A Pricing Strategy of Apple, Inc - Research Paper Example

A Pricing Strategy of Apple, Inc. Introduction The following report will analyze Apple, Inc., an American multinational corporation that designs and built personal computers, computer software and consumer electronics. Some of the known hardware products of Apple are the following: Macintosh line of computers, one example of this is the Modern Mac that is capable of running alternative operating systems such as FreeBSD and Linux unlike other personal computers; the iPhone 5c which is a multimedia-enables smartphone that functions as video camera, camera phone with text messaging and visual voice email, web browsing and easy-to-use portable media player; the iPod which is a portable media player and lastly; the iPad which is a tablet computer primarily as a platform device for audio-visual media including books, periodicals, games, music, movies and web content browsing identical with iPhone however, it has no testing and calling functions. Some of the software they are marketing includes the Mac OS X Operating System, iTunes media browser, the iWork suite of productivity software, iLife suite of multimedia and creativity, Final Cut Studio suite of professional audio and film-industry software products, Logic Studio suite of music production tools, Safari internet browser and iOS mobile operating system. It is believed that Apple Inc. highly influenced the Computer Industry (John) . Apple indeed established a unique and remarkable character and status in the consumer electronic industry. Apple has gained many loyal customers that are truly devoted to the company and to its products and brand, particularly in United States. According to a news report based from the data in year 2007, Apple Inc. is one of the high-technology companies with the significant number of loyal customers (Macnn, 2006). In the year 2008, the Fortune magazine, as the most well liked company in the United States, also acknowledged Apple. Last March 2011, in the eight annual American Brand Excellence Awards, Apple Inc. was recognized as the best brand that meets the need of small and midsized businesses. (Birmingham Business Journal, 2011) Lastly, on the United Kingdom T3 Awards, Apple won six of the twenty-five awards. Apple’s iPhone was scooped as the Most Anticipated Gadget or 2007, as voted by the Sky News online readers. On the hand, iPod was recognized as the Best Commuter Gadget, Best Music Gadget and Best Gadget of All Time (John). Executive Summary In September 2013 the first Apple iPhone 5c was introduced. After over six months of waiting since Apple’s first public announcement of the release of the product. Many countries waited in line and in some cases people. In addition, Apple has managed to master its consumer-oriented brand that produces build-ups for the company’s new device. Moreover, the cell phone market is well established together with other players on the both hardware and software lines. Additionally, power new applications of the iPhone such as the Linux Mobile Foundation and Google’s Android are now in the software market, which the market cannot longer sustain more than a handful of mature software platforms (Robin, Daniel, Brent, & Craig, 2008). SWOT Analysis STRENGTHS Synergy with other Apple Products: IPod and iTunes: The iPod media player makes the iPhone 5c more powerful and user-friendly interface. The iPhone’s iPod can be use with iTunes; it is also considered the leading desktop software media player. In addition, the Apple products use the same dock connector; therefore, the iPhone 5c works perfectly with many Apple accessories. Mac OS X: iPhone 5c shares the same processor and operating system like on the Apple’s desktop, iPhone 5c also shares all the benefits, such as security, stability, familiarity, and the ability to run multiple applications at the same time (Multi tasking). Brand awareness Apple’s brand was included in the most valuable in the world and the top mover in the top 10. Further, Apple’s brand is recognized for its innovation and power gadgets (iPhone, iPod and Macintosh). Quality IPhone 5c component is of superior quality. Because iPhone 5c screen has more pixels and brightness than other products, as well the iPhone’s screen is scratchproof instead of cheap plastic like other competitors used. In addition, every launch of new iPhone has different features. Iconic appearance Apple Inc.’s iPhone 5c, just like the company’s brands adopts a top-notch built, which gives it a unique appearance. The smartphone’s metallic and glass components make it appear sophisticated and high-class, thus giving it a competitive edge over other conventional smartphone designs. The iconic look also increases chances of attracting affluent hence well-paying customers. Carrier support The iPhone 5c offers its users high carrier support. This means that it supports many functions, while eliminating the need for one to carry multiple devices. It also implies that one can input, store, analyze or access vital