What is marketing in business?Marketing is the process of attracting new customers and clients to your company's products and/or services. This marketing definition's main word is "process"; marketing is researching, promoting, selling, and distributing your items or services.
It's a vast subject, which is why tomes have been published on the subject and a four-year marketing degree is available. However, marketing entails everything you do to bring potential clients and your product or service together.
Attracting and retaining a growing base of delighted consumers is the name of the game in marketing. Developing and implementing a marketing plan will help you focus your marketing efforts and enhance your sales.
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| Apple Inc. |
Marketing Success of Apple Inc.
Apple Inc., which began in a garage in Los Altos, California, in 1976, became the first U.S. corporation to reach a market capitalization of $2 trillion. If Apple were a country, its market capitalization would place it among the world's largest by GDP, with roughly 147,000 employees worldwide and $247.5 billion in revenue in 2020. 1
Apple co-founder Steve Jobs went on to build a number of distinctive and revolutionary technology products, including the Mac computer, the iPod, iPhone, iPad, Apple TV, and the Apple Watch, in addition to designing the Apple I and Apple II series of personal computers beginning in 1976.
Jobs' greatest skill, according to Apple co-founder Steve Wozniak, was marketing. He is remembered for his characteristic "One More Thing..." joke, which he frequently used in presentations, and his keynote presentation of the iPhone on the Macworld stage in 2007 is still recognized as one of the best marketing performances ever.
Apple's 1984 Super Bowl advertisement advertising the launch of the Macintosh is largely regarded as the best Super Bowl commercial of all time. Apple's choice to proceed with the ad was very contentious. The commercial was rejected by the board of directors, who saw it as pricey and a slap in the face to competitor IBM. However, Jobs adored the advertisement, and Apple was unable to sell off the last time slot that it had already secured when the board began to disagree, thus the ad ran. Apple sold $155 million in Macintosh computers in the first 100 days after the Super Bowl aired.
Jobs was driven by a desire to create creative, elegantly designed products for the mass market.
While many Apple goods were very effective at selling themselves, Jobs knew early on that he needed to integrate form, function, and superb marketing to become truly successful, and by doing so, he catapulted Apple into one of the world's most recognized consumer brands.
Even though Apple was not the first to market with a revolutionary new product, it was frequently the firm that took an existing product, re-engineered it in an innovative way, devised a spectacular marketing campaign, and turned it into a massive economic success. The iPhone is an example of this, having annihilated competitors such as Nokia and Blackberry within a few years of its release.
Building and retaining brand loyalty is crucial to Apple's marketing success. Apple customers are notoriously loyal to the brand, with many ardent Apple fans purchasing each new release of an Apple product. It is not uncommon for customers to wait in line for hours or even days for the arrival of a new iPhone or other Apple product. Apple's iPhone outperformed Samsung, LG, and all other smartphones in brand loyalty in 2019, with a 74.6 percent trade-in rate, according to BankMyCell.
Apple is a consistent winner of marketing excellence awards, including:
At the 2007 Annual Effie Awards, Apple Inc.'s "Get a Mac" campaign was named the Most Successful Marketing Campaign of the Year.
(Apple's "Get a Mac" marketing campaign was a major success, with the company gaining 42 percent of the market share in its first year.) The show pitted a young, hip Mac owner against a fumbling, nerdy-looking, definitely uncool PC owner.) Adweek named "Get a Mac" the finest advertising campaign of the decade in 2010.
The CMO Survey Award for Marketing Excellence has been given to the overall winner for 12 years in a row, through 2020. In 2013, marketing research firm Harris Interactive named Apple the "Technology Brand of the Year."
Marketing Example: One of marketing's axioms is that a profitable sales volume is preferable to a maximal sales volume.
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