Marketing Plan Analysis and Presentation: Part 3 – Research Template

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Marketing Plan Analysis and Presentation: Part 2 – Research Template

Directions: Using the company and research sources from the Topic 2 assignment as a starting point, conduct additional research to acquire information related to consumer behavior, product or service, and price associated with the company you selected. In the “Research Summary” section, discuss how the company could use these research findings to develop a marketing plan to meet the company's marketing objectives and business needs.

Research Summary: In 250 words, discuss how the company could use these research findings to develop a marketing plan to meet the company's marketing objectives and business needs.

Research Summary

Apple’s main marketing objectives from the above research are to retain its loyal customers and build future relationships with customers they anticipate. The company must keep its consumers happy if they have to continue using Apple products for all their technological devices. The company is one of the most significant marketers because they always value marketing as a crucial part of the business. According to Dudovskiy (2018), the company's market segmentation has enabled it to develop a market plan that is effective for the business. Through its marketing objectives, the company has become so effective in marketing its products that it has become a benchmark for other companies wishing to achieve similar global popularity, stay relevant, and increase their revenue growth. The company's marketing objectives involve advertising its high-end products and promoting its goods to potential customers to encourage them to buy from the company.

This research plan is very important for the company. First, the company can use this research plan to understand consumer behavior, which plays a key role in selling its products. Secondly, understanding how product differentiation affects the business is very important. Therefore, through this research, the company can implement its marketing plan to continue producing high-quality products unique to its loyal customers (Lopez, 2022). Unlike other technology companies, pricing its goods and services has set the standard for middle and high-income earners who earn a substantial income. Thus, the company can use these research findings to confirm if they have been on the right track and decide which more needs to be done to continue being the leading tech company in the world.

References

Dudovskiy, J. (2018). Apple Segmentation, Targeting, and Positioning. Retrieved September 20, 2018. https://research-methodology.net/apple-segmentation-targeting-and-positioning/

Lopez, M. (2022). Evaluating Apple’s Services Strategy Ahead Of The Apple Watch 5 Release. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/maribellopez/2019/09/07/evaluating-apples-services-strategy-ahead-of-the-apple-watch-5-release/?sh=857410d1ba8b.

© 2019. Grand Canyon University. All Rights Reserved.

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Marketing Plan

Student Name

Institution

Course Name

Instructor

Date

Marketing Plan Analysis and Presentation: Part 1 – Research Template

Company Name: Apple Inc.

Apple Inc. is a publicly-traded company started in 1976 by Steve Jobs and Steve Wozniak. According to New York Times, Apple Inc. first hit a market cap of $3 trillion at a time when the Apple share sold briefly at $182.86 on 3 January 2022 before closing at 182.01 (Nicas, 2022). The company is worth more than big companies such as Netflix, Coca-Cola, Nike, Walmart, McDonald's, and Comcast combined. The company has grown significantly, and hitting a $3trillion market cap made it the first company ever to do so, breaking its previous records of $1 trillion in 2018, $2 trillion in 2020, and one year four months later, it hit its 3rd trillion. The company took 42 years to hit a market cap of $1trillion, and three and half years later, it reached the highest mark for a company (Nicas, 2022).

According to the Apple annual report, in 2021, the company made the highest net sales with products such as the iPhone, Mac, iPad, and home accessories and wearables, enabling the company to achieve a total net sale of $365,817 million a 33% increase from the 2020 net sales (Apple, 2021). According to the report, Apple Inc. launched iPhone 12, 12 mini and 12 Pro, and 12 pro max between October and November 2020. Last year the company launched iPhone 13, 13 mini, 13 Pro, and 13 Pro Max. These products play a significant role in the increase in net sales. According to CNBC news, during the last quarter of 2021, the company sold over 27 million pairs of the latest Airpods, most of which were sold over the holidays, which increased the year-over-year growth by 20% (Leswing, 2022).

The foundation of Apple's success was laid by Steve Jobs, who died in 2011 of pancreatic cancer. Since his demise, the company has become more dependent on tech releases than on being transformative. Post Jobs era has led to the release of the Apple Tv and the Apple watch, which according to the 2021 annual report, contributed to $38,367 million in net sales (Apple, 2021). Thus, the company has developed one of the world’s most prestigious brands and successful products, which has put it at the helm. The company's brand has been outstanding since Jobs and Wozniak built the first Apple 1 to the latest Mac Studio and MacBook Pro.

Company Vision:

Apple’s vision guides the company's decision-making processes, operations, and strategic management. The company’s vision ensures that it moves a step close to achieving its goals and consists of two important components. First is carbon neutral, a vision to achieve zero-emission by 2030, and secondly, leadership in product design by pushing innovation in its products. Thus, according to Apple’s mission and vision statement (2022), the company’s vision is “to make the best products on earth and leave the world a better place than we found it.”