data when on the move. The smartphone’s carrier support is likely to make it highly popular among students, professionals, entrepreneurs and corporate users, among others. Customer Loyalty The iPhone 5c is also most likely to benefit from Apple’s brand loyalty. Extant Apple customers usually switch from one product to the other, since they always have a guarantee of improved phone features. Therefore, the iPhone 5c would reap from this and grow popular over time. Weaknesses Price: Despite the reasonable because of its offered features, the price is still expensive for the average consumers. Most of the cell phone providers subsidize most other phones, in some cases being free, wherein the iPhone 5c is too expensive and unsubsidized. No third-party applications: The iPhone 5c has a limited software platform; unlike other competitors or brands such as Windows Mobile have millions of applications. Moreover, Apple devices are only base or applicable on the company’s software and application that is considered limited. Corporate image: In the smartphones (iPhone) market, Apple brand is known to a consumer-friendly, but, is not known as a business-savvy, in particular when it comes to its security features and limited on-demand email. Opportunities Protectable UI advantages of Apple Features: Different features, such as multi-touch gestures, that will creates and opportunities and provides a unique application to leverage the features to be separated them from the other competitors. Huge unmet global demand: IPhone 5c are being manufactured and purchased in the Unites States and resold abroad for double the price. Some claims that up to one quarter of all the iPhone 5c sold in the Unites States been resold outside the country. Cross-market Leverage: The combinations of media players and smartphones have positioned Apple to leverage its control over the electronic market. Unstable market: rapid growth of electronic industry and technology usage could be an advantage in the series of developing innovative iPhones in the future. Threats Price Competition: other competitors most likely to offer lower price products with the same features with iPhone 5c. Competition from RIM: RIM might not remain in the corporate market, and may boost its effort to be competitive with Apple on the consumer area and outside the country. Competition from Entrants: Other competitors may develop innovative UI feature that can be pared of this of the iPhone. Additionally, competitors already launched multi-touch based phones. Corporate Market: Security issues may affect the market of iPhones particularly among the corporate consumers. Segmentation, Targeting and Positioning Segmentation, targeting and positioning constitute a strategic marketing approach also referred to as STP marketing. Segmentation is the process followed by an organization to group potential customers on the basis of their similarity regarding attributes, requirements, job roles or preferences. Targeting refers to selection of market segments, which an organization would like to serve. Lastly positioning entails application of different promotion strategies in target markets, in an effort to reinforce a constructive mental image of the respective firm among individuals. Segmentation The iPhone 5c market segmentation has primarily adopted geographical variables, which can be discerned from availability of the smartphone in different countries, mainly China, UK and the US. Behaviour-related variables such as extent of internet usage, volume usage and price sensitivity have also been explored, as is evident from the availability of the smartphone in different storage capacity and price. Targeting Apple, Inc. clearly targets customers using demographic variables like professional occupation, education and social class, in order to reach customers that are fully capable of using the smartphone. This is evident from the fact that, it is mostly students, entrepreneurs, corporate users and professionals, who use the iPhone 5c. Positioning In regard to the positioning component of the STP process, Apple portrays the iPhone 5c as a value added, flexible and convenient device for communication use by professionals and entertainment enthusiasts. Competitive Analysis What are the competitive advantages of Apple Inc. Design and Innovation Oriented Greater Horizontal and Vertical Integration Designing from scratch to finish bundled with applications and peripherals ‘Plug and Play’ Solutions R&D Oriented An Everything Ready Device (Refer to Table 1) Apple has been able to obtain a premium in the technology market and it was able to gain above average profit because of its innovation and differentiation of technologically superior products. Apple was able to leverage its expertise in iPod, iPhone, iTunes, iWork suite of products because of its learning and innovation in products. After a long period of time, Apple was able to perfect the chain of activities with regards to innovation and design leading to fit between the activities, which is