Bus104 Introduction To Marketing For Assessment Answer


c.Briefly devise the strategies of the relevant marketing mix variables (the 4ps for new product OR the 7Ps for new services

Answer:

Introduction 

The aim of the report is to conduct the analysis of the external and internal factors that helps the company in evaluating the forces and bringing the changes in the product that the company is offering. PESTLE analysis and SWOT analysis of the selected company that is Apple and its product iPhone X. SWOT analysis has been conducting as it helps the company in determining the factors that may affect the proposed business concept that is the new product or new services. This analysis defines the strength, weakness, opportunities, and threats of the company. The report includes the identification and description of the target market with the help of 4 segmentation. It also reflects the recommended marketing strategies for the company and its product.

Overview of company 

Apple Inc. is an American multinational technology corporation who has headquarters in Cupertino, California. The company designs develop, sells end user electronics, computer software, and online services. The company is well-known in the market because of its hardware products that consist of the iPhone Smartphone, iPad Tablet, Mac Personal computer and other. The company was founded in the year 1976 April and was originated by Steve Jobs, Steve Wozniak and Ronald Wayne (Apple, 2018). The company is known as the leading information technology corporation in terms of the profits. In addition, it is the 2nd biggest mobile phone manufacturer across the world.

Analysis of marketing environments 

The environment analysis includes the evaluation of external factors that can influence the working of the corporation. PESTLE analysis is a framework which has been used to determine the external factors that impact the working of the company.

PESTLE analysis 

The analysis consists of political, economic, social, technological, legal and environmental forces that affect the working of the company. PESTLE analysis of the Apple Company has been done to analyze the external factors (Kotler, 2015).

Political factors 

The political factors include the changes in rules and regulations that can affect the working of the company (Chernev, 2018). Apple is an American technology business that has collected a huge quantity of cash. The company found an opportunity of stable politics in the developed countries which helps the Apple in improving their sales for the new product iPhone X. Moreover, there is an improvement in the free trade policies which is another opportunity for the company.

Economic factors 

The economic constancy of the greatest advanced nations forms an opportunity for numerous corporations like Apple to increase their business operations. The rise in the economic growth rates in the developed countries leads to the rise in the purchasing power of the company that provides the benefit to the company because this will lead to the rise in the sales and revenue of the company. The rise in the purchasing power helps the company to bring a rise in sales of Apple iPhone X.

Social factors 

The social factors might affect the working and operations of the business. The cultural factors which include the behavior of the customers and knowledge of customers towards the product and services directly affect the sales and revenue of all the products of the company especially iPhone X (Lombardo, 2017). The rise in the use of the social media also leads to the opportunity for the digital devices which brings the change in demand and trends of the product.

Technological factors 

The technology plays a vital role in the Apple Company because all the products of the company involve technology. The change in the technology affects the company because of cloud computing trend, technology integration and the growing apps market (Aaker, 2013). Apple Company makes use of advanced technology to bring the innovation in their products and services which makes their product more advance For instance; the new Apple iPhone X includes the advanced technology and unique features.

Environmental factors 

The environmental factors majorly affect the working of the company. Apple believes in maintaining the environment as this is the responsibility of the company. The company is addressing the chance to keep up the sustainability in the business with the help of recycling and connected programs (Hollensen, 2015). Corporation seeks for the new technological explanations to bring improvement in the energy competence of the product like better-quality batteries, processors, and components that emit less heat. The supply chain of the company for their products includes iPhone X contributes to improve the employment opportunities which shows the social contribution of the company towards the environment.

Legal factors 

The legal factors affect the working of the company as the government knows the fact that there are privacy issues that are associated with the digital technology use. Apple Company in the developing products includes the broadcast of the private information. This factor leads to an chance for the brand to bring the improved product features that defend privacy. The company ensures that they are able to fulfill all the legal obligations related to their products and services.

SWOT analysis 

SWOT analysis is a corporate analysis technique that the business performs for every product and services that are available in the market (Wild and Wild, 2012). The SWOT analysis helps the company to achieve the future growth of the product in the market.

 

Helpful

Harmful

Internal origin

Strength

Weaknesses

External origin

Opportunities

Threats

Strengths 

  • Apple iPhone X has the strength because of a blend of a good design, extensive apps, sophisticated camera and the high retail presence of the product in the market.
  • This iPhone X is one of the innovative devices with a fantastic camera and beautiful display which makes it most attractive phone in the market (Fowler, 2017).
  • The display of iPhone X is Apple's first OLED phone screen. Along with this, the camera of the phone is the best ever with the combination of the improved performance.  
  • The convenient face ID of Apple iPhone makes the phone unique for the customers.
  • The high brand recognition is one of the strengths of the product because the most of the customers are aware of the product that is offered by the brand. Along with this, it is one of the highly demanded and new in the market (Price, 2018).

