Bachelor of Software Engineering

Centre for IT Education (CITES)

Department of Electrical and Computer Engineering

The Open University of Sri Lanka

 

EEM3366 – Introduction to Business Studies

TMA 2

 

Selected Company: APPLE

 

 

 

 

 

Student Name :- R.U.Gonalagoda

Student No. :- S92069318

Introduction

The pandemic created challenges and opportunities for Apple. CEO Tim Cook had to close stores and send home engineers. But with Apple customers worldwide working and learning from home, iPad and Macintosh computer sales skyrocketed to their highest levels ever. And fiscal-year revenue hit an all-time record too, of $275 billion. That helped Apple’s stock price soar; it gained 80.7% in 2020. As that year wound down, regulators fixed their sights on Apple for potentially abusing its power over the iOS app store. A House Judiciary antitrust subcommittee report in October concluded that Apple “exerts monopoly power” in its app store to harm competition and increase prices for consumers. Meanwhile, testimony in an antitrust lawsuit filed by Fortnite developer Epic Games will likely increase pressure on legislators to limit Apple’s power.

 

Company information

Country - U.S.

Headquarters - Cupertino, Calif.

Industry - Computers

CEO - Timothy D. Cook

Website - https://www.apple.com

Company Type - Public

Ticker - AAPL

Revenues ($M) - $378,323

Profits ($M) - $100,555

Market Value ($M) - $2,652,865

Employees - 154,000

 

Marketing strategies and marketing perspectives of Apple company.

 

Apple Inc is a world-renowned name for innovation and breakthroughs in the consumer electronics and computer industry. Apple is known to be one of the greatest marketers of all time because they understand that marketing is one of the most crucial aspects of a business venture which greatly determines its success in the consumer’s realm. This is why Apple has always taken steps to keep its marketing process free of new market challenges in its attempt to penetrate deeper into the market.

According to Forbes, Apple Inc is one of the world's most valuable brands, this is no surprise to many as Apple has a brand value of $263 billion and has also been voted the winner of the CMO Survey Award for Marketing Excellence for 10 years in a row. This is because Apple has had consistent marketing excellence built on its core disciples which other companies will benefit from learning from and applying.

 

Apple’s marketing is so effective, that it has become a benchmark for other companies who want to achieve the same global popularity, revenue growth, and staying power.

Marketing is not just limited to advertising the products and services to the end customers, it also entails the determination of complete channels through which a product or service is going to be introduced in the niche market as well as its promotion to the potential customer in order to encourage them to buy the product. This is exactly what Apple is good at doing, it creates an awareness of the product, has an effective marketing strategy, and also focuses on developing a need for the product among other market sectors.

The iPod, The iPhone, The iPad all these products have revolutionized their respective market space and their success is a direct result of their marketing strategies.

 

 

5 Things to Learn from Apple's Marketing Strategy

01. Simplicity is key

Complicated marketing strategies and campaigns with information overload can overwhelm customers and prospects; this is something you want to avoid because Apple certainly has. From early on, the Apple brand has understood that simplicity is key when communicating its products to its audience.

 

In Apple's marketing strategies, you won't typically find a lot of voice-overs, special effects, long product feature lists, or colorful graphics that distract from the actual product being marketed. Rather, Apple chooses to use ads and marketing copy that is simple yet straightforward, giving way for their products to do all the talking instead. If you want to incorporate this aspect into your own marketing, keep it simple - leave out the special effects that make it difficult to focus on your product and use graphics and content that easily translate the message you are trying to bring across.

 

 

 

02. Focus on your unique value proposition

One thing you hardly see Apple engage with is the pricing of its products. No matter how many people think they are higher than their competitors, Apple doesn't budge because they focus on selling their unique value proposition - creating high-quality, innovative products that are an experience from the moment you open the box.

With this in mind, Apple has also managed to focus on creating unique customer experiences that other competitors simply cannot replicate. From features to applications and the overall Apple ecosystem that works harmoniously to create a seamless experience across all of its products, Apple knows how to make customers feel like they are getting value for money. For brands wanting to do something similar, simply focus on what makes your brand unique.

 

03. It's not just a product; it's an experience

To elaborate on the previous point of creating unique customer experiences, this is something that Apple has done really well. From their 1984 Super Bowl ad to their annual #AppleEvent, it's not just about the products. It's also about creating experiences for the customer that are memorable and give them a reason to keep coming back.

An important part of creating a memorable customer experience lies in using the art of storytelling to create these experiences that connect with customers and audiences through the sensors. It's the high-quality images that draw your eye when you see an Apple ad or the feel of the products you get when you're in an iStore. This all helps immerse customers in an experience that doesn't necessarily feel like you're shopping for just a product but rather for something that excites you and will continue to excite you long after you've made the purchase.

 

04. Speak to your audience in the right way

Knowing how to speak to your audience in a language that they understand is important for creating meaningful connections with your audience, and encouraging more sales for your business. This is where doing your research into who your audience is or having a Consumer Insights tool to help gather this information, will greatly benefit you.

You want to avoid using terms, phrases, and explanations that will confuse or overwhelm your customers. Instead, be like Apple and take the time to fully understand your audience, how they talk about your brand online, and the features or products they mention in these conversations. Learn to listen to what your audience is most interested in and use the language they use to better communicate with them.

 

05. Create visual content with emotions

One of the ways that Apple has managed to create such loyal customers to their brand is thanks to their ability to reach out and connect with their customers through emotions. If you think about the Apple ads and visual marketing material that you see, it shows people are happy to use their products, and that they are having a good time using the iPhone or Macbook. Apple highlights this in their marketing efforts more often than focusing on the battery life or screen size of their products.

To follow Apple's lead, create visual content that primarily appeals to emotions, such as happiness or enjoyment. You want to incorporate these emotions into your content because the more you do, the more likely that your customers will share it with others to increase brand awareness.

 

Conclusion

Apple is an international, bigger, and customer-friendly company. Using an Apple marketing strategy can help you take advantage of Apple’s huge user market to scale your own business and promote rapid growth.