difficult to copy and hence gives them the edge to their major competitors. (Iyer, 2008) Table 1. Competitive Advantages Alliances with major suppliers Design and innovation Horizontal and vertical integration Plug and play solutions I-tunes gives a major edge Linkages with independent software vendors Technology driven Complete bundle of applications Operating system more secure and less prone to virus attacks Collaborating with other leaders iPod and iPhone 5c combination gives brand awareness a push Apple’s retail experience, new Mac customers brought more PC Industry based on Porter’s 5 Forces Objective and Issues First-Year Objective Apple’s disruptive innovation is well illustrated in the first release of Apple’s iPhone. When the first iPhone was launched in the year 1997 it underperformed against the benchmarks started in the industry of the Smartphone’s. Approximately 1.5 million units were sold during its first two quarters, which was considered very low because some of its features did not reach the level of “innovation” expected. The company describes how Apple’s first iPhone underperformed with the traditional Smartphone’s released in the market. Traditional Smartphone’s had good performance while the iPhone was reported to have poor signal and frequent dropped calls. The speed of traditional Smartphone’s was powered by 3G industry standards compared to the 2G offered by Apple. The features of the Camera were not that good as well as the iPhone offered only 2MP with no video recording compared to the available Smartphone’s with a 3-5MP capacity and capable of video recording. Traditional Smartphone’s were also capable of running native applications in which the iPhone lacked. Because of these limitations, the late Steve Jobs did continued to enhanced the device and did not only make sure that met the market’s expectations but it exceeded this as well. It added more to its features and because of the continuous improvement, the iPhone was not only just a Smartphone but it became a portable handheld computer as well. Traditional Smartphone manufacturers offered web browsers that were quite difficult to use but the new iPhone made web browsing very easy. Its user interface was uncomplicated and because of its touch sensitive glass, one could easily access the messaging, e-mail services, photography, maps, games, books and mobile with a touch of a finger. Second-Year Objective Apple continued to structure a process that focused on enhancing the features of the iPhone 5c and adding to its functionality that met customers’ needs as well adding security features and wide variety of colors. In 2008, the iTunes was introduced which made the iPhone 5c even more multi-functional since it provided music, videos, and games on demand. In 2012, the latest iPhone, iPhone 5c iPhone 5s, was released with a tad of improvement from the later iPhone 4S. The screen of the new iPhone 5c was bigger yet still easy to hold while it was 20% lighter and faster as it was capable of connecting to LTE networks. The camera improved as it could take photos in low light and featured easy panorama and added security features. However, commentators have reported that the iPhone 5c was not really an innovation since it just added features that were already available in other leading Smartphone’s. Despite that the iPhone 5c sold more than millions people when it was released, the iPhone 5c was not that appealing to the public eye. Its decision to ditch Google maps and set up their own Apple maps made it a premature move and leads the feature to take 2 steps backwards. Marketing Strategy In the last recent years, Apple Inc. has been so successful because of the fresh ideas and imaginative way to think and do its business. They have a mixture of promising products, modern style and design, wide-range of strategies, innovative marketing and attractive communications. Apple Inc. in particularly iPhones 5c has achieved an awe-inspiring success in the previous years due to the combination of iPhone 5c and smart iPod and iTunes. Each product is composed of great hardware piece with vast style, grand performance, immense software, user-friendly interface and high quality e-business service. During the years 2003 and 2008, Apple Inc. share value increased 25 times. That is from $7.5 to $180 per share. At July 2008, before United States experienced financial crisis, Apple’s stock market capitalization was $160. And by January 2010, Apple’s shares topped the $210 mark. However, even the best competitors that offer best products have bottleneck factors, which inhibit the full exploration of possible opportunities (Vertygo Team). Marketing Mix (5ps) Marketing mix is a combination of aspects which make up a campaign for selling a product. These elements include the price, product, promotion, place and people. Marketing mix is an imperative element in introducing a new product in the market. Product iPhone 5c is a product that has numerous features which are extremely attractive to customers. For instance