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Marketing is the study and management of products-exchange relationships. Customers are the focus of all marketing attempts. As a result, marketing is aimed at creating and influencing customer’s interests towards a specific product. Marketing affects all the aspects of our life; for instance, daily consumer decisions depend on marketing. Buyers make decisions about consumption habits from advertisements (Chen et al. 89). Marketing trends are essential in determining what to buy for dinner, the smartphone model to buy, what to wear and where to get refreshment. It is through marketing that people stay informed about business or products opportunities and novelties. Furthermore, marketing determines where to access a particular service or good and it avails a variety of choices for consumers. Again, marketing is the primary source of employment for many people as it’s through marketing that people can access work opportunities.
Before this course, I perceived marketing as a simple process of promoting company products. I have come to realize that marketing is a diverse and complicated process. It’s not about product promotion, but it starts right from product identification with the company to consumer buying. Marketing is the coordination of four essential elements which include the identification and development of a product, price determination, product distribution to consumers and the development of promotional strategies.
The Apple Company iPhone marketing strategy has dominated the market. The iPhone demand is increasing despite competition from other phone models like the Samsung. The achievement of success has been through a combination of business and strategic level strategies. The company invests in product research and product development. Every iPhone model brings new tastes and preferences to the customers (Faisal 23). The company embraces product differentiation as a result of product research and innovation.
As part of the company marketing activities, I recommend the use of price skimming in iPhone marketing. The pricing strategy entails setting high prices during product introduction in the market and lowering it down as the market evolves (Burgers 137). The business can maximize sales at the initial stages before competitors join the market. The company should engage in innovative and competitor research strategies to offer quality products to its customers.
Burgers, W. "Pricing Strategies." Marketing Revealed, 2017, pp. 137-149, doi:10.1057/9780230230873_15.
Chen, S., et al. "Teaching Design Thinking in Marketing: Linking Product Design and Marketing Strategy in a Product Development Class." Journal of Marketing Education, 2018, pp. 6-89, doi:10.1177/0273475317753678.
Faisal, A. "Marketing Strategies in Online/Digital Marketing." Account and Financial Management Journal, 2016, pp. 2-34, doi:10.18535/afmj/v1i8.01.
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