Expert answer:Create a marketing plan that is 3850 – 4300 words
Expert answer:Assignment StepsNote: the Social, Ethical, and Legal Implications assignment is part of the total marketing plan as outlined in the grading guide. It is not a separate paper.Producing and marketing a product without regard to ethical, legal, and social considerations is detrimental to the overall success of any company.Assess in a maximum of 700 words the ethical, legal, and social issues affecting your product or service in two markets: the United States and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S., then your other market is required to be the U.S. marketplace. This will be added to the Target Market section of your Marketing Plan.Include the following:Develop a process to monitor and control marketing performance. This process could be a flowchart but a flowchart is not required (flowcharts do not count towards your word count requirement).Formulate a maximum 350-word executive summary including at a minimum the following elements to include in your marketing plan:Required executive summary elements:Strategic Objectives Products or Services Optional executive summary elements:Resources Needed Projected OutcomesIntegrate the previous weeks’ sections, social, ethical, and legal implications, and executive summary into the marketing plan. Incorporate corrections and suggestions from the instructor’s weekly feedback. Headings correctly formatted are crucial in this assignment. The marketing plan should be 3,850 – 4,300 words and include the following:Incorporate Understanding Target Markets (Week 2)Incorporate Promotion and the Product Life Cycle (Week 3)Incorporate Price and Channel Strategy (Week 4)Incorporate Marketing Communication and Brand Strategy (Week 5)Incorporate Executive Summary, Legal, Social and Ethical Considerations (Week 6)Cite a minimum of three peer-reviewed references. Include all peer-reviewed references from the previous weeks’ individual assignments in your marketing plan. This is a total of 15 academic references.Format your assignment consistent with APA guidelines.Be sure to read the Social, Ethical and Legal Implications Grading Guide for guidance on how the paper will be graded.
week_2_apple_inc__understanding_target_markets.doc
week_3_promotion_and_the_product_life_cycle_anthony_gatlin_.doc
week_4_price_and_channel_strategy_anthony_gatlin.doc
week_5_branding_strategy_and_marketing_communication.docx
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Apple, Inc. Understanding Target Markets
Anthony Gatlin
MKT / 571
December 4, 2017
Dr. M. Dee Guillory
Apple, Inc. Understanding Target Markets
2
Apple, Inc. Understanding Target Markets
Apple, Inc. is a leader in the design, manufacture and marketing of mobile consumer
electronic devices, including mobile smart phones, computers, portable music players among
other offerings. It sells its products both domestically and internationally. For purposes of this
marketing research, this author will focus on the mobile consumer communication devices
market, particularly, the iPhone. The company is a global leader in its industry and is well
positioned to be a leader for the foreseeable future so long as it maintains strong control over its
communication, distribution and service channels. These are the three kinds of marketing
channels that Apple, Inc. must use to reach its target market. Apple, Inc. must understand the
needs of its target and the best way to do that is to conduct research that will give it better
information about the target market to help it provide the goods and services that will provide
better customer satisfaction.
Research Phases
The first phase of research will be primary research which involves getting information
about Apple’s customers directly from the customers themselves. Primary research is done
through surveys, interviews, observations and getting feedback from the target market. This
research will yield valuable information about what the users want in their phones. This
information can be analyzed to identify how the company might keep its current customers
satisfied while growing its market share.
The next phase is getting secondary research obtained from secondary sources of data to
get information about Apple’s customers and their profiles. This information will allow
management to understand the customer’s perspective about the iPhone and learn what
influences the customer to keep coming back to the Apple line of products… The researcher will
Apple, Inc. Understanding Target Markets
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be able to obtain psychographic, and demographic buying patterns which will be used to focus in
on the ideal customers and tailor our marketing to meet their needs.
SWOT analysis
The SWOT analysis captures the key strengths and weaknesses within the company and
describes opportunities and threats (Kotler & Keller, 2016). This critical business marketing tool
helps promote awareness of the internal and external factors facing the business. This helps
management make decisions that work to improve the business standing in the current market.
