Free Fashion Marketing Analysis Paper Essay Sample
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This is a two-year marketing plan for Apple and Leica that we have produced in order to increase and secure Apple's market for cameras and at the same time increasing Leica reputations in order to increase profits and popularity of both companies. Although Apple Corporation ventured into the Camera market just recently, the firm has went through greater-than-anticipated demand for its products such as Camera and market research indicate that that the target market made up of social-minded consumers are more willing to buy Apples camera which are of high quality and workmanship. As a result, Apples co-branding with Leica will extend it product line and satisfy the interest of the clientele. In addition, Apple will benefit from exploring new forms of opportunities that are identified in this business plan. The marketing environment has been very friendly to the Apples unique products such as camera with sleek touch and more capabilities which have served to differentiate its customers as people of class. Over the next two year, Apple can significantly enhance its distribution mechanism, come up with new camera in conjunction with Leica and win new customers into its fold.
To help Apple Corporation determine whether they should target the young generation with the next release of Apple- Leica camera, we have considered all the strengths and weaknesses of the Apple's products as well as the underlying opportunities and threats which we have included them in this marketing plan. This will serve to inform and direct Apple in regard to the co-branding exercise with Leica. We feel that Apple Corporation would make enormous profits as a result of developing a unique and quality camera with the help of Leica that can provide ease of use and quality to its consumers. With few many companies producing cameras attempting to integrate ease of use and quality, Apple's and Leica's co-branding will have a significant impact in the digital camera market, making the camera a must have for young the generation.
Current Marketing Situation
The marker for cameras is one of the fasters growing areas of Information technology with more players venturing into the market. The market has continued significantly due to the paramount innovations in the field of digital camera technology. However, the market has taken a new direction with manufacturers shifting the concern from placing emphasis on elements such as pixels of lenses to focus on functionality. Increasing functionality has therefore become the new battle front with key players doing their best to maintain competitive leads.
Though it may seem that the camera market has reached a stage of maturity, it is apparent that the digital camera technology still has a lot in store for those who have interest in it. This is trues since many of the well know manufacturer such as Sony, Kodak, Nikon and Olympia have offered new features in their products are more consumers go for upgrade whenever a new feature is launched in the maker. This demonstrates the marker has more appetite for products that have more features in them. With development of new technological innovation, the current stage of digital camera will be taken a notch higher with consumers getting what they need whenever the manufacturers understand their need.
Currently, it is surprising to realize to note that Apple's iPhone is regarded as one of the best gadget even as compared to other leading cameras from companies such as Nikon and Sony. This reason can be attributed to the ease of use that apple gadgets embrace. With the market being welcoming to Apple, the co-brand of Apple and Leica is poised to achieve benefits to both firms. Nevertheless, the market of camera is growing and much need to in order to trap the consumers who are specific and certain of the requirements they admire to have in the digital camera. This camera is thus targeted for consumers aged between 17 and 30 years. This age bracket represents an active group of individuals who will find the features of the phone appealing due to their lifestyle.
Benefits and product features
Through co-branding of Apple and Leica, the two firms will be able to develop a more technologically advanced camera which will be far much better that that which our competitor have. This is due to the research that indicates people's appetite to be focused on functionality. The resulting camera will also be elegant in nature and suitable for those who want to be distinguished from the rest of the crowd. The features that will be bundled in this camera will be those that provide improved functionality and at the same time having high levels of practicality to needs of the users. With the simplicity of the intended camera, Apple and Leica will be able to have product that is much easier to use with features such as Apple's touch screen technology offering user friendliness.
After carrying out a competitive review of the past and the future of the competitor's strategies, it was clear that many of the competitors in the market were concerned with having their camera to be more packed with features that would appeal to the customers. This could be noted with manufacturers such as Nokia having phones that could compete with the co-brand from Apple and Leica since they have merged their products with camera's that could take pictures much like the Apple-Leica brand. At the same time, we found out that other competitors like Motorola, Sony, and Nikon have resources that make them address the challenges in the market place by financing their business operations. With these competitors focusing on technological improvements, it is more likely that the markets niche will have more advanced products that are tailor made to meet the requirement of the users. However, it was clear from the competitive review that many of the competitors did not target the market niche which the Apple-Leica brand will focus on. Additionally, most of the competitors lack the uniqueness of Apple as well as quality of work from Leica and are less likely to catch up with Leica.
