2.2.

Industry analysis
2.2.1 Size and growth
Apple is the world largest publicly traded company by market capitalization with a
current estimated value of over US$ 2 trillion and it is also the most valuable technology
company in the world. Apple is an American company based in Cupertino, CA, that is solely
focused on manufacturing and selling consumer electronics, software programs and online
services. Its products include, but are not limited to, cell phones, media players, tablets,
computers, computer applications and operating systems (Curry, 2021).
Originally known for desktop computers, Apple was one of the first companies to switch
to the graphical user interface (GUI) and saw success with the first Macintosh. Steve Jobs, the
founder and CEO, was one of technology’s first “rockstars”, able to sell hardware as more than a
tool for work.
Jobs resigned from Apple in 1985 and the company saw a gradual decline over the 1990s,
as it struggled to compete with Microsoft on software and Windows manufacturers on hardware
sales. The iPhone saw Apple ascend to one of the most valuable companies in the world, with
revenue increasing from $37.4 billion in 2008 to $65 billion in 2010. The success of the iPhone
enabled Apple to launch new product categories, such as the iPad. Apple envisioned the tablet as
a bridge between the smartphone and laptop, with the capabilities to be both (Curry, 2021).
As iPhone revenues have stagnated, Apple has looked for new ways to generate revenue
from the iPhone. It launched Apple Watch in 2015, as an accessory to the iPhone which tracks
various health and fitness metrics. AirPods were next, which paved the way for wireless
headphones to become mainstream. It has also built out its subscription services to include music
and video streaming, video games, fitness and cloud storage. This segment alone generated $53
billion revenue in 2020, making it Apple’s second largest segment (Curry, 2021).
Apple’s key statistics (Curry, 2021).
 Apple generated $274 billion revenue in 2020, 50 percent came from iPhone sales.
Apple’s services division was the second largest segment, responsible for 19 percent of
the company’s revenue in 2020
 Apple sold 194 million iPhones, 71 million iPads and 20 million Mac and MacBook units
in 2020
 Apple’s home and wearables division grew 25 percent in 2020. It sold over 110 million
AirPods and 43 million Apple Watches
 Apple Music has 72 million subscribers, Apple TV+ has over 40 million

2.2.2. Structure
2.2.2.1 Power of buyers
There is a low switching cost for consumers in this industry. This aspect
strengthens the buyers bargaining power and is a key force that Apple should consider
when making decisions. There are, however, two different types of buyer bargaining
power that we must consider; individual buyer bargaining power and the collective buyer
bargaining power (Mavrick, 2015). As an individual buyer your bargaining power is low
because the loss of any one customer to a company is negligible when it comes to the
amount of revenue lost (Mavrick, 2015). However, the bargaining power of the collective
buyer is very high and the loss of numerous buyers to competitors could be potentially
detrimental to the company and will significantly affect revenues (Mavrick, 2015). Apple
has combated this force by continually investing in research and development to
continuously develop new products such as the Apple Watch and Apple Pay (Sophlee,
2015). Apple also tries to increase the switching cost for their products by keeping
critical product features the same and easily transferable across Apple products only;
such as contacts, calendar, Pages, Numbers, iCloud, iPhoto, iMovie and etc (Sophlee,
2015).
2.2.2.2. Power of Suppliers – Include both arguments from the supplier’s perspective
The bargaining power of suppliers is very low in this industry. The bargaining
position of suppliers is weak due to the large number of potential suppliers Apple has to
choose from (Mavrick, 2015). Apple is free to choose from a vast array of potential
suppliers for its component parts for all of its products (Mavrick, 2015). The switching
cost for Apple to move between suppliers is relatively low and not a significant obstacle,
giving Apple more leverage over suppliers (Mavrick, 2015). Apple also requires a large
volume of product which gives them more power over the suppliers. Since Apple requires
a large volume of products, Apple is a major customer for any supplier; therefore,
suppliers will fight to keep Apple as a customer in hopes to not lose their business and
money (Mavrick, 2015). Apple has taken their power to another level by designing their
own chips (Sophlee, 2015). By designing their own chips Apple has greatly reduced the
supplier power of chip suppliers (Sophlee, 2015). Apple has also bought the
manufacturing equipment necessary for producing their part components and only allows
the equipment to be used for the manufacturing of Apple components (Sophlee, 2015).
Apple keeps increasing their power over suppliers and driving down their costs while
forcing their competitors to find different manufacturers and suppliers (Sophlee, 2015).
2.2.2.3 Threats of substitutes
The threat of substitutes in the industry is moderate. Substitutes would not include
the same products but like products that might satisfy the same need for the product.
Apple stays ahead of the game in this aspect by creating products that replace their own
products before someone else can do it (Mavrick, 2015). Apple has created a cheaper
version of the MacBook in order to mitigate the threat of another companies substitute
(Sophlee, 2015). Apple created a substitute for their own product so they would continue
to profit off of the substitute instead of losing that business to a competitor. Apple has
also created the Apple Watch to replace the need for an iPhone (Sophlee, 2015). The
Apple Watch can perform the same functions as the iPhone but is more compact and
easier to transport everywhere (Sophlee, 2015). Another substitute for a iPhone would be
a land line telephone but the threat of a land line is very minimal as an iPhone can
perform many more functions that a land line (Sophlee, 2015). Also a desk top would be
a substitute for a MacBook, however, a MacBook can perform all the functions of a desk
top at the same speeds and in some cases even faster minimizing the threat of this
substitute (Sophlee, 2015). Apple tries to stay ahead of their competitors in all factors
even if it means potentially retiring their own products with their new products

