Individual Marketing Innovation Project

This report discusses the innovation and marketing analysis of Apple, focusing on a new product designed to transfer battery from one phone to another. It includes a marketing analysis, implementation plan, and the consequences of the innovation. The report also explores the competition and customer behavior theories used by Apple.

Individual marketing innovation
project

TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................1
Marketing analysis......................................................................................................................1
Innovation and consequences......................................................................................................3
Implementation plan....................................................................................................................5
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

EXECUTIVE SUMMARY
Innovation is all about introducing new idea in an existing product or a company. On the
other side, the marketing analysis is a study of dynamism and the attractiveness of a special
market in the specific industry. In the same way, current report also helps to gain deep
knowledge related to innovation and marketing analysis. The chosen company for this report is
Apple which is a top leading firm and provide range of electronic gadgets that helps to attract
new customers towards it. The report is based upon the new idea i.e. to introduce small wire that
is designed to transfer the battery from one phone to another. Moreover, by introducing this
product, people forgot to use portable chargers which takes enough space, but by introduction of
this wire will help to meet the customers needs.
The current report will provide a key findings of a marketing analysis by using specific
marketing theories and consumer buying behavior. Further, report will provide a detail
innovation that critically analyze the support and project how it will work in daily practice.
Further, study will describe implement plan for the innovation proposal that includes simple
budget, roll-out plan, target metric.
Marketing analysis
Marketing analysis provides an overview of an industry that clearly define the target
market, analysis of a competition and project of a business. In the same way, by using the
marketing analysis theory i.e. competitive analysis, it has been analyzed that there are different
competitor of Apple such that Samsung which is a South Korean Multinational company that
also provide huge products especially electronic gadgets to their customers. The only advantage
is that company provide reasonable rate product as compared to Apple. So, secondary research
also state that Apple iPhone and Samsung Galaxy are strongly competing that helps to increase
market share (Cortez and Johnston, 2017). On the other side, another competitor is Huawei
which is a another Chinese multinational company that provides telecommunication equipment
and consumer electronic products that is also operate in range of countries. These are the strong
innovative companies who also provide range of new product to their customers by analyzing
the needs and wants. Therefore, it is find out that Apple has a strong presence in market because
it provide range of new products by analyzing the needs of customers
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On the other side, by using macro environment factor i.e. Pestle analysis which is also
used to determine the external factor that also influence the overall market of Apple. For
instance, through technological factor, it is analyzed that by using advance technology tool,
company will easily survive in this digitalization era (Harmeling and et.al., 2017). That is why,
in the same way, Apple is also focusing on its innovative strategy and make changes in this
product and add new one i.e. a small wire that is actually designed to transfer battery from one
phone to another. This is a latest example of advance technology that is specifically designed to
meet the customer needs. Further, using social factor, company determine the need the
customers and it is find out that customer are ready to pay for the new product introduce by
Apple. While using environmental actor, it is analyzed that the company should majorly focused
upon the environment so that it will not cause any harm to environment. So, introducing the
same product will provide a convenient way to customers to charge their mobile phones
immediately. Also, by using the best quality of raw material for packaging the new product that
also do not cause any negative impact upon the environment.
Through SWOT analysis, which is used to examine internal factor, it has been analyzed
that Apple has a strong financial position as compared to other rivals because it provide
upgraded products as compared to other firm. So investing in wire that helps to transfer the
battery from one phone to another assist to increase the overall customer share (Levit and
Cismaru, 2020). On the other side, opportunity for the company is to provide innovative product
that is specifically designed to attract range of customers and this in turn assist to enhance the
overall market share. The biggest weakness of the company is its pricing strategy which is quite
high and did not spend amount in promotion. While its threat is strong competition in the
market. It is so because most of the company uses the same product which Apple provide and
that is why, investing in new and innovative technologies will help to stay ahead in the
competition (Deng and et.al., 2020).
