Situation Analysis for Apple Incorporated - Case Study Example

Marketing Report Phase I: Situation Analysis for Apple Inc. 1.0 Executive Summary The purpose of this report is to develop a comprehensive situation analysis chapter for the marketing report of Apple Inc. It covers an analysis of the major competitors, market forces at play within the market that the company operates in, analysis of the business environment and an examination of the internal strengths of the company, its weaknesses, opportunities and threats existing in the industry. The report was compiled from an extensive examination of secondary sources that included both qualitative and quantitative data. It involved a thorough examination of the following: published financial reports of Apple Inc., general information about the company and academic studies on the business models, strategies and challenges in the industry. The analysis yielded several findings on different aspects of the company and the industry. The main one is that stiff competition in the personal computer and software market is expected to increase at least in the foreseeable future. This will be fuelled by the entry of mobile manufacturers into the PC market through tablets and smartphones. About the internal strategic capabilities of the company, the report finds that the company's financial resources, coupled with a unique marketing system, are valuable, rare, inimitable and highly organized resources that can be used for future strategic advantage. Also, the SWOT analysis reveals that the company's biggest opportunity and strength lie, ironically, in the rapidly increasing market for tablets, smartphones and cloud computing services. Finally, the report mentions the impact of change in the management of the company as one major issue the company has to grapple with. Its profitability, though currently high, may not be sustainable in the long run. 2.1 Introduction Apple Inc. has managed to succeed in the highly competitive industry of personal computers and mobile devices because of several factors: high innovation, successful product differentiation, elegant product designs and outsourcing its actual manufacturing process to trusted partners (O’Grady 2009, p. 148). However, since this industry is characterised by rapid changes, the company needs to keep abreast of these changes. This report analyses the current situation of the industry, the main competition, the business environment and the strengths, weaknesses, opportunities and threats that the company faces. 2.2 Procedure This report was compiled after a thorough examination of all secondary data relating to Apple Inc. Company reports, marketing information, and academic opinion regarding the market situation in which the company operates were explored in depth before the report was finally compiled. 2.3 Findings A situation analysis for Apple Inc., together with its strengths and weaknesses, its competitors, the environment and the entire industry of technology and electronic consumer products, reveals different perspectives of the company. These are outlined in the sections that follow. 2.2.1 Competitor analysis The company has a number of different competitors in its areas of operation. Many of these competitors have different capability profiles and current strategic objectives which define their future strategies. Apple’s three major competitors are Hewlett Packard, Samsung and Google. Of these, Hewlett Packard offers a considerable future threat to the company because of its wide portfolio of services, a long established reputation and its future strategies (Meyer 2012; Schneiders 2011, p. 42). Google, in spite of having a different business model altogether, offers substantial competition to Apple in the field of digital maps and personal electronic gadgets (Google 2013). Apple’s map implementation in iOS 6 is highly unlikely to compete with Google Maps. Whereas Hewlett-Packard has an advantage by exploiting their corporate market share, Apple’s advantage lies in differentiation from other computer manufacturers within the monopolistic computer market (Kleinmann et al. 2012, p. 6). However, Apple cannot afford to shift its demand curve right now since doing so will not be profitable. Samsung is the second-placed player in smartphone sales. Although the company lacks its own operating system, the fact that its products have hardware integration with many open source OS and software means that it offers substantial competition to Apple in smartphone sales (Lee 2013). 2.2.2 Market analysis Constant technological advancements will drive increasing productivity in this industry. Also, constant technological advances will ensure that the levels of efficiency and output are ever changing for the better (Hill & Jones 2012, p. 49). Apple continues to produce high-end consumer electronic devices. However, the demand for Apple products has diminished significantly due to the company’s limitations on complimentary products. The primary competitors of Apple in the PC market (primarily Dell and Hewlett Packard) are larger and offer substitute products that have high demand due to their compatibility (Pearl 2011, n.pag). The market for computer software is still dominated by Microsoft, which has consistently reported profits of over 20%. Since Apple products are not compatible with other software, Microsoft is more likely to maintain dominance in this market (Pearl 2011, n.pag). 