The success of an organization participating in international trade necessitates satisfaction of the market demands. This implies that the products and services rendered within the organization should be acceptable and adequately suit their purpose. Research indicates that a company willing to participate in international marketing should focus on assessing the suitability of the existing products to the global customers (Hill, 2013). Nevertheless, participation in international markets necessitates the incorporation and application of various strategies aimed at creating awareness, boosting sales and increasing profitability. Some of the marketing strategies applied by multiple organizations include the product policy abroad which requires a firm to decide the aspects of a product that should be adapted or standardized. On the one hand, the standardization entails the provision of a similar version of a product in all the foreign markets the company participates (Hill, 2013). On the other hand, the adaptation policy entails the provision of a product to targeted consumers in the foreign market after altering them to their specified needs, tastes, and preferences. Most importantly, some organizations employ the product innovation strategy which requires designing their products from scratch based on the needs of foreign consumers. Therefore, the essence of this paper entails identification of the product, its benefits and the development of a marketing plan. These will be followed closely by the development of an environmental, SWOT and needs analysis for the product as well as the determination of the target market and the short-term and long-term goals.
Identification of the Product
The product I wish to discuss throughout this paper entails I-Phone X developed by the Apple Inc. The Apple Company involves one of the most reputable brands in the technology market in that it has a product line with various goods and services ranging from iPods, Mac book laptops, just to mention a few (Virginia’s Community Colleges, 2015). For instance, the I-Phone product line has enabled the company to become one of the leading organizations in the contemporary world extensively dominated by technology. These aspects, coupled with the massive effect of their products, make I-Phones the bestselling products developed by the company. Additionally, the consideration of the vast demand in the market and the continuous development of I-Phone gadgets will be critically prioritized in the formation of the research paper (Virginia’s Community Colleges, 2015). According to research, the new innovative product designed by the Apple Company is bound to set a significant trend in the Smartphone market through the provision of a significant competitive impact on its rival competitors such as Samsung (Seitz, 2017). Therefore, based on these facts, the paper intends to determine the potential approaches employed as well as the criteria used in facilitating the successive launch of I-Phone products every year.
Brief Information and Product Benefits
The production of I-Phone X follows the strategic objective that entails targeting consumers with the desire of stocking up information, communicating widely and keeping up with the current trends in entertainment and technology. Most importantly, the target market for the Apple Inc entails the people who are the end-users of their products (Seitz, 2017). The company thus allows the consumers to decide the appropriate ways and locations on how to use the products. For instance, the I-Phone products enable teenage users to socialize with their friends, access social media platforms, listen to music, and play games, among others. On the other hand, adults prefer using I-Phones for their day-to-day activities such as internet connectivity, map directions, video conference phone calls, cameras, and documents. Most importantly, I-Phones provide a wide variety of services such as hardware and software applications necessary for helping businesses in maintaining efficiency and security throughout their operations (Seitz, 2017). Similarly, the target segment for I-Phone products comprises of corporate users, entrepreneurs, health care workers, students and professionals in different fields. However, the market for this product is still relatively small as compared with other phones available in the market (Seitz, 2017). Therefore, the company has employed other measures such as reducing the prices of the I-Phone X and the increase in power which may rapidly boost the market in the coming years.
Development of a Marketing Plan
The market plan discussed herein focuses on the development of marketing strategies for I-Phone X which entails an innovative Smartphone developed by the Apple Company. The achievement of this goal necessitates the development of marketing strategies, in-depth analysis of the company and its products thereby suggesting that the I-Phone X is a revolutionary gadget which provides a vast array of features (Hill, 2013). These features include internet connectivity, music, longer battery life, increased storage space, high camera resolution among others. However, the most effective marketing strategy entails one that combines the market penetration and development features.
According to research, the success of a product in the market is based on the effectiveness of marketing strategies applied. An effective strategy plays an essential role through allowing an organization to create awareness of its products and services to the potential consumers (Hill, 2013). The achievement of this objective necessitates the attainment of higher growth through the sale of more products which occurs; as a result, a sufficient marketing program in operations. For instance, the marketing strategy of the Apple Company for the I-Phone X should focus on identifying different ways through which they would like the firm to satisfy the needs of their customers as well as those of relevant stakeholders (Braun, 2016). These would be followed closely by the utilization of the marketing strategy in successfully attaining the organizational goals. Most importantly, the marketing strategy that should be adopted by the Apple Inc entails one that helps the company ensure a suitable match between the resources and the available opportunities in the market. This strategy would facilitate the achievement of goals such as reaching the targeted clientele and offering opportunities aimed at attaining higher growth (Braun, 2016). Therefore, the marketing strategy appropriate for the company entails one that considers a wide range of aspects that include the knowledge of the industry, measures employed by their competitors, expectations of the consumers from the product and market projections. Additionally, the target audience for the product should include people of all age groups in that the features should cater for their needs adequately.
The internal and external environmental analysis plays a significant role towards the marketing plan employed by an organization. It provides an opportunity for the company to develop effective marketing strategies that would facilitate the acquisition of higher success rates in the market (Novac et al. 2017). Nevertheless, the environmental analysis for the I-Phone X at Apple Inc would be conducted as follows:
Research indicates that there are more than 19,200 cell phone producers across the globe and about 15 corporations that compete for market share at the international level. The launch of the I-Phone X brought about stiff competition in the mobile phone industry as the other companies had previously released gadgets with similar features and price ranges (Novac et al. 2017). Moreover, the competition intensified in that the I-Phone X possesses characteristics that are higher than those of other Smartphones. Nonetheless, to maintain a higher market share, as compared to other competitors, Apple should ensure that the price of the I-Phone X is relatively affordable to the consumers and suit their needs appropriately.
