Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Concept of marketing mix
Advantages of marketing mix
Minor concept of marketing mix
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Concept of marketing mix
THE MARKETING MIX
A marketing mix is all aimed at selling a product, a company will create a marketing mix around a product to make sure it is advertised, in the correct price grange, is what the customer wants and is accessible for people to purchase.
Product
This is when a company must look at trends and decide if they are offering in terms of e.g. bright colours, features or size. This also involves benefits like reduced price. Apple surpassed customer expectation when they brought out the IOS operating system. Apple managed to bring out this new system before Windows 8 and Android stealing some of their customers. When it came to marketing the iPhone, Apple thought was that people will buy what others have. The unique white Apple headphones let everyone know who owned an Apple device. This was an intelligent selling strategy used by Apple that gave them constant advertising by their customers.
Price
Out of all the aspects of the marketing mix the price is the one that will decide how much profit a product makes. Price is mainly determined by how much a customer values the product at, customers will pay more for the quality of a product that they will have for a long time, or a reliable product that they know won’t break. Apple uses the technique of skimming price, this is when a product is put on the market at a
Companies need to think about where to sell their product or service to get the most sales. This could be in shops, online or companies could make their product exclusive to specific shops to increase demand. Due to Apples success in Greater China with revenue at more than $2.6 Billion, Cybermart International which is part of Foxconn (Apple supplier) announced they would open 500 new stores. This is an impressive number that will help increasing the popularity and visibility of Apple 's computers and their mobile devices in the
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
On area of growth for Apple would be to expand their retail stores. A retail store gives the ability for the consumer to interact with the merchandiser on a human level which increases satisfaction with the product. In a SWOT analysis study conducted by Progressive digital media, Apple has 390 stores in service with 250 being in the US mad 140 serving the international retail community. The average revenue per store increased 19% from $43.3 million in 2011 to $51 million in 2012 with the releasing of the iPhone 5 (Apple 2014). This example shows how the ability to access a retail store can increase the
Apple Inc. uses the Apple brand to compete across several highly competitive markets, including the personal computer industry with its Macintosh line of computers and related software, the consumer electronics industry with products such as the iPod, digital music distribution through its iTunes Music Store, the smart phone market with the Apple iPhone, magazine, book, games and applications publishing via the AppsStore for iPhone and the iPad tablet computing device, and movie and TV content distribution with Apple TV. For marketers, the company is also establishing a very strong presence to rival Google in the advertising market, via its Apps business and iAd network
Elaborating that they make components before the competition will be occurred, when actual the competition prevails in the market, Apple itself earlier seize the customers, it’s a riskier strategic operations followed by the Apple, if company were not excellent in anticipating the market needs. To make supply chain, Apple can monitor sales on retail store by the hour if it
Overall, Apple has a strong strategic advantage in these industries currently. While these advantages are important, they are not sustainable due to the efforts of R&D of other companies and the thought that consumer electronics are becoming more of a commodity for consumers as opposed to luxury goods. If Apple does not work to maintain high barriers to entry through their powerful knowledge base and keeping the market growing rapidly by introducing more niche products, they can expect their rivals to catch up with them technologically and potentially pass them because of their larger financial ability to market their products.
Overall, Apple has a creative way of marketing to the millions of people over the world. Their creative marketing coupled with their unique product meshes together to form a multi-billion dollar company. If Apple keeps using their exclusive style of marketing to a younger “hip” generation then they will be Apple customers for life.
Marketing Mix is a very essential concept for the progression of the business. Products and services of a business organization get effective strategic positions in the market with the help of using marketing mix. According to Belz (2011), through appropriate attentiveness of the marketing mix, an organization can have proper explicated marketing tactics and strategies through which the company’s marketing objectives can be achieved at the required level. Marketing mix is not merely a single term but it is an assembly of different elements of marketing.
According to Ideavist (2011), due to the increase in competition as rival companies try to capture a piece of the market share leads businesses to employ various tactics to handle such situations. Some of the strategies used by companies and that Apple could find very constructive could include the below marketing strategies to be used for future success.
is yet to reach its maximum potential. Truly a unique entity in its accomplishments and organization, apple through the conviction and leadership of Steve Jobs its founder and then CEO; have pioneered the revolution of mobile technology. When it comes to strength, apple Inc, has a great marketing team with great marketing and advertisement capabilities, strong brand awareness, a strong and extensive distribution channel, and most of all a vertical integration and the most obvious which is customer loyalty. With the acquisition of valuable companies such as Beats, WhatsApp, mobile payment systems with the IPhone 6, wearable gadgets like the IWatch, apple uses these opportunities to satisfy its loyal
The Apple Inc. can use this tool when they want to increase their sales either by expanding product or by entering a new market. With the help of this grid, market expansion strategy is determined.
Marketing strategies are based on the 4 P’s or Product, Price, Promotion and Place or Distribution Channel. This section will briefly look into the Product and Pricing strategy of Apple and will illustrate various factors how it has been capable of sustaining competitive advantages in times of extreme competition.
Product. Companies that follow this approach try to create a consumer product or service that is supposed to be unique or better than that of the competitor 's. Uniqueness or some upgrades in the product were believed
Apple keeps product SKUs simple, the salespeople inside the stores have the in depth knowledge of the products. Just think that when you enter an Apple store and one of the sales staff greets you, you’re not asked, “How can I help you?” Rather they ask, “What would you like to do today?” They satisfy you by going to the heart of any technology user’s question, any question related to the technologyand the user is interested in.
The Apple brand name is a household name, the brand value of Apple, Inc. improved to $13,724 million in 2008 from $11,037 million in 2007 (Datamonitor PLC, 2009). Apple is different from its competitors because it produces high quality products, its products are also unique and attractive and this has helped to increase its market shares. Since Apple is known globally, 54% profits come from foreign markets (Datamonitor PLC, 2009). Apple products are easy to use and carry around, majority of its products are light, small and very easy to carry around and it has a major advantage of product diversity, there is something for every one of all ages.
Apple Inc. is a multinational company, based in America, which innovate, develop and sell personal computer its software named Macintosh and various other products like the iPhone and the iPad. In 1976, Steve Jobs started the apple era and the business has grown rapidly to one of todays’ iconic inventors of consumer electronics. Despite the company operates in a wide field of products, Apple is handling every of their products as a separate business unit, but with a similar and recognisable design. This report will focus on Apples last invention, the iPad, and analysis its position within the market and future perspectives (Apple Inc., 2012).