One of the most successful company of the Silicon Valley and the most valuable in the world, Apple revenue could be more than the United States Treasury. The economic and technological clout of Apple Inc is unsurpassable and the biggest name in electronics. It manages to earn more than Google, Facebook, and Amazon combined. Forbes reports Apple to be the most valuable brand in the world at $170 billion. It’s the first company in the world with a market capitalization of $1 trillion.
What could be the reason behind such spectacular success of one single company which was once going bankrupt? Was it the founder and mentor Steve Jobs who made it so large that no other tech enterprise can come anywhere close to it?
- Apple follows the marketing strategies that are well-researched and remarkably successful. It follows simplicity and minimalism in both design and advertisements.
- Their product placement strategy is impeccable and they are ardent believers of the 80/20 principle which helps them maintain a favorable B2C relationship, by taking customer reviews seriously.
- Apple believes in unique value proposition must better than its competitors, that makes its products the most awaited in the market, offering irresistible experiences.
- One cannot rule out the eloquent presentations by CEO Steve Jobs that quintessentially overwhelmed the audience worldwide, developing an aura of their electronic extravaganza. They have sustained their valued customers by enforcing brand loyalty through complimentary products.
Nevertheless, Apple’s technique of creating experiences through visuals and swanky products camouflage their marketing gig which overvalues their products. Possession of Apple products has become more of a style statement among the youth and elders alike. Although the company has never turned their customers down in performances or portability, there is much behind the back doors of the opulent Cupertino headquarters.
Apple itself doesn’t have a marketing budget. The advertisements seen are created by mostly sellers, who work under strenuous marketing restrictions. It is still profitable for them as Apple smartphones are the hottest selling cakes in the market every consecutive year. They employ the Exclusivity Principle to create an infectious desire for their device, by deliberately delaying its sale.
Thus, a rare commodity automatically becomes the best gadget. Their capitalistic profiteering techniques have created a psychological fanaticism on consumers who do anything to vouch for it. Evidently, this buzz about their new product, deliberately crafted rumors, incite speculation and give them free publicity, even if their latest models are not so different from the previous ones.
There are certain unique features customers look for in their new phones such as capacity and storage, display and features, dimensions, weight, memory, camera quality, power and battery life, processor speed, connectivity and GPS function. Apple has successfully retained their market share and customer delight by making minute changes in each component. The wireless charging option was already unveiled by their biggest rival Samsung which unfortunately didn’t receive much hype.
Apple iPhone 8 remains the most hyped product that gathered neurotic media attention. The fundamental features remain practically the same such as performance, battery life, and photography. Only iPhone X offers some futuristic designs changed only after 2007, that too for a sumptuous $300 extra. They again have kept the supply short to raise the temperature of demand. Apple would remain to lure customers with their over-valued products and all-consuming marketing. It is for customers to decide how much are they willing to pay for such neutral upgrades and fascination.
Aricle by Mausam.