After setting marketing objectives and marketing strategies, the Marketing-Mix represents the third and last level of planning in the marketing conception. Therefore once the market for the Apple Watch has already been defined and correspondingly analyzed, the next step will be to review what the different elements of the Apple Watch Marketing-Mix are and how they interact with each other.
The interaction among them shows clearly how changes and decisions made, which affect to one specific area of a product’s Marketing-Mix, produce different changes –and up to what extent- in the rest of the elements2, demonstrating that they cannot be seen, considered or analyzed separately but as a whole.
It is clear then that only by approaching the Apple Watch Marketing-Mix as a whole, in which each part is irreplaceable and subordinated to Apple’s marketing strategy, can be obtained a complete view of the level of efficiency they achieve when exploiting the two Unique Selling Propositions already stated in the conclusions of the first assignment.
Table of Contents
1. INTRODUCTION
2. MARKETING MIX
2.1. The original four categories
2.1.1. Product
2.1.2. Price
2.1.3. Place
2.1.4. Promotion
2.2. Three Additional P’S
2.2.1. People
2.2.2. Process
2.2.3. Physical evidence
3. CONCLUSION
4. REFERENCES
5. INTERNET REFERENCES
Objectives and Themes
This assignment aims to examine the marketing strategy of the Apple Watch by applying the extended 7P marketing mix framework to assess how various elements interact to support the brand's competitive positioning.
- Analysis of the traditional 4P components (Product, Price, Place, Promotion) in the context of the Apple Watch.
- Evaluation of the extended 3P components (People, Process, Physical evidence) relevant to service-oriented marketing.
- Investigation of how Apple utilizes differentiation and premium branding as a core marketing strategy.
- Assessment of the synergy between hardware, software, and the exclusive retail experience provided by Apple.
Excerpt from the Book
2.1.1. Product
The Apple Watch intends to satisfy the demand for a highly customizable good-looking smartwatch able to enhance the smartphone (in this case the iPhone) capabilities. It is also a product which presents a superior value proposition to the customer based on a total integration of the product with the Apple hardware (iPhone, iPad, Mac computers) and software environment (iOS, iTunes, App Store, etc.), a robust construction made with fine materials, an innovative design that clearly stands out and also adds countless customization possibilities through wristbands matching all styles and tastes. And all these advantages are wrapped in Apple’s customer service. It exploits then personalization, integration, design, ease of use and service as a way to maximize the added value offered to the customer as return for his/her investment.
The company has a unified product range in which software and hardware works seamlessly and in which only the screen and back materials are different depending on the version. Apple benefits then from a high margin product without incurring in additional costs derived from the complex handling from big product diversity with many different detachable features and add-ons.
Summary of Chapters
1. INTRODUCTION: This chapter outlines the role of the Marketing-Mix as a crucial planning level and introduces the focus on the Apple Watch's interconnected marketing elements.
2. MARKETING MIX: This section provides an in-depth analysis of the 7P marketing framework, detailing how Apple manages product, price, place, promotion, people, process, and physical evidence to achieve differentiation.
3. CONCLUSION: The final chapter summarizes how the 7P elements work in harmony to maintain Apple's strategic goals and ensure high profitability and market effectiveness.
Keywords
Apple Watch, Marketing-Mix, 7P Framework, Product Differentiation, Market-Skimming, Consumer Electronics, Apple Store, Brand Strategy, User Experience, Premium Branding, Product Placement, Customer Segmentation.
Frequently Asked Questions
What is the primary focus of this paper?
The paper focuses on analyzing the marketing strategy of the Apple Watch by applying the 7P marketing mix model to examine how Apple differentiates its products in the competitive smartwatch market.
Which marketing framework is applied in this study?
The study applies the extended 7P marketing mix, which includes the original 4Ps (Product, Price, Place, Promotion) and the additional 3Ps (People, Process, Physical Evidence) defined by Booms & Bitner.
What is the core objective of the research?
The goal is to review the different elements of the Apple Watch marketing mix and demonstrate that they cannot be analyzed in isolation but must be viewed as a coordinated whole to understand their efficiency.
What research methodology is used?
The work utilizes a descriptive analytical approach, applying established marketing theories to the specific case of the Apple Watch's market entry and development.
What does the main body of the work cover?
The main body systematically breaks down each of the 7P components, explaining how they contribute to Apple’s overarching strategy of product differentiation and luxury positioning.
Which keywords best characterize this work?
Key terms include Apple Watch, Marketing-Mix, 7P Framework, Market-Skimming, and Premium Branding.
How does Apple utilize "Market-Skimming" for the Apple Watch?
Apple enters the market with a higher price point than competitors to maximize earnings from early adopters, maintaining these prices throughout much of the product life cycle rather than lowering them rapidly.
What role do Apple Stores play in the marketing mix?
Apple Stores serve as a vital "Place" and "Physical evidence" component, designed to offer a unique, exclusive customer experience and personalized service, particularly for high-end products like the gold Apple Watch Edition.
Why is the "People" component significant for Apple?
The "People" component is highlighted because Apple prioritizes attracting top talent and maintains highly trained, service-oriented staff who act as brand ambassadors and ensure the premium customer experience.
How is the "Process" element manifested at Apple?
Apple's process is characterized by operational secrecy and the careful staging of product launches during Keynote events, which generates significant mystery and consumer demand.
- Quote paper
- Santiago Mas (Author), 2016, The Seven P’s of the Apple Watch’s Marketing-Mix, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/437674
