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Eco 365 Week 3 Current Market Conditions Competitive Analysis

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Eco 365 Week 3 Current Market Conditions Competitive Analysis
Current Market Conditions Competitive Analysis
ECO 365

Current Market Conditions Competitive Analysis Strategic planning requires clear comprehensive information about competitors. One of the first factors needed is knowledge of the market a firm is in and what their product is. This includes knowing their supply and demand, the competitors, potential customers, and potential buyers. Other factors include competitiveness and long-term profitability related to price elasticity, technological innovation, and cost structure. Last, this discusses the factors affecting variable costs and fixed cost and how these change supply and demand for labor. This paper will discuss such factors about Apple and the iPhone.
Apple
Apple was established in 1976 by Steven Wozniak and Steven Jobs. The company’s first product was the Apple I, which did not invoke much interest. Later in 1977 and 1978, Apple débuted the Apple II and received greater popularity. By 1980 Apple had grown and had several thousand employees (Apple History, 2013). In 2013 Apple presented the iPhone 5 with many capabilities including retina display (an Apple only …show more content…
The company has two major hurdles that it continually must battle to be successful. The first is the rapid advancement of technology in a monopolistic competition. The second is the expectations of its customer base. There is a significant amount of competitors within this market that are constantly dueling to be cutting edge or have the latest technology. The other is the customer base and their requirements to have a product that satisfies their needs and wants for his or her everyday lives. The uniqueness that Apple has is that they are a luxury product maker and thus must provide a product that tips the scale and compels one to want to purchase such a product. Thus far, Apple clearly understands this dynamic and is doing very well and looks to be pulling
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