5-2 Final Project Milestone Two Marketing Mix

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Milestone Two: Marketing Mix [Your Name] Southern New Hampshire University MKT 337: Marketing Research Steven Pierce November 16th, 2023 5-2 Final Project Milestone Two: Marketing Mix Marketing Mix Elements: Potential Target Demographics Apple believes that obtaining the potential target demographic is both essential and integral to a successful marketing strategy. In this event, we believe in a demographic of adults ranging from ages 25 to 55. Our reasoning for this is because this age range is general where adults first buy their homes. We at Apple are trying to sell our home solar panel system and are trying to market it to both new and old homeowners alike. Baby boomers recently edged out millennials as the largest share of homebuyers. Boomers, ages 58 - 76, made up 39% of home buyers in 2022, compared with 28% for millennials, according to NAR data from March. That is an increase from 29% last year and the highest percentage of any generation (Brooks, 2023). With this knowledge in hand, we believe the age range of 25 to 55 best fits our target demographic as the best market to market for our new home solar panels. Marketing Mix Elements: Internal and External Organizational Factors The internal organizational factors that influence our target market would be corporate communication. Judging from our research, our target audience pays close attention not only to the way Apple communicates with their potential consumers but their employees and corporate partners as well. This factor is the primary reason we need to ensure effective communication is being had on all fronts so that we can efferently communicate and market our products well. As

for an external factor that influences our target market, this goes hand in hand with our internal factor. Our external factors would be consumer loyalty and the state of the current economy. What our customers think plays a huge role in the success of all our products, so our newest solar panel product does not differ. Paying attention to the state of the economy and making sure we have the best cost-effective solar panels will help gain favor within the market and help ensure the success of the product. Marketing Mix Elements: Product Need Our target market needs our specific product due to the lack of options for affordable home solar panel systems. Currently, our only big competitor in the market would be the company known as Tesla. Tesla currently spearheads the home solar panel market with little to no competition. We at Apple believe having the same product at an even more affordable price range will help not only the market but it will give more people access to solar panels to help cut the cost of their energy bill. This also helps Apple stick to our goal of helping to eliminate non ecofriendly factors from affecting the planet. Marketing Mix Elements: Pricing Strategy The pricing strategy that Apple has in mind is a simple one. We must have market defining prices that are appealing to any potential customer, but we also must sell our product at a price that is profitable to the company, or we risk losing not only our product but our finances as well. Creating a perfect middle ground in having a competitive price that can appeal to most people but also be profitable will create a great advantage over Telsa in the case of brand loyalty. Marketing Mix Elements: Placement of Product The most appropriate location or placement of our product would best be done online. Apple has thousands of physical locations nationwide, but due to the size and nature of the product, it would be best to only have them available on our online stores. In 2022, Apple Inc. generated an estimated 59.3 billion U.S. dollars in e-commerce net sales through its online store, apple.com. That year, apple.com topped the ranking of the leading consumer electronics online

stores worldwide, surpassing e-commerce heavyweights jd.com and amazon.com by a significant margin (Beyrouthy, 2023). Knowing this, we believe our target market would respond favorably upon this decision as most of our customers are used to shopping online for our products. Marketing Mix Elements: Promoting the Product We believe the most effective way to promote our product since it will be sold online is to take a step into influencer marketing and enlist the aid of various tech influencers to help spread the word of our newest solar panel product. Apple has always had relations with various influencers across the internet to help promote their products. From the iPhone to the Apple Watch, Apple would contact certain influencers and give them free products to help display and sell the idea of the product to potential consumers. Apple leverages influencer marketing to expand its reach and connect with specific target audiences (Urrutia, 2023). There are numerous examples to show the success Apple has had in the past with this strategy. According to a study by Influencer Marketing Hub, influencer marketing generates an average return on investment (ROI) of $5.20 for every dollar spent. Apple’s strategic partnerships with influencers amplify its brand visibility and contribute to increased sales (Urrutia, 2023). Marketing Mix Elements: Implications As far as legal and ethical influences are involved, we believe there is little cause for concern in terms of any issues that may arise that might affect promotion of the new product, placement or even pricing strategies. One specific ethical implication that may arise would be potential consumers finding our reasonings for wanting to delve into the solar panel market to not be genuine. We will try our best to ensure our communication conveys our heartfelt desire to improve the environment to ensure such a possibility does not happen. No matter what type of product a company may try to market, it will always be important to make sure to let your potential consumers know that they are being respected and listened to and we at Apple hope to live up to the expectations we would have on our shoulders in pursuing this market. Marketing Mix Elements: Industry Trends

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The research we conducted most definitely aligns with current marketing trends as these are the same strategies that other competitors are making sure to use in their own product marketing. Focusing on product, place, price, and promotion are the key cornerstones to any marketing strategy. In researching which would be the best fit for our company, we realized we needed to have a solid understanding of all the above-mentioned pieces to the grand puzzle that is marketing. References Beyrouthy, L., & 19, J. (2023, July 19). Apple Inc: E-commerce net sales 2014-2022. Statista. https://www.statista.com/forecasts/1218311/apple-revenue-development- ecommercedb#:~:text=In%202022%2C%20Apple%20Inc.,com%20by%20a %20significant%20margin . Urrutia, K. (2023, November 15). Apple marketing strategy. Voy Media |. https://voymedia.com/apple-marketing-strategy/ Brooks, K. (2023, August 15). It’s taking Americans much longer in life to buy their first home. CBS News. https://www.cbsnews.com/news/average-homebuyer-age-millennial-data- realtor/#:~:text=The%20typical%20age%20to%20buy,of%20reach%20for%20younger %20Americans .

5-2 Final Project Milestone Two Marketing Mix

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