Weaknesses 

  • Broken glass is one of the biggest downfalls of the iPhone X. The phone was only able to survive the 4 falls onto a concrete surface from a height of 5 feet (Spence, 2018).
  • The life of the battery of the iPhone X hurt the customers who are making use of this product in the market. The consumer reports make use of the robotic finger programmed to put the phone with the help of different choice of tasks that are intended to put on a end user average day (Spence, 2018).

Opportunities 

  • The opportunity for the iPhone X is to bring the improvement in the iPhone Siri. The Siri of apple is a virtual associate portion of the Apple Inc’s IOS, watches, macOS and tvOS operating systems. The company should link their Siri with the AI technology through which it can act and work like humans. Currently, the Siri helps the human for the small task but after linking it with the AI technology it can support the major and important task that is performed by the human beings.
  • The improvement in the charging of the iPhone X is also required because of the wireless charging the issues arise. It is difficult for the people to carry the chargers with them which makes it difficult (Thompson, 2017).

Threats 

  • The competition in the current market is rising due to which the companies are bringing the new innovation on their phone with the help of technology.
  • The emergence of the new technology is also a threat to the companies in the global market because the use of technology leads to the threat to the company.

Recommendations 

The below given are the recommendations to the company for their strategies which will help them in improving their business operations.

Segmentation 

The segmentation involves dividing the population into different groups considering the certain characteristics. Apple company segment the market on the basis of 4 types of segmentation which are discussed below: -

  • Geographic segmentation: - This segmentation includes the areas where the company is offering its products and services to the customers. Apple product iPhone X is offered to the only urban region.  
  • Demographic segmentation: - The demographic factors on which segmentation is done include age, gender, income, and many others (Grant, 2016). Apple Company believes in segmenting both males and females with the age group of 18-25, 25-40 and others who like to make use of iPhone X. The brand generally segments the people who are high-income group people. The segmentation includes the people who are a student, professionals, and managers by occupation.
  • Behavioral segmentation: - The behavioral segmentation includes the behavior of customers, a degree of loyalty and user status towards the product that is offered by the company. Most of the customers are aware of the quality of the product and about the brand due to which they buy the product of the Apple (Dudovskiy, 2018). The iPhone X is the most awaited phone for the customers as the phone as numerous attractive features and design.
  • Psychographic segmentation: - This segment distributes the customers on the base of social class and lifestyle of the people (Wilson and Gilligan, 2012). The new product that is iPhone X is available for the middle and upper classes people and for the people who believe that the use of the branded product is part of their lifestyle.

Target market 

The target market is the segment to which the company is looking to propose its products on the priority basis. It is recommended the brand to make practice of the multi-segment targeting strategy in which the primary targets the people with the age group of 18-25 years with the high income and having the profession of managers and businessman. Along with this, these customers are loyal towards the brand and aware of the fact that this is their lifestyle. The brand believes in offering the iPhone X to the primary target and then focus on the secondary target market.

New product description 

The new product that is recommended to the brand is the iPhone X2. This is the updated version of the product which includes improved features considering the SWOT analysis of the company. This new product includes different features such as a new service of Siri that is linked to the AI technology. AI technology helps the brand to act and work like the humans which helps them to perform the major task, for instance, a human who is operating the phone can give the command to the Siri to book an appointment with the doctors, event, hotel or many other activities. Along with this, the customized face id with the face scanning and it also include the ways through which they can scan the objects or rooms in 3D. In addition, the phone has the feature of the wireless charging along with the normal charging system because it becomes difficult for the company sometimes to carry the air charger while traveling or at other places. This new iPhone X2 include all these new features which will help the brand to bring the improvement and to satisfy the needs of customers.

Marketing Mix 

It is recommended to the company to ensure that they are implementing the effective marketing strategies. These marketing mix strategies of the company include strategy linked to the product, price, place, and promotion of the new product (Pride, 2012).

Product: - The new product of the brand is iPhone X2. The iPhone X2 is incorporated with the new features and services. The link to the Siri with the AI technology will make it a new feature for the customers. Along with this, the product includes some more features which make the product innovative and new to the customers.

