Finance and Accounting Nike Inc

0 Comment

Financial information is an important component for any organization in the contemporary business environment. Accounting and budgeting information are important aspects of finance and accounting that rely on accuracy, reliability and ease of access for the strategic advantage of any firm. Initially setting up shop in the name of Blue Ribbon Sports in 1962, the Oregon based company has become to be known as Nike Inc. as from 1972. The company has grown significantly and has several subsidiaries including NIKE Golf, Cole Haan and Harley international among other business enterprises (Nike Inc., 2012). This has seen the company grow to a global leader in the sporting goods industry. Besides, it is recognized as the global leader in design, marketing and distribution of athletic boots, clothing and accessories for varied sports and fitness needs. The company’s main objective is to design, develop and market the sports related merchandise around the globe. The company serves as wide market segment with its products made for different social groups like women, men and children. To further illustrate this diversity, it is indicated that the company has well over 300 shoe models designed in 900 different styles to suit a further 25 different sporting activities (Nike Inc., 2012). To help in its expansion and market penetration, the company has collaborated with many firms internationally. This has helped the company to explore markets that do not fall in its core operational competencies. The company’s main competitors are Adidas and old navy among other industry giants. The company has to remain innovative in its product development and promotion so that it survives in the highly competitive industry that also involves clients who are in some form of competition. In the area of finance and accounting, the company has remained a giant in the industry if the group’s ever-impressive results are anything to go by. However, the company’s operation in a highly competitive industry means that the organization’s management has to constantly review its strategic management decisions so that it remains a leader in the industry. Accounting and budgeting information will therefore remain an important