Marketing Plan Analysis and Presentation: Part 3 – Place and Advertising Promotion
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MKT-315-RS-Marketing-Plan-Analysis-and-Presentation-Part-2-Research-Template.docx
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 research findings to develop a marketing plan to meet the company's 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. |
Apple Inc.'s segmentation criteria are based on age, life-cycle stage, gender, and level of income for its customers. The target markets are adults aged 20 to 45 years, both male and female. The company targets newly married couples, full nest one and full nest 2, and they also focus on high-income earners. |
Dudovskiy, J. (2018). Apple Segmentation, Targeting, and Positioning. Retrieved September 20, 2018. https://research-methodology.net/apple-segmentation-targeting-and-positioning/
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Describe characteristics of the target markets that will affect product/service and pricing decisions. |
The market targets that affect the pricing decisions are high-income earners. Professionals, managers, and executives affect product decisions because they require high-performance smartphones. |
Dudovskiy, J. (2018). Apple Segmentation, Targeting, and Positioning. Retrieved September 20, 2018. https://research-methodology.net/apple-segmentation-targeting-and-positioning/ |
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Describe how the company differentiates its product and positions its brand. |
Apple produces unique products; the company makes its products attractive and unique. The company positions its brand by creating a minimum advertised price (MAP), which bars dealers and resellers from advertising Apple products below a certain minimum price (Lopez, 2022) |
Lopez, M. (2022). Evaluating Apple’s Services Strategy Ahead Of The Apple Watch 5 Release. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/maribellopez/2019/09/07/evaluating-apples-services-strategy-ahead-of-the-apple-watch-5-release/?sh=857410d1ba8b. |
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Describe a consumer buying behavior model for this company and brand. |
The consumer buying behavior of Apple products is influenced by personal, psychological, and social factors. Culture affects purchasing behavior because the young generation has mastered social media communication culture. Social class also determines purchasing behavior. |
Lopez, M. (2022). Evaluating Apple’s Services Strategy Ahead Of The Apple Watch 5 Release. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/maribellopez/2019/09/07/evaluating-apples-services-strategy-ahead-of-the-apple-watch-5-release/?sh=857410d1ba8b. |
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Describe the product mix. |
Apple product mix comprises price, promotion, place, and processes. The company produces products that can fit on one table. |
Dudovskiy, J. (2018). Apple Marketing Mix (Apple 7Ps of Marketing). https://research-methodology.net/apple-7ps-of-marketing/
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Describe the product lines. |
Today, Apple manufactures products and designs technological gadgets such as Mac desktop, iPod, iPad tablets, iPhone smartphones, and portable PCs. |
Dudovskiy, J. (2018). Apple Marketing Mix (Apple 7Ps of Marketing). https://research-methodology.net/apple-7ps-of-marketing/
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Describe the service processes. |
The service process for Apple is an acronym APPLE. It entails approaching customers warmly, probing what the customer wants, presenting a solution, listening to and resolving the problem, and ending the service with a fond farewell. |
May, M.E. 5 Steps to Building Insanely Great Customer Loyalty. https://www.americanexpress.com/en-us/business/trends-and-insights/articles/book-review-the-apple-experience-by-carmine-gallo/
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Discuss physical evidence of service, service scape, and ambiance. |
Apple creates physical evidence where its customers can feel the impact of the brand. Apple's magic formula is building a relationship which the company believes is the secret to selling its products (Gallo, 2022). |
Gallo, C. (2022). How The Apple Store Creates Irresistible Customer Experiences. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/carminegallo/2015/04/10/how-the-apple-store-creates-irresistible-customer-experiences/?sh=11c9230d17a8. |
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Discuss the roles of company employees in service delivery. |
Apple has a secret training manual for its employees. It involves roleplaying and psychological mastery, among other aspects that employees have mastered from the moment a customer enters their store. |
Gallo, C. (2022). Apple's Secret Employee Training Manual Reinvents Customer Service in Seven Ways. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/carminegallo/2012/08/30/apples-secret-employee-training-manual-reinvents-customer-service-in-seven-ways/?sh=51bccf0a64fd. |
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Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented. |
Apple’s pricing objectives rely on differentiating its products. The differentiation creates demand for the products. Therefore, the company is sales-oriented in its pricing objective. |
Apple’s Pricing Strategy. https://globalmarketingprofessor.com/apples-pricing-strategy/
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Provide an example of current company pricing strategies. |
The company has established high-end products establishing loyal consumers, which helps the company keep the prices high. |
Apple’s Pricing Strategy. https://globalmarketingprofessor.com/apples-pricing-strategy/
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Describe pricing tactics (discounts, etc.) that are used to drive short-term demand |
The company's target market comprises students in colleges and universities. From there, the company offers Apple student discounts to drive short-term demand. |
Simon, M. The best Apple deals: Save big on a new Mac, iPad, AirPods, and more. https://www.macworld.com/article/541154/apple-deals.html
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Research Summary: In 250 words, discuss how the company could use these research findings to develop a marketing plan to meet the company's marketing objectives and business needs.
Research Summary
Apple’s main marketing objectives from the above research are to retain its loyal customers and build future relationships with customers they anticipate. The company must keep its consumers happy if they have to continue using Apple products for all their technological devices. The company is one of the most significant marketers because they always value marketing as a crucial part of the business. According to Dudovskiy (2018), the company's market segmentation has enabled it to develop a market plan that is effective for the business. Through its marketing objectives, the company has become so effective in marketing its products that it has become a benchmark for other companies wishing to achieve similar global popularity, stay relevant, and increase their revenue growth. The company's marketing objectives involve advertising its high-end products and promoting its goods to potential customers to encourage them to buy from the company.
This research plan is very important for the company. First, the company can use this research plan to understand consumer behavior, which plays a key role in selling its products. Secondly, understanding how product differentiation affects the business is very important. Therefore, through this research, the company can implement its marketing plan to continue producing high-quality products unique to its loyal customers (Lopez, 2022). Unlike other technology companies, pricing its goods and services has set the standard for middle and high-income earners who earn a substantial income. Thus, the company can use these research findings to confirm if they have been on the right track and decide which more needs to be done to continue being the leading tech company in the world.
References
Dudovskiy, J. (2018). Apple Segmentation, Targeting, and Positioning. Retrieved September 20, 2018. https://research-methodology.net/apple-segmentation-targeting-and-positioning/
Lopez, M. (2022). Evaluating Apple’s Services Strategy Ahead Of The Apple Watch 5 Release. Forbes. Retrieved 12 July 2022, from https://www.forbes.com/sites/maribellopez/2019/09/07/evaluating-apples-services-strategy-ahead-of-the-apple-watch-5-release/?sh=857410d1ba8b.
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