Business Finance
Promotion and the Product Life Cycle Assignment Word Document No Plagiarism

Question Description

I am currently in a "graduate" master's level marketing course and since marketing has never been a strong topic for me, would appreciate some help for a follow up research assignment that pertains to my chosen company of Apple and their "Apple Pay Service" to which I have documents below attached from previous assignments, including a "Marketing Plan Outline that details some info for this assignment going into "Week 3." Here are the following details below:

All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a product strategy that addresses at least 3 areas of the product life cycle. The primary objective of this assignment is to allow the student to demonstrate an understanding of the factors that can affect the launch of a product or service. A secondary objective is to understand the differences in a product launch in the U.S. (domestic market) and an international market.

Assignment Steps

Generate a minimum 700-word or more product strategy in Microsoft® Word. (excluding cover, reference and charts/tables or graph wording that does not count towards total word count)

Side Note: No Plagiarism per instructor request and will be checked!

Incorporate a product strategy that addresses the following:

  • Introduction
  • At least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline).
  • How you will measure (what metrics will be used to determine success or failure) the marketing activities.
  • Create at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights your product. For example, (this cannot be used in this assignment), a non-print media method would be a Facebook campaign that provides a user a reward for each review, positive or negative, posted about the use/appearance/price/etc. of the product. In your assignment, you should have 2-3 sentences about each media method (i.e. one paragraph of what you would do, not how to do it).
  • Address three elements of the Product and Promotion List (see below).
    • Product and Promotion List:
      • Integrated Marketing Communication
      • Advertising Strategy/Objectives
      • Push and Pull
      • Media Strategy
      • Advertising Execution
      • Direct Marketing
      • Public Relations/Strategies
      • Positioning
  • Conclusion
  • References-Include at three peer-reviewed or more per instructions.

The plan will be a continuation of your global or multi-regional company you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6.

Note: Charts/graphs/tables do not count toward the word count.

If charts or graphs are included, have to be properly APA cited and include a description.

Cite a minimum of three or more peer-reviewed references peer-reviewed as in two or more authors, include web links.

Format your assignment consistent with APA guidelines. Per instructor request use APA citations, especially when citing any data financial or statistical information that is included, APA references.

Include proper title and sub-title headings for each topics above to be researched.

Most importantly, No Plagiarism per instructor and will be checked!

For this section assignment project, I have “three” documents attached; the first being the “Marketing Plan Outline that details the Week 3 “Promotion and the Product Life Cycle” section; the Week 1 assignment titled “Research Marketing Questions” that details my company of Apple I am using and their Apple Pay Service listed under “Part 2” of the paper; and the Week 2 assignment of ‘Understanding Target Markets” that is continuation of Apple and their Apple Pay Service to help outline for this Week 3 project.

