Purpose/Mission
The Apple Company intends to introduce a new product into the market: the latest Apple phone version. The purpose of Apple introducing the latest Apple phone version includes having a competitive advantage, attracting new sales, and impressing consumers. Apple has a variety of competitors. For instance, by releasing an updated Apple phone, Samsung has an added advantage over its competitors (Singh, 2022). The release of the new phone increases the current sales of Apple since customers are intrigued with newly updated products. Every time Apple releases any latest Apple products, consumers are impressed with the increased quality features. It can keep impressing customers each time because it keeps up with the day-to-day trends. Apple’s mission while introducing the latest product into the market is that it thrives on bringing the greatest user experience via innovative services to its customers.
SWOT Analysis
Strengths
Apple, as a well-acknowledged brand, has various strengths that would be an added advantage to facilitate the release of the new product. One of its strengths is that Apple is the most valued brand. Over the past nine years, it has been ranked position one with a brand value of over 400 Billion, outmatching brands like Amazon and Microsoft. Another strength is its comprehensively iconic (Tien et al., 2019). It has proven to be the most dependable company for custom-made smart technology gadgets and innovative computers. This is an added advantage since it draws and keeps over a million loyal consumers with stable increments. Apple’s top technology is yet another strength. Apple’s other strengths include being innovative and producing quality technology. It is a brand of choice, enhancing proficient research and development and its willingness to expand services.
Weaknesses
Apple has some weaknesses that might interfere with the release of its latest iPhone version. Apple products are usually high priced, and one can consider them luxury since only high and middle-earning customers can afford their premium pricing. Limited advertisement and campaigns are another weakness (Yie et al., 2021). Due to the company’s success, it does not see the need for excessive promotions since it has already recognized and has quite several loyal customers. Another weakness is Apple’s allegation of tracking which might destabilize trust among users. The incompatibility of Apple products with other Software is yet another weakness. Some people might need help to buy the new apple product since it does not support other technologies, which makes them unable to get along with other devices.
Opportunities
Apple has various opportunities, such as steady customer growth. This is an added advantage to the new iPhone since Apple’s customer holding rate of 92 is high. Having qualified professionals that consist of researchers, designers, and product specialists is yet another opportunity (Zhang, 2019). The team enhances the company to form new opportunities continuously. An extensive distribution network can be an opportunity for the company and its products. If Apple puts its efforts into expanding its distribution network, it can generate higher sales and revenues. Apple can utilize Artificial Intelligence to raise its profit margins and have a stable market position. Other opportunities for Apple include growing its music streaming services, growing its smart wearable devices, and striving to provide self-driving software devices.
Threats
Threats that Apple should be aware of before releasing the new iPhone include the Covid-19 after effects. Apple depends highly on China for its supply chain and processing, making it hard to recover from the pandemic, which disrupted and impacted most of its operations. Another threat is the non-effectiveness countermeasures of Apple’s Air Tags, which have often been used for wrongdoings such as stalking people and even stealing cars (Chen et al., 2023). Increased competition from brands like Samsung and Dell threatens advanced technology. Facing bullying for counterfeits is also another threat that Apple faces. Third-world countries have normalized using Apple’s image to sell counterfeit products at the same price as the original product, which makes potential clients think Apple products have low quality. This brings about bad publicity and undesirable reviews for the company and its products.
Trends
Apple trends include Siri advancement, Apple Smartwatch, Apple iBeacon, IoT, and Apple Pay. Siri has become an effective task manager, and Apple tends to improve the Siri trend. It enables it to access and manage individual accounts via Citi Mobile app on the new Apple release. The Apple watch trend facilitates the smartwatch to manage some tasks for iPhones since it has productivity apps (Li, 2021). The Apple iBeacon trend is a new combination of iBeacon plus wearables and iPhones that work well together and have many benefits. IoT, the Apple home kit, became a trend in 2020 and has proven its importance by letting users constitute, communicate, and regulate smart-home applications by using Apple devices. Apple pay is yet another trend that has become a better alternative for PayPal.
