INTRODUCTION TO MARKETING STRATEGY
When a business organisation began to set up their business in the market, the first motive of these organisation is to establish a successful market activities so that the organisation shall be able to incurred profits from these activities. The main work of business organisation is sell their services or the products to the customer so that the customer shall be able to avail these services and will be able to get a satisfaction. When a product is introduced in the market there are several kinds of strategies which is to be used by the company so that the product shall get a good raise(Papadopoulos, Heslop, 2014.). The following project will describe the measure which is to be taken by the organisation in context to rastrise their product in the market. The aim of the project is to create a better understanding about various market strategies and to develop a better knowledge about
A. GENERAL TASK
It is very difficult to enter into a market especially for the new organisation who has just began to start its business. There are many companies who appeared to be the best example of establishing a successful business in the market. One of the fines example of successful business is seen the very famous company Apple.
Apple is multinational technology company of America and its headquarter are situated at Cupertino, California. Apple is considered as world's largest information technology company by revenue, and world’s largest technology company by total assets. It is also considered as worlds second largest phone manufactured. By the November 2014 the company became the largest publically traded corporation in the world by market capatlization(Fifield, 2012.). With the great success and a successful market apple become the first U.S company to be valued over US$ 700 Billion. Another feature of Apple is it has maintained the online Apple store and iTunes store which later became the world’s largest music retailer. Apple is the organisation which was started by Steve Jobs. All the products are divided into many categories depending upon the function and the quality of the product (Baker, Saren, 2016.). For an example:- One of the series of Apple is Mac. It comprises of Mac book which basically looks like laptop but it is an ultra thin notebook which is portable. Mac book was introduced in 2006 and relaunched in 2015. another series are Mac book air introduced in 2008, Mac Book pro introduced in 2006 Mach mini, iMac and Mac pro which is a workstation desktop computer introduced in 2006. Apple sells variety of products which are best in their graphics and quality
Another product of Apple is the iPod. By 23 October 2001, Apple introduced iPod which is a digital audio player. It has been seen that music is considered as one of the favourite activity among people and they generally hear music while they travel. Keeping this idea in context, Apple has launched a portable iPod by which the person will be able to carry the gadget at any where. The most famous and most demandable product of Apple is iPhone at the Mac world conference & Expo in January 2007, Steve Jobs introduced the long anticipated iPhone which is a convergence of an internet enabled smartphone and iPod. Smartphone is the need of everybody and and when that smartphone comes from the worlds best manufacturer will be the good news for everybody. iPhone is the most popular and most accessible technology of Apple. iPhone is very much popular among everybody and no a days it has became a symbol of status. Besides that the phone is very much handy to access and compiled with lots of technology. Due to this technology, the person can carry out his office work at anywhere and most of the work now a days is carried out on Apple iPhone only(Galician, 2013.). Besides these popular product the other product of apple are Apple watch, iPad, Apple Tv.
It was not at easy for Apple company to establish a well settled business. It take lot of energy and pain to establish a very successful business in the market. There are many ideas an the planning which has been carried out by the company in order to enter into the market. The very first question which strike to the owner of the company for establishing the market is the selection of market to launch its product (Gummesson, Kuusela, Närvänen, 2014.). Apple introduced its product in the monopoly market but with the time its business activities began to carry out in the perfect competition market. A monopoly market is the one where it has only one seller or one producer for a product. In other word, there is single business company in the market. It is very difficult for any new company top enter into monopoly market as the entry into these kinds of market is very much restricted. When the Apple introduced its digital series, it was the only company but with the time several other companies began to enter into the market with their products and the company entered into perfect competition market. This is a type of market where there are number of sellers and buyers of the same product and the differentiation between the product is carried out by the trade mark or copyright(Morgan, 2012.). The iPhone series of Apple deals in the perfect competition market and other digital series are into monopoly market. When Apple wants to enter into the market, a plan was followed by the organisation is:-
Commit- It is considered as the foremost important action to be taken by the business organisation. In this step the organisation has to identify the seller. A small market will make it easier to assess customer requirements and ensure that a larger part of the smaller market shall be obtained rather then an insignificant part of a large share.
Identifying the entry Points- When the market is being identified by the business organisation then the next duty is to identify the entry points.
Market strategy- When the entry points are identified by the company then one of the most important step is to be taken that is to make market strategies. Such market strategies shall help the business organisation like Apple to enter into a market(Shih, Chen, Chen, 2013.). Once the entry points are identified then without any market strategies, no company can enter into market.
Assembling the Plan- There are certain action plan which is to be take by the company this will turn the high level plan on ground implementation solution.
Exiting Strategy- Last and important step of this plan is to plan for both success and the failure of market strategies
Internationalisation can be explained as the processes of entering of many enterprises into international market. There is no particular information nation is given in the books or bvy the scholars but there are several theories propounded by the scholar to explain the concept of internationaliston. There are many companies which are dealing with their product at international. And the main reason behind promoting their goods and services at such a big level is because of its increase in the demand(Chung, Lu Wang, Huang, 2012.). The best example of internationalisation is seen in context to Apple company. At the beginning, the business was limited to some part of US but with the time demand for the product get increased n other countries also and they started ton deal in the market of other country. The main reason to raise the product in the international market is the increase in demand. If there shall be no demand of the product then such product is not raises globally.
