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Apple’s Market Research( Sample Essay)

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Apple’s Market Research( Sample Essay)

Introduction: I will discuss how Apple employs market research to help create its marketing strategies in this job. I will also review the limits of Apple’s market research to help with planning. I’ll also provide and defend three suggestions for enhancing the reliability of the market research utilized to help create Apple’s marketing strategies.

What Does Market Research Entail?

Marketing research is systematically gathering, recording, and analyzing information related to marketing goods and services. This study pinpoints the areas in a company or organization that need improvement. Additionally, this study may assist a company in comprehending the demands of existing and potential clients, as well as the reasons why they choose one service over another (For example, why a customer chose Apple instead of Samsung). Additionally, this study may assist in highlighting the critical features of the rivals’ goods, promotions, services, and target markets. Therefore, using this information inside firms may aid in taking the lead over competitors in the market and provide value to the company.

Why Does Apple Use Marketing Research?

In addition to doing market research to develop its goods based on consumer input, Apple maintains positive customer relationships by satisfying their needs, keeping them informed about its products, and letting them know when new upgrades are available.

Marketing Strategy

A comprehensive strategy outlining a company’s advertising and marketing initiatives for the next year is known as a marketing plan. This strategy outlines the company operations necessary to achieve specific marketing goals within a given time frame.

Apple employs marketing planning when creating new items for its target markets. A marketing strategy aids Apple in staying organized and facilitating swift choices. Additionally, it aids in the brand’s ability to complete duties before the due date and develop everything.

Understanding Customers

Understanding consumers is crucial for a company since they are the ones who purchase a brand’s goods and are the driving force behind a company’s success.

Apple Understanding Customers

By soliciting user input, Apple learns more about its customers and has the chance to better its goods by introducing new ones or upgrading its IOS. Therefore, Apple knows the demands of its consumers by making improvements to its goods to meet their needs and desires, which draws more new customers into its shop. Customers wouldn’t buy Apple’s goods if the company didn’t consider their opinions and recommendations, which would result in a significant loss for the company because they wouldn’t be generating any money. This is why it’s critical to comprehend market research findings for the business to generate significantly more revenue.

Knowing Your Competition

The firm also needs to understand its rivals. To ensure that they are the best business within the category, in this instance Apple, they must fight with its competitors both in terms of pricing and software.

Apple Understanding Their Competitors

Apple faces off against companies like Samsung. Both Samsung and Apple keep tabs on one other’s product launches and sales. By offering similar things at comparable prices, they both attempt to outdo one another. For instance, both Apple and Samsung provide intelligent watches. The Samsung Gear S3 is the brand name for the device, whereas the Apple Watch is the brand name for the device.

Understanding The Market Environment

Understanding the marketplace is crucial since it will aid organizations in market research. Businesses need to analyze their external surroundings during market research. Using a SWOT Analysis is a practical technique to accomplish this. The link between a corporation and its marketing environment is examined in this examination.

SWOT analysis is an acronym denoting

Strength: This describes the company’s benefits and its internal characteristics. This might relate to a company’s physical location or the quality of its product advertising.

Weakness: This relates to the negative characteristics of the company as well as its internal operations. This might be a result of a company’s sales volume or the defective goods and services it has introduced or created.

Opportunities: This focuses on how an organization is developing. This can include the company expanding into new market categories or geographical areas for a service or product.

Threats: This term refers to rival companies that may negatively impact a particular company’s ability to sell its goods because those rivals may give consumers competitive prices and attractive promotions. Threats are described as harm to a company or organization. This can include additional taxes imposed on a commodity or service or a rival offering something similar.

Apple’s Market Environment

The SWOT analysis of Apple reveals: With the introduction of several new devices, like the iPhone, iPad, iPod, MacBook, and even the Apple watch, or “IWatch,” Apple has provided numerous opportunities for its consumers. They have thought of everything a human could possibly want or want.

One of the most valuable brands in the world is Apple. In 2016, their brand had a value of $228.46 billion, but as of now, it is worth $234.67 billion. This demonstrates that within a year, their brand worth improved by 6.21%.