Unformatted Attachment Preview

Marketing Plan Outline and Timeline MKT/571 Version 10 University of Phoenix Material Marketing Plan Outline and Timeline Marketing Plan You are expected to develop a marketing plan, according to the outline below, for a product or service of your choosing. The product or service must be identified by the end of Week 1. The product or service you select is used to develop the assignments for Weeks 2 through Week 6. References must be included for each section. There are no defined standards for the length of the marketing plan; however, your plan must disclose complete marketing strategies and provide reliable and valid references and data supporting the strategies to convince the target audience. The plan must be written in plain language that would be easily understood by stakeholders. Marketing Plan Outline Your final marketing plan must consist of the following sections. Refer to the timeline for due dates for each section and subsection. Assignments may include modifications to these lists. Please use lists provided in assignments only. • Executive Summary: o o o o • Situational Analysis: o o o o o o o o • Vision, Mission, Strategic objectives, Values Internal Analysis Strengths/Weaknesses Capability/Capacity Competitor’s Strengths/Weaknesses Technological Competency Product or Service Analysis Market Segments Research o o o o o o o o o o o • Strategic Objectives Products or Services Resources Needed Projected Outcomes Primary Research Secondary Research Consumer Analysis Customer Profile Continuous Consumer Monitoring & Research Environmental Scanning Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces Current Opportunities Potential Future Opportunities Current Threats Potential Future Threat Target Market(s): Copyright © 2017 by University of Phoenix. All rights reserved. 1 Marketing Plan Outline and Timeline MKT/571 Version 10 o o o o o • Demographics Psychographics Ethical Issues Legal Issues Social Issues Product, Place/Distribution, Promotion, and Price Strategies: o o o o o o o o o o o o o o o o o Product Descriptions and Product/Service Mix Strategies Product/Service Determinants Creating a Brand Image Maintaining Brand Image Branding Concerns Distribution Strategies Channels, Mass, Selective, Exclusive Promotion/Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution Sales Promotion Direct Marketing Public Relations/Strategies Positioning Dynamic/Static Pricing Strategies Marketing Plan Timeline Week 1: Marketing Plan Topic • Consider your company and product or service selection in Week 1. You may select an existing type of product or service or a new product or service but it must be global or multi-regional. Once you have selected your product or service, you must define the size and type of company that provides the product or service (available from annual reports). This need not be elaborate but must include total number of employees, production volume, distribution methods, and so forth. Company and product or service selection is a critical part of this project. You must ensure your proposed company can implement the marketing methods discussed in the text. • Key to creating an effective marketing plan is the ability to analyze the environment in which the product or service will be offered. The Week 1 assignment allows you to begin to understand various reports and how they can be used in your marketing plan. Week 2: Understanding Target Markets • To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan. In addition, create the first two parts of the Target Market section, which includes performing the demographics and psychographics analysis. Week 3: Promotion and the product life cycle • All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a promotion strategy that addresses at least three areas of the product life Copyright © 2017 by University of Phoenix. All rights reserved. 2 Marketing Plan Outline and Timeline MKT/571 Version 10 cycle. Week 4: Price and Channel Strategy • How one goes to market and the influences of the channel (channel power, strength of channel, speed of channel, etc.) affects the pricing strategy of the product or service. In Week 4 your pricing and distribution strategy will be incorporated into the marketing plan. Week 5: Marketing Communication and Brand Strategy • Brand strategy and the communication of the brand is essential to understanding the various phases of a product or service (viz a viz the life cycle). Brand recognition is based in the marketing communication efforts of the firm. When you hear or see the word Coke, you immediately know it is Coca Cola. When you see five interlocking rings of different colors you know that is the symbol for the Olympics. In Week 5, you will develop a brand and communication strategy for your product. Week 6: Executive Summary, Legal, Social and Ethical Issues, Final Plan • Review your final plan. Does the plan effectively analyze market strategies? Are the social, ethical, and legal considerations valid and accounted for? What is the relationship among quality, price, satisfaction, and perceived value within the plan? Copyright © 2017 by University of Phoenix. All rights reserved. 3 1 Researching Marketing Questions Researching Marketing Questions Andrea Markiewicz MKT/571 July 9, 2018 John Schaefer 2 Researching Marketing Questions Memorandum To: John Schaefer, Senior Vice President (SVP) of Marketing From: Andrea Markiewicz, Marketing Analyst Date: July 9, 2018 Subject: Marketing Report Part 1 Research Marketing This memorandum gives an insight into the business growth overview dataset. It compares year to date (YTD) data from January to June of 2015 with information from January to June of 2016. There is also quarter to date (QTD) data for April, May, and June of 2015 to 2016 and month to date (MTD) data from June 2015 to June 2016 (University of Phoenix, 2013). The information has been interpreted to identify the main areas of importance regarding increases or reductions, insights for continued growth, and trends. The business growth overview dataset indicates several regions that illustrate a significant increase or decrease. Major Areas of Increase or Decrease Year to Date (YTD) Dataset- The global breakout revenue per day for 2015 was $96,976 while that of 2016 stood at $105,768, an increase of $8,792. There was also an increase in the domestic and international