the first thing that is very unique is the fact that the product is in diverse colors which customers can take advantage of. Colors assist in making a statement or revealing a person’s personality. iPhone 5c has an A6 chip as well as an 8MP iSight camera. The iOS7 makes it even better since it has the capability to be upgraded and fit the customer’s needs. The iPhone 5c interface is simple to use and it is understandable to everybody. The iPhone 5c has numerous applications with a better version which includes an app to find other new applications. Generally, the iPhone 5c is a good product for consumers all over the world. Price The iPhone 5c price is dependent on where one buys it. Nevertheless, Apple has is a "low-cost" iPhone. The product requires a contract for two years with a phone organization. With such a deal one can buy, the 5C, 16GB model for just $99 as well as the 32GB model for $199, which are affordable prices for customers. Place Place gives a description of when and how customers obtain the product. In this case, iPhone 5c customers have different options from where they can buy it. For instance, consumers can get iPhone 5c from in-store and online markets. If one shops from a store, one can get a better deal. Promotion Smart advertising is one of the options that Apple is utilizing to promote iPhone 5c. Additionally, the company is keen on training its customers on the new phone’s tools thus further binding their relationship with their consumers. The use of TV commercials, online adverts and social media will make the iPhone 5c better known to their customers. People iPhone 5c is a product that suits people from diverse demographics. Despite apple having excellent customer care team, the consumers form a very important part of the market. Therefore, Apple should consider the people to which they will provide iPhone 5c. Apple’s strategies to achieve tremendous customer loyalty A Store Just for Apple In Apple’s history, they experienced difficulty by big-box sales staffers who are not correctly informed about their products. This is a problem that is very difficult for Apple to handle because their product is very different from the rest-computing crowd. When Apple Inc. created stores that are just for their products, they were able to eliminate the said problem but also, they had made an excellent development of customer loyalty? Apple Inc. makes sure that their stores are friendly were in Mac, iPhone and PC users are motivated to play with and explore the products and technology that the company offers. Also, their stores serve as a place where common Mac users can hang out with each other. Having this kind of stores, Apple encourages their new and old customers to get excited about the products the company has to offer (Vertygo Team). Complete Solutions The products offered by Apple Inc. complement and complete each other. For instance, when a customer buys an iPod or iPhone, the customer can download songs from iTunes. Mac produces most programs for average users. The fact that Apple is in control of the entire user process, from software to hardware, it can lead to more powerful customer loyalty. Users of their products do not have to stray to find the products and services they want (Vertygo Team). Varied Products There are some customers that are not ready to buy Apple computers, but they are willing to invest and try some gadgets like iPod or iPhone. Apple sells some of their products at low entry price because this will provide an opportunity for new Apple users to be introduced to other products. Once these new users experience and enjoy the products, they’re more likely to buy other Apple products in the future (Vertygo Team). Education Sales Apple sells its products to schools and colleges to turn classrooms into showrooms. If students experiences Apple products in school, they will be more familiar with the products’ interface and its performance. By having this early exposure to their products, Apple captures customers before they even knew that they are customers (Vertygo Team). Apple’s Branding Strategy Apple Inc. uses Apple brand to go with competitive markets which includes personal computer industry, like Macintosh and iMac a line of computers and laptops (McBook Pro), consumer electronics industry like iPod and iTunes and more recently in smart phone industry like iPhone 5c. Apple Inc.’s strategy is to develop or create products and services that are aligned with a digital hub strategy (Vertygo Team). Personality of the Brand The branding strategy of Apple focuses on emotions. It is about lifestyle, imagination, freedom, modernization, passion, hopes, dreams, aspirations and power to the people through technology. Also, the brand is about simplicity and removal of complexities in the lives of people (user friendly). It is a people driven product design and about being a humanistic company that have a heartfelt connection with the customers (Vertygo Team). Equity of the Brand and Customer Franchise Apple does not only create