Developing products and brands

Developing Products And brands APPLE INC. INTRODUCTION TO APPLE Apple Computer Inc was founded by Steve Woznaik and Steve Jobs in April 1976. In 1984, Apple established the position of innovators in industrial design after the introduction of Macintosh line of computers which were renowned for their spontaneous ease of use. It designs, manufactures, markets personal computers, peripherals, software, focusing on lower costs and designing unique computers such as Power Macintosh models and iMac. In 1976, Woznaik started working on Apple I computer which did not have keyboard nor power supply. To start the company, Woznaik and Jobs had to sell their most valuable possessions, two calculators and van by which they raised $1300.. This was the beginning of a successful journey for Apple. A start to innovative and attractive products that would wow customers and give them a reason to become loyal. Today, Apple is a large successful electronic brand in the market, with a current market value of about $300 Billion. The reason behind Apples success and popularity worldwide is attached to the fact that it has been able to study consumer requirements and has been successful enough to incorporate these requirements into their products. Consumers are likely to go out and buy a product that will fully satisfy their needs. If this is met, consumers will be willing to pay a high price. Apple’s use of intellectual marketing skills has also been a big reason for their success. Hard work and commitment was an important element in their growth and is what has made them where they are at today, occupying a large market share and catering for a large fan group. Executive summary Apple Inc is now one of the most popular electronics brand sold globally. The extent of its products creativity, uniqueness, functionality and style is a great explanation for its success. The five product levels that can be applied to Apple’s new iPhone 4s are core benefit, which is the satisfaction of a basic need. In this case the iPhone 4s being a communication device. Secondly, the generic level which is concerned with the development of the product, the IOS 5 which is an interactive operating software. Thirdly, the expected product linked to the minimum expectations of the consumers. Fourthly, the augmented product level includes extra added benefits of the product. For instance: “ siri” which is like a personal assistant, recognizes voices and is capable of having a normal conversation with the user. Lastly, potential level, which envisions improvements of the product in the coming years in order to retains its differentiation. Apple products can be easily incorporated with the product life cycle. Starting with development stage, which is the process of carrying out market research to develop a new product or developing an old version to a newer one. Introduction is when the product is in the launching stage. Advertising and promotional expenses are largely incurred and a very low rate of return is generated. The growth stage is associated with the rapid acceptance of the product, high demand and growing profits. Maturity is the slow down on sales and the declining of profits. Lastly, the decline is when the market experiences a downturn either because of a newer product introduced or due to changes in consumer preferences. Apple iPhone 4s is now in the growth stage of the PLC. Applying Doyle’s theory to one of Apple’s most successful product, the iPhone 4, all the four criterions of a strong brand are met. The iPhone 4 delivers a strong consumer proposition, as it is packed with relatively attractive functions that are likely to capture consumers. It is also integrated with other assets, in the sense that it can be used in conjunction with a PC or a Mac in order to download iTunes and thus manage and organize personal music. The iPhone 4 was introduced in a very attractive market, where people eagerly queued outside the Apple store in June 2010 on the launch day. Apple Inc has managed its cash flows perfectly and therefore it is financially stable. This increases funds for greater research and development and hence greater modification of products in the near future. Brand equity is basically the value that is created when consuming the product. It is a measure used to make a particular product line stand out from its competitors. Apple Inc can increase its brand equity by implementing the schemes of brand reinforcement and brand revitalization. Brand reinforcement is having new costumers come back and become loyal customers. Apple is able to apply this as with its high quality and reliable products it is capable of making consumers impressed. Whereas, brand revitalization is a tactic of recapturing lost sources of brand equity and developing and enhancing new sources of brand equity. This can be done by modernizing the products and by creating a new market position for the brand. Table of Contents | Content | Page | 1 | 5 Production Levels | 6-7 | 2 | Product Life-cycle and Diffusion Theory | 7-9 | 3 | Doyle (1993) | 9-14 | 4 | Brand Equity | 15-17 | 5 | References | 18 | WHAT ARE 5 PRODUCTION LEVELS? Philip Kotler, the man known as the father of Marketing, changed the notion of marketing during the 1960’s, he gave an insight about