2.2.3 Environmental analysis Analysing the situation at Apple Inc. under the framework of Porter’s Five Forces model reveals the following. One, the company’s PC business will be affected by duopolistic market conditions created by Intel and AMD, who are the leading makers of PC components. Two, the marked distinction between demand for the latest and greatest values in products and that of the average users undermines the desire of manufacturers to tap the maximum number of clients (Respicio et al. 2010, p. 55). Three, although entry into the PC market is made difficult by obstacles, forward vertical integration of original equipment manufacturers has seen the entrance of new players such as Acer. Also, the push for smartphones and tablets has resulted into the convergence of mobile devices, leading to entry of phone makers into the PC market (Newlands & Hooper 2009, p. 20). 2.2.4 Internal Analysis Apple Inc. has a number of internal resources, capabilities and competencies whose analysis reveals a wide range of internal strategic capabilities, resources and competencies (Hitt, Ireland & Hoskisson 2010, p. 145). The company can utilise its valuable, rare, inimitable and highly organised resources as strategic capabilities. IPhone and iPad sales in the second quarter of 2013 reached 37.4 and 19.5 million units respectively (Apple Incorporated 2013). Also, revenue for the same period was $ 43.6 billion while the net profit posted was $9.5 billion. When compared to data covering a similar period in the previous year, it can be seen that the financial performance of the company is stable, at least for now (Apple Incorporated 2013). More so, Apple has established a reputation as a maker of products that have superior design and performance properties which are marketed to particular segments of the population (Newlands & Hooper 2009, p. 21). Its superior marketing system together with good financial performance can be used to gain strategic advantage in the industry. 2.2.5 SWOT Analysis Apple Inc. has a number of strengths as a result of a long history of good management practice and operational excellence. To start with, a good record of financial performance over the last few decades, reflected in its huge cash reserves, high level of gross margin and being completely debt free, is a strategic advantage for the company. The company may use its cash reserves for takeovers as well as for share buyback plans (Apple Incorporated 2013). Second, the company has a strong customer loyalty for its line of brands; this combines with an expanding closed ecosystem group to give the company a competitive advantage. Third, Apple has a strong marketing strategy characterised by successful retail stores (Hitt, Ireland & Hoskisson 2010, p. 74). The performance of its fully operated retail stores has been the hallmark of the success of the company’s marketing system. The major weakness for the company is the high price of its products. This becomes evident when the current high level of competition and a shrinking market share is considered. Further, changes in management have combined with increased competition and rising prices of components to threaten the company’s future financial performance (Schneiders 2011, p. 43). Apple can take advantage of the high demand for its products (specifically iPad Mini, iPhone and the yet-to-be-released iTv) currently being experienced (Apple Inc. 2013; The Economist 2013). Also, buyout of emerging application developers offers an opportunity to stop dependence on competitors for the services (Pearl 2011, n.pag). Further, that demand for cloud computing services is poised to increase considerably across the world is an opportunity the company can exploit (Cattaneo 2012, p. 6). However, the company faces a number of threats. First, the need to continuously introduce new and innovative products means that Apple may soon fail to maintain the momentum as a result of not introducing new products in the recent past (Newlands & Hooper 2009, p. 20). The second threat concerns financial factors such as a strong dollar, increasing prices of components, allegations of tax evasion and rising pay levels for workers of major partners, which threaten its long terms profitability (Kleinmann et al. 2012, p.12). 3.0 Conclusions This report has detailed the situation analysis for the marketing plan of Apple Inc. From the findings, the following conclusions can be drawn. One, it can be seen that the market for iPhone and iPad is projected to grow rapidly in the near future. However, the company should expect stiff competition on all its products. Two, management changes in the company will continue to have a negative impact on its performance and threaten its sustainability in the long-term. Marketing Report Phase II: Objectives and Strategy Development for Apple Incorporated Executive summary The purpose of this report is to develop a comprehensive strategy development and objectives as part of the marketing report for Apple Inc. The report covers strategic and marketing objectives for the company, a strategy for market segmentation and targeting for different products of the company, a comprehensive examination of the corporate position statement, strategies to improve the current performance