Understanding Target Markets
The following is a research section of a marketing plan for Apple Inc.’s iPhone. An accurate description of several factors that explain Apple Inc.’s iPhone and the demographic of consumers who purchase the product is included. Some vital elements in this paper include customer analysis, Apple Inc.’s opportunities, their one major threat, and insight into the targeted market.
Understanding Target Markets
Customer Analysis
The clientele who buys Apple iPhones are inspired by and desire innovation and technology. The decision to purchase the product is dictated by the fact that Apple is a company built on the value of innovation and is also a leader in their market. Most of Apple’s customers are attracted by the fact that the firm can maintain its position regarding leadership and its innovative values. The Apple iPhone market consists of clients in the high social class (Khan, Alam, & Alam, 2015). Concerning this situation, the consumer’s pay rate allows them to purchase the product. Another thing that can be noted is that most of Apple’s patrons are young adults willing to spend money on such items and enjoy having luxuries such as an iPhone. Also, Apple Inc. can hold the interest of its customers by consistently upgrading the technology affiliated with the Apple iPhone.
Opportunities
Apple Inc. has the opportunity of expanding its market segment and increasing sales of the iPhone in the market if it uses the following recommendations:
- Focusing on the African and Asian markets, middle-class people in Africa are trying to move up a class and gain a better status; therefore, they are pursuing high-end devices
which will show their desired level (Khan, Alam, & Alam, 2015).
- The Asian market is becoming one of the most critical markets that Apple Inc. must prepare to explore. Asian countries have gained financial stability over the past years, so citizens are more willing to buy high-end products like the Apple iPhone. The Asian market is one that Apple Inc. must explore because they will be able to sell their products and raise the bottom concerning their
Current Threats
Chinese companies show substantial presents in the same market segment as Apple Inc., and Apple will need to do something regarding marketing the iPhone. The chances of businesses in China replicating Apple Inc.’s products are very high, which means Apple must be able to make the iPhone attractive to the emerging market (Blenko, Waldron, Cornelius, Nespoli, & Lee, 2016). Apple Inc. must continue to grow its product and market to the correct target audience to stay competitive. Apple Inc. must rely on growing technology and stay innovative, which will help it become and remain a staple product in foreign markets. Apple Inc. has the technology and innovation but must also use well-thought-out marketing strategies to stay competitive in this market segment.
Target market
Demographics
The age of the individuals who purchase the Apple iPhone ranges from 20 to 40; these consumers can be described as young adults (Blenko, Waldron, Cornelius, Nespoli, & Lee, 2016, 2016). Usually, these customers are considered middle-class and want to purchase the products Apple Inc. offers. Regarding this clientele, they have the money to spend on iPhones and want the product. In most cases, these individuals have small families, giving them chase Apple Inc.’s products, such as the iPhone.
Psychographics
Apple Inc.’s consumers like to explore new innovative technology, which Apple Inc. offers with their products; they are curious and want to own the newest technological advances. Customers of Apple enjoy hobbies such as traveling which gives them a heightened desire to take many photos with a device they already carry, such as an iPhone; this is one technological advance Apple Inc. must continue to improve to satisfy their targeted audience. Regarding the consumer’s opinions, one thing is that they want a phone which can be used to differentiate them from others in the community; this is why when Apple introduces a new iPhone, it is sought out by the targeted market (Arndt & Ewe, 2017). Also, the iPhone is a gauge of the social class of these groups and is a shared identity tool.
Insight Explanation
The Apple iPhone is one of the cellular devices associated with young adults in society. They are those individuals who think having a particular type of phone is a way of making their social class known to anyone seeing him or them using the device. Apple Inc. should explore new market segments and try to incorporate new ideas and technology when they release a new series of iPhones. The Apple iPhone is unique and desired by many people, giving it an edge in the market that they must take advantage of and continue improving.
Conclusion
Apple Inc. is an innovative company with a product that is sought out by a wide demographic. Apple Inc. must continue to improve the iPhone to stay competitive and market to the right audience. The company is doing an excellent job with its advances and marketing strategies, which shows they are innovative with a plan that works. As long as they continue on the same path, Apple Inc. will continue to grow and be successful.
References
Arndt, H. K., & Ewe, C. (2017). Analysis of Product Lifecycle Data to Determine the Environmental Impact of the Apple iPhone. Advances and New Trends in Environmental Informatics (pp. 3-13). Springer International Publishing.
Blenko, D., Waldron, K., Cornelius, J., Nespoli, G., & Lee, D. (2016). Organizational
Analysis: Apple Retail Stores. Retrieved from http://daenaleemsod.com/wp- content/uploads/2017/05/617-Organizational-Analysis-Apple-12.2016.pdf
Khan, U. A., Alam, M. N., & Alam, S. (2015). A Critical Analysis of the Internal and External Environment of Apple Inc. International Journal of Economics, Commerce, and Management, 3(6), 955-961.
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Understanding Target Markets
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