2.2.2.4 Threats of entrants

The threat of new entrants in this industry, that could actually affect market share,
is relatively low. This is due to the extremely high cost of establishing a reputable
company within the industry that already has established well respected and trusted
companies (Mavrick, 2015). There is also a high cost associated with establishing a brand
 reputation that would exceed existing brands (Mavrick, 2015). Any new entrant into the
market for personal computers or smartphone would need to have extensive capital to
spend on research and development and manufacturing to develop and produce products
prior to even entering the market (Mavrick, 2015). Customers are already loyal to
existing companies that have been around since the beginning and breaking this loyalty
would cost a massive amount of money in marketing as well (Mavrick, 2015). Though it
is possible for a new company to enter the market and be successful, at this time it is very
unlikely (Sophlee, 2015). Apple has also created a supply chain that exists in their favour
and has a great defence against low end disruption from new entrants (Sophlee, 2015).
New entrants would find it very difficult to compete with Apples supply chain cost
structure (Sophlee, 2015).
2.2.2.5 Nature of rivalry among competitors
Apple faces a strong competitive rivalry force or strong competition. This means
that Apple’s competitors have a huge influence on each other. Apple is in direct
competition with other hardware and software suppliers such as Google, Microsoft and
Samsung (Mavrick, 2015). All of these companies, Apple included, spend significant
capital on Research and Development as well as Marketing in order to keep up with and
potentially out due each other. One major factor that keeps the industry highly
competitive is the low cost of switching companies (Mavrick, 2015). It does not require
substantial capital for a customer to move from Apple’s iPad to a Google Chromebook or
any other tablet computer, for example. The industry competitiveness is a key
consideration for Apple, and one it has dealt with through continually developing new
and unique products in order to strengthen its market share (Mavrick, 2015). Apple also
combats price-based competition by staying away from low end markets and ensuring
high end products (Sophlee, 2015). Since Apple products never go on sale they have been
able to position themselves in consumers’ minds as high end products with great quality,
great customer service and unique products (Sophlee, 2015).
2.2.3 Distribution channels
Apple Inc. operates and sells its products in over 100 countries, but the U.S. China, the U.K.
Canada and Australia are the most important markets. In 2019, the company’s net sales through
its direct (sales in company’s 508 stores in 25 countries and sale through online stores) and
indirect distribution (sales made by third-party sellers) channels accounted for 31% and 69%,
respectively (Apple Inc , 2019)
The Company distributes its products through cellular network carriers, wholesalers, retailers
and resellers, many of whom distribute products from competing manufacturers. The Company
also sells its products and resells third-party products in most of its major markets directly to
consumers, small and mid-sized businesses, and education, enterprise and government customers
through its retail and online stores and its direct sales force. Some carriers providing cellular
network service for iPhone offer financing, instalment payment plans or subsidies for users’
purchases of the device. There is no assurance that such offers will be continued at all or in the
same amounts upon renewal of the Company’s agreements with these carriers or in agreements
the Company enters into with new carriers (Apple Inc , 2019).
The Company has invested and will continue to invest in programs to enhance reseller sales,
including staffing selected resellers’ stores with Company employees and contractors, and
improving product placement displays. These programs can require a substantial investment
while not assuring return or incremental sales. The financial condition of these resellers could
weaken, these resellers could stop distributing the Company’s products, or uncertainty regarding
demand for some or all of the Company’s products could cause resellers to reduce their ordering
and marketing of the Company’s products (Apple Inc , 2019).
2.2.4 Costs
According to (DiscoverCI, 2021) Apple Inc.’s operating cost of revenue during the quarter ended
