Description
Need part 1 to be fixed as I just notified you!
Especially on using a competitive matrix. And focus only on Apple Inc. Samsung can be its competitor.
This assignment has two major parts. The first part is a Situation Analysis in which you will examine the competitors and customers in your marketplace and discover the challenges and opportunities that exist in your target market. The second part involves the creation of your Value Proposition.
Assignment Steps
Part I
Conduct a Situation Analysis for your selected business opportunity. Include the following details in your analysis:
Analyze competitors by using the Competitive Matrix and applying appropriate variables for your business.
Analyze the customers that you wish to attract including current and future customers.
Compare the specific attributes of your product with those of competitors in your market niche.
Describe aspects of your product/service that will attract your targeted customers.
Evaluate similarities and differences between your target market and that of your competitors.
500 words
Part II
The results of your Situation Analysis provide the basis for a distinct Value Proposition for your product/service that can help to generate brand and name identity.
Write your Value Proposition as a 750- to 1,050-word paper that includes the following:
Define your Value Proposition.
Explain the Value Proposition for your product or service.
Discuss the major elements necessary for building a brand.
Identify 5 action steps that you will take to build the brand for your company and/or product.
Unformatted Attachment Preview
Running head: SITUATION ANALYSIS
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Situation Analysis
Name
Date
SITUATION ANALYSIS
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PART 1
Situation Analysis
Introduction
A competitive matrix proves crucial in the establishment and continued development of a
product line. The primary objective of having a competitive pattern is to ensure that the
marketing plan can be in place and also create better brands than what competitors have.
Additionally, a competitive matrix allows the organisation to learn about the marketing segment
which enables the management to differentiate its products from the competition. There are
several matrices used to analyse and get facts right regarding race. It is essential to concentrate
on their strengths, opportunities and weaknesses in a bid to critically deal with competition on a
particular target market. It is for the same reason that the following analysis seeks to provide a
competitive matrix applying the feature comparison matrix in investigating the fierce
competition exhibited by Apple and Samsung on technological development.
Analysing competitors using the matrix and applying appropriate variables to the study
The feature comparison matrix comes out as the best in having a perfect market analysis
in the phone industry as listed. The method ensures that every product by the competitor is listed.
Then, the marketing department in charge of comparison looks at features exhibited by a player
yet lacked by the competitor. The android phones, in this case, would provide a perfect analogy
at any particular juncture. Both Samsung and iPhone have the latest technology when it comes to
improved settings and phone technology with each releasing the newest technology with regards
to Android versions that meet market demands. However, there are unique factors which makes
iPhone users enjoy their services as compared to Samsung. iPhone has security features which
SITUATION ANALYSIS
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ensure customers get the best out of their safety concerns. On the other hand, Samsung may only
boast of having access to almost all parts of the world due to its prompt marketing strategies
(Newton et al 2015).
Customers attracted/former or current
Currently, the phone industry has become highly competitive targeting a myriad market
and concern area. Both Samsung and iPhone target all android users with interest in getting vast
technological activities and associations at any given juncture. The other target group would
include those who like to have their services aligned to phone gadgets and improve the best out
of the target market. The future market would involve a target to the low-income earners within
the society. The industry players must get the best-priced gadgets as opposed to the costly ones
in the market. It would make the same access in future and bet the improved target market for
that matter.
Comparison of the product to the ones of the competitor
There are particular features that iPhone poses which lacks in Samsung. Competition has
become stiff with regards to the use of smartphones. However, some situations make it possible
to prefer the former. The competition has narrowed down to now include customers need for
guaranteed security. Since the iPhone offers the above, it is vital to signify and choose it at the
Expense of the other. Another factor and feature which makes iPhone the better choice look at
the robust features and network coverage ability especially in the domestic market. The phone is
tailor-made to suit the need of the American network user. The feature is profoundly opposite to
that of Samsung which has stronger network coverage developed to satisfy the Korean market.