intimate relationship with their customers, but also it loves and it builds a real sense of community and communication among the users of its main product lines. The brand equity and franchise of customers, which Apple embodies, is very strong. For Instance, the preference for Apple products among the Mac Community is not kept to the company, but it even enables the company to sustain pricing that is a premium to its competitors. Furthermore, Apple made big advances when it comes to efficiency in operations and logistics. Apple’s Branding Strategy Apple Inc. uses Apple brand to go with competitive markets, which includes personal computer industry, like Macintosh line of computers, consumer electronics industry like iPod and iTunes and more recently in smart phone industry like iPhone. Apple Inc.’s strategy is to develop or create products and services that are associated with a digital hub strategy. Personality of the Brand The branding strategy of Apple’s iPhone 5c focuses on emotions. It is about lifestyle, imagination, freedom, innovation, passion, hopes, dreams, aspirations and security to the people through technology. Also, the brand is about simplicity and removal of complexities in the lives of people. It is a people driven product design and about being a humanistic company that have a heartfelt connection with its customers. Equity of the Brand and Customer Franchise Apple does not only create intimate relationship with their customers, but also it loves and it builds a real sense of community among the users of its main product lines. The brand equity and franchise of customers that Apple embodies is very strong. For example, the preference for Apple products among the Mac Community is not kept to the company, but it even enables the company to sustain pricing that is a premium to its competitors. Further, Apple made big advances when it comes to efficiency in operations and logistics. Among the required inputs needed in the creation process was the following: a.) Form which refers to the physical thing that has been created including the set of steps or procedures); b.)Technology (the source by which the form is to be attained); and c.) Benefit/Need (benefit to the customer for which the customer sees a need or desire). The use of technology made it easier for companies to create form that can provide benefits (Crawford and Di Benedetto, 2003).. Below are some of the patterns usually used in generating concepts: 1. 2. 3. A product concept is the prototype or the verbal statement of what needs to be change and the stand of the customer in terms of gain or lose. The book has emphasized that there are three major reasons why new product fails: a.) Lack of customer needs; b.) Failure to meet the needs of the customers and c.) Poor marketing strategies of the new products (Crawford and Di Benedetto, 2003). New product concepts are best illustrated by the figure below: Applying the concepts stated in the book, the paper seeks to compare and investigate two products: Apple iPhone 5c. Action Programs First Month Target Market – the factors why the revolutionary products are failing due to their lack of ability to build perception that would attract customers. Apple’s brand is well known globally and captures the hearts of their customer and able to sustain its strong brand reputation for years. The company targeted markets such as family and children oriented features or application – this allows the family and children to have fun using iPhone 5c; The company target customers who have a busy schedules or on the go customer with the added features of iPhone 5c and targets teenagers. Second Month Current Rivalry: The PC industry has very low switching costs and competition among competitors is fierce and intense. Apple experiences stiff competition with HP, Dell, IBM, etc. Threat of New Entrants: To enter this kind of industry, considerable investments must be made and this requirement makes new entrant reluctant. Though there is a scope for White-box Pc’s having share of 36% world-wide in 2006, but since the existing companies have created strong branding awareness, threat of new entrants is considerably low (Iyer, 2008). Bargaining Power of Suppliers: What are the two types of suppliers? The first type is the microprocessors and OS. The suppliers of this type are low. The second type is the memory chips, keyboards and disk drive. The suppliers of this type are many(Iyer, 2008). Bargaining Power of Buyers: Costs of switching is low. Only companies that have strong differentiation that would increase switching costs placed the buyer power in a strong position that is experience. (Iyer, 2008) Threat of Substitute Product: If there is more differentiation in the product, there are lesser chances of product substitute occurrences. If a company will increase the prices of their products, they have to provide a justification regarding their price increase. (Iyer, 2008). Third Month Apple’s iPhone 5c being one of the leading brand and product in the world has built its