MKT 498 Week 2 Product N Market Identification Team C Essay

Submitted By ddgordic21
Words: 1194
Pages: 5

Product and market identification
Ameera N. Tevlin, Derik Gordic, Jan Segatto, and Rachel Clevenger
MKT 498
Debra Marrano-Lucas
Product and market identification ~Identify the Product or Service~
Smartphones and tablets have changed the way that consumers do business and interact socially. Over recent years, mobile devices have gained such critical advances that you can pay at a register with only your mobile phone, or even use your tablet as the register itself. Consumers have created and discovered new ways to interact with one another on scales that most people had never even imagined possible. Part of the reason that any of this was possible is due to the effort behind the mega-tech company Apple, Inc. Apple has been one of the forefront leaders in consumer electronics for the last decade. Competing with major competitors, like Samsung and LG, forces Apple to continue to be innovative and relevant to the consumer electronic industry.
In 2007, Apple introduced the iPhone to the world. The iPhone was “combining three products—a revolutionary mobile phone, a widescreen iPod® with touch controls, and a breakthrough Internet communications device with desktop-class email, web browsing, searching and maps—into one small and lightweight handheld device.” (Apple, Inc., 2015) Over the next eight years, the iPhone would grow thinner and lighter, while also gaining a larger screen. Battery life would increase and user accessibility was exceeding expectations. In FY14, iPhone and iPad sales combined were responsible for 72.4 percent of total revenues. ("Apple Inc. SWOT Analysis," 2015)

Potential Target Markets
Apple iPhone’s are a huge success to the Apple Company. Millions of consumers either have or will be purchasing this product. Target market identification is important for all companies. For Apple, target market identification is the process in identifying the most profitable areas to offer their product (iPhone) in which this process looks at characteristics, such as disposable income, age, and level of education.
Identifying potential target markets for Apple Inc. is targeting and marketing teenagers, college and university students, business people, young children and kids, and adults. According to Saini (2015), “Teenagers are one of Apple Inc.’s target markets because teenagers use Apple products for many reasons, to socialize with friends, listen to music, use Facebook and much more” (Saini, 2015). Also, “Business people are very intrigued by Apple products. All Apple devices (iPhone's, iPad's, MacBook's etc.) have a business quality that is very useful” (Saini, 2015). Apple products and devices are used in many different ways for many different people, and that is why Apple Inc.’s target market is so large because there is such a large market for their products and services. ~Why Apple Has a Strong Competitive Advantage~

There are many reasons about why technology analysts are on high demand and that is because analysts have to clearly and precisely communicate to upper executives their perspectives about the technological aspect of this industry to their corporation’s customers. There are many elements to being a successful analyst but one of the elements involves being an efficient technology industry analyst is that not only they have to clearly have strong communication skills and effectiveness (Gould, 2013). Their job has mandatory and expectations. Not just information about the product and the industry. As an analyst you are expected to explain more fundamental elements of what is happening and why. Because this industry has such efficient and great analysts is one of the reasons why you probably hear questions such as: “Why is Apple doing so well and what can we do to compete?” their analysts are the core part of the company along with their phenomenal products (Bajarin, 2011).

This company and products has the interest of many other Companies and their subordinates as…