marketing instead of the role and functionality of the marketers. As a result, the perception of marketing was evolved from a specializing sector into the principle of spreading throughout the organization. According to him, marketing was a ‘ social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’. He identified the three elements; need, want and demand. ‘ Need’ was defined as ‘ lack of necessities’ whereas ‘ want’ was described as ‘ a particular necessity for the commodities to equal a need’. ‘ Demand’ took over as ‘ a set of wants plus the desire and ability to pay for the exchange’. A consumer will be picking a product based on its perceived value. Satisfaction is defined as the measure of how the actual consume of the product equals the perceived value when the product is being purchased. A consumer will be satisfied merely when the product’s actual worth equals the perceived value or surpasses it. There are five classifications of a product, beginning with the ‘ Core Benefit’, which is the consumer’s satisfaction of the basic need or want by the consumption of the product or service. Now considering Apple inc’s. iPhone 4s, the core benefit of the product would be its ability for communication through voice or short messaging services through different telecommunication carriers around the world Next comes the ‘ Generic Product’ where the product is developed with rudimentary characteristics focusing only on the minimum requirements without which the product will not be able function in the market. It includes many factors like packaging, design and features, brand name. The generic products pertaining to the iPhone 4s would be its revolutionary touch screen interface which works as a keypad and its interactive operating software (IOS 5) along with its highly advanced processor. ‘ Expected Product’, which depicts the minimum expectations of the consumers when they buy a product. Considering the previous models, the expectations for the iPhone 4s was greatly derived from the 4th generation iPhone, which had features such as a 5 MP camera along with a A4 processor and a retina display, such features caused a great markup in the expectations of the iPhone 4s which was expected to surpass what was already the greatest smart phone currently present in the market. ‘ Augmented product’ shows the extra added benefits in the product in order to raise the competitive bar in the market. The features present in the iPhone 4s greatly show how competitive the 4s was looking to be in the department of the augmented product, Apple have incorporated ‘ siri’ into the product which works as a personal assistant that recognizes voices and is able to hold a normal conversation with the user. The new A5 processor allows for greater graphics and faster processing speed which allows the iPhone 4s to run much more smoothly than the previous models. The presence of the 8 Mp and the retina display result in the greatest hand phone camera present in the market allowing the users to record and capture HD videos and pictures. The retina display compliments the high features of the iPhone allowing more megapixels per square giving the iPhone the best display in the market. Apple have also included in the product, IOS 5 which is the software that allows all programs on the iPhone to run smoothly. There are free updates to the software’s present on itunes where users can download and enjoy the features for free! It also have included App store where users may download over 1 billion applications that maybe run of the iPhone. The last classification is the ‘ potential product’, which is about envisioning the improvements of the product in the later years in order to retain its differentiation. This is probably the best part of the iPhone, considering its shape and touch screen features, updating older versions of the product is possible to match the features of a new product. An example of this would be the free update Apple provides on itunes for the IOS 5 software which allowed all iPhone 4 users have a similar interface of that of the iPhone 4s. PRODUCT LIFE-CYCLE AND APPLE WITH DIFFUSION THEORY The Product Life Cycle follows a process similar to that of a biological cycle, where a seed is plowed (DEVELOPMENT), it is planted (INTRODUCTION), the seed germinates (GROWTH), it spouts (MATURITY) and final reaches its demise (DECLINE). Similarly the P. L. C refers to the time span of when a product is introduced into a market up until the time it has been withdrawn. The steps followed in the cycle are divided into 5 different stages that describes the journey the product takes from the time it enters the market to the time when it is discontinued. The first stage is DEVELOPMENT. In this stage the company processes marketing research to identify and develop a new product for the consumers of a segment or the market as a whole. An example of this was the development of the iPad by Apple. Inc. Here Apple ran through the process of indentifying people’s likings and understanding of the highly advanced software, to create a hybrid product that was a cross between an iPhone and a Macbook P. C. Another example of the development stage is the evolution of the iPhone from its vintage version to its current and most advanced 4s version. The process of development involves