Apple constantly keeps its customers in mind while designing its goods. They always relate back to their customers and how they would want their new items by seeking input from them. This is the reason Apple has been successful; they always consider and care about their consumers’ satisfaction. Customers like to be happy with their purchases, and Apple clearly delivers on this promise given their business volume.

Apple has done an excellent job at branding and advertising its business. Apple is one of the world’s most well-known brands, demonstrating that they have everyone’s attention and have done a great job of advertising its brand. Apple wouldn’t be as famous and well-known as they are now if it didn’t properly market itself.

Apple’s Weakness: One of Apple’s weaknesses is that the cost of its phones is much higher than that of its rival Samsung. The 64GB iPhone 8 from Apple costs £699.00, while the 64GB iPhone 8 Plus costs £799.00. In contrast, the most recent smartphones from Samsung, the S8 64GB, and S8+ 64 GB cost £669.00 and £779.00, respectively. This demonstrates that the price points of Samsung’s phones are lower and much more accessible than those of Apple. This is a weakness for Apple since not everyone enjoys spending a lot of money, which causes people to hesitate when considering buying an iPhone.

Opportunities for Apple: As a result of the company’s years of growth and success, Apple is now looking to go even further by introducing its line of automobiles. They believe they are nearly ready to launch something entirely new that will bring in new clients for their business. This will draw in automotive enthusiasts and those considering purchasing a new vehicle. Apple is now fixated on the ‘Apple Car,’ which is scheduled to debut in 2020. How well-performing Apple products like the iPhone, iPad, iPod, and MacBook are Apple also anticipates or hopes for success when introducing their range of automobiles.

Threats to Apple: Dell, Sony, and Lenovo are competitors for Apple’s MacBook laptop. This is so because each of them produces very successful, well-known laptops that a wide range of customers use and buy. Since the MacBook is one of Apple’s most well-liked laptops, the company tries its best to stay ahead of the competition by releasing new models to attract more consumers. However, Dell, Sony, and Lenovo all make similar efforts. Like Apple does with its MacBooks, they all release fresh iterations of their computers. Apple faces a challenge from this because other companies, like Dell, Sony, and Lenovo, occasionally catch up to them when they strive to outperform them, making it challenging for Apple to compete with them and stay ahead.

This is also true of their iPhones, which are the only Apple-made smartphones; Samsung, HTC, and Sony all use Android. Apple makes an effort to differentiate itself from Android by releasing new software. Still, when Android discovers that Apple has released new software, it ends up producing a comparable product and attempting to outdo Apple in terms of quality. Since Apple wants to compete with Android, this poses even another challenge to the company.

Qualitative Research

Qualitative research is subjective and often left open-ended. Interviews, questionnaires, and surveys are all used in this kind of study. The emphasis of qualitative research is on actions, beliefs, and intentions.

Apple does this form of research by creating online polls and quizzes that its customers may participate in. When launching a new initiative, they examine the comments to learn about the ideas and viewpoints of other individuals.

Quantitative Research

Statistics and numbers are the main emphases of quantitative research. It often has to do with numbers and statistics pertaining to sales data and market worth, but it may also involve feedback from consumers. This kind of information may be used to monitor pricing among various brands and assess items weekly. Additionally, this kind of study may predict market shares of rival brands and market share sectors.

Apple uses this study as they examine sales data from various brands and firms. They assess their rivals’ sales and profit levels to see how they may outperform them and increase their revenues and earnings (e.g. Samsung). This kind of study is also used to determine how well-liked their goods and services are by consumers.

What Is Primary Research?

Primary research is information and data gathered directly by firms. This may be done using questionnaires, focus groups, exit interviews, and surveys. External primary research data are what they are. Sales data for a company’s own goods and customer information stored in a database are examples of internal primary research data.

The four major studies are as follows:

  • Observations,
  • Surveys,
  • Interviews,  
  • Focus groups

How Apple Uses Primary Research

Apple utilizes surveys to get input from customers and enhance its offerings. Apple now offers a “Market Research Survey Feedback” section on their website where they have used “outside market research” to get users to participate in the survey. Customers will have the opportunity to comment on their interactions with Apple and point out any potential problems. Because they don’t want to let their consumers down, Apple takes customer input seriously and works hard to find a quick solution. They depend on the input of their consumers to modify and enhance their offerings. Apple can better understand its consumer’s thanks to this primary research since they could point up product flaws. Therefore, Apple may make an effort to match those requirements by considering the comments from consumers. Still, they should also consider how their rivals, like as Samsung, are doing in terms of selling their products and obtaining positive customer evaluations. Apple may release a new product and may attempt to learn more about Samsung to determine if Samsung will be releasing any new goods and, if so, which ones. To stay ahead of the competition and provide a superior product, they do this.

