Relationship between Benefits Sought and Consumer Profiles in Different Market Segments - Essay Example

?Research Proposal Research Paper Topic: ‘Relationship between benefits sought and consumer profiles in different market segments Executive Summary Apple Inc. is an American company that manufactures state-of-the-art electronic products for customers. The most famous products of Apple Inc. include iPhones, Apple TV, iPads, and iPods. In this paper, the researcher analyzed the effects of different external and internal business factors on the performance of the company. The researcher also highlighted the performance of Apple Inc. in relation to its main competitors. The management decision problem for the research was finding of the relationship between benefit sought and consumer profiles in different market segments. The research question for the study was that how can Apple Inc. examine benefits sought and consumer portfolios to bring continuous improvement in market performance. The researcher collected the data in a proper format using questionnaires and analyzed it from all aspects. The researcher thoroughly researched the internal and external business environments’ factors of the selected company by visiting different people related to the company, as well as some customers. Along with that, the researcher also collected information about the company’s market performances and compared them with the performances of its competitors. The whole research took around two months, which included, visits to different people, collection of information, analysis of the collected information, and preparation of the report. 2. Background Research Apple Inc. is an American multinational firm, which deals with the manufacturing and selling of electronic products. Some of the main products, which Apple Inc. develops for its customers, include computer systems, laptops, iPhones, iPods, and IPads. The company’s headquarters are based in California. The company has employed over 60,000 employees all over the world. Apple Inc. tends to protect its market share by delivering high quality products to the customers. The company earned nearly 105 billion dollars in 2011 going ahead of its main competitors, which include Dell Inc. and Hewlett-Packard Company. The figure reveals its market share in the world of digital electronics. Apple’s successful marketing strategy has been the key to the achievement of competitive advantage for the company. Apple’s target market includes people who like to have a better user experience with the products and are willing to pay a bit more for quality. Apple’s target market also includes professionals, technology lovers, and businesspersons. This research paper would cover the ways benefits sought and consumer profiles can help Apple Inc. gain success in the world of digital electronics. The researcher would examine different internal and external business factors and their relationship with the performance of the company. There is not much research carried out in these areas in the past, which is the reason why I want to explore these areas. Moreover, there is also a need to find out the mechanism using which Apple Inc. can achieve a sustainable competitive advantage in the local and international markets. 2.1 Literature Review External and internal business environments play a vital role in improving performance of a company in the market. The main point of consideration for a company is the way it deals with both external and internal environments. External business factors include economic factors, technology factors, social and cultural factors, political and legal factors, and competition.1 “Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class”.2 Some of the internal factors of a company’s business environment include employees, capital, cash flows, stability, and risk-taking.3 For any company, the main mission is to get competitive advantage in the market by achieving high graph of sales. Companies use an appropriate marketing mix to achieve this mission. “Marketing mix describes the set of tools that management can use to influence sales”.4 Companies also need to identify market segments, as well as examine benefits sought and consumer portfolios in order to develop effective business and marketing strategies. “By identifying your primary target market, you can do a better job of narrowing your media buys”.5 Companies need to do strategic marketing to achieve success. “Strategic marketing is a consumer-based approach to product promotion that identifies market segments and attempts to make them more profitable by providing superior value”.6 Understanding of consumer behavior is essential for the development of a productive marketing strategy. “Consumer behavior consists of the actions that consumers take in regard to making decisions about purchasing various goods and services”.7 An understanding of consumer portfolios plays a key role in the development of a suitable marketing strategy for a company. “The study of consumers helps firms and organizations improve their marketing strategies”.8 3. Research Question The research question for the study would be, ‘How can Apple Inc. examine benefits sought and consumer portfolios to bring continuous improvement in its performances’. The component questions for the research would be: - How Apple Inc. identifies the appropriate target markets. - How Apple Inc. has been able to gain competitive edge over the competitors. Decision Outcome: I believe that a proper analysis of the external and internal business factors, benefits sought, and consumer portfolios can help Apple Inc. gain a sustainable competitive advantage in the local and international markets. 4. Research Design I would use a combination of descriptive and exploratory research methods to do the research. Exploratory method is appropriate because it would help me get a better understanding of all issues and policies of the company. I would conduct interviews with management professionals of the company, as well as with outside business consultants to know the way Apple Inc. can achieve sustainable competitive advantage. I would also use the survey method to know the viewpoints of consumers and business analysts about marketing strategies and products of Apple Inc. I would use descriptive method because it would help me extract a clear picture of the current business and marketing situations of the company. 5. Data Analysis I would arrange the collected information in the form of charts and tables to present it to the management. I believe that presentation of information in graphical form would be suitable because it provides a clear picture to the audience. 6. Timescale Proposal submission by 28 March Complete literature review by 10 April Complete fieldwork by 15 May Complete data analysis by 25 May Give presentation on 28 May Complete final report by 10 June Bibliography Capozzi, C 2011, Internal factors Affecting a Company, viewed 28 March, 2012, http://www.ehow.com/info_7737036_internal-factors-affecting-company.html Dahl, G 2007, Advertising for Dummies, 2nd edn, Wiley Publishing, Indiana. Dinn, S 2010, Understanding the Internal and External Environmental Factors and Its Impact on Daycare Marketing, viewed 28 March, 2012, http://ezinearticles.com/?Understanding-the-Internal-and-External-Environmental-Factors-and-Its-Impact-on-Daycare-Marketing&id=5438842 Kotler, P 2003, Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know, John Wiley & Sons, New Jersey. Masters, T 2011, What is Strategic Marketing?, viewed 28 March, 2012, http://www.wisegeek.com/what-is-strategic-marketing.htm Perner, L n.d., Consumer Behavior: The Psychology Of Marketing, viewed 28 March, 2012, http://www.consumerpsychologist.com/ Shah, A 2010, Factors Affecting Consumer Behavior, viewed 28 March, 2012, http://www.aipmm.com/html/newsletter/archives/000434.php Tatum, M n.d., What Is Consumer Behavior?, viewed 28 March, 2012, http://www.wisegeek.com/what-is-consumer-behavior.htm Read More