Apple Corporation is one of the largest producers of modern technology. It has altered the way we communicate, distribute, & analyze data, as well as how most of us spend leisure time. This corporation, which was founded on the fundamental computer, has developed over the years into an electronics trailblazer. This soon-to-be-outdated piece of equipment was able to be transformed by two ambitious young men into a force that would inspire others to improve how we live, collaborate, as well as play. This American business, formally known as Apple Inc., makes desktop and notebook computers, mobile phones, tablets, computer accessories, as well as software (Tien, Dat and Chi 2019). This company, the first in the personal computer industry to be successful, raised awareness of the graphical user interface. California’s Cupertino is home to the company headquarters.

In 1976, Steve Jobs and Steve Wozniak, two friends who had struggled as young adults, launched Apple. Although they quickly became famous and built a billion-dollar business thanks to their tremendous desire (“The apple revolution,” 2014). The Apple I, a simple model with “assembly needed” instructions, was rapidly made available. Three short years later, the Apple II succeeded the Apple I, and it was much more advanced, with colored graphics and a plastic shell. As the business expanded and created cutting-edge products, the Macintosh and Power Mac were released. Nevertheless, as the business expanded, so did the competition, and even as Apple suffered a serious financial meltdown in the late 1990s, it became evident that new ideas and products were required. As a consequence, the invention of the iPod irreversibly altered the music industry. The company is condemned for its labor abuses with its contractors, and its corporate ethics, especially anti-competitive tactics (Wenzel and Koch 2018). Considering this, the brand is highly regarded and includes a considerable fan base. It is ranked as being among the most valuable brands around the world.

Discussion

Mission and vision statement of the company

Apple uses state-of-the-art hardware, software, and services to provide customers with the best user experience possible. The scope of the company’s operations and how much it uses them to meet client expectations are both heavily stressed in this mission statement. Even as it concentrates on the rapidly evolving technology landscape, Apple insists that driving positive change via innovation is its major objective. Apple prioritizes ensuring its client base has an easy time utilizing its goods, as evidenced by the “best user experience” component (Purkayastha and Sharma 2016).

Apple does not design its devices to be a source of entertainment, but rather to be user-friendly. Security elements that are implemented in every product also enhance user experience. It shouldn’t be a surprise that Apple products have been expertly made and carefully planned out. Innovation is a further crucial component for the firm. Apple is dedicated to filling in any gaps in technology. As technology advances, Apple continually develops new products to fulfill the changing demands of its customers. Apple’s approach to achieving this goal of its mission statement shows that the business considers its products to be more than just toys (Bereznoy 2017). Apple is so common at work because it is a source of empowerment rather than disempowerment. The inventions of the corporation end up being greatly influenced by this.

The fact that Apple products are so widely used is evidence of the company’s dedication to attaining the third objective of its mission statement. Most significantly, this company consistently makes sure to provide the best products possible to its clients. The company works hard to provide products that are top-notch in every way (Yang, Nam and Kim 2018). The use of top-notch equipment, software, and services offers the company an advantage over competitors in the market. Corporation Apple, one of the Big Four tech corporations, is headquartered in California. The company’s cutting-edge electronic, technology, including internet service solutions are well-known throughout the world. Since its establishment in 1976, the company has been a global leader in the technology industry. The corporation’s purpose and vision statements are significantly responsible for Apple’s notoriety as the best example of a corporation that has established itself as the gold standard in the industry it serves (Chen and Ann 2016).

Among other software alterations, it is credited as the sole cause of the revolution in modern personal computer designs. The ideal vision statement for a firm would outline the values it upholds, with a focus on a particular product line and customer happiness. Apple’s goal, vision, as well as fundamental values highlight the company’s motivation and driving force. The company’s vision statement demonstrates that it also views itself as a leader in technology innovation (Payne 2017). Given this, a company’s mission statement describes the methods it plans to employ to develop the state it wants to be in the future.

