MRKT 310 Principles Of Marketing Week 2 Writing Assignment ✓ Solved

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MRKT 310 Principles of Marketing Week 2 Writing Assignment

Strategic Marketing & Value for the Customer Learning Outcomes Creating Value for Customers: Student can demonstrate an understanding of the concept of value creation. The Role of the Customer in Company Mission. Student can assess the company's commitment to serving customer needs as evidenced in a company's mission statement. SWOT analysis: Student can conduct a simple SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of a product or service offering and draw inferences from an analysis of the results. Competitive Analysis: Student can conduct a simple competitive analysis based on criteria important to the customers of the product or service.

Step One: Select your product or service offering from the list in Writing Assignment Instructions. The same product/service will be used in all four of your writing assignments. Step Two: Research your product or service offering through the Internet and UMGC’s virtual library. Your references will need to be mostly academic sources; see library services if you do not know what an academic source means and your own outside research. Do not limit yourself to searching solely on the product or service name. Look up the industry it is in. Hoovers.com database is a good place to search for this information in the UMGC library; search on that industry as well. Look up the direct competitors. Check industry journals and the trade press. Ask your family, friends, coworkers, and others what they think about the product and each of the competitors. If relevant and possible, you may want to visit a retailer to compare the products on the shelves or visit all of the websites. Keep all your research as you will need it for future writing assignments.

[Optional] You may want to calculate the lifetime value of a customer. See the discussion of the lifetime value calculation in the week's reading, and calculate the LTV using this simple equation: LTV = (Price) number of annual purchases number of years expected to purchase - initial acquisition costs. For simplicity sake, you can assume your customer will have a relationship with you for ten years and you can make an educated guess as to how much the initial acquisition costs were to get that person as a customer in terms of advertising or other types of promotion efforts. If you are not a customer yourself, make and share your assumptions about your calculation. If you are not a customer, you might want to find someone who is. Ask them why they are loyal to the product or service.

Step Three: Prepare your assignment to answer each of the following questions (two in part 1 and two in part 2). Although you do not need to repeat the question, each section should have a heading. The paper should contain approximately 4-5 total pages of analysis for the responses to the questions.

Part 1 – Customer Value & Role in Mission

Creating Value for Customers

Consider the customers you believe currently use your product or service and the definition of marketing offered in the course content. Discuss how you think the company creates value for its customers based on the concepts in this week's readings.

Role of the Customer in the Company's Mission

The readings indicate that the best marketing begins with the customer and that commitment to the customer begins with including the customer in the company's mission statement. Find your company's mission statement. Copy, paste and cite the company mission statement (or attach as an exhibit if it is too long). Comment on its effectiveness in demonstrating the company's commitment to having a customer focus. Could the mission statement have more focus on the customer? How would you recommend it be modified? Is it supported with value statements or other evidence of a customer focus?

Paper For Above Instructions

In this assignment, I will explore the concepts of value creation and the integral role of the customer in the mission statement of a company through the lens of a specific product offering: the Apple iPhone. As one of the leading smartphones on the market, the iPhone serves as an excellent example of how a company can effectively create customer value and articulate its mission with a customer-centric focus.

Creating Value for Customers

Apple's ability to create value for its customers primarily lies in its commitment to innovation and quality. The iPhone is not merely a communication device; it serves as a multifunctional tool that combines photography, social networking, entertainment, and productivity applications, all within a user-friendly interface. According to the principles discussed in the readings, value creation involves understanding customer needs and preferences. Apple accomplishes this through continuous research and development, ensuring its products evolve with customer expectations (Kotler & Keller, 2016).

The concept of emotional branding also plays a significant role in how Apple creates value. The Apple brand is associated with premium quality and cutting-edge technology, which resonates with customers' aspirations for status and innovation. As noted by Aaker (2014), strong brands exceed customer expectations by building trust and emotional connections, which are pivotal for customer loyalty. Apple's marketing strategies focus on storytelling and lifestyle alignment, further enhancing the perceived value of its products.

Additionally, Apple's customer service support through its technical service centers and online assistance adds substantial value and nurtures long-term customer relationships. This aligns with the perspective that a company must engage with its customers throughout their purchase journey (Grönroos, 2011).

Role of the Customer in the Company's Mission

Apple's mission statement, "To bring the best user experience to its customers through its innovative hardware, software, and services," distinctly signals the company's customer-centric approach. By explicitly including the term "customers" in its mission statement, Apple demonstrates its commitment to prioritizing customer needs, which is critical for an effective marketing strategy (Apple Inc., n.d.).

However, while the mission statement reflects a commitment to the customer, it could potentially enhance its focus by specifying the value it aims to deliver. For example, mentioning personalization or sustainability could resonate more with modern consumer values (Kotler & Keller, 2016). The mission could be revised to incorporate these aspects by stating, "To deliver personalized, innovative experiences that empower and inspire customers while promoting environmental sustainability."

Moreover, Apple can support its mission through value statements that reflect its dedication to quality, security, and customer loyalty. Such statements not only affirm the company's commitment to customers but also guide internal practices and public perceptions (Kotler & Keller, 2016).

SWOT Analysis

Performing a SWOT analysis on the iPhone reveals essential insights about its standing in the competitive market:

  • Strengths: Strong brand loyalty, innovative technology, and user-friendly design.
  • Weaknesses: High price point compared to competitors, potential for software issues.
  • Opportunities: Expansion into emerging markets, advancements in AR and AI technologies.
  • Threats: Intense competition from Samsung and other smartphone manufacturers, market saturation.

The analysis indicates that while Apple possesses significant strengths in brand loyalty and innovation, it must continuously adapt to remain competitive, particularly in cost-effectiveness and market diversity.

Competitive Analysis

In comparing the iPhone to its direct competitors such as Samsung Galaxy and Google Pixel, it becomes evident that consumer preferences are influenced by brand perception, functionality, and pricing. Consumer feedback consistently highlights that while iPhones are often regarded as higher quality, they come with a premium price tag that not all customers are willing to pay (Chaffey, 2020).

Moreover, features such as camera quality and software flexibility are frequently discussed among users, creating a competitive landscape that Apple must navigate carefully. According to a report by Counterpoint Research (2021), competitive pricing and innovative features are vital in capturing market share, particularly among younger consumers who prioritize value for money.

Conclusion

In conclusion, Apple's strategic marketing focuses heavily on value creation through innovation and customer engagement. Their mission statement reflects a sincere commitment to customer needs, although there is room for enhancing this focus. By understanding and responding to market dynamics and customer feedback, Apple can continue to foster loyalty and establish itself as a leader in the smartphone industry.

References

  • Aaker, D. A. (2014). Building Strong Brands. Free Press.
  • Apple Inc. (n.d.). Mission Statement. Retrieved from [Apple](https://www.apple.com).
  • Chaffey, D. (2020). Digital Marketing. Pearson Education Limited.
  • Counterpoint Research. (2021). Smartphone Market Research Report. Retrieved from [Counterpoint](https://www.counterpointresearch.com).
  • Grönroos, C. (2011). Service Management and Marketing: Customer Management in Service Competition. Wiley.
  • Keller, K. L., & Kotler, P. (2016). Marketing Management. Pearson.
  • Kotler, P., & Keller, K. L. (2016). Principles of Marketing. Pearson.
  • University of Minnesota Libraries Press. (2015). What is Marketing? Principles of Marketing.
  • University of Minnesota Libraries Press. (2015). Strategic Planning. Principles of Marketing.
  • University of Minnesota Libraries Press. (2015). Customer Satisfaction, Loyalty, and Empowerment. Principles of Marketing.

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