Managing and developing marketing mix appropriately is extremely important to firm's marketing and success. In order to marketing product successfully, the right product must be exhibited to right people at the right place, right price and right time. If a firm can manage the marketing mix successfully, as a result, it can be a source of competitive advantage for firms. Each element of the marketing mix should be analyzed and if necessary, adapted to ensure that the right balance is achieved to give the product or service the very best chance of success in the market place.
Apple is a successful company and its previous product iPod has a high market share in the global market due to its brand perception and image as s high quality innovative brand. In 2010, Apple launched an innovative product – “iPad” in US, which is a tablet computer with touch screen. Even in the first launching date iPad had been sold 0.3 million units. The product no doubt is getting support of Apple’s brand image and it has changed the way to consumer lifestyle. That is why iPad is thought as a revolutionary who will arouse a wave to electronic industry.
Apple’s iPad delivered the value to the customer via marketing mix tools called the 4Ps: * Product looks good and works well.
* Right price.
* Right place at the right time.
* Successful promotion helps to a larger output.
Apple followed this by innovation and introducing new products in the market to satisfy consumer’s needs and wants. The current author here will use the theories, concepts of marketing mix to analysis the iPad.
The remainder of this essay is structured into five parts. It begins by defining marketing mix and its evolution. Second, it analyse the company, iPad, its competitor and consumer. Third, it illuminates the marketing mix by analysing iPad. Finally it ends with the overall assessment and conclusion. Contents
1.Introduction and Definition3
1.1Definition of Marketing3
1.2Definition of Customer Value and Value Proposition3
1.3Definition of Marketing Mix4
2.Description of Apple & iPad4
2.1Brief Introduction of Apple4
2.2Introduction of iPad5
2.3Brief Consumer Profile6
2.4Brief Competitor Profile7
3.Marketing Mix Analysis of iPad7
4.Assessment of Overall Value Delivered16
1. Introduction and Definition
2.1 Definition of Marketing
“Marketing is the process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others and forging relationships with customers.” (Philip Kotler, Gary Armstrong, 2009). This definition recognizes the importance of creating a long term relationship with customers and identifies the importance of satisfying customer wants. 2.2 Definition of Customer Value and Value Proposition Customer value is the difference between the values that the customer gains from owning and using a product and the costs of obtaining the product. Put it simply, customer value is created when the perceptions of benefits received from a transaction exceed the costs of ownership. The same idea can be expressed as a ratio (Chiristopher, 1996): Customer value = Perceptions of benefits
The definition of customer value proposition is a well defined and persuasive marketing statement related to a specific product or service that details the reasons why a consumer would benefit from purchasing it. A value proposition is the definition of a firm's promise to create and deliver customer value (Chapelet and Tovstiga, 1998).
Fig 1.2.1 A model of value creation and the marketing process source: Adapted from Kotler Brown Burton Deans Armstrong, (2010), “Marketing” 8th Edition
Figure 1.2.1 shows a typical model of value creation and the marketing process. Put...