4 P's Of Apple
Introduction
This assignment is concentrating on product, one of the 4 P’s in the marketing mix. The product is either a tangible good or an intangible service that is set up to meet a customer’s needs or demands. All products follow a logical product life cycle which describes the stages a product goes through from when it first came about until it is removed from the market. The potential buyers need to be identified to get the product started. From there a brand uses the remaining 3 P’s, price, place and promotion. (cleverism)
In the main findings of this assignment, we will answer questions to do with brands based on our study of the Interbrand list. We will also look at brand strength and brand equity. Apple is the main brand in which
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A companies brand is their experience and results a customer can expect from them. It is also the reputation and promise of value from a company. (Cross, 2010)
A brand needs to be unforgettable and memorable for it to be successful such as Apple’s iPhone or iPad as all owners will remember the experience of having one. A strong brand also needs to be unique. They must stand out from the competition. A strong brand should also be direct and consistent towards its customers. (Fryer, Blindell,
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A company may also get long lasting customer relationship due to trust.
Brand equity is a brands power derived from the name recognition that is has earned over time. This leads to higher sales and higher profits compared to its competitors.
The main ways to measure brand equity is using qualitative and quantitative brand research and performance tracking. These measure equity and performance to ensure brand equity is growing. There are many ways to gather information on the companies brand such as focus groups and customers. This gives a broad aspect of the equity the brand has.
Performance can be measured in three core brand equity drivers:
Financial
It is the best way to see is and confirm is a brand profitable. It should gather information such as market share, growth rate, revenues and cost to get new customers and retain existing customers
Strength
It is very important to measure the strength of a brand as power is a key driver of brand equity. Measuring the strength should be done on an ongoing basis.
Consumer
Consumers build brands. A brand that consumers believe in have way more equity than a brand that consumers do not believe in. (Brand
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