The aim of the report is to conduct the analysis of the external and internal factors that helps the company in evaluating the forces and bringing the changes in the product that the company is offering. PESTLE analysis and SWOT analysis of the selected company that is Apple and its product iPhone X. SWOT analysis has been conducting as it helps the company in determining the factors that may affect the proposed business concept that is the new product or new services. This analysis defines the strength, weakness, opportunities, and threats of the company. The report includes the identification and description of the target market with the help of 4 segmentation. It also reflects the recommended marketing strategies for the company and its product.
Apple Inc. is an American multinational technology corporation who has headquarters in Cupertino, California. The company designs develop, sells end user electronics, computer software, and online services. The company is well-known in the market because of its hardware products that consist of the iPhone Smartphone, iPad Tablet, Mac Personal computer and other. The company was founded in the year 1976 April and was originated by Steve Jobs, Steve Wozniak and Ronald Wayne (Apple, 2018). The company is known as the leading information technology corporation in terms of the profits. In addition, it is the 2nd biggest mobile phone manufacturer across the world.
The environment analysis includes the evaluation of external factors that can influence the working of the corporation. PESTLE analysis is a framework which has been used to determine the external factors that impact the working of the company.
The analysis consists of political, economic, social, technological, legal and environmental forces that affect the working of the company. PESTLE analysis of the Apple Company has been done to analyze the external factors (Kotler, 2015).
The political factors include the changes in rules and regulations that can affect the working of the company (Chernev, 2018). Apple is an American technology business that has collected a huge quantity of cash. The company found an opportunity of stable politics in the developed countries which helps the Apple in improving their sales for the new product iPhone X. Moreover, there is an improvement in the free trade policies which is another opportunity for the company.
The economic constancy of the greatest advanced nations forms an opportunity for numerous corporations like Apple to increase their business operations. The rise in the economic growth rates in the developed countries leads to the rise in the purchasing power of the company that provides the benefit to the company because this will lead to the rise in the sales and revenue of the company. The rise in the purchasing power helps the company to bring a rise in sales of Apple iPhone X.
The social factors might affect the working and operations of the business. The cultural factors which include the behavior of the customers and knowledge of customers towards the product and services directly affect the sales and revenue of all the products of the company especially iPhone X (Lombardo, 2017). The rise in the use of the social media also leads to the opportunity for the digital devices which brings the change in demand and trends of the product.
The technology plays a vital role in the Apple Company because all the products of the company involve technology. The change in the technology affects the company because of cloud computing trend, technology integration and the growing apps market (Aaker, 2013). Apple Company makes use of advanced technology to bring the innovation in their products and services which makes their product more advance For instance; the new Apple iPhone X includes the advanced technology and unique features.
The environmental factors majorly affect the working of the company. Apple believes in maintaining the environment as this is the responsibility of the company. The company is addressing the chance to keep up the sustainability in the business with the help of recycling and connected programs (Hollensen, 2015). Corporation seeks for the new technological explanations to bring improvement in the energy competence of the product like better-quality batteries, processors, and components that emit less heat. The supply chain of the company for their products includes iPhone X contributes to improve the employment opportunities which shows the social contribution of the company towards the environment.
The legal factors affect the working of the company as the government knows the fact that there are privacy issues that are associated with the digital technology use. Apple Company in the developing products includes the broadcast of the private information. This factor leads to an chance for the brand to bring the improved product features that defend privacy. The company ensures that they are able to fulfill all the legal obligations related to their products and services.
SWOT analysis is a corporate analysis technique that the business performs for every product and services that are available in the market (Wild and Wild, 2012). The SWOT analysis helps the company to achieve the future growth of the product in the market.
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The below given are the recommendations to the company for their strategies which will help them in improving their business operations.
The segmentation involves dividing the population into different groups considering the certain characteristics. Apple company segment the market on the basis of 4 types of segmentation which are discussed below: –
The target market is the segment to which the company is looking to propose its products on the priority basis. It is recommended the brand to make practice of the multi-segment targeting strategy in which the primary targets the people with the age group of 18-25 years with the high income and having the profession of managers and businessman. Along with this, these customers are loyal towards the brand and aware of the fact that this is their lifestyle. The brand believes in offering the iPhone X to the primary target and then focus on the secondary target market.