Surveys fall within the category of qualitative research since they often include open-ended questions. As they seek to enhance their offerings, this information is also qualitative.

Apple also use surveys to get reactions and input from individuals across a range of ages. The survey may be found on the website “Survey Monkey,” and it asks respondents about their preferences and phone use. This questionnaire provides a general understanding of consumer preferences as well as how and why they utilize the company’s goods. It also specifies the categories of Apple devices they like, such as the iPod, iPad, iPhone, or MacBook. This will demonstrate which items are more widely used and in demand. Apple is able to identify their most well-liked items thanks to this basic research. They can observe which items consumers buy more often and which ones they like more. By determining which things are more popular, Apple may be able to keep making such items since the market may demand them. Apple is able to better understand its consumers by observing what they desire. It also aids in understanding their rivals, as Apple may check out which items Samsung clients like and which are the most well-liked. This form of study is also qualitative since open-ended questions are used once again, and the researchers are seeking for solutions that highlight Apple’s advances. However, depending on how the data is ultimately gathered, this form of study may also use quantitative data. If they offer a chart or other form of data for each question, it will be quantitative data as it will have numbers.

What is Secondary Research?

Secondary research uses information and data that has previously been compiled and gathered. It includes;

  • Previous marketing research
  • Reports from sales
  • Websites
  • Newspapers and books
  • Census data and public records

How Apple Makes Use Of Secondary Research

Apple enhances its goods through secondary research, such as earlier marketing studies. For their newly launched items, they generate fresh concepts from outdated data and information. By reviewing prior studies, they can determine what their customers favor, regarding their goods and what needs to be improved. To maintain the relationship they have with its consumers, Apple looks into earlier market research. If they don’t pay attention to or read customer input while introducing new goods, they risk losing customers since they won’t satisfy them. Customers like having their wants met, and they are pleased when firms provide products that suit those demands. Apple will lose consumers and its connection with them if they don’t take this action. This is why it’s critical to review earlier research since it may assist companies like Apple in improving their goods and increasing their success and notoriety.

The organization may better understand its customers by looking at this kind of research, including various data and information sources, product reviews, information on what the product lacks, and what consumers can anticipate in the next round of product launches. Because they can study the prior market research from other businesses and brands like Samsung, this research also aids in understanding their rivals. Apple maBy reading market research from other businesses, y get ideas and a heads-up on what they should be and are going other brands and companies by reading market research from other businesses.

Given that it uses data and statistics from earlier studies, this form of study is quantitative. In order to make changes in the next years, Apple would examine the results of the market research.

When evaluating their performance in terms of sales and profitability and benchmarking themselves against rivals like Samsung, Apple also analyzes sales statistics. By examining report sales, the Apple Company may determine how much money they are really generating and how much more or less money they are making than other brands and firms. We already know that Apple is a well-known brand and a highly successful corporation, so by viewing their own sales data, it may raise their confidence and may make them want to continue what they are presently doing. This helps Apple to continue earning more sales. Apple will also be able to determine where they are losing money by examining sales, as well as which products are driving their success and which are the most well-liked. Since they can observe how many individuals are buying their items and how many are doing so during a given day, month, or year, this kind of research might help Apple better understand their consumers. Because they can see how many sales their rivals have generated, this kind of study may also help Apple better understand their rivals and make future plans.

Reports fall under the category of quantitative research since they may incorporate data from prior years that provides a realistic perspective of the brand and other businesses.

Apple reads and keeps up with their rivals’ progress on websites as well. Due to the abundance of websites where consumers can compare the offerings of Apple and Samsung, they can also evaluate how their own businesses are faring. Apple may browse over the comments left about various items to get a sense of what changes should be done in terms of the features or pricing points of the products. By gathering information from websites, Apple is better able to understand their customers—many people post reviews of their products online—and their competitors—many people post reviews of products from other brands as well as their own perspectives as “Apple” or “Android” users, which again helps Apple understand how to improve their services and products.

