Nike uses the value-based pricing strategy to ensure growth in its sales and profits. This element of the marketing mix identifies the prices the company applies to maximize profits while attracting the desired share of the market. In using the value-based pricing strategy, Nike Inc. considers consumer perception about the value of its products. This value is used to determine the maximum price consumers are willing pay in buying the company’s sports shoes, apparel and equipment. In 2014, the company successfully increased its selling prices and generated higher sales and revenues. This trend continues, as the firm enjoys increasing sales revenues while gradually increasing its prices. Based on this element of the marketing mix, Nike Inc. successfully uses the value-based pricing strategy to maximize its profits while emphasizing the high value of its products.