Making several decisions regarding how to extend a firm’s operations is necessary for a growing business. An important step in planning for expansion is developing a strategic plan. One may optimize the potential for growth of their company by using the plan to help them create a realistic vision for the future. A strategic plan often defines the fundamental methods for accomplishing a company’s mid-to-long-term objectives. Therefore analysis of Apple Incorporation’s strategic plan can aid in illustrating the importance of a plan from different perspectives.
Purpose of the Strategic Planning
Any progress requires planning, which involves setting priorities, delegating duties, scrutinizing activities, and assessing results. Therefore, to provide clients with new products and solutions with superior usability, seamless integration, and inventive design, Apple Inc.’s strategic planning makes use of its exceptional capacity to design and build its own operating systems, application software, hardware, and services. The business holds that the creation and commercialization of cutting-edge goods and technology depend on ongoing investments in R&D, marketing, and advertising (Addison & Adelaide, 2022). Through strategic planning, the company is continuing to broaden its platform for the delivery of third-party digital content and apps via the iTunes store as part of its overall strategy.
Key Objectives
Any business’s objectives cover all of its current and future planned activities. The objectives include any emergency planning as well, especially if the first one fails. Therefore, Apple Inc. has several objectives in its strategic planning which may include:
- Apple aims to target an audience with a variety of traits.
- Middle-class and upper-class consumers are primarily Apple’s target market because they typically have the resources to pay Apple items’ higher premium prices.
- Improve the buyer’s understanding of the significance of the hardware and software integration, as well as the wide potential of Apple products.
- Assisting the educational system by providing tools that make it easier for teachers to teach and for students to learn in the classroom.
Market Development
Market development in strategic planning involves setting goals, doing a market audit, conducting market research, assessing the results of that research, identifying target audiences, and company’s further analysis. Therefore, Apple’s marketing approach uses simple but incredibly effective means of expressing the brand. The product portion of the marketing mix is highlighted in Apple’s 7Ps of marketing, and the company’s categorization, targeting, and positioning strategies are geared toward premium product users (Addison & Adelaide, 2022). Additionally, the corporation rarely uses sales promotions as part of its marketing strategy and instead focuses a higher emphasis on print and broadcast advertising as well as personal selling in Apple Stores.
Process Improvement
It is only to aid in the expansion of the employee skill-development process. A good design that works right out of the box with ever-smaller packaging is Apple’s value proposition. Apple is a special business since it simultaneously serves as a design studio, media platform, publishing house, software powerhouse, and computer manufacturer. Hence, in such a position, the business can effectively and economically communicate its value proposition to its target client segment.
Development of People
In people development, a thorough evaluation and after-service assessment team evaluate and takes steps for ongoing improvement and fill up the gaps. Every stage in the planning that has been completed will simultaneously affect the individuals nearby. Therefore, the primary goal of Apple is to provide goods that improve people’s daily lives. That entails consistently inventing both within existing product categories as well as creating wholly new ones, such as the iPhone and the Apple Watch. For example, the iPhone camera is arguably the product feature that exemplifies Apple’s dedication to ongoing innovation.
Product Service Improvement
To increase the quality of its product and service, Apple Inc. works on the equality offered, constantly improve and ensure quality, subject products to research testing, and work harder and smarter for quality. That is the most crucial component of every business on which it stands. A product development team receives knowledge about the Apple New Product Process (ANPP) before getting to work (Addison & Adelaide, 2022). It goes into great detail and describes each step of the design process. The goal is to specify the steps the product creation team will take, who will be in charge of delivering the finished product, who works on which stage, and where they work.
Key Performance Indicators
No corporation can operate with blindfolds on deaf ears after delivering goods and services, and the amount of client happiness and total company growth speaks volumes about the efforts made. Therefore the key performance indicators of Apple Inc. can be demonstrated in its SWOT analysis. Apart from the company facing high competition from other companies such as Samsung, it has put in place its customers by implementing new features over time. Strategic planning enables the company to implement new ideas hence making it remain top in the competitive market.
Recommendations
There are numerous strategic recommendations for Apple to consider implementing based on the results of the SWOT analysis of their company. Based on the analysis, Apple should leverage its potent R&D department to create new product lines to satisfy the growing demand for its products in the smartphone, and accessory markets. In addition, by entering these developing markets before its rivals do, Apple might boost its profit margins. Also, by extending its distribution networks to include lower-end, less expensive products, Apple might potentially boost its brand equity. Therefore, Apple would increase its market reach and be able to reach a new customer base by entering this new market. They will increase their consumer base by entering a new market with prospective repeat business.
Reference
Addison, M., & Adelaide, V. (2022). Brand development and marketing strategies in the USA: A case of Apple Incorporation. Journal of Marketing and Communication, 5(1), 1–8.