transforming various pieces of information and implementing it into a new product. This stage is highly uncertain and expensive and before it is exposed to the consumer market, it is tested and the products that survive the test are then pushed to the second stage of the P. L. C which is Introduction. The Second stage is the INTRODUCTION stage. This involves the product launch along with the requirements of the launch. This stage incurs a lot of expenses from the promotions, advertising and distribution. However the returns in this stage are low which results from the slow sales as the product has just been introduced and the target market is just getting a feel of the product and its features. Example of the introduction stage was during 2007 where the late C. E. O of Apple held a press conference to introduce the new iPhone as a product that would revolutionize the way people used phones. The third stage is the GROWTH stage. This happens when the product takes off in the market. There is rapid acceptance and ever increasing profits. Now that the product is introduced the company aims to increase market share. The growth stage attracts competitors. Apple’s iPhone 4s has now entered the Growth stage, along with the iPad. Both products are selling fast. Iphone 4S pre-order sales topped 1 million in first 24 hours and more than 15 million first generation Ipads sold till now. The rapid sales and profits signatures characteristics to this stage. The fourth stage is the MATURITY stage where there is a slowdown in sales growth as the product has reached an acceptance stage in the market, this could also result from competitive products in the market after the booming growth stage. Share growth in this stage is at the expense of a competitor. The product receives highest returns and research maybe conducted to enhance or improve the product. Promotions are reduced and brand loyalty is developed. The iPhone 4 is now in the ending stages of maturity stage this is mainly because of the introduction of an enhanced 4s version The final stage is the DECLINE stage. In this stage the product loses its so called “ specialty” and the market experiences a downturn. This maybe a result of a change in taste of consumer preferences or an introduction of a better more innovative product. This was experienced by the 3rd generation iPhone 3gs, where its sales dropped drastically with the introduction of the iPhone 4 as consumers lost interest in the current features of the 3gs and began to look for new and more innovative designs or options. The market share of the product shrinks and sales and profits of the product fall and companies need to make special efforts such as reduction in price or introducing to a new market to revive the product. According to the theory of diffusion, Apple reflects the qualities of innovators with the help of co-founder Steve Jobs which are only 2. 5% of the people in the world. Other segments include Early adopters which are 13. 5% of the people and they are the second fastest category who adopt an innovation and have highest degree of opinion leadership. 34% of the individuals are Early Majority who adopt an innovation after a varying degree and 34% are Late Majority who adopt an innovation after the average member society. Last to adopt an innovation are 16% of the individuals also known as Laggards. Apple was always willing to take a risk and would come up with something innovative with a motive of changing the world. After the introduction of Macintosh line of personal computers in 1984, it gained the position of innovators in industrial design and has still hold that position till now. DOYLE (1993) AND APPLE According to a paper written by Doyle in 1990, branding is a very important strategy to attract a large market. Creating a strong brand is important. However, in order for a brand to gain huge successes and gain a large market share it must fulfill the following four criterions: 1) A strong consumer proposition: This is the ability of a brand to deliver an appealing message to potential buyers, which comes from displaying a product effectively and thus convincing people to commit to its use. It is a very important aspect of marketing as it is designed to persuade consumers that the product or service in question will add greater value and better serve their needs than others in a similar set. Gaining a customer’s commitment will help increase sales and thus increase profitability, as well as being a step closer in increasing market share. Awareness of what customers need is vital, as it helps in creating newer products that will best suit and satisfy them. Customers are looking for a product that will satisfy their needs and desires. In order to be successful, a brand/ product must offer the following: * Reliability. * Functionality. * Free upgrades. * Pride of ownership. Linking this concept to our chosen company Apple Inc, Apple used an excellent scheme in attracting a large market. Going back in time, when in 1996 MP3 players were the most popular forms of music and could only store a very limited amount of music, Apple surprised the world and came up with its iPod and iTunes, the software paired with its new MP3 player to easily manage the music through a computer program which would allow the organization