Marketing Mix: Analysis of Apple's Pricing Strategies and Practices

This report analyzes Apple's marketing mix, specifically focusing on its pricing strategies. It explores various pricing models, including cost-plus pricing, price skimming, competitive pricing, and penetration pricing, and how Apple utilizes these strategies to position its products and attract its target market. The report examines how Apple leverages its high-quality product to justify premium pricing, the role of the 7Ps of marketing mix, and how these elements contribute to the company's success. The analysis also considers the impact of competitive forces and market entry strategies on Apple's pricing decisions. The report concludes by summarizing the key takeaways regarding Apple's pricing approach and its alignment with the overall marketing objectives, referencing relevant books and journals to support its findings. This report is a valuable resource for students studying marketing and business development, offering insights into real-world pricing strategies.

Marketing mix
INTRODUCTION
Marketing Mix is referred as the seven
elements of product and services to satisfy
the need and desire of consumers. These
7P's are described as product, price, place,
promotion, people, public relations,
physical appearance.
Managers of Apple organization use this
pricing element to differentiate their
specialized product for target market to
satisfy their needs and wants.
PRICE
Books and journal
Chen, C. M. and Ann, B. Y., 2016.
Efficiencies vs. importance-performance
analysis for the leading smartphone brands
of Apple, Samsung and HTC. Total Quality
Management & Business Excellence. 27(3-
4). pp.227-249.
Walker, K. and Green, J., 2014. The
development of Eucalyptus as a medicine.
In National Institute of Medical Herbalists
150th Annual Conference.
CONCLUSION
Managers of Apple are using price
skimming strategy for their product as they
have highly qualified product which
attracts their target market which makes
their consumers to pay high prices.
REFERENCES
This pricing element of marketing mix is
further classified as described under: -
Cost-plus pricing: - It is the expense in
which total production cost incurred with
addition of profit margin. Managers of
Apple can use this pricing to attain profit
on sale of products.
Competitive pricing: - It is the price on
which company can compete their product
through quality, quantity, brand, etc.
Managers of Apple can use this to have
competitive price of their apple product as
it has its specialization with high quality
which attracts consumers to purchase.
PRICE
Value-based pricing: - This is expressed as
the product price according to its
specialized quality. Managers of Apple can
use this to satisfy their customers on the
value of its quality produced.
Price skimming: - This enables to set high
price and lowering its market. Managers of
Apple can use this as their quality of
product is high which can lead to have
pricing for their target market.
Penetration pricing: - It means to set least
cost of product while entering in market
and increasing it later. Managers of Apple
can use this strategy when they are entering
new market.