According to Apple’s vision statement, “We believe that we are here to produce exceptional items, and that isn’t changing.” In this statement, the business highlights its commitment to continue providing its customers with high-quality goods. Additionally, it is clear from the proclamation that they intend to continue doing this for some time (Hendrikse, Bassens and Van Meeteren 2018). It provides a thorough analysis of how the business manages its activities in order to take the lead position in the market it serves. Apple doesn’t confine its operations to one region. Instead, the corporation strives to make products that are used globally. The company’s objectives are quite clear in stating its desire to have a global presence and be present on every continent. The very first component shows how Apple is entirely focused on technology breakthroughs. The second aspect shows that Apple plans to keep making excellent goods for a very long time (Grant 2021). The company has always been on the cutting edge of technological developments as well as wants to stay there. In order to inspire its personnel, this is achieved by offering the most advanced, client-focused resources. Apple aspires to achieve this and believes that teamwork is the key to success in today’s fiercely competitive market.

Apple’s core principles include “inclusion and diversity, training, accessibility, the environment, supplier responsibility, as well as privacy. Values highlight the components that Apple believes are crucial to its overall performance as a leader in innovation and technology. Apple maintains strong convictions in the principles that have allowed it for more than 20 years to cultivate a reputation as a quality-focused company (Singh and Misra 2021). The corporation makes sure that every aspect of its functioning complies with each of the key principles outlined in its statement of core values in order to maintain these standards.

Every Apple product is designed to be usable by everyone. To promote accessibility, the company uses strong technologies and cutting-edge technology. Apple has created products thanks to these innovations that make sure people with physical limitations are not left behind and can easily perform their daily jobs. Apple is committed to creating high-quality products, but they also place a high value on protecting the environment. The business puts a lot of effort into developing items that are secure for both consumers and the environment. Both the interior and exterior are constructed from recyclable materials (Wheelen et al. 2017). Users can exchange their old technology via Apple Trade-In for cash or recycling, which has less of an effect on the environment.

The corporation’s greatest asset is the variety of its employees. Apple specializes in hiring a diverse workforce because it strives to build products for people of all geographic locations, ethnicities, religious beliefs, genders, and cultural backgrounds. Apple has continually advanced by choosing employees who stand out in terms of their thought processes, life experiences, and personal attributes (Dalla Via and Perego 2018). Apple includes customer privacy data in many of its products because it considers privacy to be a fundamental human right. Consequently, every product is created to provide the consumer with the highest level of security. They have the option to choose what data to share and with whom thanks to the security features.

Owing to improved security features including face & touch ID, which ensure that only the user is permitted access, it is difficult for anyone to get unauthorized access to the smartphone. Apple demands high-quality products from its partners and suppliers since its customers are its top priority (Heracleous and Papachroni 2016). The business provides opportunities for its suppliers while making sure they adhere to all criteria. It also expects its suppliers to treat its staff fairly, to provide them with safe and comfortable working environments, and to refrain from violating their legal rights.

Business strategy of the company

Apple Inc. is a multinational corporation that creates, manufactures, and markets mobile media devices, personal computers, and portable digital music players. Apple’s business strategy is steadfastly committed to providing the greatest products and services to fulfill the particular demands of each of its customers. This illustrates why Apple’s stock is currently trading at such high levels. It also directs the company toward long-term goals, which aids in its success. Apple’s major objective in terms of business strategy is to provide the best user experience. The business does not cut corners when it comes to the consumer experience. Apple ensures sure everything is user-friendly, such as the iPhone and MacBook (Pu 2022). It suggests that the user will have no trouble using the goods. If the user can successfully use the product, the user experience would be enhanced. They’ll eventually try to buy additional products from them. Apple just unveiled a new privacy feature called nutrition labels. It also ensures that the user’s privacy is protected. It has also improved Apple’s corporate strategy (Tien 2019).

Apple’s main business focus is delivering excellent customer service. They develop a fixation on offering top-notch client service. They monitor every facet of the manufacturing, retail, and maintenance. Their main objective is to provide top-notch services. Apple’s corporate strategy has also distinguished the company from its competitors. According to Laptop Tech Support, Apple’s customer care is in second position (Mogensen 2018). This grade is fundamentally significantly higher than others because they offer poor customer service. Most Apple devices are designed to be user-friendly. Customers shouldn’t have any trouble using them. Apple also creates its own technologies and breakthroughs. This has made it easier for people to use these goods. Therefore, this concept greatly enhances Apple’s corporate strategy.

