Marketing and the Apple Watch Essay

market occurs at heart an ecesis when consumers require, wants and demands ar met with the supplant of a harvesting (Kotler & axerophthol Armstrong, 1991). The concept is system of rules wide, and particularly all(a) important(predicate) when new intersections argon introduced within a market. guest rate is an important aspect of selling, as it aids in exploring what the consumers perceived need and wants are. Customer survey can be defined as the benefits gained, and sacrifices made in guild to leveraging a harvest. The main sources of jimmy created by the organisation are functional/instrumental rate, experiential/hedonic comfort, typic/ communicatory judge and cost/sacrifice take to be. In this paper we bequeath be looking towards the fore coming orchard apple tree Watch as an ex antiophthalmic factorle. trade is an extremely broad concept. Therefore when attempting to define the term, the diverse meanings it has for many antithetic people and groups mu st be acknowledged. (Kotler, Shaw, FitzRoy, Chandler, 1983). The term at its core relates to a lot much than just the selling and advertising of carrefours. The desired aim is for products or services to be revealed in a stimulating manner for twain indirect and direct nodes of the organisation. The common misconception of the term merchandise is that its core share is to simply sell a product or service. nevertheless, marketing as a business philosophy is adopted byout the whole organisation, and through all levels of management (Keelson, 2012). It is an approach where the guests wants and needs must be the elementary concern throughout all business decisions.Kotler et al (1983) explores the term progress by arguing that marketing is the process of using activities and institutions that en equal to(p) communication, preservation and the exchange of offerings that provide value for a wide array of customers, as well as society at large. foodstuffing has whatever ex treme notions attached to it the first and foremost organism human needs, relating to people whole tone deprived by not possessing goods or services (Kotler & Armstrong, 1991). military personnel needs are intricate and come in abundance, and from these perceived needs human wants are established. Human wants are largely dependent on the needs of humans, as they are molded by individual cultures and development (Kotler & Armstrong, 1991).Once an individual desires a product and has the capacity to purchase it, these wants are converted to demands. Most importantly within the process is the exchange, observe as the underlying principle of marketing (Woodall, 2004). Relating to procurement, acquiring the favourable product from a person whilst offering something in return. A product is essentially anything offered to the market in order to satisfy their perceived needs and wants (Kotler & Armstrong, 1991).In this case the apple Watch will be discussed. The product o r service will be directed at a specific market, which comprises all potential and actual emptors (Kotler et al, 1983). The orchard apple tree Watch is be targeted at the general public, but more specifically a hyper centralize towards previously established Apple users and fans with a propensity for superior goods. These notions are important components of marketing as they provide information for the organisation to detect what goods and services to offer.Marketing is hugely important to any organisation, regardless of coat or type of product and service on offer. The aim of undergoing marketing is to deliver a standard of living to people, providing them with products for when and where they need them (Kotler et al, 1983). The concept of marketing is more often than not propelled by revenue businesses want to make sense to their profits by satisfying customer needs. Without properly executed marketing functions in place, where the customers needs, wants, and demands are not aligned within the transaction, then the organisation has little chance of achieving a competitive advantage, as well as gaining value for themselves. (Keelson, 2012). Using the example of the Apple break, which has been in production for some time, Apple have been assembling their ideas, whilst observing the results of other rival companies relinquish similar versions of the product. Apple have been carefully honing in on the customers needs and wants, and are finally ready to release the end product to expectedly earnest consumers.Customer value essentially is the perceived benefits concluded by the customer, derived from obtaining the product held up against the sacrifices  world made to acquire the product (Weinstein, 2012). Organisations creating value, furthermore customer value is progressively being seen as a fresh and up to date source of competitive advantage (Woodruff, 1997). Because of this, the mental hospital of customer value is an incredibly significant cent ral concept within marketing (Patterson & Spreng, 1997).However there is not one single agreed upon interpretation that whitethorn be employ for customer value, as well as no distinct definitive theory or framework used to emphasize customer value (Weinstein, 2012). Adopting the way in which organisations are able to create value, Smith and Colgate (2007), have developed an innovative framework where quaternion types of value created merely by the organisation are acknowledged these being functional/instrumental value, experiential/hedonic value, symbolic/ tellive value and cost/sacrifice value.Functional and instrumental value refers to the buyer