Apart from this, by using Reasoned Action as a top customer behavior theory that also
analyses the importance of pre- existing attitudes in the decision making process. The main key
point of this theory is to determine the customer behavior which is based upon the intention that
is actually create to generate best output. Through this theory, marketer or company will easily
determine how the customers retain the ability to change their mind and decide on different
course of action (Foxall, 2020). Moreover, Apple also use the Wheel of consumer analysis
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theory in which it uses three main concept i.e. Affect and cognition that define the way through
which customer respond to stimuli. For example, company uses new ideas and approaches in
order to convey their messages to the customers. Another aspect is cognition which describe
consumer's knowledge, meanings and beliefs about Apple. Such that the company is also
provide eye- catching product to their customers that helps to attract most of the customer
(Miller Jr, 2020). Third is consumer environment, which is also based upon the social and
physical attributes of a world. Thus, the brand stores of Apple also dominant the physical
environment and therefore, it also capture the significant attention and focus of the a customer.
Therefore, it is clearly analyzed that using these two theory, company easily evaluate the
demand of customers and realize that providing new and innovative product to their customers
will assist to gain huge market share in the firm.
Innovation and consequences
Marketing mix is the different set of tactics and action which are used by the company to
promote the product of the company in market. Marketing mix of the company is make up of 4
different element that is price, product, promotion and price for the company offering.
Product: It is the offering of the company in the market to attract the eye of customer
toward offering of the company. Apple is looking to introduce a innovative product with high
standard of quality is maintained in the same. Innovative product of apple will be the wired
device in the market, which can help the company in transferring the charge of one device to
other device in the nation. Reason behind bringing the same in the market is that there is good
sort of demand of such product in the market. As it has been analyses in the market research that
customer in the market, is facing the issue related to the battery back up of different smart
phones (Fahmi, Fathon and Harini, 2019.). Organization will be launching the product by
compiling the product with the high standard of the quality, which can help the company in
getting best result out of the market in long run.
Internal analysis of organization explain that Apple is having good financial position in
the market. This will help the company in getting different sort of cost advantage in the market,
as it will help the company in not paying interest on different money which is invested by the
company. Also this product will help the company in overcoming the threat of competition in
the market, as this is the unique product, it has been not brought by any of the company in the
past. As there is good amount of demand of such product as well. At the same time looking at
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the subsidiary product of the same in the organization, it has been analyzed that power bank are
the subsidiary product which can impact the performance of the business in the market.
Based on the environment analysis, it can be said that Apple has tapped at the right time
for introducing new product in the market. This new wire designed battery transfer product is
currently new in the market as no other competitors have actually introduced it. It uses the latest
technology which has not been used by most of the organization till now. This product is
introduced keeping in mind the changing needs of the customers and their preferences.
Currently, portable chargers are used by the customers which are very heavy to carry and
requires extra space. This new wire charging product will benefit and will make life simple for
the customers. Along with this, it is made up of environmental friendly material which is also
small in size and it is packaged in such a way that has no harmful effect on the environment or in
another ways it is meeting with its corporate social responsibility.
Reason behind bringing this sort of innovative product in the market is that there is good
sort of demand of this type of the product in the market, as it has been seen that generally
consumer in the market are facing issue related to the battery consumption of different product
of the company. This product will eventually help the company in passing on the good message
to all the consumer that their need in the market can be easily satisfied with the product of the
company in the market (Kucuk, 2017.). This is very good sign for the Reasoned Action theory
of the consumer, as all the consumer in the market are intending to buy the same product and
also as company will be using the reasonable pricing scheme for this product, this will
eventually help the company in seeing good market for the product of the company.
Wheel of customer analysis use to analysis that organization uses new ideas and
approach in the market to convey variety of different idea to the customer in the market. For the
same reason apple in the new product also decided to take help of promoting the environmental
factor in the organization to promote the positive message regarding the product of the company
in the market. Another outcome of wheel of customer model is that it used to attract the eye of
the customer in the market with the help of the quality and unique feature of the company. this
is also maintain in the new product of the company as product which is bringing the product in
the market which is not brought by any other organization in the past. Also, as organization as
maintained a good standard of quality in maintaining the same, it would helped the company in
attracting the eye of the different customer toward the product of the company. Another outcome
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from the model was that as Apple is able to create a good sort of goodwill and customer value in
the market with the help of the quality and physical environment of the company in which
company used to operate. This goodwill will help the company in getting best out of the market,
as they will able to attract more number of the customer from the market.