Apple is presently developing technology that is carbon neutral. By 2030, the carbon impact will be gone. Additionally, they are trying to generate their items using renewable energy. Additionally, they disclosed the Restore fund for 2021. In essence, they plan to allocate $200 million to forestry-related projects. They will also try to remove 1 million metric tons of CO2 from the atmosphere. This project ultimately significantly enhanced Apple’s corporate strategy. Customer satisfaction is Apple’s top priority and key business strategy. They develop a fixation on offering top-notch client service. They monitor everything, including manufacturing, sales, and maintenance.

Strategic goals of the company

Every firm must have an effective strategic management plan. An effective strategic management plan is considerably more necessary in the modern world due to the rising level of market competitiveness. Today’s business environment is extremely competitive, making effective strategic management practices even more crucial. The process through which a business creates and implements significant decisions that are essential to determining the effectiveness of the company is referred to as strategic management (Miller and Maxwell 2016). The strategies a company uses for strategic management determine how well it can accomplish its long-term goals. Strategic management makes it simple for a company to achieve both its long-term and short-term objectives (Hoangova 2018). The vast majority of top-performing companies on the international market often use the most effective strategic management approaches. At Apple Inc., strategic management methods are well-developed and successful. This has allowed the business to keep up its high level of performance.

Apple Inc.’s ability to offer standout products on the market has helped the company win a sizable market share. The product lines are of good quality, as can be seen when comparing them to those of its competitors. The company has additionally been successful in forging strong bonds with its clients, which has helped it draw in and keep a sizable clientele. Apple Inc. offers tips to high-performing businesses searching for outsourced services on how to keep up their glaringly high level of performance. The effective use of its resources has been accomplished and is a contributing reason to Apple Inc.’s success. For example, the organization’s exceptionally talented and knowledgeable workforce has greatly contributed to the high level of performance the corporation has attained (Clarke and Boersma 2017). The enterprise has access to many financial resources, allowing it to finance continuous research initiatives. Because according to ongoing research, the corporation has indeed been capable of maintaining a high level of innovation. These ideas have helped Apple Inc. build a solid reputation for producing high-quality goods, which has helped them draw in a sizable customer base.

At Apple, there are numerous visible and invisible research projects. Any firm that wishes to maintain its competitive advantage in the market must have easy access to sufficient resources to facilitate the accomplishment of its varied goals. One of the huge company’s activities is its capacity to sustain a high degree of innovation. Apple Inc. has been successful in maintaining a high degree of innovation in its products. Its ability to carry out in-depth research has made this easier. As a result, the business can now provide goods that keep up with technical development (Gershon 2016). The capacity of the staff to collaborate well and support one another’s innovative ideas has made this feasible. This has greatly increased the company’s capacity to acquire and keep customers. Apple has extensive networks and relationships in its commercial activities. For instance, the company has excellent working relations with OEM partners. The company now has the opportunity to outsource parts of its manufacturing processes. The company has been successful in producing high-quality products as a result. Lowering operating costs also proved to be helpful for the company.

IBM, Dell, as well as Hewlett-Packard, are some of Apple’s key competitors. Apple competes with Microsoft in a variety of segments of the personal computer software market as a result of its involvement in a wide range of product creation (Malhotra 2007). The computer market has seen high levels of technology growth and software advancement. Every manufacturing company faces intense rivalry as a result. Consumers want computers with the newest technological innovations, therefore neglecting to innovate would mean the end of the business. Apple’s operations were able to resume owing to this management. Later, the corporation continued to improve company, which led to a substantial expansion. New technology and creative ideas have been made possible by a group of experienced and skilled engineers at Apple.