The political factors prevalent in the economy directly affect the performance of every organization. For instance, the imposition of internet regulations and taxes by the government may primarily affect the performance of Apple and its products. Therefore, to remain successful and relevant, the company should focus on determining the political factors influencing the success of businesses in different countries where they operate (Hill, 2013). The determination of these factors would facilitate the anticipation of profitability and pricing strategy on their products and services. They should also emphasize on adhering to the importing laws in favor of trading as well as focus on the stability of the nations they intend to operate.
Different nations employ various laws and regulations that may hinder the successful operation of businesses through interference. Therefore, Apple should aim at understanding the rules applied in each country and adequately adhere to them in their activities to avoid any interference that would affect their marketing plans (Novac et al. 2017). These should be achieved through the production of gadgets that meet the needs of the people, incorporate features that adhere to the rules and regulations and comply with the laws governing trade, importation, and exportation.
According to research, the level of technology applied in the world has significantly increased over the years. These have been coupled with an increase in the level of internet usage and awareness for both individuals in technical aspects (Virginia’s Community Colleges, 2015). Additionally, most companies have focused on making development attempts as well as fixing the capacity of phone lines and increasing new technological features in their cell phones. However, the success of the I-Phone X is based on its ability to link future technical plans between cities, hospitals, universities, and colleges as well as other institutions that use the gadget (Novac et al. 2017). Additionally, the I-Phone X provides increased levels of usage of the E-Technology that offers features such as blogging, billing, online bidding, just to mention but a few.
According to research, the increase in population growth has largely contributed towards the expansion of the sector needs for Smartphones. The increase in the demand for the I-Phone X has revealed that people rely more on mobile communication and interaction as well as the access to information (Novac et al. 2017). Therefore, the company should focus on enhancing the cultural perception of their technological devices as well as consider incorporating features that boost the literacy level of their customers.
Primary and Secondary Target Markets
The marketing strategy employed by Apple entails differentiating their I-Phone products from other Smartphones available in the market. Therefore, their prime customer targets include the middle-upper income earners who may use the gadget in coordinating their schedules as well as communication with family, friends, and colleagues (Virginia’s Community Colleges, 2015). The secondary target segment for their product includes the young people in high school, colleges and graduates who may need a gadget that serves different functions simultaneously. The primary business target for Apple entails partnering with other big Smartphone service providers such as Verizon, Cellular One, and Sprint among others with the aim of providing critical information to their users (Seitz, 2017). The secondary business target entails mid-to-mid corporations that seek to assist managers and employers in staying in communication and access critical information.
The Main Goals
First-year objectives include: –
- To achieve a higher level of customer awareness and acceptance for the I-Phone X to attain a higher market share in the Smartphone industry.
- To ensure the target consumers identify that their personal and business needs may be addressed by using the I-Phone X.
- To be the consumer’s first choice while deciding to purchase the device.
Five-years objectives include:
- To achieve a leading regarding innovative Smartphone service providers in the market.
- The successful promotion of complete solutions in the performance of a wide range of e-commerce activities.
Ease of use- the touch screen interface employs a multi-finger sensor that captures different gestures similar to a human hand’s movements.
Price- the I-Phone X will be sold at a relatively affordable price for its value.
Compatibility- the functionality of the I-Phone X will involve other features such as iTunes that work with Mac/Apple gadgets as well as the i-OS software tools thereby providing the limitless potential for upgrading (Novac et al. 2017).
Innovative- the device provides features and functions available in other Smartphones as well as other advanced options that make it unique.
Image- the product does not target business people as compared to those of their competitors.
Price- the I-Phone X is not affordable to most consumers who are conscious of the cost.
User interface-the touchscreen interface brings about a challenge known as gorilla arm which hinders the long-term use of a flat, stable surface.
Compatibility- the product lacks a reputation for suitably fitting the needs of the corporate world.
Upgradability- the fact that the software used in the device may be upgraded, it provides new features that keep the user up to date with the current trends in society.
Increase in demand and expansion to the new target market- the Apple Company targets the corporate market who desires a gadget that offers computing solution in one device. Nonetheless, due to the advancement in technology and the prices of smartphones becoming affordable, the company seeks to attract more customers (Braun, 2016).
Market penetration- the increase in demand for the I-Phone X brings about a huge potential market and domination in the industry.
Pressure to reduce prices- due to the availability of other devices from competing companies, the cost of the I-Phone X is bound to reduce to suit the needs of their customers.
Challenges expanding into other markets- Asian and Arabic nations tend to boycott products produced and manufactured in America.
Increased competition- the few barriers to entry into the Smartphone market has allowed other companies to venture into the industry thereby intensifying the level of competition through the production of similar devices (Braun, 2016).
Vulnerability- other companies such as the Android operating system bring about threats to the success of the Apple and the i-OS software.
The success of a marketing plan is based on its ability to direct an organization towards the effective launch of its products in the international market. In this case, the marketing strategy would facilitate the accumulation of relevant information required in making potential business adjustments. The adherence to the marketing strategy would ensure that the organization collects adequate revenue from the sale of the product both domestically and internationally. Regardless, of the fact that the Apple Company has managed to establish itself in the global market, the launch of the I-Phone X, as well as other products, will ensure attraction of more customers thereby fostering profitability and success.