Company Mission:

Apple’s current mission statement was incorporated by the current chief executive officer (CEO) Tim Cook's 2018 annual report. The mission statement comprises if four important components that guide the organization. First user experience; the company’s priority is to ensure its clients access the best user experience, with adequate security features, a user-friendly interface, and are well-crafted. The mission also aims at improving people’s lives by easing lives through technology through simplification. The third component is public empowerment, which focuses on closing technological gaps, and top-quality products. The company has invested in ensuring top-quality products through software, hardware, and service integration. The mission statement for the company is “to bring the best user experience to its customers through its innovative hardware, software, and services" (Statements, 2022).

Company Marketing Objectives:

· Retain its customers by keeping them happy.

· Build a good relationship with future customers.

· Make products that enrich the lives of people

Company Marketing Strategies and Tactics

Technological companies such as Apple, Samsung, and others are continuously developing products to become relevant in the current technological revolution. Apple is among the leading companies in electronics production, and it did not get there without a plan. The company uses several strategies and tactics to market its products and achieve its marketing objectives. According to Lan (2021), Apple focuses on its main customers to cultivate a loyal base; the company provides its customers with free services, teaches them how to use its phones and computers, and focuses on their experiences and needs.

Apple has mastered the "psychology of seeking new and different" (Lan, 2021) from its customers. Every year the company releases a new phone with upgraded iOS, making its customers want to buy and experience the improvement in the phone. The company is preparing to launch iPhone 14 with upgraded iOS and a new chip this year. The company has mastered that customer wasn't the best experience, and it can be achieved by continuous development because people want the latest technologies and high-end products. Moreover, the company has capitalized on a trade-in program where customers can exchange their phones for new ones at a lower price.

Lastly, Apple applies new technologies to achieve its marketing objectives. The company wants to build a good relationship with its current customers while attracting new customers. According to Lan (2021), the company is indirectly using its network platform to cultivate its customer base. There is a platform where customers can download software from AppStore, or a customer can apply to the company. The company’s market base comprises people with higher income, high education levels, and those paying attention to technological development. Therefore, Apple has enjoyed marketing success through its excellent brand influence and strong research and development capabilities. New customers are attracted through brand reputation, good products, and excellent after-sales services.

SWOT Analysis:

References

© 2019. Grand Canyon University. All Rights Reserved.

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APPLE MARKETING PLAN ANALYSIS

STUDENT NAME

ISNTITUTION

COURSE

DATE

Introduction

Company name- Apple Inc.

Mission

Bringing best experience to consumers

Vision

Leaving the world a better place

Marketing objective

Retention of loyal customers and building new relationships

Apple is a publicly-traded company whose mission is “to bring the best user experience to its consumers through innovative hardware, software, and services." This mission statement was first included in the 2018 annual report by the current CEO, Tim Cook. Apple’s Vision statement is “to make the best products on earth and leave the world better than we found it.” This vision guides the company's operation, strategic management, and decision-making. The company’s marketing objectives are retention of its loyal customers and building new relationships with future customers. The main focus is to keep the customers happy to continue using the company's products.

2

Segments and Target Market

Divided according to income, gender, age and life-cycle (Dudovskiy, 2018).

Divides customer into groups.

Must be sustainable, actionable and measurable Dudovskiy, 2018).

Identifies active segments

US and International market

Urban population

High income earners

20-45 years

According to Dudovskiy (2018), Apple's market segmentation is divided according to age, income, gender, and life-cycle stage. The market segmentation divides that customer into groups according to specific traits. The market segmentation must be sustainable, actionable, and measurable (Dudovskiy, 2018). The company focus on identifying segments that are very attractive to their business. Geographic target markets are the US and international, mainly the urban population. The company targets consumers between 20 to 45 years, males and females with high income who are mainly students, managers, and professionals.

3

Characteristics of Target Markets

Psychological, social and personal characteristics

Ambitious and determined people

Social media culture

Succeeders and inspirers

Middle and upper class (Dudovskiy, 2018).

Willing to pay extra for quality

Risk neutral and risk avoiders

Apple uses psychological, social, and personal characteristics to determine its target market. Its consumers have ambitious and determined personalities and can be users or non-users. Social characteristics such as social media culture among the young generation are another aspect the company considers in product production. Moreover, the company targets middle and high-income earners who are succeeders and aspirers (Dudovskiy, 2018). These well-off people are willing to pay extra for high-end technological products and appreciate the products' quality, design, and performance. Lastly, they are risk-neutral, risk avoiders, and explorers who want advanced functions

4

Product Differentiation

Pricing its products

Showing products are better

Hype before launch

Unique product design

Distinctive features (Kopp et al., 2021).

