Marketing Objectives
Marketing objectives entail the goals that a business intends to achieve from selling of its products. Sales or market share for any business entities are very essential because they determine the financial strength of a business (Varadarajan, 2010). For a business to compete well in the market, it should have clear and achievable marketing objectives to guide its sales team. Moving forward with Apple Company, the good quality of its products has helped the company enjoy a consistent market for its products. The sales realized from MacBook pro can be improved through improving on the distribution network. Apple is known all over the world for producing high quality products. Therefore, an improvement on its distribution channel will definitely lead to an increase in its sales for MacBook pro. Apple Company is also known to overprice its products and only targets customers who know and appreciate their products. This has derailed its sales in a way because not all people can afford to buy their high-priced products.
The company can increase its sales on the MacBook pro by standardizing its price to match other companies who produce similar products. Lowering their prices to accommodate a larger population will see the company’s sales sky rocket. Apple Company should also focus on reaching more customers and not only those who know and value the quality of their products. There are customers who probably have never heard about Apple products and would be willing to trade in their products. Paying more attention to new customers around the globe is a sure way of increasing its market share (Varadarajan, 2010). There is a need of winning new customers every year to ensure that the business returns from sales increase. Increase in sales will stabilize the company in the market and help it be at the forefront of its competitors.
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Marketing Strategy
A good marketing strategy is based on the 4ps marketing mix, which include the product, price, place and promotions (Varadarajan, 2010). The 4ps marketing mix strategy is complete and has worked well for many businesses. Products come first in the 4ps marketing mix and define what a business deals with. A clear marketing strategy should guide a company towards completely differentiating its products from those of its competitors. Products should be unique and easily recognizable by prospective customers for any company to thrive in the market. Apple Company should implement more pleasing features on the MacBook pro to ensure that it surpasses the Dell Company products. Pricing of products is also very important because imposing high prices on products can sometimes limit a company’s sales. Pricing of products should be guided by the market prices from other companies. Adopting much lower prices than other companies usually increase sales and profit margin for a company. There is a need for the Apple Company to lower the price for its products, especially the MacBook pro because other companies like Dell are producing a similar product at a lower price.
Most customers who cannot afford the MacBook pro by Apple will opt for Dell products which are a cheaper. Place or distribution of products is also very vital for a company. A company which intends to attract more customers for its products should formulate clear distribution channels to ensure that products reach their customers on time. Apple Company has limited distribution network for its products. The company should venture more on improving its distribution network by incorporating more distribution partners and intermediates to ease the flow of its products (Varadarajan, 2010). The last marketing mix strategy touches on promotion. After products are manufactured, then priced and distributed, getting customers to buy them will call for more than just keeping them in the warehouses. Products are made known to the customers through promotion. Apple Company stands a better chance of increasing its sales by focusing more on promotion. The company should invest more on the use of social media to reach more people around the globe. The company should also carry out promotions during sporting events like the world cup tournaments and the Olympic Games. The strategy of marketing mix decisions is suitable because it incorporates a complete cycle of a successful market.
Product
Brand Name
In a market that has over a billion businesses running, a brand name is essential to distinguish a company’s products from others (Raj & Roy, 2015). For a company to succeed in the market it should come up a unique brand name for its products; a brand name which cannot be imitated. A unique brand name will greatly boost a company’s sales. It is easier for company which has a unique brand name like Apple to borrow money from financial institutions to fund their operations. Therefore, leverage is easier for companies with unique brand names than those without.
Quality
Customers will always go for high quality goods. Companies who wish to perform well in the business world must ensure that the products they manufacture are of high quality (Raj & Roy, 2015). For instance, Apple Company is famous for its high quality products and the fame is likely to continue for as long as its products remain genuine and unique. Leverage is more likely to high quality products because their absorption in the market is assured.
The Scope of the Product Line
The scope of product line is important for companies because companies which deal with only one type of product cannot compete with companies which deal with multiple products (Raj & Roy, 2015). It is more profitable for a company to deal with multiple products like the Apple Company because multiple customer needs can be met under one roof. Companies should therefore strategize on wide scope of product line to help them get leverage from financial institutions and other business partners.
