Throughout This Course, You Have Learned About The Elements ✓ Solved
Throughout this course, you have learned about the elements o
Throughout this course, you have learned about the elements of a marketing plan. This assignment will provide you with the opportunity to research the marketing methodology of an existing publicly traded company; using a publicly traded company will provide you with access to a greater amount of information to complete this assignment. As you research this company, apply the theoretical learning from this course. Include the sections below in your marketing plan.
Introduction
Include a brief introduction of the company.
Competitive Analysis
Who are your company’s competitors, and how is each differentiated? Identify two or three strengths and two or three weaknesses of your company compared to a minimum of two of your company’s competitors.
Marketing Strategies
What are the marketing strategies used by your company in the management of the global customer brand? Use the four Ps in your analysis, which are listed below.
Product
Begin with a theoretical definition of a product. What is the product/service offering by your company? How did the development of these new products affect your company’s marketing strategy?
Place
Begin with a theoretical definition of place. What are the distribution channels used by your company?
Price
Begin with a theoretical definition of price. What is the pricing strategy used by your company?
Promotion
Begin with a theoretical definition of promotion. What are the traditional and digital methods of marketing promotion used by your company? Explain a minimum of three traditional and three digital methods.
Competitive Advantage
Identify whether your company has a competitive advantage in each of the areas of the four Ps. Remember that your company could have a competitive advantage in one area and not in another. Include supporting rationale. Your submission must be in essay format and use subheadings. You need to include a minimum of five scholarly sources (no blogs, no Wikipedia), and three must be peer-reviewed sources. Your scholarly activity must be at least six pages in length, not counting the title page and references page. APA format is required.
Paper For Above Instructions
### Introduction
For this marketing plan, I have chosen to analyze the marketing methodology of Apple Inc., a leading company in technology and consumer electronics. Apple Inc. was founded in 1976 and has become a globally recognized brand, known for its innovative products, including iPhones, iPads, Mac computers, and more. The company is headquartered in Cupertino, California, and has a strong presence in many markets worldwide.
### Competitive Analysis
Apple has several key competitors, with Samsung and Google being the most prominent in the technology sector. Each of these competitors differentiates itself through various means. Samsung offers a wide range of electronics that appeal to a diverse market segment, allowing for brand loyalty through choice. Google, on the other hand, focuses heavily on software and services, carving out a niche with its ecosystem as well.
One of Apple's primary strengths is its powerful brand loyalty, supported by high-quality products and integrated experiences. However, a potential weakness is its premium pricing strategy, which may exclude price-sensitive consumers. In contrast, Samsung’s strength lies in its vast product range, catering to different customer needs, while its weakness could be potential issues related to product quality and customer service compared to Apple. Google excels in its software and data services but may struggle with hardware integration compared to Apple's comprehensive ecosystem.
### Marketing Strategies
Product
A product is defined as an item that satisfies a consumer's need or want. Apple's product offerings include iconic devices such as the iPhone, iPad, and Mac, combined with services like iCloud and Apple Music. The introduction of the iPhone in 2007 significantly altered the mobile phone market, prompting Apple to place more emphasis on design and user experience in its marketing strategy.
Place
Place refers to the locations and distribution channels through which products are made available to consumers. Apple uses a combination of physical retail stores, online sales channels, and partnerships with carriers and third-party retailers to ensure wide availability of its products. This strategy allows for direct interaction with consumers and enhances brand loyalty.
Price
Price is defined as the amount of money consumers are willing to pay for a product. Apple's pricing strategy predominantly revolves around premium pricing, positioning its products as high-end offerings. This approach reinforces their image as luxury technology products, appealing to consumers who value quality and design over cost.
Promotion
Promotion encompasses the various methods utilized to inform and persuade customers about products. Apple employs a mix of traditional and digital marketing methods. Traditional methods include TV advertising, print campaigns in magazines, and event sponsorships, while digital methods range from social media marketing on platforms like Instagram and Twitter to search engine marketing and email campaigns.
Some specific examples include Apple's well-crafted television commercials that highlight the innovative features of their products, print advertisements that appear in tech magazines, digital videos on YouTube showcasing product use cases, and targeted ads on social media platforms that engage users directly with compelling visuals.
### Competitive Advantage
In evaluating Apple’s competitive advantages through the lens of the four Ps, it is clear that the company excels in product and promotion but faces challenges in price. Apple's product design and user experience are often seen as unmatched in the industry, offering a significant edge over competitors. In terms of promotion, Apple's marketing campaigns create strong brand recognition and loyalty.
However, the price can serve as a barrier to entry for many potential customers, indicating that while Apple has a competitive advantage in product quality and promotional effectiveness, their pricing strategy may limit market accessibility.
### Conclusion
In summary, Apple's marketing plan can be characterized as both innovative and strategically sound, effectively leveraging its strengths in product development and brand communication while acknowledging areas for improvement in pricing strategy. Overall, the company's approach exemplifies best practices for navigating a competitive landscape, ensuring continued relevance and market leadership.
References
- Kotler, P., & Armstrong, G. (2018). Principles of Marketing. Pearson.
- Solomon, M. R. (2020). Marketing: Real People, Real Choices. Pearson.
- McDonald, M., & Wilson, H. (2016). Marketing Plans: How to Prepare them, How to Use them. Wiley.
- Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction. Pearson.
- Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson.
- Lee, N., & Carter, S. (2018). Global Marketing Management. Oxford University Press.
- Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson.
- Stelzner, M. A. (2020). Social Media Marketing Industry Report. Social Media Examiner.
- Rosen, E. (2018). The Anatomy of Buzz Revisited. Currency.
- Porter, M. E. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.