June 26th, 2021 of $46.2 Billion was higher than its peers in the Electronic Equipment industry
group during the quarter ended June 30th, 2021 of 17.3 Billion. From June 28th, 2008 to June
26th, 2021, Apple Inc.’s average operating cost of revenue was 29.1 Billion compared to an
industry average of 14.4 Billion.
Since the quarter ended June 28th, 2008, Apple Inc.’s operating cost of revenue has increased
from $4.86 Billion to $46.2 Billion as of the quarter ended June 26th, 2021.
 From 2008 to 2021 Apple Inc.’s highest quarterly operating cost of revenue was $67.1
Billion
 Apple Inc.’s lowest operating cost of revenue during that period was $4.86 Billion
 Apple Inc.’s average operating cost of revenue for each quarter from 2008 to 2021 Apple
Inc.’s was $29.1 Billion
  Apple Inc.’s operating cost of revenue during the Trailing Twelve Month (TTM) period
was $205 Billion
2.2.5 Trends
Apple Inc. has ventured into some major trends as discussed below;
a. Diversification into content creating
Apple has been providing part of the infrastructure consumers need in order to access and use
technology, through its laptops, smartphones, and tablet computers, to name a few. In
establishing iTunes and the App Store, Apple could better control the ecosystem in which its
devices operated. For example, apps that could be used by its devices would be vetted by Apple,
and in a similar way, iTunes provided a means for music, movie, podcasts, and other content to
be safely accessed in the Apple ecosystem (Marius, 2019).
In now offering Apple Arcade and Apple TV+, it appears that the company is moving into the
content creation space. With regard to Apple Arcade, it is partnering with several developers to
provide games for that subscription service. On the other hand, and for Apple TV+, the company
has been bank-rolling the creation of original television series and similar content for that new
service. Ultimately, and through the launch of those two new services, it appears that Apple is
broadening its role from device manufacturer and ecosystem regulator, to now include content
creator (Marius, 2019).
With consumers holding on to their devices for longer, at least two years, it means that after
the initial one-time purchase, Apple is unlikely to see the majority of its customers buying a new
device for perhaps three years. Subscription services offer an excellent way for the company to
remain connected to its customers, generate a recurrent revenue stream, whilst also fostering
continuing brand loyalty (Marius, 2019).

b. Lower prices
Over the past three or so years, and particularly for Apple devices, prices for its devices had
been increasing. For example, last year’s entry-level smartphone, the iPhone XR was priced at
around USD 749.00. However, the price for this year’s entry level phone, the iPhone 11, will
start at USD 699.00. This trend was evident across most Apple product lines, with either prices
for new releases either remaining the same, or lower than those of their predecessors (Marius,
2019).
 In a consumer device market that is becoming increasingly saturated, evidenced by the lower
sales across all of the major manufacturers in recent years, industry analysts are suggesting that
consumers may not have been able to justify the spend for increasingly expensive Apple devices,
in particular, for only marginal improvements in features and performance. As a result, they have
been holding on to their devices longer. In Apple lowering their prices, consumers may be
incentivized to buy (Marius, 2019).
c. More options for consumer personalization
According to (Marius, 2019) Apple is offering a bit more variety. For example, and with regard
to is iPhone, in addition to the three new lines that will be offered, consumers are being given a
range of colors to choose from. The same for the Apple Watch, However, the ability for
consumers to better customize the devices to their needs and lifestyle was more evident in some
of the features that were highlighted during the product launch event, such as:
 the camera being able to capture ultra-wide angle pictures (iPhone)
 improved water resistance (iPhone)
 compass and fall detection features (Apple Watch)
 electrical heart sensor (Apple Watch).
The range of features and options of the devices will allow them to be better aligned to the needs
of their users, rather than users trying to make the features work for them. It is thus likely that
users will get even more attached to their devices, as they enjoy features that they needed, and
those they never knew they wanted.

