Apple INC. is the world’s largest information technology company when it comes to measuring revenue. With a value of 700 billion US dollars, it is the 2nd largest phone manufacturing company in the world after Samsung. Apple is one of the biggest multinational companies in the world which operates and offers high quality electronic products and computer software’s. (Chen, 2015)
PRODUCT: Product is the most primary part of a brand which offers customers with the benefits they look for in a product. It is also the most important aspect in the marketing mix. The marketing mix consists of 4p’s, Product, price, place and promotion wherein every factor in the mix is depended on the product. A product can include objects, goods, services, people, places, ideas etc which can have tangible as well as intangible benefits to the customer. (The Economic Times, 2016)
In today’s world mobile phones have become one of the basic necessities of people around the world. The fact that smart phones provide numerous benefits such as connectivity, functionality, entertainment and efficiency all at your fingertips is the primary reason to it. The Iphone being one of the core products of Apple along with Mac computer provide the customers with value-added benefits such as the elegant design of the phone, online music library (ITunes), a completely new operating system (IOS) which differs from all the competitors in the market, and the high-end entertainment facilities. These value added benefits differentiates Apple from other phone companies which improves the customer satisfaction. Apple’s products also give an intangible benefit to the customer which gives the customer a feeling of pride and boosts up the self-esteem when they use their product. Apart from these salient features, what differentiates Apple from other competitors is the customer service it provides to its customers. All these factors improve the service variability of the company and thus improve the customer satisfaction.
A brand is nothing but a combination of name, logo, slogans, symbols, and design which helps the customers in identifying and differentiating one brands products with other. The most valuable asset of a company is often its brand name. It can evoke a feeling of negative or positive attributes and benefits towards the products of a brand. (Experts, 2013). In 1997 Steve Jobs one of the founder members of Apple decided to change the initial rainbow colour of the logo to monochrome as he saw it humanising the brand (Frith, 2011). Apple Inc’s bitten monochrome apple has been a constant symbol for the brand for nearly two decades now. This logo evokes a perception and image of luxury, dependability, and technologically superior in the mind of the customers.
Brand association is nothing but an image of a brand that is set in a customer’s mind. It is the qualities and benefits that are perceived by the customers of a brand. Apple has been openly loved and accepted as one of the best. A lot of brands take years to create a positive brand association in the mind of the people. When I hear of Apple words like ‘innovative’, ‘creative’, ‘cool’, ‘sleek’, ‘style’, and ‘luxury’ are the first things that come in my mind. I associate Apple with these words. Apple has maintained its identity with such association throughout the years which has made it one of the largest companies in the world with brand loyalty it has.
Brand extensions are a common strategy which is used by many companies to increase and improve the revenue on their current products. Apple is one of the few companies which have entered into different categories totally based on the emotional attributes rather than the functional ones. Starting as a computer manufacturing company, Apple today offers a multi product segment line which includes smart phones, music players, tablets etc.
Improving and development of a product is very important for corporate pride, intact and attract customers and more importantly survive in the market. Every year Apple Inc comes out with a new product with improved specifications and new features and benefits in all the product categories it offers.
Apple launched its 6th edition of the Iphone (iphone6s) series, the new generation Mac, and the Ipad pro 9.7 in the last quarter of 2015. (Hall, 2015) These new products are the same existing products which improved features and specs. Apple also came up with the most successful Smart Watch called the Apple Watch which eventually became the best wearable device with a shipment of 11.4 million watches in the first quarter of 2015. Apple also makes a point to update its operating system (IOS) in regular intervals in all its product categories to give the customers maximum benefits and satisfaction and keep their devices up to date. (Cook, 2016)
Development of new products is a core strategy in making a difference and standing out in the market. Apple has always satisfied its customers and being at the top when it comes to this development. This has given Apple an overwhelming brand loyalty and brand personality which has driven the company to new heights every year.
Chen, L. (2015, MAY 11). Forbes. Retrieved 2016, from Forbes: http://www.forbes.com/sites/liyanchen/2015/05/11/the-worlds-largest-tech-companies-apple-beats-samsung-microsoft-google/#439e48f1415a
Cook, T. (2016). APPLE PRESS INFO. Retrieved 2016, from Apple: http://www.apple.com/pr/products/
Experts, M. (2013). Understanding Brand – What is a Brand ? Retrieved 2016, from management study guide: http://www.managementstudyguide.com/what-is-brand.htm
Frith, H. (2011, 10 7). CNN. Retrieved 2016, from Unraveling the tale behind the Apple logo: http://edition.cnn.com/2011/10/06/opinion/apple-logo/
Hall, Z. (2015, December 5). Year In Review: Everything Apple released across 2015. Retrieved 2016, from 9to5mac: https://9to5mac.com/2015/12/23/apple-year-in-review/
The Economic Times. (2016, August ). Marketing Mix. Retrieved 2016, from Economic Times: http://economictimes.indiatimes.com/definition/marketing-mix
PARTH MANISH DESAI
STUDENT ID: 216037056