Michael Jordan is considered to be the greatest basketball player to have ever played in the NBA. Jordan is a 6-time NBA Finals MVP, and he never lost in the finals. Jordan was a superstar player in college and "Nike saw the marketing potential of Jordan, drafted third overall by the Bulls, and offered him a five-year contract worth $500,000 annually plus royalties. It was a huge sum at the time for a shoe deal, but it was a partnership that would lead both parties to unprecedented heights.Jordan took the court his rookie year in 1984 in a pair of red and black Air Jordans, which matched the Bulls’ uniforms, but did not feature any white per NBA protocol. The league banned the shoes and fined Michael $5,000 every game for wearing them. Nike covered the fines and capitalized on the attention with a commercial with the following voiceover: “On September 15th, Nike created a revolutionary new basketball shoe. On October 18th, the NBA threw them out of the game. Fortunately, the NBA can’t stop you from wearing them.” A marketing juggernaut was born.
One of every two basketball shoes sold in the U.S. last year carried the Jordan brand. Factor in Nike-branded shoe sales into the mix, and Nike has a near monopoly in basketball with market share of 92%, according to SportsOneSource. Adidas (5.5% market share), Reebok (1.4%) and Under Armour UA -1.28% (0.7%) are still searching for answers to Jordan. Outside of Nike, MJ’s earnings get a boost from long-time endorsement partners Gatorade, Hanes, Upper Deck and Five Star Fragrances for his cologne line. He’s also added deals with 2K Sports and Novant Health in recent years. In addition, he owns seven restaurants, a car dealership and his most valuable asset, 80% of the NBA’s Charlotte Bobcats. Jordan used himself as the carrot to help close a Bobcats sponsorship deal with Novant in 2012." (Badenhause) This shows that Jordan is someone that every professional athlete should look up too, because he has been retired for the NBA for 10 years and his yearly earnings are over $80 million dollars, and he is also the owner of a NBA team, the Charlotte Bobcats.
Work Cited
Badenhausen, Kurt. "How Michael Jordan Made $90 Million In 2013." Forbes. Forbes Magazine, 27 Feb. 2014. Web. . http://www.forbes.com/sites/kurtbadenhausen/2014/02/27/how-michael-jordan-made-90-million-in-2013/.
He is a smart man I actually did not know that very interesting. Other celebrities and athletics need to learn from his decisions.
ReplyDeleteI think you kind of strayed from the topic throughout your work but overall the most interesting post I have see throughout these blogs. Not saying the others are bad but yours is definitely interesting. I see you took my last comment into play into this posting. Michael Jordan is a very smart man when It comes to his money. Every year or even every few months something different has his name on it. Also with Jordan's shoe brand he gets other basketball players into his mix and makes the money off of them. Does Jordan design these shoes, no I highly doubt it. I love how Jordan gives back to the community especially with basketball camps and such. Bankruptcy is very common in athletes simply because most come from without it and then they do anything to show their status in the world and make their selves even more known sometimes not always in a good way.
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