and renaming of music on personal computers. This software did not add any extra cost to the iPod itself, but was a free add-on. This is the best example of a customer value added proposition. The customer is given added benefits through the iTunes software without having to incur an additional cost. The combination of its intuitive and easy to use nature is the big reason why the iPod in all its appearances has gained popularity in the market and will continue to be popular. Apple’s most successful product- the iPhone 4, attracted a large number of customers globally which ranged people from different ages and business practices. This was due to their excellent consumer proposition and as a result their sales were tremendous. There is no other product that offers an all in one online store that caters for a variety of interests. From games for all ages, to stock exchange markets and cookery pages. Apple has included it all. Perfect for businessman, housewives, young adults and kids. Perfect for all. According to Kit Eaton (2010), “ Apple just revealed official figures for the first three days of iPhone 4 sales, totaling to a sweet 1. 7 million units. ” This shows the eagerness of the customers to be a proud owner of the new product. This was as a result of a very informative marketing scheme that delivered to customers, information they wanted to hear. The use of push and pull strategy in communicating to the costumer. One was to advertise and promote the iPhone by employing the full spectrum of the marketing mix and next by relying on exclusive distributors to market the product by creating differentiation from the competitors and delivering the product message with added value service. As every Apple product, the main marketing message to the consumer is ” something different, something cool, user friendly and simply Apple”. There is possibly no other company that has won over so many customers and built such a large fan group. Apple products have more than satisfied customer needs and luxuries. Looking at its latest success- the iPhone 4, reliability is a big plus point. “ iPhone 4 owners have yet another reason to be cheerful today, as according to InformationWeek, a survey by warranty provider SquareTrade has deemed the iPhone 4 to be the most reliable of all the smartphones included in the survey. It seems that only 2. 1 percent of respondents reported experiencing a non-accident related malfunction in the first year. The report shows that Motorola and HTC came third and fourth in the results table behind Apple, with 2. 3 and 3. 7 percent respectively, while RIM’s BlackBerry and a general category of “ other” smartphones bring up the rear with 6. 3 percent for BlackBerry and 6. 7 percent for the others”,(Maura, 2010). This survey clearly proves that iPhone 4 is one of the most reliable phones present today. Functionality is another feature attached to the iPhone. Packed with functions that increase its user interface, users can take notes, click high resolution photos, and check their mail on the go and much more. One product that caters for everything one may need. The App store is packed with a variety of Apps, serving the needs of a diversified market. The extent of its numerous functions is a major reason that has contributed largely to its success in the global market. People are looking for that one product they can carry around that will help them perform any task they may wish to accomplish. According to Alain Breillatt, “ Apple doesn’t sell functional products; they sell fashionable pieces of functional art…” (2008). This suggests that Apple products are much more than great functionality. The presence of free upgrades on Apple products including the iPhone 4 has made it relatively more attractive. Following the launch of the new App iCloud, has made it possible for all your pictures, music, documents and more to be automatically transferred to all your Apple devices. This has led to greater convenience and easy accessibility of personal data. iCloud comes free with every new Apple device, it is simple to use and set up and as you sign up for its usage one automatically gets a free 5 GB memory that goes a long way. Additionally, the iOS, which is the operating system that will soon be released, has over 200 new features. These features include everything that will more than satisfy consumers and give them the best of services available. These include Built-in parental controls, built-in accessibility and lots more. It’s all included in that one product. Owning an Apple product, in this case the iPhone 4 gives a person ‘ pride of ownership’. People are not only looking for a product to satisfy them, but to give them something they can cherish forever. Owning an Apple iPhone gives a person a symbol of class. The reason why it’s so special is for the fact that it has the largest collection of Mobile Apps in the world. ONE-QUESTION SURVEY: In order to find out the characteristic that made the iPhone 4 successful, we carried out primary research by asking people a simple question “ why do you love your iPhone 4? ” we targeted a broad range of people and thus were able to collect fairly reliable results. KEY: RELIABILITY FUNCTIONALITY FREE UPGRADES PRIDE OF OWNERSHIP Characteristic | Percentage of people | 1)Reliability | 42% | 2)Functionality | 51% | Free upgrades | 5% | Pride of ownership | 2% | First hand information from proud owners of the successful iPhone 4: * The iPhone 4 is currently the new face of business phone which is capable to meet advanced business needs of its users. With its wonderful portable device it is capable of providing great entertainment and communication. The most appreciated features to me is its entertainment capabilities that can provide fantastic experiences to users with its excellent music functions, Wi-Fi internet, navigation property with MAPS and GPS support, iTunes and Apps store and many more. -Mohammed Jawad, Hospital Pharmacist at Diana Princess of Wales hospital, UK 24/10/2011 * There are several features in my iPhone 4 that I love and how they function so well. A few of my favorites are: -100% touch screen. -Access to my emails. -WhatsApp messenger. -Excellent quality camera and video. -Easy downloading of pictures, videos, movies and music. -Great games through the App store and very cheap Now that I have experienced using the iPhone, I don’t plan on switching to another brand. I have become a big fan of Apple and their amazing products. -Sukaina Khaki, Dubai (UAE) 26/10/2011 2) Integration with other assets: This is the ability of a product to work in conjunction with other Assets. The reason that this factor is vital to a brand’s success is because people are now looking for products they can use with other products that they already have. For example: simple and effortless synchronization of your iPod or iPhone with your PC or Mac in order to use iTunes and so manage your music. Looking at it from a different angle, the use of iPhone 4 can be integrated with other assets. This means with its use one can easily manage his other assets. For example: managing money in your bank account by viewing bank statements on your iPhone on a daily basis or manage your property by being in contact with your tenants. 3) Positioned within an attractive market: An attractive market is one in which there is an immediate response to the introduction of a new product. It is also ‘ the eagerness of waiting’ for a new product to be launched and is concerned with the ability and willingness to pay a price for the product. This is primarily what contributes to a brand’s success. A perfect example of an attractive market was when in June 2010 the iPhone 4 was launched. People lined up in large queues just so they would be a part of this special occasion and thereafter become proud owner of the product by purchasing one. According to BBC news, “ thousand people have queued outside Apple’s flagship London store on launch day of the iPhone 4″. Furthermore it is mentioned that some people also flew into London to witness the launch and other also waited outside the store 24 hours before the phone went on sale. This is a typical example of an attractive market, which Apple has been extremely successful in creating. 4) Be managed in order to realize the value of the brand’s long-term cash flow: A strong brand must be able to maintain its cash flows. This means the company’s long term cash inflows should exceed their cash outflows. A company must sustain itself financially in order to classify as a successful brand. It is stated in the Wall Street journal, “ Apple Inc. has built up a $76. 2 billion cash hoard”. This is a massive amount, which shows that Apple Inc has managed their cash flows very well and thus is a reason they are such a strong and successful brand. “ This correlation gives me a very good confirmation that Apple’s earnings are verifiable and are feeding directly from its ability to generate cash flow. At less than 14 times 2011’s consensus earnings and with $31/share in net cash, Apple is selling at a very low valuation despite its rapid growth. ” (Jensen, B 2011). BRAND EQUITY Brand equity literally means what the brand is worth less all its assets. In simple terms, it is what the brand is worth to the final consumers. Brand equity is basically the value that is created when consuming the product. It is a measure used to make a particular product line stand out from its competitors. This can be in the form of high quality products, better design and other possible characteristics that are likely to satisfy consumer requirements. Brand equity is created when customers are willing to pay a very high premium for the products of a particular brand. Apple Inc has increased its brand equity over time and is a big reason why it has attracted such a large demand for its products. In order for Apple to remain relatively attractive in the market it must increase its brand equity over time and thus may use the following strategies to achieve this: 1) Brand reinforcement: This means getting new customers or first timers to come back and become frequent customers. This is a very important stage of the product life cycle as it determines the product’s growth. This can be implemented by creating innovative products, attractive product imagery and relevance to user. Apple can effectively use this strategy and thus retain customers by creating new and innovative products, with unique features, from time to time. Apple has the potential in terms of technicality and functionality. “…Everyone believes the equation Apple = Innovation