Apple ranked #1 on Forbes list for America’s Largest Public Companies. I also did more research on the difference between public and privately traded companies. I read that “The main advantage public companies have is their ability to tap the financial markets by selling stock (equity) or bonds (debt) to raise capital (i.e., cash) for expansion and projects.” (Majaski, 2019). Basically, this means that publicly traded companies have opened themselves up to the consumers and they now have a share of the company’s assets and profits.
Synopsis and Vision Statement
Apple is a technology company that develops and sells electronics and computer software. It was established in 1976 and has since grown to be one of the biggest companies in the world. Apple’s vision statement is quite long, but here is a portion of what I thought was important: “We are constantly focusing on innovating” “We believe in deep collaboration and cross-pollination of our groups, which allow us to innovate in a way that others cannot.” “we don’t settle for anything less than excellence “. (Rowland, 2019). Based on our reading, I do feel that Apple’s vision statement is very good. It is focused as it is really fixated on moving forward and explains why the company will continue to grow and move in a positive direction. I feel as if it is personal and not generic. It is somewhat lengthy, but it does not “run on and on”. For being such a big, successful company, the vision statement felt very personal. (Thompson).
Objectives
One of Apple’s objectives include expanding the number of stores that exist around the globe. Bigger is better right? I learned that the Apple store is where the majority of the company’s profits are made, so the more physical stores they have, the more money they will make. Another objective is to have all products available online as well. The strategy here is to “place products in every retail store that carries electronic devices, all e-commerce web sites, and make sure mobile devices are featured on every large mobile carrier.” (Burnett, 2015). Setting the right price point is hard, but another objective of Apple is to sustain premium market prices. The company depend on the quality of their product to justify their price point. The company also plans to “build hype” for new and upcoming products. I feel that they are successful at this because I don’t even own an iPhone and I always know when the updated versions are coming out because it seems that everyone is talking about it.
Core Values
Apple’s core values seem simple: to create and produce the best products on the market, and also to be innovative. They are focused on customer service and giving everyone the same great customer experience, no matter where you are or what device you purchase. I feel as if the company does a good job of living up to this. There are of course exceptions to the rule, but for the most part, this company continues to grow and become bigger and bigger by the year. They are not going anywhere anytime soon.
Competitive Advantage
Brand strength is probably one of the best ways that Apple sets itself apart from other companies. “Apple was the world’s leading brand in 2017, ahead of Google, Coca-Cola and IBM”. (Seidel, 2011). Their innovation is also up there on this list. Innovation was mentioned in their mission/vision statements and they really hold up their end of the deal. One thing that people love about their Apple products is their ability to share the same operating system, software and applications. You can have an iPhone, an iPad and an Apple Watch and all of them can be linked together to share information. This give people convenience which is a huge advantage. They are also reliable. This strategy is sustainable because Apple has built trust with their customers. Everyone that uses their products know and love them and would never deviate from the brand because they know that Apple will always have a product that they love and know how to use.
References
Burnett, B. (2015, July 21). Apple Inc Objectives and Strategies. Retrieved from https://burnetteb.wordpress.com/2015/06/25/apple-inc-objectives-and-strategies/
Majaski, C. (2018, January 17). What's the difference between publicly- and privately-held companies? Retrieved from https://www.investopedia.com/ask/answers/difference-between-publicly-and-privately-held-companies/
Rowland. (2019, February 13). Apple Inc.'s Mission Statement and Vision Statement (An Analysis) - Panmore Institute. Retrieved from http://panmore.com/apple-mission-statement-vision-statement
Seidel. (2011, July 14). What Is Apple's Competitive Advantage in Its Industry? Retrieved from https://bizfluent.com/info-8734236-apples-competitive-advantage-industry.html
Thompson, A. Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases. Retrieved from http://www.freemanagementresources.com
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