Competitor analysis of the company shows that Samsung and Huwai used to throw a
good amount of the competition to the apple in the market. New product of the company also
has to see a good amount of the competition in the market. As product of the company is the
temporary solution of the battery backup for the consumer, as taking charge of one product to
the other will eventually means that one phone will loose the charge to have charge is another
one (Haiderand et.al.. 2017). Competitor in the market are having better solution for this
problem, as they used to provide power bank option to the consumer in the market. At the same
time the price of the product can help the company in overcoming such type of competition in
the market. As it has been seen that the price of having power bank is too high and cannot be
offered by all the consumer. So, product of apple is very reasonable to have. Another feature
which is unique of apple product is that it is very easy to carry in the market, as compare to the
power bank of the company. Goodwill of the company will also help the company in getting
good sort of competitive advantage in the market, as it will help the company in promoting the
product of the company (Hollensen and Opresnik, 2019).
Implementation plan
Objectives
 The core objective of this plan is to introduce the new product to overcome the problem
of getting out of battery.
 This new product is a small wire which is designed by Apple and the purpose of this is to
transfer battery from one phone device to another.
 To increase the profitability and attract more customers.
Schedule Milestones
It includes the complete schedule about the activities to be initiated along with the
timelines (Eby, 2017).
Schedule of new product development
March - April May – June July – August September -
October
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New product
Strategy
Screening
Concept testing
Business analysis
Product
development
Market testing
Commercializati
on
Timeline
Action to be taken Start of action Action completion
Setting the goals and
objectives
21/03/20 15/04/20
Determining the budget 16/04/20 31/05/20
Creating an effective team for
the project
01/06/20 20/06/20
Identifying and setting the key
performance indicators
21/06/20 15/07/20
Evaluating the best channels of
marketing
16/07/20 31/07/20
Determining the resources and
cost involved in the project
01/08/20 31/08/20
Allocate resources
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This step meets the core purpose of the plan which is to ensure that proper and adequate
resources are available in order to successfully execute the plan (Ahmad, 2016). It includes
everything from time, cost, personnel, customers, technology etc. As all these are the aprt of
effective team
Purpose Amount
Setting objectives:
Developing the new product launch plan
£1,000.00
Formulating key performance indicators to
analyse the performance
£1,500.00
Customer engagement £800.00
Identifying the resources required:
 Technological resources
 Human resource management
 Financial resources
£5,000.00
Getting approval of the stakeholders for the
plan
£500.00
Designating team member responsibilities
In this, Apple will define certain key roles and responsibilities for each and every team in
order to execute the task more effectively. It will state the general team plan and also stating the
roles of each member will be more effective. It will include the head of the project to whom
everyone will be reporting and team members from various departments such as marketing,
finance, production, sales etc.
Defining the metrics
In this step, different metrics is determined which will help the organization in evaluating
the success. The metrics that can be used by Apple for measuring the performance of its new
product are stated below.
Key performance indicators
This is a performance measuring metrics used by the organization in monitoring and
evaluating the performance of the new product (Yun and et.al, 2016). Under this method, the
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major target are set which are required to be achieved which is based on the market research.
The key KPIs that can be used are target sales in initial 2 months, then next 6 months etc. and
target revenue.
Variance analysis
In this method, the organization can compare its actual result with the estimated or set
budgets, which will help in determining the length of difference (Deckop, 2019). It will also help
in identifying the key reasons for not achieving the set target or standards so that corrective
actions can be taken such as modifying the plan, hiring more effective and experienced
employee or making changes in the set target.