Brand loyalty

Inclusivity vision

Apple's main product differentiation tactic is pricing its products higher than other technological competitors. The company shows that its products are better and have the latest technology. Moreover, the company has mastered the art of product hyping before its official launch through its effective distribution and marketing strategies. The company has a unique product design different from its competitors, which includes unique features; the iPad, iPhone, and iPod have distinctive features and packages (Kopp et al., 2021). The company has created a brand loyalty that has differentiated its products from the rest of the electronics through an inclusivity vision.

5

Consumer Behavior

Personal, psychological and social influence.

Occupation influence consumption

Age affects buying power

Digital communication behavior

Internal motivation

Positive attitude

Loyalty

Consumer buying behavior is personal influences, social influences, and psychological influences. Some personal influences include occupation, people with low income are less likely to buy Apple products, while high-income earners such as high and middle income can purchase the products. Another personal influence is age; a seventy-year-old person may not require a smartphone. On the other hand, the young generation between 20 to 45 years is embracing digital communication and has a high chance of purchasing an iPhone. Psychological behaviors influencing consumers to buy Apple products include internal motivation and a positive attitude towards the company. The company has long depended on loyal customers’ behavior to make huge sales.

6

Product Mix

Divided into four

iPhones

Mac computers

iPads

Wearables and accessories and home appliances

Each category has various products (Dudovskiy, 2021).

Apple product mix is divided into four categories. The first category is the iPhone, a smartphone line operating on iOS. The 2021 additions of the iPhone products are the iPhone 13 Pro, Pro Max, and mini (Dudovskiy, 2021). The second product category is the Mac, and this is a line that specializes in the production of personal computers using the macOS operating system. The third category is the iPad, a multipurpose iPadOS on different tablets, and the Home, accessories, and wearables. These are Apple Watch, Apple TV, and iPod touch, among other Apple-branded goods (Dudovskiy, 2021).

7

Product Lines

Focus on iPhone, iPad, Mac and Wearables and home accessories

Manufactures tablets, wearables, PCs and smartphones

Focus on few products

Product are brilliantly made

Simplicity over complexity

Uses uncomplicated matrix

Apple’s product line includes iPad, iPhone, Mac, wearables, and home accessories. According to Reuters, the company manufactures tablets, wearables, personal computers, and smartphones. The company focuses on a few products which are brilliantly made, an aspect that has given the business an upper hand over its competitors. The company embraces simplicity over complexity, which has made it thrive for over twenty years because it uses an uncomplicated matrix.

8

Apple Service Process

Business should benchmark at Apple (May, 2022).

Makes customers feel special.

Five-step service delivery

A- Approaching customer

P- Probing politely

P-Presenting solution

L- Listening and resolving

E-Ending with farewell

According to May (2022), any business that wants to thrive on how to treat customers should consider learning from Apple. The company makes its customers feel special through service delivery. The company has developed a five-step service process that all employees must follow in every customer conversation (May, 2022). The service process has an acronym, APPLE. The first step entails Approaching a customer with a warm welcome. Secondly, the employee should Probe politely to gain insight into the customer's needs and Present a solution that the customer will embrace. The fourth process is Listening to and resolving all customer issues and concerns, and lastly, Ending with a farewell and inviting the customer to return.

9

Physical Evidence

Brings tangible expression to customers

Customers rely on physical cues

Apple has

Interior layout,

Temperature,

Ambient equipment

Focuses on quality

Focus on ambience of customers and staff

Environment resonate with the brand

Physical evidence is part of Apple's marketing mix to bring a tangible product expression to the customer by showing them how it is bought and used. Consumers rely on physical cues to evaluate a product before they purchase it. Apple has interior facilities with a layout, temperature, and ambient equipment for the customers. The physical evidence is crafted to resonate with the brand and its retail stores. Apple has focused on the quality of its products and the ambiance of its customers and staff. Their environment is well thought out to resonate with their brand.

10

Roles of Company Employees

Company attract millions of shoppers

They embrace building relationships

Customers are the soul of the business

Employees communicate effectively

Every employee is trained on APPLE approach (Gallo, 2022).

Employees are students of human psychology

Understand emotional level of customers

Apple attracts millions of shoppers who visit its premises after a release of a new product. Apple has a magic formula that embraces building relationships to sell more products to its consumers. The soul of Apple products is based on its customers; therefore, employees are trained to communicate effectively and adapt personal relation techniques. According to Gallo (2022), every employee in the organization is trained to take the customer through the APPLE service process, which focuses on building a relationship with the employees and improving people's lives. Employees at Apple are students of human psychology, and the

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