Marketing Strategy/Advertising Promotion
Apple uses two marketing strategies which include product placement and creating buzz. The company endorses celebrities and popular shows with high viewing numbers in product placement to promote their products. Knowing the right place to create a buzz, the company benefits from positive reviews on various social media platforms, which aids them in attracting more customers (Sharma et al., 2020). Apple has a unique pricing strategy since Apple products have higher pricing compared to its competitors. However, there is still a higher demand for these products due to their quality which marks a good marketing strategy other than having wavering prices. Apple knows its audience and talks their language, which is another marketing strategy that has made it have the majority of loyal customers in the market share.
Budgets
When launching a new product, in this case, a new iPhone series, Apple’s budget keeps in mind the advertisement, production, and logistics budgets. The production budget includes material and labor costs. The labor cost of an average iPhone operative is $10 an hour. However, the top operatives make $27 (Singh, 2022). The material cost of the iPhone being released is $500 per phone. Apple’s advertising budget is average since it is a well-known global operating franchise. In 2022, Apple spent over 3 billion dollars in advertising and marketing. Apple’s supply and logistics budget sets aside about 6 billion dollars to facilitate indirect and direct distribution of product distribution channels. The company buys materials from different suppliers and ships them to China, and it also ships its finished products from its manufacturing plant to its retail shops.
Performance Analysis
Apple’s performance analysis reaches production numbers and distributes them to meet the company’s growing demand. The market presence and brand Apple has built have unmatched all brands with its exclusive product differentiation (Yie et al., 2021). The metrics that Apple can use to measure its performance analysis are productivity, the number of sales it has had on its products, and employee behavior and reviews. The production of quality and adverse Apple products has brought about quite the market presentation of its products. Apple has hit over $220 billion in revenue from iPhone sales since it provides innovative products. Apple is a global franchise that interacts with different employees (Tien, 2019). This makes it value its employees’ different cultures and gives them equal benefits such as paid leaves and allowance, improving productivity and performance.
Implementation
Implementing the launch of the latest Apple phone version would not be that hard based on Apple’s purpose and mission, SWOT analysis, marketing strategy, advertising promotion, budget, and performance analysis. While launching the latest iPhone, Apple accomplishes its mission of introducing the latest products that gives a better user experience to its customers. Apple’s strengths and opportunities are an added advantage in implementing the launch of the new iPhone product since they attract a stable market (Zhang, 2019). The company’s marketing strategy aids implementation because of the positive customer reviews and the use of endorsements to market the new product. Apple sets aside a healthy advertising budget and supply and logistics budget that comes in handy while launching the new series so that it can reach its customers.
References
Chen, Z., Li, Y., & Huang, R. (2023, February). An Investigation of the Investment Projects for Apple’s Future Development Based on SWOT Analysis and Fisher Model. In Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China.
Li, Y. (2021). Apple Inc. Analysis and Forecast Evaluation. Proceedings of Business and Economic Studies, 4(4), 71-78.
Sharma, L., Burark, S. S., Kaushik, R. A., & Meena, G. L. (2020). Prospects of custard apple value chain development in Rajasthan. Economic Affairs, 65(2), 207-212.
Singh, P. (2022). COMPANY ANALYSIS OF APPLE (Doctoral dissertation).
Tien, N. H. (2019). International distribution policy comparative analysis between samsung and apple. International journal of research in marketing management and sales, 2020(1), 2.
Tien, N. H., Dat, N., & Chi, D. T. P. (2019). Product policy in international marketing comparative analysis between Samsung and Apple. Int. J. Res. Mark. Manag. Sales, 1, 129-133.
Yie, C. E., Zhi, C. E., & Ping, N. T. S. (2021). A Critical Analysis of Internal and External Environment: Case Study of Apple Inc. Journal of International Business and Management, 4(10), 01-14.
Zhang, Z. (2019, December). Investment Decision Based on Value Factor and Financial Criteria—Taking Apple Inc. as Analysis Sample. In 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019) (pp. 872-880). Atlantis Press.
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