Feedback system
This system is very effective for getting the proper review of the product. In this, proper
feedback will be collected from the customers which will include the durability of the product,
whether it is meeting the needs of the customer, any changes required etc. This will help
organization in identifying the key areas of improvement so that timely changes can be made to
remain in the market and increase its market share.
Monitoring and evaluate success
In this step, the plan is monitored and evaluated in order to take effective actions as per
the requirement. For this, management is required to prepare the report for evaluation weekly
and monthly basis for the initial year as it is the new product. It will help organization in taking
actions which can be beneficial in terms of cost, revenue personnel required. It will also help in
evaluating whether the marketing tactics used is effective or not and whether it is reaching the
target customers.
CONCLUSION
From the above it can be concluded that for introducing new and innovative product in
the market it is essential to carry out complete market research. It includes analysing the external
and internal factors that can impact the business and its plan. For external environment analysis,
Pestle analysis is used and for internal swot analysis which has helped in identifying the key
areas of opportunity and threat to the business in successful executing the plan. Also, it includes
different set of marketing tactics that can be used for promoting the product for which 4Ps of
marketing mix is applied. At last, an implementation plan is formulated which depicts the step
by step process and the key factors to be considered by Apple in successfully executing its plan.
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Thus, for introducing any new product in the market requires effective application of different
marketing practices.
REFERENCES
Books and Journals
Ahmad, H. B., 2016. ENTREPRENEUR'S EXPERIENCE IN IMPLEMENTATION OF
INNOVATION. International Journal of Accounting. 1(1). pp.01-10.
Cortez, R. M. and Johnston, W. J., 2017. The future of B2B marketing theory: A historical and
prospective analysis. Industrial Marketing Management. 66. pp.90-102.
Crespin-Mazet, F. and Ingemansson-Havenvid, M., 2020. Rethinking the theory-practice divide:
How academia-industry collaboration contributes to theorising. Industrial Marketing
Management.
Deckop, J. R., 2019. Book Review: Questioning Performance Measurement: Metrics,
Organizations, and Power.
Deng, R. and et.al., 2020, January. Analysis on the Application Strategy of “4V” Marketing Mix
Theory: Based on the Perspective of the Perceived Value of Agricultural Products
Consumer. In 5th International Conference on Economics, Management, Law and
Education (EMLE 2019) (pp. 501-504). Atlantis Press.
Fahmi, F., Fathoni, A. and Harini, C., 2019. THE EFFECT OF MARKETING MIX, PRODUCT
QUALITY, AND BRAND EQUITY ON CUSTOMER SATISFACTION THAT
IMPACT ON INTEREST TO BUY (Case Study in CV. IKILHO
KONVEKSI). Journal of Management, 5(5).
Foxall, G. R., 2020. The theory of the marketing firm. Managerial and Decision Economics.
41(2). pp.164-184.
Haider, A.A.and et.al., 2017. Marketing Management. Head, B, p.22.
Harmeling, C .M. and et.al., 2017. Toward a theory of customer engagement marketing. Journal
of the Academy of marketing science.45(3). pp.312-335.
Hollensen, S. and Opresnik, M.O., 2019. Marketing Mix in the Marketing Planning
Process. World Scientific Book Chapters, pp.203-382.
Kucuk, S.U., 2017. Marketing and Marketing Mix. In Visualizing Marketing (pp. 3-7). Palgrave
Macmillan, Cham.
Levit, T. and Cismaru, M., 2020. Marketing social marketing theory to
practitioners. International Review on Public and Nonprofit Marketing, pp.1-16.
Miller Jr, L. M., 2020. Developing an Integrative Marketing Theory. Review of Integrative
Business and Economics Research.9(1). pp.165-180.
Yun, S. and et.al, 2016. Development of performance metrics for phase-based capital project
benchmarking. International Journal of Project Management. 34(3). pp.389-402.
Online
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Eby, K., 2017. From Strategy to Execution. [Online]. Available
Through:<https://www.smartsheet.com/implementation-plan>.
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