Apple, Inc. should review its strengths, weaknesses, opportunities and threats and use this
information to avoid or reduce the threats in its environment. The following is a SWOT analysis
obtained from Business Source Complete Database (2017):
Strength
Weakness
Formidable Competitive Advantages through
Horizontal and Vertical Integration
High Average Selling Prices (ASPs)
Strong Research and Development Capabilities
Robust and Extensive Distribution Channels
Opportunity
High Dependence on iPhone and iPad Product
Lines
Positive Outlook for the Global Smartphone
Market
Smart Wearable Devices Market Offers Robust
Growth Opportunities
Rising Adoption of Apple Products in the
Enterprise Market
Apple Pay Provides Robust Growth Opportunity
Premium Pricing Could Limit Growth in
Emerging Markets
Operating in Complex and Challenging
Environment Could Impact Market Position
Threat
Lawsuits and Litigations
Strengths. Apple has many strengths as a company that allow it to keep a lead in the
smart phone arena. It has a formidable competitive advantage through horizontal and vertical
Apple, Inc. Understanding Target Markets
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integration as evidenced by the strong controls that Apple, Inc. exercises over its distribution,
manufacturing and sales of its iPhones. The company also has high average selling prices for its
products as compared to its competitors. The company also has strong research and
development capabilities due to its high cash reserves. Since the introduction of the iPhone,
Apple has grown its distribution channels to include several phone carriers, consumer electronics
retailers and its own Apple stores.
Weakness. Apple, Inc.’s biggest weakness may be its high dependence on the iPhone and
iPad product lines. While these products are high value assets, they represent an unbalanced
amount of the company revenue. If sales weaken significantly in one of these two markets, the
company will experience a serious blow to its bottom line.
Opportunities. Positive Outlook for the Global Smartphone Market is one of four
opportunities, identified in the SWOT analysis. Smartphones are part of the American and
worldwide landscape and look to be a permanent part of our life in the future. Smart Wearable
Devices Market Offers Robust Growth Opportunities as accessories to the smart phones.
Apple’s watch is capable of providing better compatibility with the iPhone and has many apps
that allow it to be used by itself or in conjunction with the iPhone to give the wearer valuable
information about the wearers health and workouts. Rising Adoption of Apple Products in the
Enterprise Market gives the company another important growth opportunity as more
organizations choose to use Apple products in their enterprises. Finally, Apple Pay provides
another robust growth opportunity, as it will generate another revenue stream and can be used
with the company’s watches, phones and other devices.
Threats. Premium pricing could limit growth in emerging markets. The Apple products,
including the iPhone sell at the high end of each of its markets and this could cause sales to lag
Apple, Inc. Understanding Target Markets
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behind the competition in those markets that are just developing. It tends to do better in markets
that have evolved to the level where consumers have the luxury of choosing phones at the higher
price points. Operating in complex and challenging environment could impact market position.
Apple has no shortage of competition in the markets it currently dominates. Other tech
companies as well as lower cost smart phones continue to compete with the iPhone and Apple
will have to focus its efforts on marketing the advantages of its platform over the competition.
Lawsuits and litigations are an inherent threat to most large companies. While this threat is part
of the cost of doing business, it is an ever-present threat that must be constantly monitored by
management and accounted for in any future planning.
Conclusion
Apple, Inc. is a company that is well positioned to compete in the smart phone arena.
Through thorough review of primary and secondary research, management can construct a short
term and long-term strategy to effectively market the iPhone to differentiate it from the
competition. The strength of its position is solid and the future holds many years of potential
growth if it can continue to demonstrate the value and quality of the iPhone to the target market.
Apple, Inc. Understanding Target Markets
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References
Kotler, P. T., & Keller, K. L. (2016). Marketing Management (15th ed.). Upper Saddle River,
NJ: Pearson/Prentice Hall.
Apple, Inc. SWOT Analysis. (2017, 6/2017). Business Source Complete, 1 – 10. doi:Business
Source Complete
1
Promotion and the Product Life Cycle
Anthony Gatlin
MKT / 571
12/11/2017
Dr. M. Dee Guillory
Promotion and the Product Life Cycle
2
Promotion and the Product Life Cycle
Product life cycle is an important concept in marketing as it is generally believed that all
products and services go through a defined life cycle. The product life cycle includes the
following phases: introduction, growth, maturity and decline. The marketer must use a different
marketing strategy during each stage of the product life cycle to promote the product or service
effectively. The iPhone is a product that has gone through at least three of these phases, and
arguably could be on the verge of the fourth phase. This marketer will incorporate a product
strategy that addresses these three areas of the product life cycle.