Price: - Price is one of the important elements of the marketing mix. The company should follow the premium pricing strategy for their new iPhone X2. This means that the product is available to their customers at high prices. The pricing strategy is the only way through which the company can achieve their goal for the high revenue and sales.

Place: - Company offers the products to the customers through different ways which include stores, outlets, departmental stores, online medium and many other ways. The distribution of the iPhone X2 should be done effectively because this is the only way through which they can make the product easily available to their customers (Rushton, Croucher and Baker, 2014).

Promotion: - The promotion of the product plays a vital role in the company. The company should generate the awareness for the iPhone X2 through different ways which include effective use of the marketing tools (Simon, 2017). Below given are some of the tools that can be used by the company for promoting the products.

  • Advertisement: - The advertisement of the product is done through TV commercial, print media, hoardings, and pamphlets. Apple should make use of this promotion tool as this is the effective way through which they can reach to a large number of customers.
  • Digital marketing: - The digital marketing is a tool to generate the awareness through online medium. The use of the social media channels and different other channels allows the brand to promote the products in the market. This is one of the effective tools to promote the iPhone X2 in the market.

Conclusion 

In the end, it can be concluded that Apple company need to analyze the market through which they can identify the internal and external factors that can influence the working of the company. These factors will identify the strategies that the company need to take to bring the improvement. In addition, the SWOT analysis of the iPhone X will help the company in analyzing the internal business activities. This SWOT analysis helps the company to bring the improvement in their product and to create the new product that can help the company. In addition, the recommendation related to the target market and marketing mix is stated which helps the company in improving the sales and revenue of the company for their new product that is iPhone X2.

References 

Aaker, D. (2013) Marketing research. Hoboken, NJ: John Wiley & Sons.

Apple (2018) iPhone X [Online]. Available from: https://www.apple.com/iphone/ [Accessed on 1st June 2018]

Chernev, A. (2018) Strategic marketing management. Chicago:Cerebellum Press.

Dudovskiy, J. (2018) Apple Segmentation, Targeting and Positioning [Online]. Available from: https://research-methodology.net/apple-segmentation-targeting-and-positioning/ [Accessed on 1st June 2018]

Fowler, B. (2017) CR's Final iPhone X Test Results: Top-Scoring Camera and Display But Also Some Flaws [Online]. Available from: https://www.consumerreports.org/smartphones/iphone-x-review-test-results/ [Accessed on 1st June 2018]

Grant, R.M. (2016) Contemporary strategy analysis: Text and cases edition. New Jersey: John Wiley & Sons.

Hollensen, S. (2015). Marketing management: A relationship approach. India: Pearson Education.

Kotler, P. (2015) Framework for marketing management. India: Pearson Education.

Lombardo, J. (2017) Apple Inc. PESTEL/PESTLE Analysis & Recommendations [Online]. Available from: https://panmore.com/apple-inc-pestel-pestle-analysis-recommendations  [Accessed on 1st June 2018]

Price, D. (2018) New iPhone 2018 release date, price & specs rumors [Online]. Available from: https://www.macworld.co.uk/news/iphone/new-iphone-2018-3646340/ [Accessed on 1st June 2018]

Pride, W. (2012) Marketing principles. South Melbourne, Vic.: Cengage Learning.

Rushton, A., Croucher, P., and Baker, P. (2014) The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers.

Simon, M. (2017) How Apple’s unconventional iPhone X marketing strategy will make you want one at any cost [Online]. Available from: https://www.macworld.com/article/3235955/iphone-ipad/apple-iPhone-x-strategy.html [Accessed on 1st June 2018]

Spence, E. (2018) Apple's iPhone X Facing Major Battery Problems [Online]. Available from: https://www.forbes.com/sites/ewanspence/2018/03/14/apple-iphonex-iphone-qi-wireless-battery-problems/#32c9e938747f [Accessed on 1st June 2018]

Spence, E. (2018) Why iPhone X Biggest Weakness Is Apple's Secret Strength [Online]. Available from: https://www.forbes.com/sites/ewanspence/2018/03/12/apple-iphonex-iphone-notch-android-google-galaxynote-nokia9/#101dfcdd5741 [Accessed on 1st June 2018]

Thompson, L. (2017) Missed Opportunities: iPhone X Welcome Campaign [Online]. Available from: https://www.brightwave.com/missed-opportunities-iphone-x-welcome-campaign/ [Accessed on 1st June 2018]

Wild, J. and Wild, K. (2012) International business. Upper Saddle River, N.J.: Pearson Prentice Hall.

Wilson, R.M. and Gilligan, C. (2012) Strategic marketing management. New York: Routledge.


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