Develop a Coherent Marketing Mix for a New Product or Service Essay

In this assignment, I am deprivation to describe and explain how orchard apple tree routines the market placeing aggregate for unmatchable of its latest harvesting, a miniskirt IPad. market mixMarketing mix is commonly known as the 4Ps product, hail, place and promotion. These argon controll equal component part and it importantly employ when determined and adjusted until the in force(p) combination that serve the needs of the products consumers.Description of the productThe product I have been elect is one of the latest product of apple which have been released during November 2012, the mini IPad. This new IPad is on tap(predicate) in cardinal models, one with Wi-Fi and a nonher is Wi-Fi + cellular. The IPad mini has two colours which is black and white and the toll say is from 269 to 529Target marketThe target market that chosen for the mini IPad is male and female between the ages of 19 to 49, those that be currently in further information or in employment. Als o, it is also targeting at apple loyal customers.The reason for this market group is because, mass between the ages of 19 to 49 are more seeming to use high technology product. oddly with people who are in education and employment because they will need to use tablet for workings purposes.Product tone rhythmWhen developing a product, apple moldiness consider factors such as, customers wants and needs, the material look of the product, the quality and reliability of the product.All products must go through a product life cycle which is an important concept in marketing. The product life cycle describes the stage that many products must go through. However, many products will not be able to reach to the final stages because of decrease in demand of product failure. The four stages of the product life cycle are * Introduction researching, developing and thusly launching the product * Growth when sales are increasing at their fastest rate * maturity sales are near their highest, but the rate of growth is slowing down, e.g. new ch every last(predicate)engers in market or saturation * Decline final stage of the cycle, when salesbegin to f completely Reason for chosen productThe reason that I have chosen the mini IPad is because the mini IPad is one of the latest technologies available in the market at the moment. Moreover, it is also because, all the applications are available and easily to download from the apple store that have been built in with the mini IPad. Plus, the mini IPad is light in weight and with the Wi-Fi and cellular connection available it is very easy to carry along. Therefore, this mini IPad has been designed to meet many of customers requirements of an holy person table which are efficient, portable and easy to use.Another reason that made me to hire kayoed this product is because of its attractive appearance. Apple has designed this product to meet both genders as the mini IPad is available in two colours black and white. N ormally, the attractive classic black is an option for male while the hairdresser shinny white is for female. The appearance and packaging of the product is important because the consumers must look at the appearance first before knowing the quality of product. So, if the mini IPad is badly presented its may not be able to catch customers eyes.Moreover, one of another important reason for chosen the mini IPad is because, Apple is popular for developing quality and high performance product that can last for long time in that locationfore, it is very likely that the mini IPad are also to have a high quality performance.PricingOut of the 4Ps, price is the only fraction which creates sales revenue for Apple while all the others Ps are costs. . The price of an item is clearly an important determinant of the value of sales made. Researching consumers opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to payPricing stra tegies is not an easy for line of reasoning including Apple, to determine because the price must be reasonable and appeal to the target market. indoors pricing strategies, there are three factors to its cost based pricing, customer based pricing and antagonist based pricing. Cost based pricing iswhen price is determined by adding a profit element on top of the cost of making the product. Customer based pricing is where prices are determined by what Apple believe customers will be prepared to pay. While competitor based pricing is where competitor prices are the main influence on the price set.Currently, the price range of the mini IPad is from 269 to 529. This price range is determined based on the combination of cost and customer based pricing. It is based on the cost based pricing because, people who are actually vitiateing the mini IPad are not evoke in the production cost of the product but instead, what they are interested in is the value which the mini IPad provides them. Moreover, it is also considered as customer based pricing because, the price range of the mini IPad is considered as a premium price for a tablet. However, demand for the mini IPad is still high because mini IPad are seen as quality product and people are obsessing about it so they are willing to pay at the high price, therefore the price for this product is seen as reasonable for the target market.PromotionPromotion is all about communication, the process where businesses tried to raise awareness of products to the customers. Therefore, the main aim of promotion is to ensure that customers are aware of the existence of the products and also, persuade and encourage customers to buy the products. Normally, business would use AIDA model for its promotion. AIDA stands for * Attention A process when Apple need to attract and grab the customers attention by having a standing out point. * Interest A process where Apple need to create interest in the mini IPad by demonstrate its advantage s * Desire A process where Apple need to move from discussing benefits to specifically how those benefits will financial aid that customer. * Action A process of getting the customer to buy the mini IPad.Promotional mixFurthermore, there are many types of promotional mix which is promotional methods for Apple to choose from. Example of promotional mix are includes advertising, personal selling, public relations, direct marketing andspecial promotion. Not all businesses are development the same types of promotional mix so in term of Apple, because the mini IPad is a premium product, Apple is less likely to do a special promotion such as buy one get one free. But instead, promotional mix, that Apple would be using are like advertising. Because Apple is a large global business with high profits figures therefore, they are more likely to use expensive type of advertisement.For instance, a television adverts during a prime time slot, electronic billboard and self-colored page print a dvertisement on Guardian newspaper. Similarly, Apple are also likely to use direct marketing which is a channel agnostic form of advertising that allows Apple to communicate at once to customers via text message, website and email. As evidences, if people are to visit Apple webpage and sign up for newspaper, they will definitely find information about all new products of Apple including the mini IPad.PlacePlace in marketing is also known as distribution channel, a location or methods where customers can buy what the businesses is offered. So, the main objective of place in marketing mix is to make products available in the right place, at the right time. So for example, if there are no Apple stores in London, many consumers would not bother to go all the trouble to buy the mini IPad. Distribution channel can be direct transaction between Apple to consumers but, it is can also be from Apple to retailers like Tesco and then to consumers.Moreover, there are many distribution methods that business can choose from and each one of the business choose a different way to approach it to their customers. For example, market stalls, online, and stores. When Apple are to consider to select their distribution channel, they are certain factors that they must aware of. The first factor is market segment, so a place that must be familiar with the target market. Second factor is changes during the product life cycle as different channels can exploited at the different point. The third factor is the substance of training and support the distributor requires.In term of Apple, because they are a global business so, they are currently having many channels to distribute its mini IPad. The most common channel is through the Apple store that available to visit across many cities. However,because demand for Apples product is in any case high, many consumers now prefer to pre-order and buy the product online which is much quicker and efficient.ConclusionIn conclusion, all of the 4 Ps elements of the marketing are to have a major impact on the mini IPad, therefore it is root on that Apple must always careful with it.