Effective marketing considers 7 main categories; product, price, place, promotion, people, physical evidence and processes. When all 7 categories are thoroughly considered the perceived value of a product increases. The company Apple started by Steve Jobs exemplifies a strategic and effective marketing approach that has created some of the highest valued products in the electronics market.
A product is first created as a need-satisfying market offering to customers. Apple creates value within its product through a simple to use interface and stylish range that meet customer needs.
A price must be decided for the product or service they are offering. In the case with Apple, their products are in the higher end price bracket as their products have a high-perceived value which means consumers are willing to pay more for the products.
The place is where a product or service is available to its consumers. Apple have a multitude of easily accessible and interactive stores that offer customer support through one-on-one interactions that create value for it’s customers knowing there is a network of support for the product, when Apple devised its retail strategy in the past, the company had a single overriding goal; to launch stores that were unlike anything that customers associated with the computer industry (Manjoo 2010, 68-112).
Promotion is a communication tool not only to inform customers but also to interact with them for long-term benefits. The primary purpose of promotion is to communicate with customers. One of Apple’s promotions that add value is the university student
References: Manjoo, F 2010, 'Apple Nation. (cover story) ', Fast Company, 147, pp. 68-112, Business Source Premier, EBSCOhost, viewed 26 March 2014.