of the company and selection of factors that give the company a competitive advantage. Finally, the report details how the company handles its marketing mix before listing recommendations on future strategies the company can adopt. The report was compiled after an extensive examination of secondary sources that included the following: published financial reports of Apple Inc. general information about the company and academic studies on the business models, strategies and challenges in the industry. The analysis yielded several findings on different aspects of the company and recommendations for the future. These are outlined as follows. First, with increased demand for tablets and smartphones and a corresponding decline in the demand for traditional personal computers, there is need for the company to model its marketing objectives to reflect strong targets of maintaining the market share for these devices. Secondly, the company will seek to appeal to the lifestyle needs of its primary and secondary client groups; both individuals and corporations. This will be done by maintaining the correct position of the brand as one that is committed to delivering the best PC experience to students, educators, creative professionals and consumers around the world through innovation in hardware, software and Internet use. Also, the company will effectively utilise its competitive advantage derived from excellence in operations, marketing, distribution, product leadership and customer loyalty, to make strategic decisions for the future. This will augur well with its effective use of price, product, and place in the marketing mix. The last recommendation for the company is that it will have to exploit its competitive advantages to reinvigorate its performance as a leader in innovation in the industry. 1. Introduction Although Apple Inc. can be regarded as having succeeded in terms of achieving its financial and marketing objectives so far, the sustainability of its future performance in the highly competitive industry is subject to how it responds to a number of factors pertinent to the industry (Solis 2013, n.pag). The situation analysis report for the company revealed a number of important internal issues, strengths, weaknesses, opportunities and threats, upon which the company needs to fashion its strategic objectives in order to gain a competitive advantage over its competitors. It is observed that the future of the company depends on its innovative ability and the extent to which it maintains the quality of its marketing strategy (Ireland, Hoskisson & Hitt 2008, p. 13). This report examines marketing objectives and strategy development for Apple Inc. It provides information about the company's marketing objectives, strategies for improving its current position, its methods of targeting and selecting primary and secondary clients for its products, and resources that offer it a competitive advantage in the industry. Finally, recommendations on how the company can take advantage of its competitive advantage in order to maintain its performance in a highly competitive business environment are presented. This is done in light of the general marketing mix for the company in relation to different market forces in shaping the industry. 2. Procedure or method This report was compiled as part of the marketing report for Apple Inc. It is based on the findings and recommendations presented in the prior section that covered the situation analysis for the same company. Preparation for the report entailed a thorough study of all secondary material relating to Apple incorporated. Online newspapers, magazines and websites having information related to the corporation were referred to for up-to-date information in the industry. More so, relevant books and other academic materials were used as sources of theoretical knowledge about different marketing concepts, strategies and processes. Also, in preparing the report, both qualitative and quantitative data were used. The use of qualitative data entailed references to observations and case studies regarding different aspects of Apple Inc. Examining aspects such as financial performance, marketing strategy and management decisions for Apple Inc. formed the basis for understanding different theories and concepts of marketing relevant to formulating the marketing objectives of the company. Examination of publicly available financial statements, business performance reports and industry analysis provided quantitative data necessary for understanding and drawing important conclusions about the entire industry in general, and the targets and strategies of Apple Inc. in particular. Finally, preparing the report entailed an examination of Apple’s financial and general performance reports that are publicly available. 