2.2.6 Key success factors

Apple Inc. has a clearly stated business strategy. Their business strategy forms the key
success factors of the Company. The Company is committed to bringing the best user experience
to its customers through its innovative hardware, software, peripherals, and services. The
Company’s business strategy leverages its unique ability to design and develop its own operating
systems, hardware, application software, and services to provide its customers new products and
solutions with superior ease-of-use, seamless integration, and innovative design. The company
believes continual investment in research and development and marketing and advertising is
critical to the development and sale of innovative products and technologies. As part of its
strategy, the Company continues to expand its platform for the discovery and delivery of third-
party digital content and applications through the iTunes Store. As part of the iTunes Store, the
company’s App Store and iBook store allow customers to discover and download applications
and books through either a Mac or Windows-based computer or through “iOS devices,” namely
iPhone, iPad and iPod touch. In January 2011, the Company opened the Mac App Store to allow
customers to easily discover, download and install applications for their Macs. The company also
supports a The Innovative Success that is Apple, Inc. 4 community for the development of third-
party software and hardware products and digital content that complement the Company’s
offerings. The Company’s strategy also includes expanding its distribution network to effectively
reach more customers and provide them with a high-quality sales and post-sales support
experience.” (Apple Inc., 2015). The mission, vision, strategy and goals define decision making
at the company and provide a framework for day to day business flow.
2.2.7 Summary of major industry influence
According to (Bajarin, 2017) the first industry it upended was the PC market, where
Apple’s stroke of genius was to put one in your pocket. Until the iPhone shipped, PC sales were
around 400 million a year. But as the iPhone and smartphones in general have become critical
tools for information, used for productivity, communications and pleasure, the PC has become
less important to many people. Until the mobile revolution that came with the iPhone, the only
way people could access the Internet was from a PC or laptop. Today, thanks to the iPhone, iPad
and all the Android equivalents inspired by Apple’s ideas, people have many more options to
make the connections they need regardless of location. Consequently, the PC industry is now
shipping only about 275 to 290 million PCs a year, and this has caused a level of industry
consolidation that is now concentrated around Lenovo, HP, Dell, Acer and Apple.
The second industry the iPhone impacted was Telecom companies like AT&T and
Verizon. Before the iPhone, most of the original telco business models were around voice. But
with the advent of the iPhone, they were effectively forced out of the traditional voice business
altogether. Today’s telecom providers are data communications companies whose business
models have been completely transformed. All have added things like information and
entertainment services, and all have become conduits for multiple types of data services to their
customers (Bajarin, 2017).
The third industry the iPhone turned on its head was the movie and TV business. The
iPhone created a mobile platform for video delivery, and since 2007 every major movie and TV
studio has been forced to expand their distribution methods to include downloaded and streaming
services to mobile devices. The iPhone also fueled new types of video services like Youtube,
Netflix and Hulu video powerhouses, at least 50% of whose content is viewed on some type of
mobile device (Bajarin, 2017).
The fourth industry the iPhone impacted has been the gaming industry. Before 2007,
most games were either delivered by way of game consoles, a PC or a dedicated handheld device
like the Nintendo DS or Sony PlayStation Portable. The iPhone expanded the market for mobile
games as well as created an entirely new category of touch-based gameplay, persuading even
holdouts like Nintendo to come aboard with games based on its iconic franchises. And though
the mobile dominant free-to-play model fractionalizes revenue, the potential for brand exposure
is unprecedented: Niantic’s augmented reality-angled Pokémon Go alone has been downloaded
over 750 million times. (Bajarin, 2017).

