The purpose of this assignment is to conduct research related to how a specific company utilizes information related to consumer behavior, product mix or service processes, and pricing to create marketing plans that will meet business needs including their specified marketing objectives.
Part 1:
Continuing in the role of a marketing professional who has been tasked with completing a marketing plan for a client, refer back to the research you completed in Part 1: Research as a starting point for the assignment. Conduct additional research related to consumer behavior, the company’s specific product or service, and the company pricing strategy, and use it to complete the “Marketing Plan Analysis and Presentation: Part 2 – Research Template.”
Part 2:
Create a 15-20 slide PowerPoint presentation that summarizes your marketing plan analysis based upon the research you have conducted. Slides should address each of the key areas listed below and should include speaker notes that explain how the company could have used what it learned about consumer behavior, product or service, and pricing to help it develop a marketing plan in order to meet the company marketing objectives and business needs. Include a slide at the end of the presentation to cite your research sources.
Company Background:
- Company name, vision, and mission.
- Company marketing objectives.
Consumer Behavior:
- Describe the customer segments and target markets.
- Describe characteristics of the target markets that will affect product/service and pricing decisions.
- Describe how the company differentiates its product and positions its brand.
- Describe a consumer buying behavior model for this company and brand.
Product or Service:
- Describe the product mix.
- Describe the product lines.
- Describe the service processes.
- Discuss physical evidence of service, service scape, and ambiance.
- Discuss the roles of company employees in service delivery.
Price:
- Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented.
- Provide example of current company pricing strategies.
- Describe pricing tactics (discounts, etc.) that are used to drive short-term demand.
General Requirements:
Submit the “Marketing Plan Analysis and Presentation: Part 2 – Research Template” and PowerPoint presentation with speaker notes.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines.
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 types of research findings to develop a marketing plan in order to meet the company marketing objectives and business needs.
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Information to be Researched |
Research Findings |
Resource Citation Information |
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Describe the customer segments and target markets. |
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Describe characteristics of the target markets that will affect product/service and pricing decisions. |
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Describe how the company differentiates its product and positions its brand. |
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Describe a consumer buying behavior model for this company and brand. |
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Describe the product mix. |
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Describe the product lines. |
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Describe the service processes. |
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Discuss physical evidence of service, service scape, and ambiance. |
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Discuss the roles of company employees in service delivery. |
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Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented. |
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Provide an example of current company pricing strategies. |
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Describe pricing tactics (discounts, etc.) that are used to drive short-term demand |
Research Summary: In 250 words, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company’s marketing objectives and business needs.
© 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:
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Strengths · Most valuable brand. · Top technology · Global Icon · Excellent research and development · A brand of choice · Service expansion |
Weaknesses · Has limited advertisements · Products are highly priced · Entering into non-competent areas · Incompatibility with other software · Unfair practices · Products are prone to screen damage, explosions, and other accidents (Lan, 2021) |
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Opportunities · Apple has many kinds of products (Lan, 2021). · A growing reputation that attracts new customers · Qualified personnel · Smart wearable technology · Use of artificial intelligence · Expansion into chip manufacturing · Fitness features in a smartwatch |
Threats · COVID-19 impact · Increased competition · Market penetration · Lawsuits · Pressure on Apple products (Lan, 2021) · High China tariffs by the US government |
References
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Name of Source |
Citation Information |
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Apple Annual Report |
Apple. (2022). Annreports | Apple annual report 2021 and earlier. Annreports. Retrieved 22 June 2022, from https://www.annreports.com/apple/ |
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Journal Article |
Lan, B. (2021, April). Analysis of Apple’s Marketing Strategy. In 2021 6th International Conference on Social Sciences and Economic Development (ICSSED 2021) (pp. 128-132). Atlantis Press. https://www.atlantis-press.com/article/125955105.pdf |
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CNBC News |
Nicas, J. (2022). Retrieved 22 June 2022, from https://www.cnbc.com/2022/01/03/apple-becomes-first-us-company-to-reach-3-trillion-market-cap.html#:~:text=Apple%20became%20the%20first%20publicly,19%2C%202020. |
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New York Times |
Leswing, K. (2022). Apple Becomes First Company to Hit $3 Trillion Market Value. Nytimes.com. Retrieved 22 June 2022, from https://www.nytimes.com/2022/01/03/technology/apple-3-trillion-market-value.html. |
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Apple Statements |
Statements, M. (2022). Apple Mission Statement 2022 | Apple Mission & Vision Analysis. Mission-statement.com. Retrieved 22 June 2022, from https://mission-statement.com/apple/. |
© 2019. Grand Canyon University. All Rights Reserved.
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