3. Findings Findings from these studies are recorded under the following sub headings: marketing objectives for the company, targeting and brand positioning, how the company can improve its current position in the industry and finally, general recommendations on how the company can utilise its marketing mix in order to achieve its strategic objectives. Details about these findings and recommendations are outlined in the sections that follow. a) Marketing objectives Based on the prevailing market conditions, Apple will have a broad range of marketing objectives. First, the company will have to focus on maintaining its brand name (with reference to its position in the market) as well as maintaining the image of innovativeness which the company has developed after a long time. This will be of particular importance; considering that the company faces the danger of lagging behind in innovation and financial performance after a series of changes in its management and increased market competition (The Economist 2012). This was noted in the situation analysis report as one of the major issues the company is facing. Also, with reports indicating that the global sales of smartphones and tablets will hit 2.35 billion units this year, the company will have to focus on maintaining its market share for all its products (Forbes 2013). This is important since sales reports for the company’s devices reveal a uniform distribution across all the device categories: smartphones, tablets, PCs and PDAs (Gartner Research 2013). Lastly, since changes in the behaviour of consumers across the world will lead to increased demand for tablets and (with a corresponding decline in the demand for traditional PCs), the company will have to focus on differentiating the iPhone from other PDA devices in the market as well as setting aggressive targets for defending its market share (Solis 2013, n.pag). This is important considering that the company has been losing ground to its main competitors in the technology industry such as Amazon, Facebook and Google (The Economist 2012). b) Targeting and positioning Apple will adopt the following strategy in order to maintain its target on particular market segments for its products and positioning its corporate brand effectively. First, the primary customer target for the company remains the middle-upper income tech-savvy professionals who need technology to synchronise and coordinate their lives. For the secondary consumers, the company targets high school and college students who are inclined on having portable and multi-functioning devices for lifestyle (Apple Inc. Case Study 2013). Secondly, the company will continue to target large cell phone service providers as well as large enterprise software firms for strategic partnerships that will bring more value to the end user (Bui 2012, n.pag). Mid-sized corporations seeking to keep their employees in constant communication with each other and in access to critical data will form the secondary target market for the company (Apple Inc Case Study 2013). The company will pursue the following strategy in positioning its brands in the market: the newest version of the iPhone will be promoted as a device for both professional use and a status symbol for hippie lifestyle. This will be enhanced by a strong focus on the convenience of performing multiple functions for the user. In essence, the position statement of the company remains that of being committed to delivering the best PC experience to students, educators, creative professionals and consumers around the world through innovation in hardware, software and Internet use (McKinley 2002, p. 133; The Economist 2012). This means that the company will maintain its corporate position as a premium lifestyle product. c) Improvement of the current position Since Apple Inc. is clearly no longer a growing company, the focus is on improving its current position by seeking to reinvigorate its brand (Elmer-Dewitt 2013; The Economist 2012). As noted in the situation analysis, the company has to deal with the major issue of increased competition in light of the rapidly expanding global market for smartphones, tablets and cloud computing services. Although the market for these products is still expanding, Apple Incorporated is losing its innovative strategy; signified by the company having not offered any new product in the market for quite some time and the fact that it has lost a sizeable portion of the smartphone market to Samsung (Bui 2012, n.pag). Also, the company will have to use of its competitive advantages to develop strategies that will improve its current condition in terms of internal development, acquisition of upcoming software content developers and joint development alliances with leading corporations in order to enhance customer experience in their products and reinvigorate its innovative streak through the use of specialised knowledge in research and development (Al-Laham & Zock 2012, p. 24). However, it is important to note that the company cannot employ other strategies such as price based initiatives to improve its current position. This is so because doing so would compromise its market focus, product differentiation and brand position (Zyla 2012, p. 122). Focus should also be on aggressive marketing of leading products such as the new Macbook Air, iOS7 and the iTV (Apple Incorporated 2013). d) Selection of competitive advantage The competitive advantage for Apple is based on three basic aspects: product leadership, customer loyalty and operational excellence that combine to give it a unique competitive advantage and customer orientation (Bach 2007, p. 16). Also, the logo of the company, which represents the unique features in its products, offers a competitive advantage by creating brand awareness within the global population (Zyla 2012, p. 109). A strong focus on developing highly innovative and superior products