Individual Marketing Innovation Project

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
1

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
2