is a fundamental truth”, (Breillatt, A). From past experiences, we have observed the innovative nature of this company. How it came up with the Macintosh computers, Macbooks, iPhones (3GS, 4), IPads(1 &2), and when the market was expecting an iPhone 5, Apple surprised us all and introduced its 4S just a few weeks back. The introduction of innovative Apps is bizarre, with iCloud being one of the most successful recent ones. From its history, we can confidently say that creating more innovative unique products and newer Apps in the near future is not impossible for Apple, in fact their future is bright and challenging. With customers globally, wondering what their next surprise product will be. The customer and fan base it has built up in a few years is amazing. “ Apple’s market share is greater than that of Sony televisions, Tag Heuer watches, and the COMBINED shares of ALL European passenger cars sold in the U. S., including Mercedes, BMW, Volvo, Jaguar, and Porsche”. (Appliance Manufacturer & Market DataBook of Automotive News, June 1998). This fact is very interesting to note and makes us realize how Apple has become a market dominator. Apple products may become more popular by improving their product imagery. The way a product is portrayed is extremely important. The slim and sleek design of Apple products gives them a competitive advantage over other brands in the same line. Owners feel privileged to own a classy product that they can easily carry around. Apple has taken a different and unique approach to design, which has gained customer satisfaction. In the near future their designs may be modified and better to suit consumers and make it comfortable to use. For example: They may create different sized iPhones for ladies and gents, to cater for the difference in sizes of the hands of both the sexes. This may be an interesting approach! Furthermore, in terms of attractiveness, they could also launch a broad spectrum of colors for their products to satisfy their wide customer base. Enhancing their product imagery in order to promote their brand is a good strategy which can lead to creating greater brand equity for their products in the near future. Being a company that caters for an extensive market, Apple products are relevant for all ages and all occupations. This has greatly contributed to its growth. Children use iPads to play educational games which are making the children of the 21st century extremely smart. Housewives are able to write their favorite recipes easily on the go, instead of grabbing papers and pens and then eventually loosing the recipe. Businessmen can be in touch with the world through the news and stock markets and much more. The list is endless! Apple, a brand whose products are very relevant to use in today’s modern day and age. 2) Brand revitalization: This is a tactic of recapturing lost sources of brand equity and developing and enhancing new sources of brand equity. Brand revitalization can be done in two ways: * Product modification. * Brand re-positioning. Apple could increase its brand equity by carrying out this tactic. Although their products are extremely modern, the sky is the limit. They can modify their products further on the basis of design, functions, reliability and better features. For example: in the near future we may see Apple products coming with 3D glasses for 3D movies, people would be able to enjoy the 3D movie experience from anywhere they wish to. Brand re-positioning is a strategy of shifting a brand to a new market position by encouraging new consumers to purchase the brand’s products or by influencing existing consumers to buy more of the product. Apple could attract new customers by creating special benefits for Apple users. For example: the benefits they get through the numerous varieties of free Apps may attract a greater crowd into shifting to Apple and thus they too can enjoy these added benefits. Secondly, for Apple to influence their existing customers to becoming more loyal, introducing joint offers could be relatively attractive. For example: ‘ 20% off your second Apple product on the purchase of your first’. This kind of special offer is likely to attract the consumers and will eventually grant Apple a greater and better market position. Apple could also establish its brand equity over market segments. This can be done by Identifying differences in consumer behavior. The need for Apple to know the way their customers think and see things is vital. There is need in determining how they purchase and utilize products as well as what they know and feel about different brands. This is because consumer purchasing patterns depend on all these factors. The extent to which consumers are using their product will influence how much they spend on that particular product. Their willingness to spend a good amount of money will be based on what they know about the product. What they feel about the brand will influence their future buying decisions. Customers won’t spend a large amount of money on a brand or product they are unsure about. This is why there is need to better increase the flow of information to consumers. Providing them with sufficient knowledge about the brand and its products will be mutually beneficial. 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