Four Ps Of Marketing Assignment – Module 2: Price Submit Assignment
At the very beginning of the five-week session, students will select a company they are interested in analyzing.* This company could be either a public or private firm. If the student chooses a private company, however, relevant marketing data and information must be readily available in order to complete the project. Students will then analyze and present on each of the “Four Ps of Marketing” in the following order:
- Module/Week 1, Product: Students will provide an overview of the firm’s primary product(s) and/or service(s). (Have your company chosen and product(s) identified to discuss the first night of class)
- Module/Week 2, Price: Students will provide a breakdown of the firm’s pricing strategy and revenue model(s).
- Module/Week 3, Place: Students will provide an overview of how the firm moves goods and services to customers.
- Module/Week 4, Promotion: Finally, students will provide an overview of the firm’s promotional strategy.
Students will present their findings in class and be prepared to discuss this information with peers and their instructor. Students will also prepare and submit a one page summary of their weekly findings, including two APA-cited sources used to prepare the overview. It must be noted that these weekly projects are not based solely on the opinions and observations of the students, but a combination of research, observation, analysis, and summation of a variety of sources. These weekly projects will serve as the basis for the final project in this course. Professional business writing is expected.
Online – Presentations will be recorded and uploaded to Canvas along with the written summary.
Running head: APPLE INC. PRODUCTS 1
APPLE INC. PRODUCTS 2
Week 1: Apple, Inc. Products
University of Mary
BUS 610 Marketing
Apple Inc. Products
Apple Incorporated is a global manufacturer and distributor of mobile communications and media devices, personal computers, computer software, electronics, and portable digital music players. The company, which has achieved a leading position in the electronics market, sells a wide range of services, software, network solutions, peripherals, application, and third-party digital content. Some of the everyday products and services related to iPhones, iPad, Mac, iPods, Apple TV, iOS, Mac OS X, iCloud, software applications, a range of accessory service and support offerings (Chulkov & Nizovtsev, 2014).
The company also sells digital content and applications through the iTunes store, App Store, iBook Store, and Mac App Store. Most of the company products such as iPods, iPhones, and iPad are household names. They have set the industry standards based on the company’s pricing strategies and tight control over distribution. The company’s loyal customer base through main products such as the Macintosh computer and iPod music has significantly contributed to its success.
The institution focuses on a minimum pricing strategy for its products that allow distributors to sell the items at a specific minimum price below prohibited (Heracleous & Papachroni, 2016). Through creativity and innovativeness, Apple determines its products’ prices and defends them by increasing its value over time through product improvements. The company maintains a competitive edge through its innovative products that share similar operating systems, software, and applications. This reduces the risks involved in manufacturing, the time, and costs of developing new products giving the company an excellent timescale to focus on a new stream of products.
Besides, consumers are offered a wide range of selections of compatible applications and services and compatible devices without seeking these variables from other manufacturers separately. The company continually creates a halo effect to enable consumers to anticipate new products (Heracleous & Papachroni, 2016). For instance, the iPhone was highly anticipated before its introduction date in June 2007, with the stock prices going as high as 35%. In its product strategy, the company focuses on designing a small number of products and on the high end such that consumers are willing to pay more for the unique item. Historically, Apple has introduced replacement models with different designs and improved features without discounting the existing models.
The introduction and discounting of the iPhone two months after its introduction led to a massive backslash in profits and stock prices. Early buyers of the product were upset about the drop in prices two months after being released for sale. Early adopters felt like they had been slapped in the face, with many getting discouraged from buying Apple products early in the future (Chulkov & Nizovtsev, 2014). Most products’ features ensure high-quality user experience, with the hardware and user interface providing value for the price.
Apple Inc. has pioneered its way in technological advancements several over the years. The main objective it focuses on is pushing the limits of creativity such that its end products are attractive, valuable, and have a profound impact on technology for society. After four decades since it went public, the multi-national company is undeniably innovative. It has influenced the way we use computers and has also profoundly impacted the technological advancements in computing.
Chulkov, D. V. & Nizovtsev, D. (2014). Economics of Apple iPhone: price discrimination or pricing error. Journal of the International Academy of Case Studies, 20, (1), 49-53.
Heracleous, L. T., & Papachroni, A. (2016). Strategic leadership and innovation at Apple Inc. London: SAGE Publications Ltd.