Channels and logistics review
Apple has continued to use a number of channels in the past in order to deliver its merchandise to the target market. Apple has relied on the use of retail strategy to leverage its marketing channel. This marketing channel has proved to be really successful for apple since it has placed them way a head its competitors. At the same time, Apple and Leica are known to have efficient logistic frameworks in place which have made them coordinate their business operations with their partners. However, the challenging facing Apple has been on the efficiency of its partners in marketing and offering support services
The unique selling points of the Apple-Leica camera will be the larger screen that will act as the display and providing interaction of the users. The use of Apple's touchscreen feature will also ensure that the camera will be appealing to the target group since it will be lacking buttons thus providing more user friendliness. The quality of the camera will also be a striking to the consumers especially those that are concerned with quality and style. The Apple's brand has regarded as a leading innovator in technology and it is more likely that this new camera will take the target market by storm especially with the improvements from Leica's proven quality enhancements. For this reasons, the camera will be appealing to the target niche.
In the past, Apple has been known to produce products such as iPod that have faulty components which has hurt the marketing of it product. Additionally, Apple intentions to start using Intel chips in its gadget s can result on unforeseen effects that may affect the new brand they co-brand with Leica. Currently, the cameras made by Leica lack a significant number of who have loyalty to it and due to lack of its brand recognition or promotional strengths; this could be a problem to the co-brand.
The target market niche for the Apple-Leica camera will be the young generation aged between 16 -30 years who have time to have fun and engage in lot of social activities. Apple and Leica will offer a product that is easy to use and that will promote the quick adoption of this camera in the market. With growing need to have touchscreen in camera made with quality in mind, it is more likely that the Apple-Leica co-brand will penetrate the market niche. Apple-Leica considers to partnering with other technology companies to improve on the hardware for their camera.
The existing market players are well established in the field and this is a challenge to the Apple-Leica co-brand. The threat of changing technology is also a consideration that must be addressed since the co-brand between the two firms relies on different technologies. However, Apple and Leica will continued to improve on research to ensure that the co-brand does not become obsolete too quickly. Another threat comes from potential lawsuits other camera produces who may regard Apple and Leica move to be infringing their rights. Therefore, Apple and Leica must ensure that it patent its innovation and detest from infringing the intellectual property of other companies.
Objectives and issues
First Year Objectives
The objective of the Apple -Leica innovation during the first year to create more brand awareness and increase its market cover as well as improving the reputation of the two firms in the camera manufacturing industry. Apple and Leica also aim to generate about $298,000,000 from the sales of the innovative camera. This objective will pave way for subsequent objectives for the second year.
Second Year Objectives
In the second year, the Apple-Leica innovation is focused on delivering products to more consumers and thus increasing its sales of the cameras which will lead to increased revenue generation to both companies. Apple and Leica aim to generate about $298,000,000 from the sales of the innovative camera.
To achieve, the above objectives, it will be necessary for Apple and Leica to agree on how standards will be set to enable the achievement of these goals under different environments.
To position the Apple-Leica innovation camera, a unique marketing approach has to be used in order to distinguish the product around its ease of use and simplicity which is lacking in many competitive products. These features are of great value to the young people since cumbersome products are likely to put them off. At the same time, the Apple brand will set the product higher in the market with Leica's quality complementing it. With the younger generation already swept up by the Apples iPod, it is much likely that the new Apple-Leica innovation will be accepted much easily.
Apple and Leica innovation strategy centers first on meeting the increased demand for quality and style in the camera industry that forms the target niche for the co-brand. The innovative camera will be delivered to target countries through the Apple retails stores as well as other distribution channels that will bring the product close to the market. Secondly, the co-brand exercise will focus on increasing the volume of sales while striving to maintain a threshold percentage of sales. Once maximum sales have been achieved, Apple and Leica will shift their focus on securing other new markets.
