marketing plan (1)

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Southern New Hampshire University *

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510

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Marketing

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Jan 9, 2024

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docx

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1 Marketing Plan Student Institution Course Instructor Date
2 Marketing Plan Executive Summary Apple is a leading technology company that designs and markets consumer electronics, software, and services. This marketing plan analyzes Apple's current situation and outlines strategies to maintain leadership. Environmental analysis examines key trends in technology, the economy, regulations, society, the environment, and competition that present opportunities or threats. The target market is tech-savvy 18-34-year-olds who value innovative, user-friendly products. Apple will retain premium pricing but justify it through outstanding proprietary hardware and integrated software improving the user experience. Products will be updated annually and distributed through Apple's website, stores, and partnerships. Promotions will combine advertising, PR, direct marketing, and in-store experiences tailored for the target audience. Environmental Analysis The Marketing Environment The Technological Environment The consumer tech industry is rapidly evolving with new technological developments (Attaran, 2023). Key trends that present opportunities for Apple include 5G connectivity enabling faster speeds, AI/machine learning, AR/VR going mainstream, and advancements in display technology like OLED screens. However, increased competition from Chinese brands releasing high-spec budget devices poses a challenge. The Economic Environment The global economy is experiencing a downturn due to high inflation and rising interest rates (Amanda et al., 2023). This leads to decreased consumer spending power. However, Apple has a loyal customer base that continues to purchase its products despite
3 higher prices. The strong US dollar also negatively impacts Apple's international sales revenue. The Political and Legal Environment Government policies around data privacy and antitrust regulations have implications for Apple's business model. Laws like GDPR in the EU limit how consumer data can be collected and used (Hartzdog & Richards, 2020). Scrutiny around anti-competitive practices and App Store policies also pose a threat. Trade tensions between the US and China could increase production costs. The Sociocultural Environment Consumer preference is shifting towards wearable tech, voice assistants, and streaming services. Apple must cater to increased demand for smart home connectivity. Social causes like sustainability are more important to buyers. An aging population and health or fitness focus presents opportunities for products like Apple Watch. The Natural Environment Climate change, depletion of rare minerals, and e-waste disposal are key issues (Agrawal et al., 2023). Apple must contend with sourcing materials ethically and ensuring sustainable manufacturing. Consumers also demand environmentally friendly products with greener supply chains. This requires investments in renewable energy and recycling initiatives. The Competitive Environment Major competitors like Samsung, Google, Xiaomi, and Huawei are releasing innovative products and services (Shamout & Elayan, 2020). Apple needs to maintain its competitive edge in software, services, semiconductors, and differentiated hardware. Its ecosystem stickiness keeps users locked in, but limitations to interoperability present challenges.
4 Target Market Apple's core target market consists of consumers between the ages of 18-34, an educated, career-driven demographic that is highly digitally immersed. This group relies heavily on technology to communicate, work efficiently, stay organized, be entertained, and express their creativity. Within this broad target market, there are several key segments that Apple aims to appeal to with their products and marketing. These include students, such as college attendees who need portable devices and have spillover influence on family purchasing decisions; young professionals, or ambitious career-builders working in creative fields that demand powerful devices and productivity software; tech enthusiasts, who are passionate early adopters of cutting-edge technology and heavy, highly-skilled users of digital products and services; and lifestyle users, or fashionable, affluent consumers who view Apple products as important status symbols and style statements, keeping up with the latest iPhones and MacBooks. Demographically, Apple's target consumers typically reside in suburban or urban areas in developed markets across North America, Western Europe, Australia, and Asia (De Villiers et al., 2020). They tend to have above average income and education levels. Psychographically, this target market values aesthetically pleasing and intuitive design, user experience, and product innovation. Key drivers of their behavior are the need to stay seamlessly connected to others, maximize productivity, find inspiration, and be entertained through their devices and apps. Apple's brand taps deeply into the target audience's creativity, individuality, self-expression, and sense of style. To engage and appeal to this clearly defined premium target market, Apple will employ an undifferentiated marketing strategy complemented by behavioral and psychographic segmentation approaches across all of its product lines. Some of the key strategic priorities to reach these consumers include cutting-edge product development
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