Warranty
Warranting of products by companies is a way of gaining more customers. The warranty period also matters because customers are likely to go for products which have a longer warranty period. For instance, Apple Company has a warranty of one year on its products. The company is likely to face challenges in the market from similar companies who place a longer warranty period on their products. Therefore, the company should consider extending their warranty period to attract more customers.
Packaging
The manner in which products are packaged determines customers’ attitudes towards that product. Packaging should be neat and eye appealing to create a good first impression about a product to customers. An appealing packaging is likely to attract a bigger market for products, hence more profits from the sales. Companies which have a high demand for their products are likely to get leverage for their products and services.
Price
List Price
Customers are likely to go for products which have price list on them (Marn, Roegner, & Zawada, 2003). Price list enables customers to compare prices of products for different companies to ascertain which ones suites their income. It is therefore mandatory for companies to price list their products to ease business.
Discounts
The strategy of discounting products is widely used by most companies. Discounting attracts customers and is also a way of a company to appreciate its loyal customers (Marn, Roegner, & Zawada, 2003). Sales also increase when discounting is imposed on goods.
Bundling
Bundling is another popular strategy which most businesses need to incorporate in their operations because it attracts more customers. Bundled products usually sell at lower prices than single entities (Marn, Roegner, & Zawada, 2003). Bundling helps companies and businesses to increase their sales.
Payment Terms and Financing Options
Companies and businesses should improvise friendly payment terms and financial options to their customers in order to maintain them. Proper and precise payment terms and financial options attract more customers and are appropriate for businesses that want to grow.
Leasing Options
Leasing of products is a way of increasing a company’s sales and strengthening its financial base. Companies should lease some of their products to their loyal customers from time to time. Leasing strengthens the ties between customers and companies.
Decision Variables
Apart from having exclusive stores where company’s products can be accessed by customers, companies should give chances to distributors and retailers to trade on their goods. Companies can motivate the distributor channel by allowing for greater profit margins for the distributors and retailers (Sangwan, 2017). Companies should rely on product leadership to evaluate its distributors. It is also important for companies to ensure that distributors and retailers who trade in their products enjoy the privilege being sole partners of their Companies in the areas where they are located. Logistics of products and order fulfillment should also be enhanced to ease trade. Companies and businesses should develop efficient logistics and order fulfillment mechanisms to meet their customers’ needs.
Promotion
Advertising
Advertising of products determines how a company will perform in the market (Concord, 2015). Every company should have strong advertising mechanisms. Advertisements can be done through social media because its cost friendly and is accessible to many people.
Public Relations
How a company relates with the public determines the success of its operations. Companies should improve on their relations with the public through avoiding environmental pollution and organizing for community voluntary services.
Sales Promotion
Sales promotion is vital for any company hoping to do well in the market (Concord, 2015). One way promoting sales is by employing the technique of money back guarantee and lower purchase prices to persuade prospective customer to products.
Digital Marketing
Digital marketing entails the use of technology to transact business activities (Concord, 2015). Digital marketing can be adopted through creating companies’ apps which can be accessed by customer to view the companies’ products and place orders. Companies can increase their sales by implementing digital marketing in their operations.
References
Concord, C. (2015). 9 Ways That Promotional Products WORK for Your Business. Retrieved September 24, 2019; from https://antinapromotions.wordpress.com/2015/11/23/7-great-articles-about-promotional-products/
Marn, M., Roegner, E., & Zawada, C. (2003). The Power Of Pricing. The McKinsey Quarterly .
Raj, P., & Roy, S. (2015). Impact of Brand Image on Consumer Decision-making: A Study on High-technology Product. Retrieved September 24, 2019; from https://journals.sagepub.com/doi/abs/10.1177/0972150915569934?journalCode=gbra
Sangwan, K. (2017). Key Activities, Decision Variables and Performance Indicators of Reverse Logistics. (61): 257-262. Retrieved from https://www.sciencedirect.com/science/article/pii/S2212827116313452
Varadarajan, R. (2010). Strategic Marketing and Marketing Strategy: Domain, Definition, Fundamental Issues and Foundational Premises. 38(2):119-140. Retrieved from https://www.researchgate.net/publication/225485091_Strategic_Marketing_and_Marketing_Strategy_Domain_Definition_Fundamental_Issues_and_Foundational_Premises