has enabled the company to gain leadership as a developer of premium products. Also, since the company has managed to win and maintain a high level of customer loyalty, it has managed to turn this state of affairs into a competitive advantage. This has been done by putting the needs of consumers on the forefront in Apple’s current product development process (Lawler 2013, n.pag). Also, Apple's competitive advantage is derived from its operational excellence, distribution channels and its target markets. Its unique distribution plans enable it to achieve a high level of customer satisfaction. Innovative advertising and the performance of the retail stores offers the customers a unique experience (Gitman & McDaniel 2008, p. 344). Additionally, the company has gained a strategic competitive advantage in operational excellence by getting into strategic partnerships and relationships with relevant players such as Nike and Adobe. This fosters developments in technology as well as enhancing customer experience through superior design and connectivity of products (Al-Laham & Zock 2012, p. 34; Bach 2007, p. 17). Operational excellence not only reduces the marketing costs for the company but also increases the margins and offers opportunities for expansion of the brand. e) Marketing mix programme Apple has successfully used its control over its products, distribution channels of the products, the prices and promotion strategies to create a unique and highly effective marketing mix that puts the needs of the customer at the centre of the process (O'Grady 2007, p. 157). The company has utilised a promotional strategy that focuses on two basic approaches: advertising and personal selling. Large-scale and highly popular advertising campaigns have enabled the company to not only create awareness for its brands but also to maintain sales and popularity among its clients. Also, the company's retail stores offer personal selling to clients. This offers an opportunity to cater for the needs of both the traditional clients who are aware of the products of the company and the old generation who need to adapt to the rapid changes in technology (Pride, Hughes & Kapoor 2010, p. 344). The distribution channel of Apple Inc. has been entirely through fully-owned and operated retail stores. This model was adopted after the failure of the first Apple store-in-a-store concept. The success of fully-owned and operated retails stores has been underscored by the fact that it has been the key driver in generating product interest and sales (Solis 2013, n.pag). Although the pricing of its products is deemed to be too high in light of increasing competition and a shrinking market share, it has already been stated that Apple cannot afford to shift its demand curve to the right (to attract higher sales by lowering prices); this is because doing so for the case of personal computers would not be profitable since PC sales do not form the main source of profits for the company (Pride, Hughes & Kapoor 2010, p. 345). The high prices are considered justified in light of the product quality, design and the targeted market segment (Nieto-Rodriguez 2012, p. 106). 4. Conclusions and recommendations From the details contained in this report, it can be concluded that there is need for Apple Inc. to extend its reputation as a leader in making highly innovative and premium devices. Introduction of the iPad mini is a step in the right direction. The iTv and iRadio offer the promise of not maintaining the innovative streak but rather catching up with what the competition is doing. However, with projected increases in global sales for tablets, smartphones and other mobile devices, the company needs to pursue its primary strategy of product differentiation in the target markets with more aggression. This is so because changes in global lifestyle, leading individuals to shift away from the traditional PC, have brought with them increased competition in the market for smartphones and tablets. Secondly, it can be concluded that the company derives its competitive advantage from three basic aspects: product leadership, customer loyalty and excellence in operations. Operational excellence is achieved in terms of an efficient manufacturing process that is outsourced to trusted partners, a unique distribution channel that surpasses distributors in delivering the products to the market and finally, a highly effective marketing campaign. Excellence in operations enables the company to cut down on marketing costs and provides opportunities for further brand expansion. Finally, the company’s unique marketing mix has enabled it to successfully position itself as a premium lifestyle brand. Its future success in the face of stiff competition and dynamic industry changes will depend how effectively it manages its prices, products, place and promotion in light of current market forces. Individual Reflective Overview Working on all my assignments in this module has been an immense opportunity for me to achieve a wide range of learning objectives through the outcome of my assignments. The group work assignment, case studies on particular corporations, presentation of the project and finally, the marketing reports for a subject of my choice has enabled me to learn a number of things which I am going to highlight in the following sections. I must also