P6: Develop a Coherent Marketing Mix for a New Product or Service

Topics: Marketing, Pricing, Price Pages: 5 (1535 words) Published: January 13, 2013
P6: Develop a coherent marketing mix for a new product or service Introduction
In this assignment, I am going to describe and explain how Apple uses the marketing mix for one of its latest product, a mini IPad. Marketing mix
Marketing mix is commonly known as the 4Ps: product, price, place and promotion. These are controllable element and it importantly use when determined and adjusted until the right combination that serve the needs of the product’s consumers. Description of the product

The product I have been chosen is one of the latest product of Apple which have been released during November 2012, the mini IPad. This new IPad is available in two models, one with Wi-Fi and another is Wi-Fi + cellular. The IPad mini has two colours which is black and white and the price range is from £269 to £529 Target market

The target market that chosen for the mini IPad is male and female between the ages of 19 to 49, those that are currently in further education or in employment. Also, it is also targeting at Apple loyal customers.

The reason for this market group is because, people between the ages of 19 to 49 are more likely to use high technology product. Especially with people who are in education and employment because they will need to use tablet for works purposes. Product life cycle

When developing a product, Apple must consider factors such as, customers’ wants and needs, the physical appearance of the product, the quality and reliability of the product.
All products must go through a product life cycle which is an important concept in marketing. The product life cycle describes the stage that many products must go through. However, many products will not be able to reach to the final stages because of decrease in demand of product failure. The four stages of the product life cycle are; * Introduction – researching, developing and then launching the product * Growth – when sales are increasing at their fastest rate * Maturity – sales are near their highest, but the rate of growth is slowing down, e.g. new competitors in market or saturation * Decline – final stage of the cycle, when sales begin to fall Reason for chosen product

The reason that I have chosen the mini IPad is because; the mini IPad is one of the latest technologies available in the market at the moment. Moreover, it is also because, all the applications are available and easily to download from the Apple store that have been built in with the mini IPad. Plus, the mini IPad is light in weight and with the Wi-Fi and cellular connection available it is very easy to carry along. Therefore, this mini IPad has been designed to meet many of customers’ requirements of an ideal table which are; efficient, portable and easy to use.

Another reason that made me to select out this product is because of its attractive appearance. Apple has designed this product to meet both genders as the mini IPad is available in two colours; black and white. Normally, the attractive classic black is an option for male while the stylist shinny white is for female. The appearance and packaging of the product is important because the consumers must look at the appearance first before knowing the quality of product. So, if the mini IPad is badly presented its may not be able to catch customers’ eyes.

Moreover, one of another important reason for chosen the mini IPad is because, Apple is popular for developing quality and high performance product that can last for long time therefore, it is very likely that the mini IPad are also to have a high quality performance. Pricing

Out of the 4Ps, price is the only element which creates sales revenue for Apple while all the others Ps are costs. . The price of an item is clearly an important determinant of the value of sales made. Researching consumers' opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to pay

Pricing strategies is not an...

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