2.4.4 Summary of major competitor-related issues

The competitive nature of business sector in which Apple Inc. operates brings many potential
threats for them. Majority of the competitor’s ample resource brings a threat that they go for low
profit margins, break even or even negative pricing (Apple Inc, 2013) . One of the reasons of
intensive competition among rivals is Apples competitors in order to be cost effective also don’t
have their own software. Moreover, Apple’s majority suppliers are from Asian countries. Any
economic or political problem may cause shortage of supplies or increase in production cost
(Apple Inc, 2013). Apple would be consistently losing market share if they wasn’t able to
innovate continuously or rather reduce price.

2.6.8 Analysis of internal skills and resources in the context of major external
opportunities and threats
Opportunities
1. Apple can develop products to compete in more cost-effective markets.
In its second generation, Apple’s SE range of iPhones has proven to be a resilient phone during
an economic downturn. This line has offered a break from a decrease in spending on high-end
consumer goods. While the SE line is thriving, Apple still derives most of its hardware revenue
from high-end products. There is an opportunity to further developing its cost-effective products.
Offering cheaper handsets gives Apple a $133 billion opportunity (Gaille, 2021).
2. Green technology is proving to be more viable and more marketable.
An eco-imperative is becoming more of a driving force within most companies’ operations.
However, Apple has been slow to the starting block in rolling out eco-friendly initiatives in its
processes. The materials that the company utilizes, as well as the manufacturing process, are yet
to change to be more environmentally responsible. 74% of Apple’s carbon emissions are a result
of manufacturing 19% of Apple’s products (Gaille, 2021).
3. Further inroads into the wearable tech space offer opportunities.
Apple has a small offering of consumer technology in its popular Apple watch and its Apple
Airpods. However, consumer technology is set to have a massive increase in the near future.
Technology such as Artificial Reality (AR) and Virtual Reality (VR) is being woven into
products that Apple’s competitors are rapidly developing. There is a great opportunity for Apple
to start to develop its technology in the wearable space (Gaille, 2021).
4. Self-driving vehicles are a logical move for Apple’s market direction.
Considering the large existing consumer base, Apple’s access to market data, and its financial
position in the consumer electronics market, the company is exceptionally well-positioned to
become a market leader in autonomous vehicles. It is currently seeking strategic partners to join
in order to develop autonomous vehicles and formally enter the automotive and mobility
industry. While innovation in its current technological lineup is limited, innovation in the space
of mobility has great potential. The global automotive and mobility market is valued at $10
billion (Gaille, 2021).
5. There is the opportunity for diversification into other technology and online services.
Apple’s core markets of high-end mobile handsets, wearables, tablets, laptops, desktop
computers, and associated accessories offer the company an opportunity to further develop its
technological offerings. Where other companies offer a full range of electronic options, such as
Samsung’s consumer electronic range and Amazon’s online products, the opportunity for growth
for Apple is considerable. Revenue from Apple’s services brought in $15.7 billion (Gaille,
2021).

