Overview Of This Work Product Assessment ✓ Solved

Overview In this Work Product Assessment, you will

In this Work Product Assessment, you will create a comprehensive marketing strategy to enhance the performance of products and/or services throughout their life cycles. This marketing plan is to be based on a product of your choice sold by a company of interest to you. This might be a company in which you work or a publicly-held company whose mission statement, marketing objectives, and financial objectives can be accessed.

Part 1 - Executive Summary: Summarize the most important aspects of the proposed plan including a description of the product or service and how it is differentiated in the marketplace. Also, be sure to state what the target market looks like as well as the sales potential for the plan and, if possible, the return on the marketing investment (ROI).

Part 2 - External Assessment: This part is comprised of several components. Before completing each component, describe the general situational context you have chosen for this Work Product (e.g., Company X is in its second year of operation in the mechanical industry, providing solutions in x, y, and z). Key elements to mention about the company are the “what” and “how.” Part 2 should include the following:

• Market Opportunity: Describe the market for the product you are working with. Provide an estimation of market size for years one, two, and three.
• SWOT or PESTE Analysis: In tabular form with narrative, describe the product’s strengths, weaknesses, opportunities, and threats (SWOT). If appropriate, explain any political, economic, social, technological, or environmental (PESTE) risks associated with the product.
• Competition: Using Porter’s Five Competitive Forces Model, describe the risks of competing with other brands.
• Global Markets: Using Porter’s model, analyze the attractiveness and risk of at least one non-domestic market (of your choice).

Part 3 - Creating the Marketing Strategy: The marketing strategy should include the following:

• Mission, Marketing Objectives, and Financial Objectives: Describe the company’s mission, marketing objectives, and financial objectives.
• Target Market: Detail market demographics and other relevant information.
• Positioning: Provide detail on how the product will be differentiated in the minds of prospective purchases/customers.
• Marketing Mix: Discuss product strategy, promotional strategy, pricing strategy, and distribution strategy.
• Contingency Planning: Describe the implications of altering one marketing mix variable on the entire strategy considering a changing marketplace driven by technology.

Part 5 - Build Key Performance Indicators (KPIs): What measures will you use to determine the progress and success of the Plan? Explain why each is important. Establish a Timeline (Including milestones integrated with the KPIs): Create a set of at least four KPIs and a 12-month timeline.

Post Sale Customer Feedback: Describe customer feedback mechanism to assure satisfaction and the minimization of product performance issues. Create a Performance Dashboard.

Paper For Above Instructions

The purpose of this paper is to create a comprehensive marketing strategy for a product, which will highlight various aspects essential for enhancing product performance throughout its life cycle. For this purpose, let's choose Apple's iPhone, a revolutionary product in the mobile device market, as the focus of our marketing strategy.

Part 1: Executive Summary

The iPhone is not just a smartphone; it is a symbol of innovation, quality, and luxury. Its differentiation in the marketplace is established through a unique combination of cutting-edge technology, a seamless user experience, and brand prestige. The target market comprises tech-savvy individuals aged 18-45, who prioritize quality and are willing to pay a premium for a trusted brand. The iPhone shows significant sales potential, given Apple's history of successful product launches. The return on marketing investment (ROI) remains high due to strong brand loyalty and market penetration.

Part 2: External Assessment

Market Opportunity

The global smartphone market is projected to reach $1 trillion within three years, with the iPhone capturing approximately 15% market share. In year one, expected sales are estimated at 100 million units, growing to 120 million in year two and 140 million in year three.

SWOT Analysis

Competition

Using Porter’s Five Forces model, the competition in the smartphone market is fierce, with major players like Samsung and Google. The threat of new entrants and substitutes remains moderate, given the high capital requirements. Competitors constantly innovate, making it essential for Apple to strengthen its product differentiation.

Global Markets

Analyzing the non-domestic market, we identify India as a significant opportunity. The smartphone penetration is low, and the growing middle class provides a promising avenue for growth, despite challenges such as distribution and pricing sensitivity.

Part 3: Creating the Marketing Strategy

Marketing Objectives

The primary marketing objective is to increase market share by 5% within two years through targeted advertising and promotional campaigns. Financial objectives include a revenue increase of 10% each year.

Target Market

The demographic profile includes individuals aged 18-45, primarily urban dwellers with disposable income and high technological engagement.

Positioning

The iPhone will be positioned as a premium lifestyle product, emphasizing quality, superior technology, and an unparalleled ecosystem.

Marketing Mix

Product Strategy

The product line will expand to include innovative accessories that enhance the iPhone experience, further differentiating it from competitors.

Promotional Strategy

Utilizing digital marketing tactics, social media campaigns, and influencer partnerships, Apple will strengthen brand engagement.

Pricing Strategy

The iPhone maintains a premium price strategy, justified by its unique features and brand reputation. This pricing compares favorably against competitors, reflecting its market position.

Distribution Strategy

Distribution will leverage both physical Apple Stores and online platforms, ensuring accessibility while enhancing the customer experience.

Contingency Planning

Moving from a traditional retail approach to online retailing will require adaptations in logistics and customer engagement strategies. It is crucial to assess competitive responses and market shifts.

Part 5: Key Performance Indicators (KPIs)

KPIs include:

• Market share growth
• Customer acquisition costs
• Return on marketing investment
• Customer satisfaction score

These measures will help evaluate the effectiveness of the marketing strategy.

Timeline

Each KPI will be tracked over a 12-month timeline, ensuring milestones are met and adjustments are made as necessary.

Post Sale Customer Feedback

A robust feedback mechanism will be established to gauge customer satisfaction and address product performance issues, enhancing overall product quality.

Performance Dashboard

A performance dashboard will be created to visually represent KPIs and timelines, allowing for immediate visibility into marketing strategy performance.

References

• Apple Inc. Annual Report 2022
• Statista. (2023). Smartphone Market Worldwide - Statistics & Facts.
• Porter, M. E. (2008). Competitive Strategy: Techniques for Analyzing Industries and Competitors.
• Market Research Future. (2022). Global Smartphone Market Research Report.
• IBISWorld. (2023). Smartphone Manufacturing Industry in the US.
• Bloomberg. (2022). The Market Share of Major Smartphone Manufacturers.
• TechCrunch. (2023). The iPhone's Position in Emerging Markets.
• McKinsey & Company. (2022). Mobile Marketing Strategies.
• Deloitte. (2023). Insights on Consumer Behavior and Technology Trends.
• Gartner. (2022). Insights on the Global Smartphone Market Growth.