The company also runs a variety of retail stores all over the world. This is another crucial resource that has helped with the marketing and supply of the company’s products. Through its retail locations, Apple seems to have been able to collect information on user perceptions of the device. This knowledge will have a significant impact on upcoming innovations. A company would seek to produce goods and services that satisfy its requirements. Consequently, it is necessary to have this information to enhance client satisfaction. Through its locations, the company has been able to build a strong reputation and brand by providing clients with top-notch service (Peng and Liang 2016). In contrast to many firms that have failed in the past while attempting to market their products through their storefronts, Apple has attained a very high degree of performance. Retail outlets are a great resource for Apple because few businesses have been able to grasp this.

SWOT Analysis

Apple Inc. controls its weaknesses, defends itself from external dangers, as well as effectively seizes market opportunities by using its commercial strengths. Based on its strengths and opportunities, the technology corporation’s SWOT analysis provides strategic insights into enhancing corporate growth. The SWOT analysis methodology is a current operation decision-making method that pinpoints the most crucial problems the firm is now facing based on both internal business operations and the external environment.

Strengths

One of the strongest leading brands in the modern period is Apple. It has been able to maintain its dominant position in the market. It is known for having advantages in the market. Apple Inc. has many advantages that will help it succeed in its primary industry. Apple is a significant player in the purely technological industry. Owing to Apple’s irrepressible power, the market has been flooded with a continual stream of well-liked technology products. Rapid innovation is made possible by Apple Inc.’s overall competitive strategy as well as aggressive expansion techniques, allowing the corporation to keep up with the latest technology and maintain competitive advantages (Lockamy III 2017). One of the major tricks used by Apple Inc. is innovation. Apple Inc. is at the top of the pyramid because it is able to produce its own hardware, software, as well as other products. Every year, they introduce new goods that outperform their predecessors, have the most up-to-date designs, and are always developed to be more user-friendly. As a result, despite its relatively high cost, it commands a sizable market share. Apple’s retail outlets promise a first-rate shopping experience and allow customers the ability to interact with employees in person. Increasing numbers of people are selecting Apple because of its exceptional customer service and personalized care. Apple is known for being an expert in advertising. Apple raises interest in its items before they go on sale. A word-of-mouth marketing plan is developed to increase consumer demand for the product as well as nurture more brand awareness due to how well-appreciated its PR and marketing are.

Weaknesses

The strong exclusivity policy of Apple Inc. has led to the creation of an exclusive distribution network. Apple evaluates its approved retailers carefully, including those of its products like Mac computers and iPhones. The high cost of Apple’s consumer gadgets attracts buyers from the upper strata, whereas it could repel buyers from the poorer classes. This internal strategy element for the Apple Company is poor because high-end segments only make up a small fraction of the worldwide marketplaces. Top-priced products put the organization at risk since customers can readily find items of comparable quality that are less expensive (Valenzuela and Böhm 2017). It has proven difficult for consumers to convert over because iOS-based devices are not user-friendly as well as require some getting accustomed to because its operating systems are inconsistent with other devices (Hacklin, Björkdahl and Wallin 2018). One of the key reasons is that Apple’s market share is declining due to its excessive reliance on the iPhone and iPad series. It suggests that a drop in the popularity of these items would be bad for Apple’s financial situation. Apple routinely faces allegations of violating the patents of other businesses as well as having lost legal battles, which is detrimental to the company’s financial situation and brand name. Clear defects in several iPod and iPhone models damage both the items’ sales and the brand’s reputation for providing high-quality products.

Opportunities

Apple Inc. seems to have the opportunity to expand its network of distributors. This potential arises as a result of the corporation’s limited ability to distribute items like tablets and smartphones. A wider distribution network will enable Apple to reach more clients in the international market. This means that by aggressively marketing its products, especially those for mobile devices, the corporation can boost sales. The company can also research new product categories to enhance its current offerings, including online services. With more creativity, the company can create and market new products, as it did with the Apple Watch. A business can grow by creating new product lines, especially when it faces international competition from other technology partners. The demand for communications technology has dramatically increased since 2013. As a consequence, it will make it possible for Apple to go into markets that it has never before, such as the Commonwealth countries. Due to its significant market share and renowned brand, Apple’s vast range of products is in higher demand. By showing an interest in the next products, Apple users keep promoting the company’s reputation (Liang 2016). As internet access and speeds expand, an increasing number of individuals are using cloud services for their job. Given the expanding market for cloud-based services, Apple may increase the number of iCloud applications and services that it offers.