markets (University of Phoenix, 2013). The domestic revenue per day for 2015 was $85,181 while that of 2016 was $93,683, an increase of $8,502. Customer ranking 3 Researching Marketing Questions selling activities showed an improvement, with expansion and retention generating the highest revenue of $7,634,424 and 3,026,592 respectively (University of Phoenix, 2013). There was revenue growth in the customer class industries with commercial and municipal generating the highest revenue. International and municipal customer class industries had the lowest sales and gross profit averages per day. International customer class had a sales average per day of 1.8% and a gross profit average per day of 2.3% while municipal customer class had a sales average per day of 5.3% and a gross profit average per day of 3.9% (University of Phoenix, 2013). The organization should implement a marketing strategy that can help them attract international customers to generate foreign exchange revenue. Quarter to Date (QTD) Dataset- In the quarter to date dataset for April, May, and June of 2015 and 2016 most areas indicate growth although some still have deficits. For instance, the customer class industry of education shows a loss in gross profit of -3.8% whereas resellindustrial hygiene has a decline in sales and loss in gross profit of -8.4% and -14.2% respectively (University of Phoenix, 2013). The data about top customers for Delta Appliance and Francios and Sons are very alarming. In the case of Delta Appliance, there is a decline in sales of -21.0% while Francios and Sons' sales declined by -7.0%. Check Gmbh generated the highest sales and gross profit margin of 2835.2% and 3186.6% respectively (University of Phoenix, 2013). Month to Date (MTD) Dataset- From June 2015 to June 2016 there was a relative balance in the global breakout, customer class industries breakouts, and customer ranking activities. Most of the customer data indicate minimal gains or losses. Top customers such as Delta Appliance, Here4U, and Euro Ltd increased their sales by 5258.2%, 100.0%, and 126.6% respectively (University of Phoenix, 2013). 4 Researching Marketing Questions Trends Data trends indicate growth for the company as a whole. High volatility exists in the company's top customer category and is highly evident in the month to date (MTD) data. Although month to date data was less predictable, information appears to stabilize over the quarter to date (QTD) and even further on the year to date (YTD) sheet. The trending top customer data repeatedly indicates Fish Limited and ABC Corp as the leading generators of revenue (University of Phoenix, 2013). The customer class commercial industry trends categorize them as the class leader in revenue generation regardless of the period examined. Insights and Additional Analysis The organization should assess its current position and create a marketing strategy to help it overcome the negative trends. Before setting marketing goals, it is important to reevaluate and identify target customers to determine the approach the company can use to communicate with them. After this has gotten achieved, the budget must be streamlined to ensure it can meet these goals (Kotler & Keller, 2016). A timeline for executing and releasing the plan must be identified to enhance the effectiveness of the strategy. The strategy should be reviewed on a regular basis to ensure that it aligns with the company's goals and objectives. Part 2 General Description of Apple Inc. Apple Inc. is an American global high-tech organization whose headquarters are in Cupertino, California. The firm develops, designs, provides services online to consumers, and 5 Researching Marketing Questions sells electronics and computer software. The company has been known to be a popular digital ecosystem that’s been known to develop both electronic soft-wares and hard-wares. Apple is unique when it comes to allowing customers to buy and share contents such as movies, applications, and music. Its products include the iPhone, iPad, and Mac. It offers operating system software such as macOS, iOS, and tvOS. Apple provides services such as iCloud, Apple Pay, internet, and Apple Care (Apple Inc., 2016-2017). Apple is categorized as a public company and comprises of many shareholders made up of mutual funds, private investors, and institutions. From Apple's annual form 10-K reports in the year 2016 they had approximately 116,000 fulltime employees, and in the year 2017, that number had increased to 123,000 full-time employees. When it comes to their net sales or revenue, in the year 2016, they obtained $215,639,000 and in the year 2017 that value increased to $229,234,000 (Apple Inc., 20162017). General Description of Apple’s Service The following analysis will focus on the Apple Pay Service. It is a mobile payment service that provides a secure, comfortable, and private way of making payments. This service pulls an individual's debit card, credit card, and other delicate remittance information from the Wallet app, allowing an individual to use an iPad, Apple Watch, or iPhone as a checkout billfold (Betters & Grabham, 2018). It enables a user to pay for commodities in stores that accept cashless payments and to pay for products within participating applications on suitable devices. Apple Pay supports reward programs and store-issued debit and credit cards. The service supports a majority of debit and credit card providers like American Express, Visa, and MasterCard (Betters & Grabham, 2018). 6 Researching Marketing Questions References Apple Inc. (2016). Annual Report Form 10-K. United States Securities and Exchange Commission. Retrieved from Apple Inc. (2017). Annual Report Form 10-K. Unites States Securities and Exchange Commission. Retrieved from Betters, E. & Grabham, D. (2018). What Is Apple Pay, How Does It Work, And How Do You Set It Up? Pocket-Lint. Retrieved from Kotler, P.T. & Keller, K.L. (2016). Marketing Management. (15th ed.). Pearson Education, Inc. Retrieved from University of Phoenix Online eBook Database. University of Phoenix. (2013). Week 1 Business Growth Overview. Retrieved from University of Phoenix, MKT-571 Website. 