Sophisticated; Elegant; Great User Experience – Three words which define the company, Apple Inc. Known for excellent product quality, Apple has been able to carve out a niche that no other brand has been able to do so.
Launched in the year 1977, Apple has been able to position itself as a premium brand, which offers its products and services with superior quality features and functionalities at a higher price.
Apple’s target customer generally comprises of well-off individuals who are willing to pay extra for the quality and superior technology products and services. Besides that Apple has a monopoly in the market for its advanced design, functionalities, and capabilities.
PRODUCT IN MARKETING MIX OF APPLE
Let’s try understanding the Marketing strategy and marketing mix of Apple.
For decades, Apple has been amazing for people with its innovative products and breakthrough technology. Below is the product mix of Apple which has been ruling the market since the time of their inception.
iPhone: Apple was the first company to introduce smartphones that had multiple touch and has a share of 20% in the market.
Mac: Macintosh – generally branded as Mac, one of the premier products of Apple Inc and the utmost reason for the existence of the company. This product was introduced by Steve job in January 1984. This was the first personal computer which was made for the general users that had a mouse and graphical interface. Some of the models that are currently present in the market are: iMac, Mac book, Mac Pro, iMac, MacBook Air, MacBook Pro,.
iPod: After Macintosh came the iPod, which entirely changed the way we listen to music. What walkman was to Sony, iPod was to Apple. Just like Sony became an instant hit with its Walkman, Apple became an instant hit and a global company with its iPod. However, these innovations by Apple had just started.
Apple Watch: The company launched a smart watch where you users keep a track of their fitness schedules easily.
Apple TV: Launched in the year 2007, it has not been able to be as successful as the other products launched by them in the market.
Apple Music: Apple Music is the new offering from Apple that allows customers access to unlimited latest songs by paying a monthly or annual subscription to them.
PRICE IN MARKETING MIX OF APPLE
There is only one core strategy that Apple uses for its products and that is “Premium pricing strategy”. Apple’s customer base is majorly well-off individuals. As it offers superior quality products and for that reason, the demand of being a premium priced product is also valid.
Besides that, Innovative technology, Superior quality products, and clutter breaking product designs are the main reasons that Apple goes for Premium price strategy.
PLACE IN MARKETING MIX OF APPLE
Place plays a very important role in order to strategize the marketing of Apple. A good product is of no use until and unless it is easily accessible to customers. Apple uses both offline as well as online channels for distribution of its products.
Online: Apple has exclusive tie-ups with world’s multiple renowned e-commerce portals in order to sell its products via online channels. Besides that, it also has it’s own website where it allows users to perform ecommerce activities in order to purchase the products directly from the website.
Authorized Corporate Resellers: There are a number of corporate resellers that tie up with Apple for distribution purposes. These resellers are nothing but premium stores/retailers who are in contract with Apple to sell the product on their physical stores. Considering the premium model of the product, the retailers/Stores are handpicked on the basis of various factors like Size of the store, Sales, Monthly customer visits etc.
Apple Stores: Apple has also set up its own stores at various places where customers can go and purchase apple products. These stores generally follow the same store infrastructure everywhere with more open floor space available for the customers.
PROMOTION IN MARKETING MIX OF APPLE
Another major leg in the marketing mix and marketing strategy of apple was Promotion
Apple follows a very straight forward and minimalistic approach in order to advertise its product and offers.
Moreover, Apple is very peculiar about the content to be used for the marketing and thus focuses on the constraints like the clean design, subtle colors and clear messaging experience.
Considering the market which Apple has acquired as a brand and customer personas that it targets, Apple does not use any other marketing channel to promote itself.
Apple uses premium marketing channels like showcasing advertisements at prime time TV slots, Top-end magazines and Billboards set up at prime locations. Due to it’s premium nature of the brand only, it is difficult to find any price based offers given by Apple for promotion purpose.