In: Economics
You are a marketing manager for apple and decision has been made that they will begin selling custom-built premium gaming device. Briefly describe the likely target market, marketing mix (4P's) elements for this product and include details on the content of each P. Integrate your answer how you would position that product and describe how you would use social media in an integrated marketing communications strategy. Also, answer what conditions uncovered from a PEST analysis would lead apple to pursue developing and marketing this product.
Needs to be 3-4 Paragraphs.
Apple being the most premium brand in Manufacturing the Smartphones, Mac Book Laptops, Smart watches etc. The security feature and User Friendly applications in almost all the product line gives a distinct position in the market. A remarkable acceptance to the products in the recent years globally motivated us to launch a new series of products providing new experiences.
Now we have decided to introduce the Custom-Build Gaming device to give a different experience through the handheld device to the video game lovers. The target customers will be Teenagers and Youngsters such as High school goers and College Students.
The 4P's -
Product - The Gaming device will be based on the same Apple Platform being used for other devices but there will be options for the customers to make technical add-on according to their requirement. Unlike other devices manufactured by Apple there will be a feature of inter-connectivity so that the Gaming device can be connected through other devices of same platform. There will be customization on the part of Color combination, build quality and other accessories. As the target area is youngsters and teenagers and we all know that they are brand switchers and are least bothered about a particular brand. The product will be concentric to the needs and try to overcome future substitutes.
Place - As far as place is concerned Our priority is to capture the Asian and European market. Asian and European markets are experiencing these types of products from longer time but they are not getting the option of Customization in the part of Gaming devices rather they are only delivering standard products common for all. There is a possibility for innovative and upgraded product that Apple can certainly provide. The major decision for these markets is because of the population and the growth rate in these continents is prime attraction. China and India being the most populous countries and the GDP growth is almost double to the other global nations. Selling products to developing countries multiplies your customer base and economical to trade with.
Price - The prices are going to be quite competitive. As the product Apple is going to introduce is in a premium segment category there will be an option of price discrimination according to the level of Customization. There will be different price brackets according to features and on the initial stages the motive is to sell above marginal cost so that customer gets competitive pricing and the company is also in benefit.
Promotion - Commercial ads, Newspaper Advertisements, Event shows in College campus and Malls, Shooting Public gathering events in which Teenagers and Youngsters can take active part in the promotional activity. All these tools will be used according to local language for mass reach and the advertisements will be customized according to the cultural and demographic content.
Use of Social Media Networks - Social Media is an Impact-full tool for almost all the businesses. There will be an active participation using social media. The existing customers will be sent the flash ads through mails and Facebook accounts. There will be advertisements through You-tube channel. There is possibility of Using the festivities such as Christmas, New Year Events to socialize more crowd and acquire potential customers.
PEST Analysis -
Political - The political situation in Asian and European countries are quite stable. The flexibility or we can say ease of doing business has grown at fast pace in the recent past. The liberalized policies of The Governments of these countries have created competitive market.
Economic - The Asian economies are growing at fast pace. The economic expansion is also commendable if we take an example of China, it has become a manufacturing hub almost every smartphone manufacturer is having an assembly plant in China and availability of quality parts at cheaper rate. European markets are also flexible enough to accept these types of unique products.
Social - The Peoples of Asian countries and European nations are quite attracted towards new innovative products and Apple has already created brand value and remarkable social acceptance of other Apple products. Huge demand in these markets intended us to introduce our Custom Built Gaming Gear.
Technological - The Uniqueness of our product is customization and that only on the grounds to technological advance. These markets are technologically sound and competitive enough.