1 Understanding Target Markets Understanding Target Markets Andrea Markiewicz MKT/571 July 16, 2018 John Schaefer 2 Understanding Target Markets Understanding Target Markets Apple Inc. is a technology company whose operations span across various continents. The company's activities get geared towards developing, designing, and selling products which are unique (Kim, Park, Choi & et al., 2016). These items include electronics, services which are available online, and computer software. Apple Inc.'s innovative endeavors enabled it to develop a service that facilitates mobile payments. The utilization of Apple Pay Service by clients ensures that the payments made are not only secure but that they can also be made comfortably and in a manner that is private. The application is most useful to clients when used in stores where cashless payments are permissible (Apple Inc., 2018). The research endeavors to evaluate the opportunities currently available to the enterprise as well as future prospects. An examination will also get conducted into the threats presently faced by Apple Inc. The market targeted by the enterprise is to be analyzed to determine its specific features. Research Marketing Plan Current Opportunities- The application gets mostly preferred by individuals conducting personal transactions. Individuals engaged in various forms of business activities also make use of mobile payments. Moreover, the market that cannot only be exploited internationally or even domestically continues to register an increase. Clients are continuously getting engaged in selling related activities. Hence, money circulation depicts an improvement as their revenues continue to indicate some growth (Burge, 2016). A significant number of clients indicate some preference for making their payments using the applications available on their handsets owing to the convenience that they offer. The 3 Understanding Target Markets company has been able to penetrate various segments in the market. This activity ascertains that multiple categories of clients can have access to handsets that would enable them to make their payments. The benefits guaranteed to either of the parties engaged in transactions includes the value available to clients over their lifetime. The requirement that clients should make payments to intermediaries is among the provisions eliminated by Apple Pay Service (Apple Inc., 2018). Potential Future Opportunities- The features incorporated into the methods utilized in making mobile payments would increase the number of clients who may opt to make use of the platform availed by Apple Inc. Hence, innovativeness would enable Apple Pay Service to attract more consumers who would want to use it to ascertain that their payments are finalized (Kim, Park Choi & et al., 2016). The implementation of programs meant to reward the loyalty of clients would ensure that the outcomes evident are positive. Moreover, an improvement in the infrastructure set up paves the way for the desired profits to get attained. However, Apple Pay Service must ensure that the platform offering for the use of its clients gets reinforced. Relying on artificial intelligence provides the impetus that would ascertain that specific processes indicate an improvement. Also, improvements can get made to the payment services offered by Apple Inc. to make it possible for clients to make use of the application even when they would like to make offline payments. Apple Inc. can expand the provision of its payment services outside America. Current Threats- There are various threats to be anticipated for Apple Pay Service. Customers can expect that a trail will be evident digitally relating to cash transfers or purchases that might get made. The implication is that although they might clamor for privacy, it 4 Understanding Target Markets may not be guaranteed. Despite the numerous payments that users can be able to make using the platform, security remains an issue that threatens Apple Inc.’s innovation (Gregson, 2016). In some cases, the threats against Apple Pay Service manifest when clients get rendered incapable of offsetting their dues owing some unwarranted interference with the platform available. A breach of the systems utilized by Apple Pay Service could pave the way for a situation in which the client's data gets used for clandestine activities. Majority of the fraudulent activities taking place via online sources gets estimated at 72% (Experian, 2018). In most scenarios, theft assumes the form of stolen identities. However, the trend that is currently evident is that measures are being implemented to ascertain that the details offered by application users can keenly get verified. Apple Pay Service SWOT Analysis Strengths Weaknesses • The company is strong financially • • Extensive partnership focusing on the market domestically • The equity of the brand available Opportunities • • Limited distribution of the services offered Threats Investment in research paving the way • Aggressive competition for the adoption of EMV technology • Lack of privacy with payment trails Technological dependency among clients (Fig. 1: Smith, 2008-2018) 5 Understanding Target Markets The company has an extensive muscle financially that makes it possible for it to invest in research as well as endeavors which are innovative. Moreover, clients are loyal to the brand owing to the image that it has been able to develop. However, other companies such as Samsung and Google have launched tough competition against the enterprise (Smith, 2008-2018). Target Markets Demographics- Most Americans prefer to make their purchases using cash or debit as well as credit cards. However, millennials formulate the majority of the group who make use of Apple Payment Service. Millennials refer to individuals whose birth occurred in the 1980's and the 1990's. In some situations, the early 2000's is also considered (Tanner, Mitchell & Comeau, 2010). They prefer being hyper-connected. Also, most of them are often savvy technologically. Their ages usually range from 18 to 36 years of age. In most situations, the clients who are likely to make use of the Apple Pay Service enjoy a live service with their families that can be deemed to be functional. Their families comprise of individuals who are from different generations. In 1980, the median which gets established for millennials was $35,845 (Josephson, 2018). In 2000, the amount indicated improvements to $37,355 whereas $33,883 got obtained from the years 2009-2013 (Josephson, 2018). The earnings that accrue to millennials a ...
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