New Product Introduction
According to Kotler and Keller (2016), the new product introduction phase of the product
life cycle is characterized by low sales, high costs per customer, and negative profits. The likely
customers are those that are considered innovators and competition is generally minimal. Our
marketing objective during this time is to create product awareness and get trial users. The
strategies we would use during this phase includes, offering a basic product that is simple to use
at a cost that is slightly above the cost. The Apple iPhone was a simple device having few
physical buttons. While the cost was not cheap at the time it was acceptable to the market.
During this phase, the marketer would also want to build a selective distribution network as
Apple did by only offering the product on the AT&T network. The final piece of introduction
strategy is to build product awareness and trial by early adopters. Marketing methods would
include television and print advertising of the new, innovatively, and cool iPhone.
Growth
The second phase of the product life cycle is growth. Kotler and Keller (2016) state that
the growth stage is characterized by rapidly rising sales, average costs per customer, and rising
Promotion and the Product Life Cycle
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profits. The target customers are earlier adopters and there are a growing number of competitors.
The marketing objective during this phase is to maximize market share. Product strategies to
achieve this objective include offering product extensions, service and warranties. Management
would want to price the product to penetrate the market. The company would also look to build
an intensive distribution network and communicate to build awareness and interest by the mass
market.
Maturity
The growth phase is followed by the maturity level. Kotler and Keller (2016) characterize
the growth stage as having reached peak sales, low costs per customer and high profits.
Customers at this level are described as middle majority and competition is stable or beginning
to decline. The marketing objective during this phase is to maximize profit while defending
market share. Strategies to meet this objective include diversifying brands and number of items.
The products would be priced to match or beat the competitors. The company would seek to
build an even more intensive distribution network. The communication strategy would stress
brand differences and encourage brand switching.
Promotion
Throughout each of the three phases it is extremely important to monitor key metrics of
sales, costs per customer and profits. Each of these metrics help defines what stage of the product
life cycle the product is in and helps management decide which promotion plans to implement as
part of a successful marketing strategy to improve the metrics to drive towards success.
Integrated Marketing Communication
Integrated marketing communication (IMC) is “a planning process designed to assure
that all brand contacts received by a customer or prospect for a product, service, or organization
Promotion and the Product Life Cycle
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are relevant to that person and consistent over time” (Kotler & Keller, 2016). This kind of
promotion is essential for a product like the iPhone. During the New Product Introduction phase
of the product lifecycle, this marketer would recommend that Apple use IMC to target its
audience of innovators in technology and industry magazines in print and online. The marketing
would target those in innovative industries at conferences and conventions. From those events,
marketers would follow up using addresses and emails obtained from those events with much
more targeted advertising to place the product in front of those most likely to purchase. During
the growth phase, the marketers would encourage early adopters to share the wonderful features
with friends and family. The scope of integrated marketing communications has been described
as being “beyond marketing communications planning to put the emphasis on IMC at the
strategic level as a business process for brand communications with involvement from both
external and internal audiences. “(Dahl, Eagle, and Low, 2015) Integrated Marketing
Communication would be a key tool in driving sales, reducing cost per customer and increasing
profits.
Direct Marketing
Direct marketing is an excellent marketing tool to generate sales. “Direct marketing can
reach prospects at the moment they want a solicitation and therefore be noticed by more highly
interested prospects” (Kotler & Keller, 2016). During the introduction, growth and maturity
phases, direct marketing would play an integral part by allowing the marketers to reach the exact
demographic that it is targeting. At first only those innovators, then early adopters and finally,
the mass market. Using direct marketing along with other forms of marketing, like integrated
marketing increases the chances that the prospect will buy the product.
Public Relations/Strategies
Promotion and the Product Life Cycle
5
Public relation strategies have three distinctive qualities that make it an effective method
of marketing; high credibility, ability to reach hard to find buyers and dramatization. (Kotler &
Keller, 2016) This marketer would recommend using press releases to announce at each stage of
the product life cycle for all of the qualities listed above. Each stage would be helped by the
authentic news stories reaching prospects who are hard to reach with a compelling story about
the product.
Conclusion
The iPhone is a product that exemplifies the product life cycle. It has gone through the
introduction, growth and maturity stages. This marketer believes that each stage of the life cycle
would benefit from using an integrated marketing communication, direct marketing and public
relation strategies that place the product in front of the desired audience. This would result in the
increased sales, declining cost per customer and overall increased profits.
Promotion and the Product Life Cycle
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References
Kotler, P. T., & Keller, K. L. (2016). Marketing Management (15th ed.). Upper Saddle River,
NJ: Pearson/Prentice Hall.
