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A brand name is the only thing that differentiates a number of products from each other. A company’s brand value is more of a financial asset to a company. A brand strategy is the way in which a company’s brand name and identity can be developed, like for example in the case of iPhone, a product of Apple Inc. This includes the way in which the company manages its brand identity, especially if it is concerned with strategies relating to existing products. This helps a company to attract customers both domestically and globally.
Create the domestic and global product branding strategy
In the creation of a domestic and local branding strategy, especially of an existing company like Apple Inc., a logo alone like in the case of the iPhone is not enough to make a successful compelling brand. A brand should involve the appropriate reactions from consumers (Douglas, 1999). A compelling iPhone brand should connect with its customers at the emotional level more than the connection their product already offers through quality. The branding strategy to be created enhances the iPhone’s corporate brand.
In this case the company is to create a branding strategy based on social responsibility of the consumers. For the domestic market Apple is to give direct experiences to its customers as a branding strategy. In the retail shops of Apple Inc. the consumers should be able to learn more about the iPhone and get practical with this product to expand on its identity and people’s knowledge on the iPhone. On the global level, the company is to base its social responsibility, for example, start on funding charity work like helping the AIDs patients in Africa. Apple Inc. should then involve its public relations department to improve in making the public awareness of its course of events through the media, especially internet. This is meant to improve the iPhone as a product of Apple brand’s image and increase its chances of customer preference.
Determine and detail the optimum pricing strategy
Pricing strategy involves how, for example, Apple Inc. uses its prices to achieve success of its goals in a product like the iPhone. Pricing strategies are mostly considered if a company has an entrant product into the market. In this case to develop a branding strategy through the introduction of a new or better technological product like an iPhone in the technological industry, the product needs to be provided a pricing strategy. These are, for example, the services to be explained in the services the company offers during personalized retail in the new branding strategies.
One example is a MacBook; the retailer comes with its own iLife software to advance the brand name. Even if the price while it enters the market can be at a higher standard than other similar products, the Apple Inc. Company will be able to compete adequately with already existing products due to the extension brand due to the non-premium price ties. The value of owning the Apple product is already known, thus the iPhone will automatically hit the market even if it is sold at a high price. The pricing strategy is referred to as a skimming approach.
Examine how your pricing strategy supports your branding strategy
The pricing strategy enhances the branding strategy in that new products are being introduced by a company. This generally extends the brand name and identity. In case of the mentioned above branding strategy of enhancing the social responsibility, the corporate name of Apple Inc. is likely to be elevated by services it offers. These are like the entrant product pricing strategies of value added services, the direct experiences with customers as well as charitable help it offers globally. A successful brand name for the iPhone or any other Apple product is likely to be achieved by these strategies.
Prepare a distribution channel analysis identifying the wholesaler, distributor and retailer relationships (include any e-Commerce as well)
In determining the efficient distribution channel for the iPhone’s product launch, there should be main contributors who ensure the product’s success in the market. Such contributors are like wholesalers, distributors and retailers. The product will be distributed by Premont, a company known in the United States for distributing computer hardware and software as well as electronics. The wholesaler of the iPhone can be a company in the USA called Sunnyvale that also deals with the manufacture of high speed RAM and RDRAM (eSources, 2012). The product will be sold globally in the Apple stores as well as in the outlet retail shops.
The product also has the ability to be purchased online through Apple’s own website and any other sources of information regarding its distribution channel will be found in e-sources (vBulletin Solutions, Inc., 2012). The Global Wireless Connect will also be used to display some stocks of the Apple’s products.
Discuss whether a push or pull strategy will be used, justify your rationale
A pull strategy that requires promotional spending through advertising and consumer promotions is likely to be put into place for the iPhone. This is to increase the customer demand for the product. This is to be done through heavy advertising like through the media advertisements, for example, television. This is to increase the popularity of the iPhone around the globe.
Discuss how the distribution strategy fits the product and service, target market and overall marketing strategy for the company
The distribution channel seeks to fulfill needs of the end users of the iPhone as well as ensuring the company’s success. Apple uses both direct and indirect channels of selling its iPhones (Basu, 2012). The distribution strategies seek to identify all the sales channels so as to maximize the iPhone’s sales and profits. It covers a wide range of markets for the customers including even online services. It also ensures that customers have a close relationship with its agents through personalized sales and services.
In conclusion, the marketing strategies that are incorporated for the iPhone, the Apple Inc. product, are developed in four main areas of the company: through the branding strategy, the price, distribution through the channels illustrated as well as promotion through the pull strategy (Currie, 2012). They all are put into place to ensure the efficient sells of iPhones in the market globally.