Question

A business that is known for selling good quality and affordable consumer electronics conducted a market research and came to the conclusion that there is a market for high-quality high-priced premium electronic consumer products. The prospective consumers in this new market are characterized as being tech savvy and affluent; and are aged between 27-35 years old. Based on the information given, create a detailed marketing strategy using the 4Ps.

marketing

Answer 1

Lets take Apple iPhone for example:

Products

Throughout recent years, Apple's product range has grown significantly to incorporate new devices such as Apple Watch, Apple TV and a variety of other applications. Below is a Product List:

• iPhone
• iPad
• iOS
• Apple watch
• MacBook
• MacBook Pro
• iMac
• MacOS
• Mac Mini
• Mac Pro
• ilife
• iWork
• Swift Playgrounds
• Apple TV
• iPod Nano
• iPod shuffle
• iPod
• iTunes
• iPod touch
• Apple Music
• iCloud
• Apple pay

In this way, Apple's product range has become very broad with many new products being added to the portfolio lately including excellent apps. The technology company plans to extend its product portfolio by expanding into new regions. Although Apple's sales of notebooks and PCs have fallen in recent years, the iPhone (Apple's flagship device, responsible for the largest net sales and revenue) remains extremely common. Recently, Apple launched the iPhone 11 with a triple camera pro edition and a Bionic A13 processor that provides quicker processing speed. Apple TV+ provides a one-year free trial for a new purchase of iPhone, iPad, Pc, iPod touch or Apple TV. Apple launched the newest and fastest ever version of Macbook Pro on November 13, 2019 featuring a 16-inch screen, magic keyboard and 80 percent better performance. Apple's new platform complements the current products and hardware technologies.

Icloud offers already current Apple users with a range of free cloud services. For the iPhone, Ipad, iPod, Mac, and Windows, these apps function smoothly. Users will upload their material to Icloud automatically and wirelessly, and then access it from all their apps. Apple's product range has become very broad and appealing, with so many apps and applications. Apple is aiming to further expand its portfolio of products. Its four ecosystems of tech — iOS, macOS, watchOS and tvOS — offer smooth experience across all Apple apps. They inspire users with App Store, Apple Music, Apple Pay and iCloud apps that provide breakthrough technologies. Apple recently announced the full purchase of Shazam, the world's most successful and highly-rated music service that is used by hundreds of millions around the world. This software will continue to be open to Apple users adfree. Apple is working relentlessly to create a securer and extremely immersive interface for its customers.

Place:

Apple is using various outlets of delivery to meet its consumers around the globe. It uses many platforms to sell its merchandise and services from its own department outlets to the online and offline networks. One can find Apple's electronics on online market places as well as offline. Users on the website are willing to search for Apple devices. In addition to its own platform, Apple items are now sold at other online outlets in the local markets, such as eBay, Amazon as well as other nearby e-retailers. Apple has a regional distribution network to sell its goods and services. Those suppliers are also known as industry resellers. For most countries there are local stores also offering Apple items for their shops.

Apple has the following channels of distribution:

• The Apple Store
• Online shopping from sites such as ebay, Amazon and other minor and major e-retailers.
• Company Resellers
• Apple Resellers
• Independent Tech Shops

Price:

Apple built a Luxury Brand identity. Apple never focused on low cost products. It follows a focus on premium pricing. These goods are mainly targeted for the higher-end customers. Such products are technologically innovative and cater for the varied high-end customers 'networking, internet devices, connectivity, entertainment, and other uses. All these items bear a luxury price tag from the iPad and iPhone, Macbooks and Apple watch.

Apple rarely sells its goods cheaper than its rivals, and this is important to maintain the luxury reputation it created. Higher prices of the goods will dilute the brand that the company created. The company has launched several comparatively inexpensive iPhone versions to stop dropping profits, however. Its products are distinctive in architecture, technology, and aesthetics. They are priced too, though, in a manner that represents the individuality of the company and focuses on technical advancement. The pricing policy of Apple represents the considerable investment in producing every commodity, namely R&D, raw materials and labor. In fact, Apple has never generated the ordinary goods. The products, apart from their success, are known for their usability and consistency, which makes them successful and this is what helps Apple to price them higher. Consumers are happy to pay if they like a company, and know it gives them what they are paying for in exchange.

Promotion:

Apple's marketing campaign is almost as sophisticated as its product range. To market its products it makes use of both traditional and unconventional methods. First of all, on the market, Apple products are sought-after because several of them are a hit before they start production. Word of mouth publicity has always served in Apple's favor and it has always created a lot of publicity for every single product it has launched. Through the website, and from other online platforms like social media, Apple items are marketed. Besides that, Apple has always used TV and print media to smartly advertise its goods. The ads are meant to demonstrate the distinctive characteristics of the products and their unique character. Media releases as a new product is launched are also a good means of marketing which Apple makes successful use of. Much depends on how much meaning is conveyed to customers and Apple does so in a very smart way. There are thousands of websites that study, debate and support the Apple products. Apple is now seeking to move further into the Global markets to meet its Chinese customers, who are a little more price conscious relative to their Western equivalents but are also technologically excited. Throughout the developing markets, it has also expanded its spending throughout selling its goods.