|Research the marketing mix of apple’s iPhone, in this case only use one “P” of the marketing mix which is price, find how apple priced the iPhone and why.|
Apple incorporation developed from the mutual idea of two great friends, Steve Jobs and Steve Wozniak. The two worked together in the establishment of the technological firm in the mid 1970’s. The products of the firm were several steps ahead of other similar products of the time. For this reason, the organization started featuring in the United States television channels. Initially, Apple Computer Company was established in 1970 (Bidgoli, 2010). As use of computers in homes expanded, the firm expanded with it. In early 1980, Apple issued its first public offering in the stock market. Later in 1983 the firm launched Macantosh Computer at the time of Super Bowl. Over the years, the firm has made significant changes in the technological field. Currently, Apple incorporation employs more than 33, 000 workers and profits exceeds 40 million dollars per year. Experts indicate that one thing t…
The iPhone consist of smartphones marketed and designed by Apple incorporation. IPhone runs ios mobile phone operating system of the firm. On 29th June 2007, the firm released the 1st generation iPhone. The recent iPhone products referred to as the 7th generation iPhone 5S and iPhone 5C was released 10th September, 2013 (Bidgoli, 2010).
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Apple sold over 6 million 1st generation iPhone products over 5 quarters. This made the company the 3rd biggest mobile phone producer by returns, after Samsung and Nokia. Recorded sales expanded progressively thereafter, and by December 2010, the company sold a whopping 73 million iPhones. Interestingly, by 2010, the market share of iPhone was 4.5% of all…
Apple incorporation is a brand computer producer that does not aim at competing in terms of price. The firm has lowered prices following some preliminary product introductions. It uses premium and skimming pricing methods for all its products. Price skimming approach is a strategy in which the seller sets moderately high price for products or services during the initial days of the product in the market (Rao & Klein, 2013). The marketer then reduces the prices gradually over time. Skimming as used by apple to market iPhone is a temporal form of price discrimination aimed at yield management. The strategy enables the firm to regain its sunk costs swiftly before competition intensifies….
Premium pricing is the strategy of maintaining the price of an item artificially high with an objective of promoting favorable perceptions among consumers, based entirely on the price (Meehan, 2011). This approach is aimed at exploiting the tendency for clients to assume that highly priced products enjoy a special reputation or portrays exceptional distinction and quality. A premium pricing approach encompass setting product price at a higher level than similar items. Generally, the strategy is applicable where buyers are willing to spend more on a product, where no substitute is available, where new firms cannot easily join the industry or where a seller is likely to make a loss if they lower prices. Apple incorporation uses the strategy to maximize revenue from sale of smartphones because consumers are ready to spend more on these products (Bilton & Cummings, 2010). Moreover, Luxurious products have a psychological link with premium pricing approach. The implication for product marketing is that clients are ready to spend more on certain products and not on others (Meehan, 2011). To the seller, it means generating a brand value or equity for which the client is ready to spend extra…
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