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Leading the Way : Start with a Marketing Audit - Essay Example

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Leading the Way : Start with a Marketing Audit

On the other hand, the company internal factors that arise from external effects include strong brand name, diversified product portfolio, strong management team and mergers. To remain competitive and address the weaknesses of poor relationship with the major competitor, it is imperative for the company to form more mergers with large company such as Dell. In the same way, the company should utilize the available market opportunities by advertising its products through social sites such as face book and twitter. This is in addition to establishing more sales outlets in the developing countries. Introduction One of the vital strategies that firms adopts to face off stiff competition in the contemporary business arena is the use of well designed marketing plan that takes into consideration the effects of external environment on the operations of a firm. One of the companies that have attained a competitive advantage due to its effective marketing strategies is Apple Incorporation. Apple inc. is an international company that deals with marketing and designing of computers hardware and software as well as household electronics products. Earlier on, the company was referred to as Apple computer incorporation (Adam, 2012). Apple inc. which is headquartered in US is well known for the quality and high-tech brands that have revolutionized communication. This marketing audit analyzes the impact of external environment on Apple operations by reflecting the current market situation of the company. Vision of the Apple Company The company is focused at becoming the market leader in the electronic and technology industry globally. According to the former chief executive officer, Mr. Steve Jobs, computers provided by Apple should be on every desk in the next 8 years. Mission of the company Apple Company will persist on offering innovative and revolutionized brands to its customer to meet their short term and long term demands. In addition, the company will continue to enhance its corporate social responsibilities to create a positive image on the eyes of the public (Janson, 2008). Current market situation Currently, Apple has a wide target market that covers young customers aged between 12-35 years who are music fans. Additionally, its market includes city dwellers, upper and middle economy class, university students and media professionals (Chien, 1986). As a result, the company has generated high revenue that stands at 156,508 billion US dollars. With more than 390 stores in 14 states, Apple market capitalization stood at approximately US$630 billion as of October 2012. Under the current leadership of Tim Cook, Apple has embarked on production of more brands to reinforce the ones established by the former CEO Steve Jobs (McKee, 2009). Some of the major company brands in the market include Mac, iPhone, Apple TV, iPod, Ipad and software among others. The table indicating the Apple revenue by category for the 1st quarter of 2012 financial year Product Revenue in percentage iPhone 53 iPod 5 CPU sales 14 iTunes store 4 Ipad 20 Other 3 Source- (Dan, 2012) The current performance of Apple has been influenced not only internally but also externally. PESTEL analysis PESTEL (Political, Economic, Social, Technology and Legal) is one of the market audit frameworks that companies emulates to identify the effects of external ...Show more

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TOPIC: MARKET AUDIT Market Audit 14th November 2012 Executive summary Apple Incorporation is a technology company that produces various products such as Mac, iPhone, Apple TV, iPod, Ipad, computer hardware and software among others…
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