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Marketing Planning (based on Apple Inc.) - Essay Example

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Marketing Plan Executive Summary New product development is the process of launching a new product in the market. New product development for a company has become a necessity more than being an option. Organizations are faced with increased intensity of competition within the industry…
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Marketing Planning (based on Apple Inc.)
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Download file to see previous pages has been chosen as the organization and the new product is Apple’s I-TV. The report will highlight the proposed feature of the latest product and the entire process to develop and launch it in the market. The report will also highlight the marketing strategy and also the expected returns from the product. Table of Contents Table of Contents 3 Introduction 4 New Product development Process 5 SWOT 6 Marketing Objectives of the company 7 Segmentation and Targeting 8 Marketing Strategy 9 Implementation & Factors affecting it 12 Budget 13 Marketing Control 13 Ethical Issues of Marketing 14 References 15 Bibliography 17 Self Evaluation 18 Introduction The history of Apple Inc. dates back to the early 1976 when the company was established by Steve Jobs, Ronald Wayne and Steve Wozniak. The company is presently headquartered at California, USA (Yahoo Finance, n.d.). Apple together with its subsidiaries develops and markets desktop computers, laptops, portable music players, mobile communication devices and several other digital gadgets. Devices such as I-pad, I- Phone, Mac OS, I-pod are some of the invigorating products of Apple. The company has a worldwide presence and employs at around 370 exclusive Apple stores. Apart from the hardware section, the company also has a strong presence in the field of software. The software segment includes operating systems such as Mac OS and other utility and productivity applications like Quick time player, I-work and logic studio among others (Apple Store, n.d.). The company mainly distributes its product through whole sellers, retailers and Apple owned exclusive stores. Hewlett Packard, Dell, Google and Research in Motion Limited are the direct competitors of the company (NASDAQ, 2012). However companies such as Lenovo, Compaq, Toshiba and Hitachi are also considered as the circumlocutory competitors of the company. The aim of the report is to develop a new product and successfully launch it in the market with a sound marketing strategy. The product is also supposed to provide high return on investment in its initial stages. Now going by the prevailing situation of Apple, the company is mainly famous for its innovative products. Therefore the product which has been chosen for the course of action is I-TV, an innovative television. I-TV: A brief overview The proposed product I-TV is an extension of Apple’s innovative product range. The product will also mark Apple’s presence in the Television industry and can certainly pose a big challenge for the established players. The projected features of the product of the product are:- 3D display Widescreen Strong Audio and Video output Look of Apple The most important feature and the Unique Selling Proposition of the product is that it will be capable of broadcasting all the digital channels of the world. As a result users can enjoy thousands of channels. New Product development Process Nowadays organizations are faced with increased level of competition within the industry (Monczka, 2000, p.1). There are even competitions from the foreign players as well as local players apart from the established domestic players. Hence it becomes necessary for an organization to undertake new product development in order to hold its land in the industry and perform its operations effectively in the market place. The new product development process starts from idea generation and continues till commercialization of the product (Boone & Kurtz, 2011, p.395). The stages are briefly ...Download file to see next pagesRead More
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