Because Apple and Leica adhere to higher standards of quality, the price of the new innovation will be slightly higher (four to nine percent) than the current average market price. With the cost of production determined by the cost of technologies associated with the manufacture of the camera, Apple and Leica will strive to research more on technology and form partnership with technology firms to reduces their cost and perhaps end up lowering their price to a fair level.
The new Apple- Leica innovation will be distributed through the Apple's retails outlets which are widely located and efficient in selling such gadgets. However, one of the bottlenecks to be eliminated will be rate at which stocks of this new innovation are replenished in order to avoid shortages in the shelf of the store. Additionally, Apple-Leica innovation will be delivered through leading stores such as Wal Mart and Best buy electronics.
Market communication strategy
Apple and Leica will leverage the social media as well as leading newspaper and magazines as a platform of communication. By using platforms such as MySpace, Twitter, Orkut and Facebook, announcements shall be made via regular tweets and updates in the individual fan pages. Apple and Leica shall also use email marketing list made of people who have conveyed interest in knowing the firms are releasing new product as a basis of reaching to the wider market.
Apple and Leica market research reveal that there is no camera's in the market from well-known brand and quality which are in high demand from the consumers. With this understanding, the co-branding project aims at satisfying these needs in their market niche by production of an innovative Apple-Leica camera.
The market shall be organized with Apple and Leica being the produces who will then channel the innovation through their warehouses and retails stores either to the consumers or to other distribution who will retail them to the consumers.
Apple and Leica will employ a developed approach that will entail the setting of goals, carrying out of research and implementation of the plan. The setting of goals will ensure that the market plan can be measured and attained for the benefit of the two firms and their customers. The use of primary and secondary research will also create focus on the identified market niche and other reachable markets. Implementation will bring the set goals to pass and thus meet and even surpass the conception of this marketing plan.
Apple and Leica shall develop extensive communicating network with their clients who will provide valuable information regarding their user experiences with the Apple-Leica innovation. In this way, the company shall make improvements in areas of weakness. The firms shall also provide promotional offers to its customers during special occasion in order to promote the product.
With well-developed communication platform, Apple and Leica plans to create a well-coordinated business environment where all the stakeholders will be aware of the status of all variable involved in business process. This will be achieved via emails, making of call, video conferencing, and use of memo among others. This will ensure that all parties involved in the project will be better placed in making quick decisions based on reliable information.
The firms shall also promote international coordination of themselves by improving working conditions in their plants as well as implementing reward and motivation schemes aimed at enhancing the productivity of the workers. The firms will also improve their processes through the use of technology to increase productivity.
With Apple and Leica understanding the dangers of risk associated with its business, the firms shall develop a number of contingency programs aimed at cushioning the firms against risks and other eventualities that could arise. Such contingencies shall be developed with the help of critical thinking in order for the firms to pursue a more favorable alternative whenever presented with array of choice.
Apple and Leica will use proven communication solution to ensure that all internal and external process run well. At the same time, roles will be delegated to team leaders and managers who will check that resources and activities of the company are synchronized with the objectives and goals.
Apple Leica does not expect to its expense as a result of an increasing it marketing requirement. Instead, the staffs who are currently employed can carry out multiple tasks once the entire marketing plan processes has been put into place even with the help of junior staff. Below is a breakdown of marketing expenses projected for the first month.
The performance of Apple -Leica innovation will be measure on basis of based on sales records and brand awareness. The Return on Marketing Investment (ROMI) will also be based on the increase in volumes of sale as well as on the increase in brand awareness. As the innovation will be marketed, the aim will be to increase sales since by looking at the records of sales; the firms will know whether marketing plan is working as desired or not. The satisfaction of customers will also be evaluated from time to time in order to ascertain whether the customers are satisfied with the Apple-Leica's innovation. The customer's feedback and suggestion will be used to develop and apply corrective measure to keep the marketing plan afloat.
Brief Financial statements
An income statement prepared for Apple and Leica demonstrates that with the current budget at hand and with projected earnings, Apple-Leica innovation will be successful launched and thus provide benefits to the stakeholders. Below is a statement of account for Apple-Leica innovation for a period of one year.