Websites fall under the category of quantitative research since they provide information that other brands and businesses may read and use. A website becomes trustworthy and credible when it contains facts and numbers, but only if the data is current.

Market research’s limitations

What are restrictions?

The drawbacks of market research and market planning are limitations that prevent businesses from doing efficient research.

The Drawback Of Apple’s Primary Research:

Surveys: This kind of study is beneficial for all types of data, which may include secondary, qualitative, quantitative, and primary data. This form of study has the benefit of allowing for immediate customer/person responses.

This sort of study at Apple has the drawback of taking a lot of time. Making, organizing, and compiling surveys may take a lot of the company’s time and energy. Additionally, organizing and setting it up takes time, particularly if an online survey is used. Apple has to do thorough research if they want to produce surveys for its users.

Another drawback of this form of study is that if it’s conducted online, respondents could skip the survey items they don’t understand since they may not have access to someone who can explain them to them. Additionally, some consumers may not want to respond to some questions for reasons that are personal to them.

Surveys: This sort of research is also beneficial for all types of data. Since the information is firsthand, it is mostly primary research, but it may also include secondary, qualitative, and quantitative data. This sort of study has the benefit of using first-hand data.

This form of study has a few drawbacks, including the fact that it takes a lot of time and money to do. Data collection for this kind of study is expensive, which may be quite expensive for Apple as marketers must be engaged at every stage and are responsible for making all the plans.

Another drawback of this kind of study is that participants may lie when responding to the questions, which might render the findings rather inaccurate because they are not being truthful. This would imply that Apple may not be receiving the frank assessments and responses they hoped for.

The Drawback Of Apple’s Secondary Research:

Prior Market Research: This kind of study is beneficial for all types of information, but it is particularly helpful for brands, businesses, and organizations. By taking a look at their prior market research, which may assist them in moving ahead, helps them better their goods and services. Since the data comes from older studies that may also contain facts and numbers, this form of research is mostly secondary in nature. This information is likewise secondary since it wasn’t obtained directly.

This sort of study has the drawback that the prior data may not have been reliable and may have had some inaccuracies. This implies that if the material is incorrect and contains mistakes, the earlier study would no longer be legitimate and would be shown to be wrong.

Reports on sales: Retail organizations and enterprises who want to strengthen their brand or company might benefit from this kind of study. Sales reports may be used to identify a company’s areas of strength and weakness.

This sort of study has the drawback that since the available material could be few, it might be challenging to obtain. Additionally, incorrect sales data sometimes might prevent a company from making advancements.

The cost of producing the papers so that people would read them is another drawback of this form of study.

Websites: All forms of data may be used for this kind of study. Anyone may browse web pages and do information searches. Businesses and companies utilize websites to research their rivals and learn what consumers think of them. Although the majority of this form of research is secondary, it may also be quantitative since it often contains statistics and significant figures.

One drawback of this kind of study is that the material posted on the internet could not be current; as a result, if a firm like Apple reads information about its rivals, it might be reading outdated information and might mistake it for their most recent information.

The fact that anybody may post or write information on various brands and firms is another drawback of this sort of study. As a result, this source is not always trustworthy, as anyone can write and upload anything.

Qualitative Research’s Problems

This form of study has the drawback that it requires specialists to do, which is one constraint. Apple may have to spend money to get the best individual for the job. The specialists’ study on this might take a long time, which will have an impact on Apple.

The time commitment required for this kind of study is another drawback. It may be quite time-consuming and labor-intensive to set up the preparation and research for questionnaires and surveys.

Quantitative Research’s Drawbacks

Due to the possibility of closed-ended questions in the questionnaires, this sort of study has the drawback of producing just a small number of findings that may be used in the research plan. As a consequence, the outcomes may not always accurately reflect what really happened. Additionally, depending on the researchers’ decision, the respondents may only have a restricted number of possibilities for replies. The fact that this form of study often uses a large sample size is another drawback. However, this important study became challenging due to a lack of funding.

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