The competition in today’s industrial world is very intense and every company is spending a lot of money on designing and marketing their products and services. In such a highly competitive world it is very essential to design and market your products keeping in mind the target customers and markets. A product which is designed for the developed countries might not work in the third world countries and vice versa. So the companies, prior to designing their products and services must be aware of their target customers and markets. Once the designing and the production phases are over then comes the very important and the deciding phase which is the marketing phase. It is very essential for a company to have a marketing strategy and a marketing plan to implement the strategy for a product or a service to be a commercial success.
The following is the marketing strategy for a new product that Apple. Inc is going to launch. The product is a mobile device named iPhone-S. Apple has always aimed at producing the best devices not giving too much thought on the cost factor. All its target customers were those who were looking for the best products and not worried too much about the price. It was result of the niche strategy that Apple had adopted. But with iPhone-S, Apple is now looking to target that section of the market which it has ignored for a very long time, the middle class. Following is the marketing strategy for Apple’s new mobile, the iPhone-S.
There are various definitions for marketing strategies. Kotler (1984) defines ‘marketing strategy as a marketing logic by which a business unit achieves its marketing objectives’. Marketing strategy is also defined as a process by which an organization translates its business objective and business strategy into market activity (Fifield, 1998). Hence, marketing strategy is a way by which an organization goes by the process of marketing and promoting itself and its products or services.
As mentioned above, iPhone-S is a new mobile device which Apple is ready to launch. Apple has come out of its tradition by now taking into consideration the cost factor in designing iPhone-S. It is now targeting the middle class and lower middle class customers which it had ignored in the past. In doing so Apple has not compromised on its quality, it has still maintained its quality standards but reduced on the application and services that a regular iPhone would offer. In doing so Apple is aiming to reach a wider customers increase its presence.
Marketing Strategy for iPhone-S
Marketing strategy deals with various aspects of marketing the products or services. The main elements of marketing strategy are market segmentation, target markets, market differentiation, market positioning, marketing objectives, marketing mix, etc (Webster, 1995).
Market segmentation can be defined as the process of dividing the consumers in a product market into sub divisions so that the members in a group exhibit similar characteristics and responsiveness to a particular product or services (Cravens, 2009). The main idea behind market segmentation is to identify groups of consumers who share one or more characteristics and hence have similar product needs (Lamb et al, 2008).
Apple iPhone-S is aimed at attracting those consumers who can not afford an iPhone. So it is the middle class and the lower middle class that iPhone-S is going to target. For a long time Apple has ignored this section of the market concentrating mainly on the upper class of the society. The main reason for this is Apple’s niche strategy where the primary concern was quality and not price. Through iPhone-S Apple is going to target those customers which form the majority of consumer population world wide. This also is going to serve the other purpose of promoting the iPhone itself as it is gives a peek into the features of the iPhone. The characteristic of...