Apple Inc. Objectives and Strategies
When a company has established its marketing mix and began to understand its plan for the four P’s: product, place, price, and promotion. It must then incorporate objectives and strategies for what the company aims to do and how it will reach its goals. Apple Inc., a market leader in the technology market is great at marketing and branding their products but it does not come easy. It’s all about your action plan for meeting and accomplishing your objectives.
Apple offers premium products at premium prices while still maintaining large market share and high profit margins.
Objective 1- Continue to create groundbreaking products. Apple has made a name for itself becoming a trend setter in the market with every one of their products introducing something new and exciting to the world.
Strategy- To create groundbreaking products Apple will need to have a great team building culture along with a strong research and development team. Too they will have to operate with a sense of no complacency and not let current success limit future potential.
Objective 2- Innovate and dictate the movement for future technology
Technology is forever changing and even the biggest companies can get left behind. The consumer will always buy the next big thing and brand loyalty is hard to come by. This is why Apple must continue to lead the serge of the innovative world.
Strategy- To continue success of having the best products, Apple must study the market to understand what consumers want next while improving their current products from listening to customer feedback.
You can find an Apple product in most areas of the world and that is certainly the overall goal for global business. However where there is product demand there must be supply.
Objective 1- Expand nationwide chain of Apple stores globally.
The Apple store accounts for the majority of the company’s sells. Therefore there must be more stores to increase sells substantially.
Strategy- Begin placing stores in all large markets and expand outward based on population and demand of products.
Objective 2- Make products available in every other possible retail channel, ex. Online, Big Box retailer
Even though the Apple store leads in sells, Apple must make sure it’s products are accessible to every consumer since their demand is so high.
Strategy- Place products in every retail store that carries electronic devices, all e-commerce web sites, and make sure mobile devices are featured on every large mobile carrier.
With every premium branded product there will come a premium price. It’s to be expected that the big name brands that present superior quality will bring the highest price.
Objective 1- Enter and sustain premium pricing while attempting to gain market share.
As long as their products are cutting edge consumers will have no problem paying more for them. It’s important this trade off does not subside in order for the premium pricing to be sustained.
Strategy-Strategically price all products at the top of the market base price relying on brand and quality to offset the price differential.
Objective 2- Increase profit margins.
Even with a high or low share of the market it’s your margins that make or break you. Apple has great margins but a low market share across the board due to competitors low price points.
Strategy- Continue push to lower cost to make products while sustaining the same retail price in the market.
Building a brand may be the toughest challenge in all of business. To start at absolutely nothing and build something that persuades millions of consumers to buy your products. Success like this is not built without excellent marketing and promotion strategies which Apple has certainly demonstrated they have.
Objective 1- Build hype and anticipation for new upcoming products.
No better promotion than getting consumers to anticipate your next release. Every great product’s next version will always do great despite its functionality based solely on the anticipation from its previous version. Ex: If you liked the iPhone 5 why would you not like the 5S with newly added features and design?
Strategy- Use annual conference and events to announce release and information on each new product before it hits the market. This allows the consumer to build a demand for the product before it ever hits the shelf.
Objective 2- Sustain and expand on strongly branded name.
There is no bigger name in the tech world and it can only get bigger as we go. Apple has changed the way we look at phones and tablets. Who says the word tablet anymore, most associate the device with iPad.
Strategy- Be a trend setter, enter new product markets before competition, and deliver current products at an unreachable standard of quality.
If they continue to set trends, enter new product lines and take their share of the market they will not only build their brand they will dominate the competition.
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