Threats
 1. The consumer technology industry is one of the most competitive industries.
The industry is characterized by innovation and technological development, and can somewhat
be driven by the major market participants, such as Apple. But disruption is widespread. Apple
has to ensure that it operates at the most efficient levels and delivers innovative products of a
certain quality consistently, with zero defects. Apple maintains 20.8% of the global smartphone
market (Gaille, 2021).
2. Labor costs have a big impact on Apple’s profits.
Apple’s quest to deliver high-end products at a rate that offers its shareholders the greatest value,
it requires its input costs to be as low as possible and its processes to operate at incredible levels
of efficiency. For this reason, its manufacturing process is outsourced to regions of the world
with cheaper labor. Any fluctuation in the costs of labor, whether driven by exchange rates or
human rights lobbying for example, will negatively impact the company’s profitability (Gaille,
2021).
3. Any supply chain shocks negatively impact Apple’s performance.
Considering the levels of efficiencies required to develop consumer electronics, any shocks that
present themselves in the supply chain of these lines will impact deliveries of the product and,
ultimately, the bottom line. The security of the supply of a manufacturing input is exceptionally
important in the manufacturing process for consumer electronics to ensure that expensive and
cumbersome unforeseen stoppages have a limited chance of occurring. Apple accounts for just
1% of smartphone shipments (Gaille, 2021).
4. As a multinational corporation, a trade war poses a significant risk to Apple’s
operations and markets.
With Apple producing its products in Asia and its largest market being in North America, any
trade war between these two regions would have a large impact on Apple. Such a trade war
would affect both the demand side and supply side of Apple’s operational model, posing a
significant risk. The Chinese Market, including Hong Kong and Taiwan, makes up 15% of
Apple’s revenue (Gaille, 2021).
5. With Apple’s international operational nature, tax structures and compliance have
proven to be a significant risk.
Having sizable operations in most regions around the world, Apple needs to ensure that it keeps
tight control on its tax liabilities, ensuring that its tax position is optimized for each region in
which it operates. Any default or tax incident will not only lead to a costly exercise to fix, but
damages the reputation of the company in the region where the mishap occurred (Gaille, 2021).

2.6.10 Summary of major internal skills and resources - core competencies

(Sir Cary L. Cooper, 2014) in Wiley Encyclopaedia of Management Online Points out
that the internal analysis of the organization is critical in identifying the source of competitive
advantage. He pinpoints the resources that need to be developed and sustained to remain
competitive. By definition, competitive advantage must be unique to the firm to generate profits
above the industry average. The strategic management process starts with an in-depth evaluation
of the organization by looking at its internal resources and capabilities, these being the source of
its core competencies, which in turn create a competitive advantage. Resources are defined as the
tangible or intangible inputs required to produce a product or service. Tangible resources include
raw materials, premises, machinery, and equipment. Examples of intangible resources are
financing, technology, human capital, supplier networks, sales force structures, distribution
networks, patents, trademarks, customer base, brand equity, and firm reputation. Resources can
be combined and developed into capabilities, which in turn creates core competences.
Capabilities are defined as the firm’s capacity to make efficient use of internal resources, and its
ability to combine them into competitive products and processes. Examples of strategic
capabilities are the following: developing innovative technology products, reducing the time to
market, creating more efficient distribution channels and retail outlets, capturing the consumer’s
attention through marketing, and managing customer relationships to gain long-term brand
loyalty. Core competencies are derived from capabilities and, if they are unique in the industry,
they will create sustainable competitive advantage for the firm. The components of an internal
analysis of strengths and weaknesses are the firm’s resources into the functional categories of
financial, managerial, infrastructural, suppliers, manufacturing, distribution, marketing, and
innovation resources.

Below we discuss some of the core competencies of Apple (Saxena, 2021)

Introduction of New Services: Owing to the advent of several new technologies in terms of
digital streaming and payments, Apple has been successful in launching their own systems.
Apple TV+, Apple Music, iTunes, and Apple Card, and Apple Arcade are among the new
services to be launched and improved. Recently Apple launched Apple One, the easiest way to
get all of Apple’s subscription services in one Simple plan, Apple therefore, keeps improving its
service facilities as well, retaining and attracting new customers.

Organizational Culture: Apple’s ability to deliver high-quality products and stand atop the
innovation ladder is solely possible because of its culture. Striving for innovation, change,
creativity as a whole and imposing this mindset has helped them uncover brilliant ideas and
develop a strong internal brand culture. These two factors: creativity and excellence can drive
business development and lead to further growth.

Technological Excellence: Apple's been working on top-notch technology and developing

products with a focus on quality, and that's what boosts their brand loyalty. This innovation,
quality, and simplicity help them outclass others with an 87% brand loyalty across the US and
European countries alone. Apple brings to you a great example of how technology is supposed to
be used to simplify things. This is why an iPhone or an iPad’s operating system is considered to
be extremely user friendly among the users.

Global reach /Brand of Choice: Apple is one of the most reliable and trusted company and has
established a brand name for itself. It is a globally known brand, selling products across 25
countries. Apple is a demanded brand in corporate offices, it provides top class customized
technology solutions for every corporate need, making it the most prominent brand of choice.
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