Stephan Dahl, Lynne Eagle, David Low, (2015) “Integrated marketing communications and
social marketing: Together for the common good?”, Journal of Social Marketing, Vol. 5
Issue: 3, pp.226-240, https://doi.org/10.1108/JSOCM-07-2012-0031
1
Price and Channel Strategy for Apple iPhone X
Anthony Gatlin
MKT / 571
12/18/2017
Dr. M. Dee Guillory
Price and Channel Strategy
2
Price and Channel Strategy
Price setting and distribution are interrelated and have a direct effect on the profitability
and growth of any business. Apple is a multinational company that deals with computer
software, phones, and online services. They have a wide range of products for their customers,
and that gives them a competitive edge in their industry. Some of their products include iPhone,
iPad, iPod, and personal computers. Since the company is leading in electronic and computer
software, there is need to plan for a pricing strategy that maximizes profits as well as provide the
quality to the customers. Therefore, price and distribution being the core elements in the
marketing mix, they need to be given the attention to ensure that the quality and price can be
reflected through customer satisfaction. Price determines how products will be received in the
marketing and distribution strategy provides that goods are availed to customers to places they
can quickly reach them. This paper describes the pricing and strategy plan for Apple Company
for iPhone X to the market. The prices should reflect the current positioning of its products since
it is considered a company that provides quality and uniqueness to its customers.
Distribution Strategies
Distribution strategies are plans that are outlined by the management on how the goods
are supposed to reach customers. Specifically, this aims to ensure that the distribution strategy is
cost effective and saves the company’s time and money (Verbeke, 2013). Due to its popularity in
the industry for manufacturing quality and the large number of customers across the globe,
Apple needs to ensure that the distribution strategy can reach the customers as fast as demand
requires. Also, since the company has gained loyalty from its customers, users are eager to
follow the company’s new products in the market.
Price and Channel Strategy
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Therefore, the introduction of iPhone X into the market attracts a lot of attention to its
customers. Due to its positioning, the prices of the goods are relatively higher compared to other
companies in the industry and considering a cheap way to distribute will avoid adding cost that
can be translated into the product price. As much as the products are highly priced, distribution
strategies should match the geographical region thereby causing rates to differ slightly between
areas. A distribution strategy should meet the specifics of being cost-effective and fast to reach
customers. The distribution strategy helps the growth of the firm regarding target market and the
increase in revenue (Verbeke, 2013).
Channel tactics
Use of channel tactics as pricing strategy ensures prices of a product depend on the
channel of distribution. As discussed earlier, some channels may differ from others depending on
the market segment and therefore separate prices (Rangan & Jaikumar, 2014). The primary
channel pricing strategies include unified pricing, price discrimination, penetration pricing,
clearance channel and costs (Boone & Kurtz, 2013). So, Apple Company is a multinational
company, some prices of iPhone X can be determined using different factors in the diverse
geographical regions. Hence, the pricing strategy should be cost pricing strategy.
Costs pricing strategy ensures that a company can recoup expenses used in the specific
channel (Karray, 2013). As Apple Company tries to hold prices affordable to its customers and
ensure the quality of the product, different channels should be used to reach the diverse market.
Therefore, each channel attracts separate cost to the company, and as a result, the management
should make sure that the prices for the product across the globe can recoup the expenses of
distribution. The company will be able to make predictable profits and also determine the level
of its growth.
Price and Channel Strategy
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Distribution channels
As mentioned, various distribution channels attract dissimilar costs, and they need to be
used in diverse regions. To maximize profit and for the growth of Apple Company, the cost
should be included in the prices of distributing iPhone X. There two main channels used include
direct distribution channel and indirect distribution channel (Vaile et al., 2013). Direct channel
involves where the manufacturers eliminate the intermediaries and sell goods directly to the
customers. Due to the diversity of the Apple market, it cannot be effective. Therefore, the best
channel to ensure maximum reach of customers is the use of intermediaries, indirect channel.
More specifically, the indirect channel should follow the chain of the manufacturer to
wholesalers to retailers and the customers (Boone & Kurtz, 2013).
The importance of using the specific chain is that the company is a multinational
company, it has a vast market share and previous history of customers purchases of their goods.
Due to the presence of intermediaries, the prices may be higher, but it can reach more customers
faster (Karray, 2013). Also, the company should be able to set prices that are favorable and that
reflect the positioning of the Company’s products. On the other side, they should not differ with a
significant margin thereby the management should set prices considering the profit margin …
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