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MG412 Principles of Marketing |Apple watch series | Fitbit2

Question :

This assessment will cover certain questions which are like:

  • Explain marketing mix and their optimal start vies for marketing and their functions.
Answer :

INTRODUCTION

Organisations have some laid down objectives which they have to achieve using various strategies and tactics in organisations. Marketing mix is one of the strategies which is commonly applied to business which helps them in Identification of products  which can helps them in satisfying their customers (Acquaah,  2019). Pricing strategies help in setting prices, places help in deciding the distribution strategy of companies. This report consists of two companies which are Apple watch series and Fitbit2. Apple watch series 4 is a series which has been developed by Apple Inc. as a watch with tracking capabilities and fitness health. Fitbit2 is a brand which is owned by Google and is also used  for tracking various activities related to fitness. This report includes these two brands and discussion related to their target market. 

1)Target Market

Target market refers to a group of persons to whom company is approaching to sale their products. Based on this target market company makes a various marketing efforts which help the organisation in deciding various ways to promote their services and products n which they  are dealing. Below discussed is the target market for two major products:

Target market of Fitbit2  :

Segmentation – This is a strategy in which target market is decided into smaller segments based on similar characteristics which they share. Fitbit2 has made division of market into two segments based in similar behaviour shown by people(Hanssens, and Pauwels,  2016). They are considering their target market those people who are engaged in various sports activities or physical activities in sports. They are also targeting that segment of customers who are willing to adopt healthy lifestyle.

Targeting – there are different segments divided based on which customers are targeted by the company. Fitbit2 is targeting those individuals who belong to age group older than 30 years and they poses motivation for a active and healthy life. They target those people who monitor activities which makes them attracted towards more healthy lifestyle.

Positioning – They position their products in various physical stores and have formed collaboration with various distributors who display their product in stores so that customers can get attracted towards it and then purchase them.

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Target market of Apple Watch Series 4 :

Segmentation – The Apple watch series 4 has made divisions in the market based on various factors which are demographic factors, people belonging to different income groups. Main target group is youth as they believe in getting along with changing trends of market.

Targeting – Apple watch has a target market for those customers who are very brand conscious and they belong to various income groups which are medium, medium-high and high income group.

Positioning  - The Apple watch series 4 is easily available in stores they are also having online presence as they are present on all shopping sites and also on apple's website.

On basis of above factors it can be identified that both the brands are having similar target market and they also have similar strategies because both products are similar to each other to a great extent. To make a particular product successful there are many strategies which are being formulated by companies to launch their products. In the overall strategy of marketing mix for majorly two products which are being discussed according to strategy related to price, product, promotion and place(Spreen,  2016).

2) Product

The product is analysed with the usage of Levitt's Model based on model various attributes such as shape, packaging, colour, scheme, features etc. are used to categorise product in different categories which are formal product, core product, potential product and Augmented product.

The Apple watch series 4 is also a core product which is satisfying basic requirement of customers but they posses some unique features which is helping to make the product as augment product as these features are not expected by their  target customers. Salient features are high notifications, sharing of activity with friends, workout detection and many others. It also provides various achievement awards and many challenges(Hill,  Griffiths and Lim,  2018).

Fitbit2 is satisfying core services such as it is helping their customers in tracking their exercise and other activities such as their heart rate, sleep stages remainders and other features. These are some of the features which are not expected by their customers and this is making product augmented.

3) Price

The overall pricing strategy is useful in determination of prices at which products can be offered to their customers. Mostly these companies are using competitive pricing strategy in the organisation which is useful for them in creation of a position in the market(Baker,  2016). The pricing strategy of these two products is explained below:

The overall pricing strategy related to Fitbit2 is the economic strategy which is varying from each product. Accessories of products are more costly and they quality which they offer makes the products more costly. With increase in style prices are rising up.

The overall pricing Strategy of Apple watch series 4 can be a premium pricing strategy in which process will be high as compared to their competitors. Apple is a brand which is very confident as they have very loyal customers who are  ready to pay high prices for their products.

4) Place

This strategy is very helpful for companies on identification of various channels of distribution which is used to make products available to their consumers. To get a competitive advantage and make product available to their customers Companies started selecting a strategy which is related to effective place(Brown, , 2015).

Fitbit2 is available to customers by  having a physical presence in various stores which are having a authority to sell these products. Apart from this they are also having a online presence as this product is available on company's website and various other shopping sites. From where customer can easily purchase these products.

Apple watch series4 is easily available at various stores such as luxury stores who are having tie ups with different companies. These products can also be approached with the help of website of this company and other shopping applications and websites.

5) Promotion

With the usage of various promotional stratgies Companies can attract their customers by making them aware about their products, benefits and unique features which they are offering to their customers. This is done be selection of a combination of promotion mix which is used for sales promotion, advertisement etc.

The promotion mix is used by Apple to promote their products which is Apple watch series 4 they are adverting their products with use of various sources of electronic media such as television advertisements. They are also making use of different type of print media sources such as newspaper, hoardings etc. to increase their presence and visibility of their brands company is making use of different promotional strategies.

The promotion mix which Fitbit is using is advertising & at same time this brand is also using various methods of promotion. They are adverting their products with various attractive short advertisements which is promoting their products. Fitbit is also involved in different events to attract more public by making them aware them about their brand which leads to getting attracted towards the products more easily and this has a positive effect on sales of company(Shaw,  2016).

From above discussion of various strategies which are being adopted by these tow brands  it can be said that bot are using almost similar strategies as these both are competitors of  each other. Which means it becomes very important for them to adopt similar strategies to get a competitive advantage and survival of their product for long time. To survive in such a competitive environment it is necessary to timely modify their strategies by bot these brands to maintain their profitability ratio.

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CONCLUSION

From the above discussion it can be concluded that all organisation are using various different strategies which is helping them in achievement of overall objectives. Both these brands are using four P's which is helping them to market their products effectively in market and survive in the competition. Such P's are used for identifying various strategies which has to be followed by these competitors and are suitable for using them in  the company. Apple watch series 4 is a more renowned brand as compared to Fitbit because Apple has already established a successful brand image in the market and customer loyalty. It is also discovered that prices of products cannot be differentiated and is easily available for people belonging to different income groups. This helps them in offering products at reasonable prices. Companies have to focus on various advertisements so that awareness can be created. 

You may also like to read: Sales development and Merchandising

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