Another reason for the company adopting the concept of internationalisation is cost advantage. When the demand of the product shall get raise from the other countries then the home country had to export the product by which cost will be incurred which will result into grain from trade with absolute advantage (Kumar, Rajan, 2012.).
When a business take a start it is generally from small business and for such such enterprises, internationalisation plays very important role. Putting a product on a global platform is very much useful as the demand of that product will come from cross the state and the export of the company will generate. Any export activity of the company will raise the profit and generate the income. So it can be said the reason behind the concept of internationalisation is the raise in the demand of the particular product and in order to generate the income of the company the product raise to export to another state.
B. SPECIFIC TASK
Apple had adopted many strategies to enter into the organisation for making a successful business. One of the strategies used by Apple is of marketing mix. It is very important fro the business organisation to apply several kinds of strategies so that it became easy for the company enter into the market. The strategies of marketing mix states that:-
It is considered as simple form of strategies. In this strategies, the company has to put its right product at right place at right time with right price. The only difficulty which is faced by business organisation in the application of such strategies is to apply it well. It marketing mix is not applied well by the company then the result obtained would be zero or in negative. The marketing Mix expert named E. Jerome McCarthy initiated the concept of marketing mix in 1960s and by the time, whole world has adapted this concept for business regulation purpose. It shall comprises of 4s that is Price, Product, promotion and Place.
Product- It is basically a kind of item which is build and manufactured by the company. Such product is being raised with the raise in the demand of consumer(Chan, He, Wang, 2012.). A company must take care of the demand people arising and then considering that the product is to be launched. A product might be of certain life cycle which will include the growth phase, maturity phase and declination in sales plan. Company must produce a right product for the consumer depending upon the services consumer is asking, the feature he is looking for, colours and sizes of the product.
Price- Price is basically the amount of the product which the consumer is going to pay if he buy that product. Price is consider as one of the most important factor because half of the sale of product is dependent upon price. Price shall be in such a manner that it shall fit into the pocket of consumer as well as it will not effect the sales and demand of the product. There are many strategies which is applied by the company for deciding the price of a product that is Market Penetration pricing, Market skimming pricing and neutral pricing(Rego, Morgan, Fornell, 2013.).
Place- Place meant and distribution of the product is also considered as essential part of marketing strategies. The product shall be distributes or put into such a market of place which will be accessible to all the buyers as well s selecting the right place for the product is also important.
Promotion- It will include the marketing of the product. Promotion is considered as essential component of marketing as it will boost the brand recognition and sales. It will comprise of various elements like sales organisation, public relations, advertising and sales promotions. It is basically communicating the product to various people so that people will come to know about product and can buy them.
Competitor analysis with respect to Oman
Competitor analysis is basically when the company identify its competition in the market. It is basically considered as the strategic management adapted by the company in order to channelize the strength and weakness. It also important to know your competition so that further strategies could be applied accordingly (Homburg, Artz, Wieseke, 2012.). It is considered as the important and essential component of the corporate strategy. Such theory has been propounded by Oman. The best example of competitor strategy is Apple because it evaluate and identify its competition so that product can be launched accordingly. When product is launched there are many components which is to be taken care of. To know your competition helps in many situations as it will help the company to determine the price and product like what product is to be launched and at what price the product is to be launched. Such strategies are applied after knowing the actual situation of competition. For a company like Apple it is very important that a strategic sort of management shall be there so that company will be able to fight the competition and incurred the profits(Castronovo, Huang, 2012.).
Significant impact of Social and cultural factors
There are many factors present in the market which will create impact on the environment prevailing in the market present internationally or nationally. The most important factors are:
Social Factors- Such factor shall include the political, economic and technological elements which will affect the business in the international market. These factor shall describe the technology a particular market is asking or the. Economical background shall cover the financial status which will be covered in the international market. It is very important from the company to assess and analysis all the factors which could affect sale in the international market (Webster Jr, Lusch, 2013.). Apple should take care of the social factors which will impact in the international market
Cultural factor- These factor will include the culture to be prevailing in between the consumers that is what is the demand of the consumer and what are the priorities of the consumer. If the company shall launch the product which is against the culture then the company shall not be able to incurred profits. When the company target any market of international level then it should identify the culture which prevailing in that market.
There are few recommendation which Apple should use in order to increase the consumer satisfaction and that are
Improving customer service- The company should learn to provide services in innovative manner. The service can be made more responsive and reliable. This will help in gaining customer satisfaction
Enhancing engagement with customers- Apple can be recommended to improve its engagement with customers. This is the first step that promotes customers satisfaction (Helm, Gritsch, 2014). In this regard, Apple can make use of strategies such as e-mails through which personalized offers can be sent to groups of customers.
Process of evaluation- The company can take various kinds of feedbacks by customer so that the company will come to know about the loopholes and particular changes can be done to increase productivity and consumer satisfaction. Hence, a process of evaluation can be used by Apple.
It will be concluded from the above project that Apple id one of the renown company of the world and deal with various kinds of product. It has launched numerous serious of product which is meant for the entertainment as well as work for the general public. The project has further explained about the concept of internationalisation and how Apple has used the concept of marketing mix. Lastly it covered about competitor analysis and social and cultural factor prevailing in international market.
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