DECISION MAKING Assignment Example | Topics and Well Written Essays - 1750 words

DECISION MAKING - Assignment Example The main challenge faced by Apple in its decision making process is regarding introduction of new products and services in the market. The premium price charged by the concerned company might create problem for its business operation in the long run. Apple Inc is well known for offering new and innovative products to its customers. The concerned company is constantly engaged in introducing unique products in the market. But the problem faced by the concerned company in delivering its new product is in determining whether the product introduced in the markets fulfils the expectations of its potential customers. The company charges high price as compared to its competitors. Therefore Apple remains in dilemma whether the consumer will consider the unique specification or feature included in the product or will compare the price while purchasing a particular product. The concerned company gained competitive advantages over its competitors in the market. Therefore in order to maintain its brand value and brand equity in the market Apple Inc is required to consider the psychological and behavioral aspects of the customers. The company is focusing only on the high end products, which might create a problem of sustainability of its business operation in long course of time. Apple is required to emphasize on introducing products both for its high end as well as low end consumers in the market. The alternatives considered for overcoming the decision making problem associated with the introduction of new product in the market is to make its premium and high-end products more attractive to its customers. The concerned company is focusing on differentiation strategy for its premium products and low cost producer which will offer an adequate product with low price. The low end product provided by the concerned company to its customers in the market should be charged below its competitor’s price. The list of resources utilized in the

Strategic Marketing Case Study Example | Topics and Well Written Essays - 3000 words

Strategic Marketing - Case Study Example A brand is also considered to be a trademark or a product line. It is a distinctive name, which addresses, or identifies, a product, service, or a manufacturer. People purchase a certain brand in order to acquire a distinctive category and to show ownership of the brand that they favour. Companies must develop a marketing strategy. This process consists of coming up with a foundation (a basis) in which to work from. By creating a marketing strategy, companies can create an identity. This identity will be the trademark that used repeatedly in all communications in order for the company logo and message to be known by others. A company's brand, or otherwise known as a trademark or logo/motto, helps to differentiate the company from others and to provide uniqueness. It is suggest that there are four marketing constituents that must be considered and understood when creating a marketing strategy. The marketing components offer the foundation and basis for the brand strategy. The four components are as follow (Developing Your Brand Strategy, To begin developing a marketing strategy, a company must first define its brand. Defining a brand creates a framework or foundation for every other factor to build on. Adidas' marketing strategy was to focus on the rapidly growing sector of sports and retail. The company does not market sports but markets through sports. Although the two are quite similar and connected by the use of sponsors, marketing through sports involves employing communications in the communication process. An example is to market through an even such as the World Cup. This works tremendously as organisers of the event usually allow only one sports company to represent them (i.e., the official sponsor of the World Cup). Other companies are doing the same thing by incorporating Adidas into their marketing strategy. Even companies that typically do not have anything to do with sports are incorporating Adidas in delivering their brand. An example of this is when Mastercard, which has nothing to do with sports and athletics, uses Adidas in their commercials and other avenues of marketing because it recognises the powerful effects that television and football has on the public. (Hare, 1999.) Adidas also delivers the message that a sport product can also be an everyday consumer product. Sportswear is as fashionable as it is function-able. Branding is extremely important for Adidas as they market to the retail sectors. Polo shirts, track suits (or warm-up suits), and trainers are amongst the products that are popular with households. Knowing the target market is very crucial in determining the brand and all the steps that are required in doing so. A company's target market comprises of the people, which the company wishes to gain the attention and business of. Adidas defines their target market by characteristics such as psychographic, demographic, and geographic. With each target market, the marketing strategies change a