buy the product and having it complete the function it is knowing to do (Smith & Colgate, 2007). to a greater extent so concerned with the products attributes, performance and outcomes. In order for the Apple watch to attain this value, the smart watch has to possess all features including accurate time, Wi-Fi, and user-to-user connectivity in a way that is easy to operate and understand, as well as reliable for the consumer. This assessment of value may divert between individuals. The experiential / hedonic value is more removed from the product itself, and more related to the sensations we receive from the product.More specifically linked to the feelings and emotions we receive, as well as suitable experiences for the customer (Weinstein, 2012). Tim Cook, the CEO of Apple has coroneted the Apple watch as the most personal and intimate product yet (Apple, 2015), with the watch alerting you of notifications through a small shudder to your skin. Continuing with sensory value within the watch, Apple have worked with utmost fashion designers and stylists to ensure the product looks great, as well as let go of a wide array of styles suitable for anyone. Furthermore, the smart watch being one of Apples most aesthetically pleasing products to date, it is believed that consumers will purchase due to pleasur e of possessing it (CNET, 2015). This sense of joy and experience holds ablaze value for the buyer.Symbolic and expressive value is duly concentrated on the degree in which the customer will bestow or assistant psychological meaning to a specific product. Moreover in damage of self-identity, and whether the product enables the buyer to express their personalities, as well as attaching tender meaning (Smith & Colgate, 2007). There are a large variant of Apple watches that may be purchased with differing prices and styles. This gives the buyer plenty of choice, and an ability to express themselves in terms of design in colours, shape of watch, and wristbands. Addressing self-worth and self-identity, aforementioned the watch comes in many styles with divers(prenominal) price tags, the 18 carrot halcyon apple watch could appeal to a person wanting to epitomize prestige, and status, and therefore make the buyer feel good about themselves. However personal meaning is incredibly specific to individuals, and for marketers this can be rattling difficult to achieve.The cost and sacrifice value related to the things we give up in order to obtain the product, involving time, money, personal investments and the risks feignd (Slater & Narver, 1994). Apple has provided a wide array of prices ranging from AU $499 to $24,000 (CNET, 2015), meaning that people are able to choose the dollar amount they pay. As this is Apples first attempt at marketing a product designed to be worn, the actual purchase experience will vastly differ. Apple employees have been trained to be much more customer focused, enquire questions and making the buyer feel comfortable (Apple, 2015).However the product has a high level of personal investment, and risks attached to the actual purchase of product. As the watch remains a part of the modern digital electronic world, there is always the chance that technology will revolutionize readily and the product will be outdated. Moreover alon g with purchasing the watch, the buyer must have one of the latest versions of the IPhone in order for the spin to be compatible, this limits the market of people buying the product. Whilst the Apple watch may carry a lot of symbolic, and expressive value, there are lock in a lot of risks and costs attached to the product.The relationship that exists between marketing, and customer value is apparent. Organisations are aware that suitable marketing needs to involve more than just promotional hype. It needs to be intertwined with providing real value to customers. Prior to the actual release of the Apple watch, the brand has been able to find a balance between employing large-scale ads on television as well as high class magazines to gain attention and to chide interest from the public, whilst lock up educating consumers on the uncapped features and functions that the watch possesses.Woodruff (1997) alludes to customer value having long acted as a vital principle within moder n day marketing as a means to not only gain customer satisfaction, but brand loyalty as well. Organisations employ different philosophies of marketing as a way to bring on what the customers needs and wants are, to gain a more complex understanding of what customers value (Slater & Narver, 1994). By having an organisation comprehend their specific target markets, the obstetrical delivery of customers anticipated satisfactions can be completed in a more efficient and effective manner.In conclusion marketing and customer value are intertwined with each other in terms of achieving organisation success. The consumers needs and wants are delivered through an exchange of product that provides real value to the customer. The consumer will then weigh up the product in terms of costs and benefits. The apple watch has perceived customer value, with the product providing symbolic / expressive value, as well as functional / instrumental value to consumers. However as with any product there are still risks associated with purchasing the product, as well as sacrifices having to be made.ReferencesApple,. (2015). Apple Apple Watch. Retrieved 1 April 2015, from https//www.apple.com/watch/CNET,. (2015). Apple Watch Release Date, News, Price and specs CNET. CNET. 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