Demand and Market Equilibrium of Apple iPhone: A Study

Business economics

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Business Information..........................................................................................................3
Demand and Market Equilibrium...........................................................................................4
3. Demand substitution...........................................................................................................7
REFERENCES..............................................................................................................................11
Books and Journals........................................................................................................................11

INTRODUCTION
MAIN BODY
1. Business Information
Information of chosen product
Apple Inc. which is formerly known as Apple computers which is a multinational
corporation which is creating consumer electronics, personal servers, computers and software.
This is a digital distributer of media content and the core products of this company are iPad,
iPhone, and Macintosh. Founders of this company are Steve Jobs, Steve Wozniak and Ronald
Wayne. This company was stared in the year 1977 in California.
Apple iPhone 12 pro Max was introduced in October 2020. Tim Cook has invented this product
as per the needs of customers. There are majority of people who choose iPhone over Android
phone. iPhones remain to be the simplest and easiest phone used by humans. The look and feel
of iOS has not changed since years and it is one of the advantage of iPhone. Another factor is
security. iPhone provides more secure ways for any individual. Data is the most valuable thing
for any user that is why iPhones provide them best security applications. Data is valuable for any
person and thus, it is advised to use iPhones. iOS is an operating system which is immune to
malware and apps of iOS are more secure. There is a continuity feature in Apple products as
company provides series of Apple iPhone products. Airdrop is another feature which provides
easy transfer of videos, photos and I Cloud sync. iPhone has gained lot of popularity within
market because of the manufacturing company Apple Inc. This is known as most admired
smartphone producer within world. It was first produced in the year 2012. It is sold in different
markets across the world.

Demand and Market Equilibrium
iPhone is known as one of the smartphone brand that is available in market across
different countries. There are some companies like Nokia and Samsung which have been
imitating Apple Inc. for manufacturing smartphones which are trendy in market. iPhone operates
in oligopolistic market in which there are few sellers who are offering particular commodity or
service. In this type of market there is depiction of demand curve which is usually kinked. In the
era of stiff competition between different companies it is essential for a business like Apple to
satisfy different customers. Apple has to follow plans and regulations in order to fulfil demand of
several customers. Market equilibrium is a major stage which includes development of various
goals and procedures that are essential for business development. It is the crucial of strategic
management which is helpful in development of a business to gain market growth. Many
companies in global market take assistance of precise marketing management to manage demand
of products and services. A company has to keep an eye on various customers in order to develop
best approach at the marketplace. Different national and international companies at the
marketplace raise demand of different products and services. Apple in most of the cases achieve
market equilibrium with maximum cases and business development aspects. The major aim of
the company is to fulfil demand with quality production so Apple use optimum ways of fulfilling
demand of different customers in a precise manner. Apple mainly gives responsibility to
production management for fulfilment of demand of customers by production of quality products
and services. Major aim of Apple is to fulfil customer demand and provide world class after sales
service. Apple also takes assistance of strategic management to fulfil demand of different
customers in a precise manner. It is important for Apple to anticipate demand of different
products and services in the marketplace. The strategic management of Apple anticipates
demand of different products and services with optimum efficiency. The reason for this is elastic
nature which can later be inelastic. This is represented in the graph below –