Apple Inc Name Institution Apple Inc Apple is a manufacturer of consumer electronic that is best known for its PDA that goes with the name of iPhone. The firm is a leader in its industry and has managed to garner a lot of success in the market. This has been achieved through leading innovation and understanding of customer needs even before customers are aware of these needs…
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The firm is estimated to have the majority of the smart phone market with the main competitors being the Research in Motion of Canada, Samsung of North Korea and the upcoming Huawei of China. On its launch of the Smartphone, the firm was able to sell over ten million units within a month which was a record not only for the firm’s product sales but also for the market. New version of the same product has been very successful with million units in sales made for each new version which is after every two years. Apple has proved to the world that it is a future firm and that it is here to stay. This has to do with its history of innovation and surprising the consumers with new products just when the customers thought they had everything there is to have in the electronics industry. Generally, Apple is a successful company with a growing future. Though it faces threats such as competition from other providers in its line, it stands a better chance for success due to opportunities and market venture it has not touched. Law of diminishing demand Mentioning of recent or upcoming purchases of cars and computers suggests a strong consumer demand for the commodities. The confidence of consumers is measured by Consumer Confidence Index (CCI). Consumers’ confidence shows the optimism of the consumers on the economy. This can easily be expressed in their saving and spending activities (Barnes, 2012). Household surveys are carried out every month about the ongoing conditions and the expectations of the future regarding the United States economy. Data is available by age, region, and income for consumer attitudes and buying intentions. A healthy economy means consumers are willing to spend their money. The CCI is calculated from data gathered from 5000 households every month. Five questions are asked in the survey and each question is given a relative value. The values are calculated and compared against a benchmark value that was calculated in 1985. The 1985 benchmark value is as is because that is when the CCI was first calculated. From the results, an index value is obtained for each of the five questions. The average index values of the questions are obtained and forms the consumer confidence index. Consumer spending is very imperative to a countries’ financial health. Consequently, the CCI is closely and accurately watched economic indicator. Changes of below 5% are usually said to be inconsequential. On the other hand, changes of 5% and above show very strong change in the direction of economy (Barnes, 2012). Competitors and the market While Apple is a leader in the industry, this does not mean that the firm does not have competition. The main competition is from Research in Motion who is the manufacturers of yet another market leading Smartphone, Samsung, which is a Korean electronics manufacturer that is catching up very quickly with the American manufacturers and finally Huawei which is a Chinese mobile communication devise manufacturers who have recently entered the market for Smartphone (Russolillo, 2012). Huawei especially offers a very different kind of competition because apart from having the advantage of the Asian cheap labour from china, it has a very keen focus on manufacturing low cost Smartphone and have entered into strategic coalitions with such giants as Google and a number of mobile phone operators in the world. The
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12 Pages(3000 words)Essay
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