Management Economics: Apple iPad Pro Market Analysis

MANAGEMENT
ECONOMIC

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Description of business..............................................................................................................3
Demand and market equilibrium.............................................................................................4
Factors effect price elasticity of demand.................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Management economics refer to those applications of micro and the macro economic
concepts and theories like the supply and demand and the price elasticity & equilibrium of
market to solve the issues in the management level and helps in getting the decision making.
Management economics is important for the companies to understand the market demand and
make the services according to the demand and provide supply. Apple is one of the leading
electronic company working globally and providing the best service in the market with its
software name IOS which is different from all the other competition in the market. This report
will help in understanding the business process of apple with a brief history about the company.
The demand and equilibrium will be evaluated in the report to access the effect on the chosen
product. Further in report the income effects and the substitution of the product will be discussed
to know the market competition(Gvili,2020).
MAIN BODY
Description of business
Apple Inc, formerly known for Apple Computer Inc., it is a multinational corporation
which create the consumer electronics, computers, software, phones, iPad etc. The company
works globally and have a chain of stores known as the Apple Stores. Its core product line
includes the iPhone smartphone, iPad tablet computer and Macintosh computer range. Apple is
founded by Steve Jobs and Steve Wozniak who created the famous apple computer in April 1,
1976 and incorporated the company on 1977 January 1st. For more than 3 decades the Apple
were predominantly the manufacturer of the personal computers like Apple II, Macintosh, power
mac etc.
After the launch of successful iPod music player in 2001 and iTunes in 2003, apple
established itself in the electronics market and become the one of leading in the segment. When
Apple started iPhone followed by the iPod touch and iPad. The company reach the maximum
sales and the profit and as on 30 June’2015, apple become the largest public trade in market
capitalization worldwide(Duan,2017).
Apple is one of the top brands in the electric and smart devices and is leading the market
with its technology name IOS, it is one of the most popular people choices in the UK market as
it provides the best quality product in its collection and variety of products in the premium
budget. There are various of operator in the UK market which give the competition in the
3