Market Principles Apple iPhone 6

Question: Discuss about theMarket Principles for Apple iPhone 6. Answer: Targeting Strategy for Apple iPhone 6 Target market refers to the group of customers for a particular brand who were aimed for buying their products (Pisano 2015). Therefore, every company should implement a particular targeting strategy to choosing their target customers after conducting the market segmentation. In this study, the market segmentation has been done for iPhone 6 and now the target market has to be detected in this part. Every segment has been evaluated here to analyse the suitable target segment for this product. As the product is an electronic device with very advanced technologies, therefore mostly the young people and business tycoons will use the mobile phone. Therefore, the target market has been set for the company is for the teenagers, business people, college and university students, adults and young children and kids. Apple considered the teenagers as their major customers. Most of teenagers have been using the iPod of the same company. Additionally, they have the need to be connected with the friends and others through the social networking sites, listen to music, and use the internet for leading their regular life (Civi 2013). All these tend to attract toward this product. The college and university students are also the target market of this company, as they need this device to complete their studies and projects for academic purposes. The products of Apple mostly fascinate the business people. Therefore, in this case they are targeted too for this market. Along with this, there i s another target market for the company are the young children and kids who love to play games in that phone. The adults are also the target market for the company as it is a very useful device to execute all the daily requirements such as phone calls, map directions, documents, cameras and internet connection (Grant 2016). Positioning Bases for the Brand Positioning is the process of occupying the consumers minds relative to competing products of a company (Jimnez et al. 2016). Additionally, it also helps to aim a brand to capture a market share by giving competition to the other companys products. It is executed by the processes of integrated communication strategy through which the brand can be differentiated from the other products of the competitor companies. In this study, the positioning strategy of Apple Inc. has been evaluated for the products iPhone 6. According to the positioning statement of Apple, it can be said that the company has targeted mainly the young people and creative professionals as their positioning strategy (Yoffie and Cusumano 2015). Along with this, their characteristics of the products are very innovative in nature that can easily differentiate it from the others. Apart from this, the pricing strategy of the company is also state their positioning. Therefore, setting the three parameters, defining target market and stating the reason of buying the product or point of difference and the points of parity, which refers to the frame of reference, is the positioning statement for the company (Dissanayake and Amarasuriya 2015). Conclusion The study has analysed the market segmentation process of Apples product iPhone 6. It has seen that the company has segmented its market into four segments to set their target customers after that. Therefore, the market has been segmented based on demographic, psychographic, behavioural and geographic segmentation strategy. Applying these segments, the company has implemented their marketing strategies for launching the new product, iPhone 6, in the market. The study has evaluated the segments individually to understand the application process to get more customers for the product. Therefore, the company can incorporate proper segmentation process, which can be applicable to market the product. It has discussed the target market of Apple Inc. to determine the marketing policies for this product. In order to launch the product, in this study it has been identified that the teenagers, business people, college and university students, adults and young children and kids are the foremost target customers of iPhone 6. In last part of the study, the positioning policies of iPhone 6 have been evaluated to attain the competitive advantage with introducing the innovative characteristics of the product comparing with other companies. Therefore, the study has evaluated the marketing policies for Apples new product iPhone 6, with the detail analysis of market segmentation, target marketing strategies and positioning procedures to make the product popular among the customers as well as to gain competitive advantage. Reference List Pisano, G.P., 2015. You need an innovation strategy.Harvard Business Review,93(6), pp.44-54. Civi, E., 2013. Marketing strategies to survive in a recession.International Journal of Business and Emerging Markets,5(3), pp.254-267. Grant, R.M., 2016.Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Jimnez-Zarco, A.I., Gonzlez-Gonzlez, I. and Gonzlez-Rodrigo, E., 2016. Old Strategies for Positioning in a New Market Segment: Co-Branding and Celebrity Endorsement in the. Yoffie, D.B. and Cusumano, M.A., 2015.Strategy Rules: Five Timeless Lessons from Bill Gates, Andy Grove, and Steve Jobs. HarperBusiness. Dissanayake, D.M.R. and Amarasuriya, T., 2015. Role of brand identity in developing global brands: a literature based review on case comparison between apple iPhone vs Samsung smartphone brands.