Threats

The aggressive rivalry in the technology industry is partially a result of how fiercely businesses compete. For instance, Samsung uses speedy innovation and competes with Apple. In the context of this SWOT analysis, the company is hampered by fierce rivalry, highlighting the need for solid fundamentals to keep a competitive edge in computer software and hardware in addition to internet-based services. Apple also needs to be concerned about imitations of its products, such as the iPhone. Both domestic and international companies may copy the design and functionalities of Apple goods (Rajput 2021). Rising labor costs, such as those in China, also can affect profit margins by lowering them or by raising prices. The consumer electronics sector is continually evolving due to new technological advancements occurring daily. The business finds it difficult to stay on top of the most emerging advancements. Apple has thus far been successful in bringing several revolutionary items to market. Despite recent advancements, Apple has yet to openly disclose its new product plan. More than half of Apple’s revenue comes from sources outside of the US. Consequently, Apple’s financial performance might well be impacted by changes in the currencies of other countries. In other words, compared to the US dollar, other currencies are more adaptable.

What strategies Apple Inc is adopting

Apple Inc.’s generic approach as well as focused growth strategies are closely related to its pricing, marketing, and certain other business-related tactics. Apple, being one of the most successful companies ever, is a prime example of the value of a company’s general strategy in developing its competitive edge over rivals. Apple’s ambitious growth strategies allow the company to maintain its dominant position in the global market. The company thrives despite having somewhat high selling prices because of a high rate of innovation and a focus on good product design (Ross, Beath and Sebastian 2017). This successful positioning demonstrates Apple’s capacity to successfully implement both intensive commercial growth tactics and its overall competitive advantage approach. The corporation’s aggressive growth goals are compatible with Apple’s generic approach, especially when it comes to optimizing the use of its competitive advantages. For this overall plan to be accomplished and to support the long-term progression as well as the success of the business’s technology offerings and services, in particular, the business expansion strategy of product development is essential (Dolata 2017). This convergence of the corporate vision and mission statements of Apple Inc. with aggressive growth methods supports the goals of the company.

Analysis of the balance sheet

strategic management practices of Apple Inc.

Strategic Management and Competitive Advantage at Apple Inc. 1

(Source: Apple (AAPL) Balance Sheet – Stock Analysis)

Trend analysis of balance sheet accounts like Receivables, Accounts Payable, or Total Assets is performed in order to calculate Apple Inc.’s total assets, and liabilities, including equity, that symbolize the corporation’s genuine value to its key investors. Investors can determine precisely what the company controls and exactly how much it owes to creditors or other parties at the end of each accounting year by examining patterns over time using Apple balance sheet records. To estimate Apple Inc.’s financial future, financial statement analysis entails considerably more than merely reading and assessing its conventional accounting reports (www.macroaxis.com. 2022). One of the crucial financial statements, Apple’s balance sheet lists all assets, liabilities, and shareholders’ equity for the ongoing year. It also gives a foundation for computing alternative rates of return, like return on equity (ROE) or return on asset, and illustrates how Apple Inc. uses as well as employs its capital. It makes clear a company’s exact assets and liabilities. Apple’s goodwill as well as intangible assets are presently pretty constant as compared to last year.

Conclusion

By making the corporation stand out, Apple’s generic strategy of broad differentiation creates a competitive advantage. Differentiation in the functioning and design of the product helps the company reach its objective of monopolizing the market via technological development. Apple Inc. was founded on the pillar of innovation. Nevertheless, the business should aggressively penetrate markets if it wants to improve how it uses this fundamental approach for competitive advantage. The developing world, where the company’s ability to sell its information technology goods and services is limited, is one area where this guidance is especially applicable.

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