add that in reflecting on this process, I shall attempt to evaluate my performance in terms of learning new ideas and what, in my opinion, was not done to the best of my capability. I learnt a number of valuable things in preparing the two marketing plan reports. The requirement was to prepare a marketing report plan for a company of choice in two phases. The first phase entailed doing a situation analysis for the company of choice while the second phase involved preparing marketing objectives and a development strategy for the same company chosen. My choice of Apple Inc. was no mistake. Apart from the company being well known as one of the most valuable technology companies in the world, the situation of the company right now, coupled with the characteristic fast changes in trends and technology in the industry made me gain a better understanding of practical aspects of marketing strategy, objectives and the place of competitive advantage in a firm's strategic plans. Of particular importance to me was the knowledge I acquired about how a company needs to correctly position its brand in the market. This is necessary in order to avoid common brand positioning mistakes like over-positioning and under-positioning. I think Apple has succeeded in correctly positioning its brand as one that is committed to delivering the best PC experience to students, educators, creative professionals and consumers around the world through innovation in hardware, software and Internet use. I also learnt about the need for Apple to maintain its position in the market in light of stiff competition. What is important to me is how the company can exploit its competitive advantages and resources to manage the existing market forces. More so, I learnt a lot about the need for Apple to focus on its marketing mix in managing the current downslide in its performance. Since popular opinion has been that the company is well past its peak performance, there is an urgent need for the current management to prove the sceptics wrong. This can only be done by the company focusing on implementing strategies that resonate with its target market. I think such a scenario can be a difficult one to be in as part of the management team in a company that faces stiff competition after the market share of its products has been significantly reduced. Doing a group study about Tesco was an important learning experience to me in a way. This was so, not only by basing on the experience of doing a formal presentation about the study but more importantly, on the whole process of doing a group study about the company. Doing an extensive case study on Tesco helped me to acquire important knowledge. This was a key process in helping me achieve all the learning objectives of the module. However, I must add that my bias towards Tesco coloured my opinion and even the way I made the group presentation about the case study. My contention with Tesco has been about the way they handle environmental issues in their stores (Lipson 2008, p. 276). Further, my performance in the group research about this company was affected by my knowledge about the claims surrounding the way the company fails to recognise trade unions for its employees, refuses the employees a chance to make collective bargaining and what can be considered, in my opinion, as blatant breaches of employee rights (Wilton 2011, p. 149). Also, I must admit that I prefer Walmart to Tesco, just as individuals may prefer Samsung to Apple products. So my personal prejudices affected my performance in this assignment. Despite of all this, the group assignment offered me a chance to learn a lot about the company, its management policies, strategies and the current situations it has to grapple with in order to have its future sustainability guaranteed. Regardless of all these, the chance to make a formal presentation on the findings of the group was an important occasion for me. This was so because that was the first time I made a formal presentation; complete with formal dressing. The whole process also helped me understand the complexities of working in a team. Our overall result was a result of our equal contribution. Finally, the most important part of the module to me was the individual portfolio. My choice of company was Power Hours, an energy drinks company. Doing an extensive portfolio on this company helped me gain a deeper understanding of virtually all operational issues of this company. It helped me understand the business model, the concept and the target market for its soft drink products. It also afforded me the opportunity to understand basic strategies on the company’s business concept, its management, corporate culture and the way it has performed in the market in the recent past. By choosing this company for my portfolio assignment, I was able to gain understanding of the way the power drinks market operates and the role that Power Hours plays. In essence, this module helped me learn a number of different things in the course of the learning process. The portfolio assignment helped me gain basic understanding of how Power Hours operates and the role it plays in the energy drinks sector. Secondly, doing a group study on Tesco afforded me an opportunity to practice my presentation skills in a completely formal setting. 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