Aspects of iPhone that meet target customers demand
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It is tricky to pinpoint a feature that consumers like in a product. Once a company can
vividly stop at a function and analyse it as the reason why it enjoys success, then the competition
would be already eliminated. Our case in point looks at the security features provided to the
wealthy members of the society. The two classes-the rich and the middle-income earners are in
dire need of safe phone usage. So, the iPhone provides this and other vital features worth noting.
The other factor related to security points to the end-to-end encryption which highly guards
against unauthorised access by unintended users for that matter.
Similarities and differences between the target market and the competitors
The smartphone consumer has a plethora of market destinations to choose from. In the
case, it is not able to conclude that the market selected to draw a comparison with our competitor
has similarities at the expense of the differences witnessed. The similarities point to the fact that
the consumer’s taste and preferences have continued to align with phone consumption needs. The
market allows the interaction and the exchange of competitive analysis for that matter.
Additionally, the similarities go on to include the pricing policies analysed. Both phone
companies provide a perfect start and marketing analysis getting the best out of the available
channel of marketing.
PART 11
The value proposition is a critical marketing tool used by companies to ensure the
organisation implements a robust, vibrant and articulate marketing strategy. The value
proposition for the company may be defined as an attractive outfit and innovative enterprise to
get and improve the marketing approach by any company. Therefore, the smartphone industry
would add value to the market by innovating and continually improving technology in the
SITUATION ANALYSIS
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smartphone industry. Improving smartphones would involve engaging artificial intelligence thus
get the best out of the phones. Our target market-the high-income earners and the middle-class
income personnel would ensure that marketing reaches the great and guarantee customer
satisfaction at that level.
Elements relevant for building a brand
There are some features and components that marketers use to make a brand at any given
entity. The first element of brand creation looks at identifying a relevant target market. The B2C
environment dictates that the researchers come up with a satisfactory model that meets specified
products for the market recognised. The next element looks at the Brand positioning element.
Just as the strategic positioning forms the best place in planning and rolling out a product, brand
positioning gets the best out of the said individuals and products at hand. The leadership and
design team must at all times locate phone products in places that they can quickly get accessed.
Another characteristic point to the brand values attached to the services offered at any market.
Brand value requires business leaders to get the best product out there continually. The product
must have value and produce tangible results when tested in the market at any given level (Ko &
Aiello, 2016).
Steps for building a company’s brand
The first step in creating a brand for any particular company includes conducting market
research. The questions asked revolves around identifying the awareness of the company brand
to the customers, the perception of the brand to the market and the characteristics of the product
that makes it unique to consumers at any given level. The next step points at focusing on a
product with a single value proposition. The product chosen must stand out and guarantee the
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best-case outcome in terms of quality and decision-making outcomes at any given juncture. The
third step includes selecting a brand name that passes the message revolving around the perfect
letter sent and value addition at any provided level and decision-making articulations. The name
must be unique and then perform in line with the valuable actions as aligned to the proposition at
all levels. Another stage in developing a brand points to the emotional connection tied to the
product. Attaching emotions to the outcome highlights the significance of the whole performance
levels and meeting individual customer needs for that level. Eventually, communicating brand
awareness issues makes it possible to tie strategic implementation and formulation by making it
perform, and the best case makes it possible to create viable options regarding communication
(Ramaswamy & Ozcan, 2016).
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References
Newton, N. J., Persellin, J. S., Wang, D., & Wilkins, M. S. (2015). Internal control opinion
shopping and audit market competition. The Accounting Review, 91(2), 603-623.
Ko, E., Phau, I., & Aiello, G. (2016). Luxury brand strategies and customer experiences:
Contributions to theory and practice. Journal of Business Research, 69(12), 5749-5752.
Ramaswamy, V., & Ozcan, K. (2016). Brand value co-creation in a digitalized world: An
integrative framework and research implications. International Journal of Research in
Marketing, 33(1), 93-106.
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