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Apple (Individual Written Case Analysis)
- 5 страниц
- 2014 год
- 85 просмотров
- 1 покупка
Гарантия сервиса Автор24
Уникальность не ниже 50%
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The iTunes have been around for than a decade so we can safely assume that Apple managed to devise an adequate competitive response to market challenges. I firmly belief that apple competitive response was grounded in behavioral economics and was designed with a deep knowledge of consumer psychology. ITunes is called by analysts “one as the most strategic elements of the Apple pie”.
I think that the main competitive advantage of iTunes (rather frustrating though) is that it`s business model can be described as
closed ecosystem, hostile to everything external.
What is more, Apple made a strong bet on holding “keys” to the content rather than owning the content itself. This way Apple managed to capitalize on several biases of human thinking and several heuristics.
I speak about endowment effect, status quo bias and natural human desire to enforce its social status.
Endowment effect stands for tendency to overestimate what we already own without little or no regard to its real fair value. Statis quo bias, as it`s easy to guess, stands for tendency to maintain status quo.
The ecosystem can be broadly divided into four main categories that include users as the main consumers and content providers as primary content-generators. At the secondary level the ecosystem is covering business organizations and it is a critical level of this ecosystem. It is widely supported all other producers and consumers by promoting and disseminating a variety of products.
At the tertiary level, the ecosystem, the available resources are used to the full features of Itunes. Features include music, videos, App Store, TV, Pod cast and gift cards. Beside well-known opportunities, Itunes offers also catalogs and music store search engine where the users can choosd the songs and download them for a cheap price, ranging from $ 0.99 to $ 9.99. Depending on the demand cycle, specific album or artist cost options are adjusted for the market.
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If the management is risk acceptant, the best idea would be focusing on Itunes competitive advantages and enhancing them. Previously I stated that Apple seems to be an expert in intuitive implementation of behavioral economics laws.
My hunch that Apple could capitalize on endowment effect by devising a system of
“achievments” for Itunes users. For instance, accounts could be upgraded due to the amount of purchases.
Another idea is to capitalize on so called “power of free” (Dan Arielly) buy offering different options like “20 song for free for buying new Ipod”. It is proven scintifically that our mind practically can`t resist such offers and views them as extremly lucrative.
Historically Apple choose pretty much the same path – enhancing online accounts. In 2009 Apple announced that they have the credit card account information of more then 100 million consumers through iTunes. The idea with the credit cards was simple – by entrusting Apple with his bank account, consumer made a commitment to continue buying from Apple.
Virtually Apple DID NOTHING to respond to challenges from competitors. All it had to do was to maintain it`s market share.
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