The new product that is recommended to the brand is the iPhone X2. This is the updated version of the product which includes improved features considering the SWOT analysis of the company. This new product includes different features such as a new service of Siri that is linked to the AI technology. AI technology helps the brand to act and work like the humans which helps them to perform the major task, for instance, a human who is operating the phone can give the command to the Siri to book an appointment with the doctors, event, hotel or many other activities. Along with this, the customized face id with the face scanning and it also include the ways through which they can scan the objects or rooms in 3D. In addition, the phone has the feature of the wireless charging along with the normal charging system because it becomes difficult for the company sometimes to carry the air charger while traveling or at other places. This new iPhone X2 include all these new features which will help the brand to bring the improvement and to satisfy the needs of customers.
It is recommended to the company to ensure that they are implementing the effective marketing strategies. These marketing mix strategies of the company include strategy linked to the product, price, place, and promotion of the new product (Pride, 2012).
Product: – The new product of the brand is iPhone X2. The iPhone X2 is incorporated with the new features and services. The link to the Siri with the AI technology will make it a new feature for the customers. Along with this, the product includes some more features which make the product innovative and new to the customers.
Price: – Price is one of the important elements of the marketing mix. The company should follow the premium pricing strategy for their new iPhone X2. This means that the product is available to their customers at high prices. The pricing strategy is the only way through which the company can achieve their goal for the high revenue and sales.
Place: – Company offers the products to the customers through different ways which include stores, outlets, departmental stores, online medium and many other ways. The distribution of the iPhone X2 should be done effectively because this is the only way through which they can make the product easily available to their customers (Rushton, Croucher and Baker, 2014).
Promotion: – The promotion of the product plays a vital role in the company. The company should generate the awareness for the iPhone X2 through different ways which include effective use of the marketing tools (Simon, 2017). Below given are some of the tools that can be used by the company for promoting the products.
Conclusion
In the end, it can be concluded that Apple company need to analyze the market through which they can identify the internal and external factors that can influence the working of the company. These factors will identify the strategies that the company need to take to bring the improvement. In addition, the SWOT analysis of the iPhone X will help the company in analyzing the internal business activities. This SWOT analysis helps the company to bring the improvement in their product and to create the new product that can help the company. In addition, the recommendation related to the target market and marketing mix is stated which helps the company in improving the sales and revenue of the company for their new product that is iPhone X2.
References
Aaker, D. (2013) Marketing research. Hoboken, NJ: John Wiley & Sons.
Apple (2018) iPhone X [Online]. Available from: https://www.apple.com/iphone/ [Accessed on 1st June 2018]
Chernev, A. (2018) Strategic marketing management. Chicago:Cerebellum Press.
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Pride, W. (2012) Marketing principles. South Melbourne, Vic.: Cengage Learning.
Rushton, A., Croucher, P., and Baker, P. (2014) The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers.
Simon, M. (2017) How Apple’s unconventional iPhone X marketing strategy will make you want one at any cost [Online]. Available from: https://www.macworld.com/article/3235955/iphone-ipad/apple-iPhone-x-strategy.html [Accessed on 1st June 2018]
Spence, E. (2018) Apple’s iPhone X Facing Major Battery Problems [Online]. Available from: https://www.forbes.com/sites/ewanspence/2018/03/14/apple-iphonex-iphone-qi-wireless-battery-problems/#32c9e938747f [Accessed on 1st June 2018]
Spence, E. (2018) Why iPhone X Biggest Weakness Is Apple’s Secret Strength [Online]. Available from: https://www.forbes.com/sites/ewanspence/2018/03/12/apple-iphonex-iphone-notch-android-google-galaxynote-nokia9/#101dfcdd5741 [Accessed on 1st June 2018]
Thompson, L. (2017) Missed Opportunities: iPhone X Welcome Campaign [Online]. Available from: https://www.brightwave.com/missed-opportunities-iphone-x-welcome-campaign/ [Accessed on 1st June 2018]
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