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Marketing refers to overall activities that are undertaken by organisations in order to appropriately present and communicate their products and services to the customers. It is an essential activity which is necessary to help companies enhance familiarity of their products in the marketplace (Kotler and Armstrong, 2015). The following report is based on Apple watch series 4 and Fitbit 2, which are two of the widest recognised brands in the world. It effectively evaluate the target markets of each brand and 4P's of Marketing which is essential to determine how differently these two companies could apply these principles.
For any appropriate brand, it is essential to determine the target market profile effectively in order to channelise marketing strategies appropriately. To effectively achieve this, it is essential that the marketing planning of each brand focuses effectively on finding the most appropriate target market for its product. A detailed target market profile for both the chosen brands are described below:
Apple Watch Series 4:
Customers of Apple seek advanced technology, effective design, quality and most importantly performance in its products. Since 2015, Apple Watch has been one of the most prime choices of customers seeking all these features (Apple Watch release date is April 24th,2018). Since then, the firm effectively has produced the largest selling smartwatches. The company is tactful when it comes to choosing its target market. The STP approach for Apple Watch Series is mentioned below:
Fitbit was founded in 2007 and has effectively reached great heights in ways which made it a $4 billion company (The story of Fitbit: How a wooden box became a $4 billion company, 2018). In comparison with Apple, Fitbit applies its market targeting strategies. Its STP approach is analysed below:
Thus, both the companies use segmentation, targeting and positioning effectively as per their objectives and nature of their target market (Rowley, 2016). While Apple Watch Series 4 targets customers who are professionally sound and technologically inclined, Fitbit 2 targets customers with more sense of physical fitness. Both companies use an appropriate blend of STP to effectively enhance the scope of targeting customers.
Marketing Mix refers to elements of the marketing which is essential for developing an appropriate strategy by companies to market their offerings to their customers (Kotler and et. al., 2015). It includes 4P's, mainly, Product, Price, Place and Promotion. The strategies used by both brands are evaluated below:
To effectively analyse the product strategy of each brand, Levitt's Model of a Brand is being chosen which would effectively help in distinguish within each brand.
(Source: Levitt's Model of a Brand, 2018)
The model has 4 aspects which are evaluated below:
Both firms use effective strategies to appropriately enhance their likeliness in the market. However, both are different in a functional and emotional level. While Apple Watch uses a range of features for a range of operations, Fitbit uses each feature related to fitness.
It is also important, however, to effectively determine the personality type of each brand. According to Aaker's Brand Model, there are five personality types which is possessed by companies.
(Source: 5 Dimensions of Brand Personality (Aaker))
As per these types, Fitbit possesses Competence as it is intelligent and reliable, however, personality type of Apple is Excitement as focuses on going along with trend as well as uses up-to-date knowledge.
The pricing strategy adopted by each firm has a huge impact on its success. This is because it helps in influence customers effectively. To help achieve a comparison, it is essential that a uniform platform is chosen to compare pricing. For this, online shopping store Amazon has been used, which gave the following finding on the prices of Apple Watch Series 4, Fitbit 2 and another competitor Samsung Galaxy Watch.
Apple Watch Series 4
£99 - £271
Samsung Galaxy Watch
As per the above research, it was found that Fitbit uses market penetration to attract a huge number of customers. It develops a perception of the company considering customer demand to effectively attain a better market position. However, companies like Apple and Samsung uses Premium pricing considering the kind of services offered by the organisation in their watches.
It is essential for a company to distribute its products as effectively as possible to make them available most conveniently in the market. Where Apple is concerned, the organisation uses direct as well as indirect channels to distribute its product. Apple Watch Series 4 is available at the company store which is situated at effective places within urban countries. To be more appropriate, it has more than 506 stores worldwide and is continuing to penetrate newer markets. It helps the company in enhancing the buying experience of customers (Apple Stores,2019). Where the online market is concerned, the product is available at various big online stores like Amazon. Fitbit on the other hand uses indirect channels too for selling its Fitbit 2 watches. However, the firm has issued a list of authorised buyers which provides assurance of original and quality product available to people. It is a mass-market product, where there are multiple channels as compared to Apple Watch Series 4 which have lesser outlets.
To promote their products, each company must adopt strategies that provide their message appropriately to customers. Where Fitbit is concerned, the company used social media traditionally and had information at its own website. However, the firm soon realised that it had to get past its methods and try different strategies to market the products. Thus, the firm must use other digital channels like television and radio to extensively promote their Fitbit 2. The organisation is positioning themselves as socially conscious manner where they are making compelling advertisements of the wearables and its robust features and how fitness could be managed using their products. Thus, adopting multiple strategies might help the company in gaining a better momentum.
As for Apple, the firm has always used all the types of media available to market their products. With Apple Watch series 4, the firm is continuing with its strategy of creating appropriate and effective advertising which focuses on how the product is different from that in the market. Moreover, the firm has provided outstanding information on each specification of this watch, which would help in developing interest in customers regarding the same. The company has always positioned itself effectively in minds of buyers as a luxury product with amazing features. However, with its premium pricing, the firm must provide specialised and personalised service via promotional methods to help create bigger market share (Atwong, 2015).
Thus, it is concluded from above information that marketing principles are essential to help set up effective target market and develop effective market strategies. Elements of marketing mix help in comparing and contrasting various strategies adopted by different brands. Lastly, Segmentation, targeting and positioning strategies help in acquiring effective target market.
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