foundation with its regular technological breakthroughs. Its Engineers and developers have come to create gadgets that were completely unique. It provides a lot of convenience and even brought new lifestyle and new security features to its consumers. And with how it was able to impress consumers from their very first technology breakthrough, Apple was also able to build loyal customer base. It was shown in the figures how their revenues increased in every Apple’s launch of new iPhones. Although it was still lesser than what is aimed because of the global recession; still, Apple was able to sell millions to billions of units in just couple of years. Truly, Apple has begun to invade the whole technological industry. Its continuous innovations and breakthroughs that eventually captured consumers’ loyalty were mostly the primary strategy made used by the Apple Company to remain in the business. With its advancements, it was able to respond to every consumer’s need and lifestyle. Now there is an Apple gadget suited from professionals and businessmen to students and music enthusiast and even children. And I believe this is something that other companies have missed to do in advance. They may have also thought of those great ideas but they were able to accomplish them a little late. Budget The strategy for releasing a budget for iMacs reflects the successful release of the budget of iPhone 5c. Because iPhone 5c served as it penetrates the emerging electronic market that the expensive and old iPhone models failed to do in the past. The company is expects to spend over 10 billion dollars in CapEx, which is up little under 2 billion dollars per year, and expected to have little bit fewer than 1 billion dollars in retails stores and 9 million dollars in different products and services. The company is buying equipments that will be added in the partner facilities. And primary motivation is to have more supply in terms of iPhones (iPhone 5c, iPhone 5s and so on), however, the company will benefit significantly (Athena, 2013). Control The recipes to a successful iPhone 5c launch are the identification and control of the markets needs mixed with a portion of creativity and innovation. Successful electronic products need not a manual in order to show users how it’s used, however, iPhone 5c comes out simple in order for ease of use. When it is garnished with the addictive quality and caters to the customer’s desire for instant gratification then that product will surely standout. In order for products to maintain a strong lifecycle and strong competition in an industry, it has to go through four crucial phases namely the generation of new ideas, research, development and finally product launch. These steps are a continuum since the main ingredient of a successful product is innovation (Eran, 2013). Conclusion Innovation played an important role in the Apple’s strategy in making success. Apple didn’t stick to just one line of product or service unlike other companies. It also has moved from computers, media player, and communication. Now, it even brought these three into just one great iPhone 5c. Its devices can be traced to have three specific qualities. First, they are lustrous in style. Second, they are user-friendly gadgets and third, Apple devices offer wide range of number of applications that are exclusive for their loyal consumers. For instance, the team up between iPod and iTunes is something that cannot be offered by other computer manufacturers. And it proved to be successful as iTunes is now the leading market for digital downloads. If it has brought success to its core business, I believe it made even better. Apple was supposed to be just in line with computers but it has gone far beyond expected. It has conquered music and film industries because of its iTunes. And now, with its iPhone 5c, it has also conquered telecommunication as it initially teamed up with AT&T. At the moment, Apple is still making its way to reach every part of the world. And as recorded, Apple was able to set a record of selling 1 million units of iPad in just a couple of months. It could have been impossible because of the economic crisis but it was made to happen as every person craved to see what new Apple has to offer. Apple being one of the biggest and leading companies in the world and has built its foundation with its regular technological breakthroughs. Its Engineers and developers have come to create devices that were completely rare to the customer. It offers a lot of variety of innovations and convenience as well even brought new lifestyle to its consumers. And with how it was able to amaze and attract its consumers from their very first technology breakthrough, Apple was also able to build loyal customer base. It was seen in their revenue that is increased dramatically in every Apple’s launch of new devices including iPhone 5c. Works Cited Athena, Y. (2013, October 14). 'Budget' iMac Release: A Pricing Strategy Against Market Lull. 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