in their daily

Show More
Related
1235 Words | 5 Pages

1. The goals of stability are maintaining stable prices and full employment, and keeping economic growth reasonably smooth and steady. A situation of having a stable source of financial income that allows for the on-going maintenance of one 's standard of living currently and in the near future. The attempt to balance an economic policy so that everyone benefits fairly. Situation in an economy in which the division of resources or goods among the people is considered fair.

Read More
443 Words | 2 Pages

It drives innovation. Work ethic sky rockets because of it. People thrive with it. Competition is born because of it. “It” is freedom.

Read More
356 Words | 2 Pages

In this essay I am going to be talking about the free enterprise system and what it includes in the free enterprise and how the different categories or details impact each of the topic and how it effects the whole system. In a free enterprise system, producers decide.... which and how many goods and services to produce, how much to charge for their goods and services, and lastly what they do with any profit that they make. In this next section, it is based on the power of consumption and what it includes and what helps it move along to different things in the environment and even the world if it lets it. First of all it creates lower prices for all consumers who are wanting to purchase a certain item, it lowers the risks for all consumers who

Read More
266 Words | 2 Pages

The free enterprise system is what allowed Oprah to create and expand her business. The free enterprise system is a type of economy where products, prices, and services are determined by the market, not the government. Things that are free unconstrained and a business is a enterprise. Free enterprise refers to an economy where business is free from government control. With that being said, I do believe it was necessary for her to need the free enterprise system to make her business successful.

Read More
1254 Words | 6 Pages

In 1985, Michael Jordan teamed up with Nike and established Jordan Brand. In his article, “The Jordan Impact”, Kenneth Cortsen highlights how Jordan used his success on the court to help his marketing for his brand as well as others brands. For example, Cortsen quotes Graeme Turner who states that “one year after signing Michael Jordan for Gatorade’s “Be like Mike” promotion, Gatorade’s annual revenue had increased from $681 million to over $1 billion(Cortsen, par. 5). Through Jordan’s impact on his brand and other brands, it was evident he was making a serious impact on the realm of

Read More
1158 Words | 5 Pages

2.0 Competitor Analysis The industry that Under Armour is involved with is extremely competitive, with competing against big names such as Nike or Adidas. Although it’s hard at the beginning, but customers want to have the highest quality apparel therefore they turn to Under Armour. Under Armour stays in the competition by having high quality products, and also by signing endorsements deals with major athletes (Owusu, 2017). By having major athletes represent Under Armour, means the company will be bringing in "big money" because they will bring up the brand’s popularity. The major competitors in this industry are of course inclusive of big names such as Adidas, Nike, Dick’s Sporting Goods and Puma.

Read More
554 Words | 3 Pages

It was a result of the free enterprise system that Henry Ford was able to establish his business and develop it into a successful enterprise. His success as an entrepreneur not only benefited him, but it also benefited other entrepreneurs. His leadership in this field led to the development of new concepts and ideas which were beneficial to future entrepreneurs and helped them to develop their own business ideas in order to become successful as well. Therefore, it is through the success of one entrepreneur that many others were also able to

Read More
85 Words | 1 Pages

Free trade was law one of the new laws that Parliament passed in the early 1800’s. Because of free trade the merchants would have more opportunities in more places to sell their goods and liane faire allowed for to . Victories for the working class were improved working conditions and the growth of labor unions. Improvements such as laws that only allowed women and children to work ten hours a day and that companies required to have many safety regulations enforced in factories and mines.

Read More
1243 Words | 5 Pages

Does Capitalism equal a free market? It is widely accepted that capitalism means a free market economy . But it is possible to have capitalism without a free market. Systems that existed in the USSR and exist in China and Cuba demonstrate.

Read More
794 Words | 4 Pages

Nike spend a lot of money on marketing and creating products. Nike has created products with high quality in almost every sport around the global. Nike boosted their credibility and reliability, by manipulated uses of Ethos, Logos and lastly Pathos. I selected nike's ad because it on TV commercials. Nike's logo and slogan catches people's attention.

Read More
944 Words | 4 Pages

Contents: Theme 1 Introduction……………………………………………………………………………….... 3 Entrepreneurship………………………………………………………………………… .....3-4 Theme 2 Analysis of the profile of Lithle Izulu Enviro Care…………………………………………5 Analysis of the Business Environments………………………............................................. 5-7 • Micro Business Environment…………………………………………………........ 5-6 • Market and Macro Environment…………………………………………………… 6-7 SWOT Analysis………………………………………………………….............................

Read More
308 Words | 2 Pages

Capitalism has to do with competition and each private owner controls the selling, they want to gain a profit, and government can’t interfere. The US is a mixed economy because government and privately owned businesses are involved equally instead of one more than the other. What Adam Smith meant by “the invisible hand” of laissez-faire economy is that free markets and capitalism are guided by competition. Free market ensures the well being of society because then there are multiple ways to create value for stakeholders. This is important because when their needs are met, businesses tend to be successful.

Read More
1659 Words | 7 Pages

The fragmentation stage is also known as the infancy or the embryonic stage of the industry life cycle. This is where early adopters of new products, technology or processes are carving out a niche market and developing products and services in response to an identified need. We have to note that there is little to no competition unless similar companies have identified the same opportunity. Companies involved in this stage are typically active in sourcing investment capital to execute their business plans. Profits are not yet created because the industry is new to the market and revenue is usually reinvested in business expansion.

Read More
789 Words | 4 Pages

Nike is the leading and renowned world supplier of athletic apparel and shoes. The brand is in control of over 47% of the market for athletic shoes. The company begun way back in 1962 and it was founded by Phil Knight and Bill Bower. It was originally known as Blue Ribbon Support and only in 1978 did it change its name to the worldwide recognized brand, Nike. Nike provides its products to more than 100 countries throughout the world.

Read More
940 Words | 4 Pages

1. Capitalism. An economic scheme based on the personal possession of resources and invention inputs, and on the manufacture of wares and services for revenue. The making of goods and services is based on supply and demand in the common market (market economy), rather than through central planning (planned economy). Capitalism is normally characterized by struggle between producers.

Read More

More about Kevin Plank Free Enterprise Essay

Related Topics

Open Document