Competitive Advantage and Cost Leadership Strategy of Apple Inc - Essay Example

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APPLE INC Table of Content Introduction 8 Competitive Advantage 9 Cost Leadership Strategy 9 Differentiation Strategy 10 Focus Strategy 10 Monitoring the Environment 10 Organisation Analysis 12 PEST Analysis 13 Political Influence 13 Economical Influence 13 Social Influence 13 Technological Influence 14 SWOT Analysis 14 Strength 15 Weakness 15 Opportunity 15 Threat 15 Porter’s Five Forces Model 16 1.Threat of segment rivalry 16 2.Threat of new entrant 16 3.Threat of substitutes 16 4.Bargaining power of Suppliers 17 5.Bargaining power of consumers 17 Ratio Analysis 17 Current & Quick Ratio 19 Asset Turnover Ratio 19 Price/Cash Flow Ratio 19 Complexity of Environment 20 1.Environment is complex 20 2.Environment is dynamic 21 3.Environment has deep impact 21 4.Environment is multi-faceted 21 A.Dynamic 21 B.Interdependence 22 C.Unlimited Effect 22 Key Business Challenges 22 New influential products: 23 Management: 23 Performance issues: 23 Employee retention: 23 Critical discussion of leadership 24 McKinsey’s 7 ‘S’ Model 26 i.Strategy 27 ii.Structure 27 iii.Systems 27 iv.Shared Values 27 v.Style 27 vi.Staff 28 vii.Skill 28 Burke Litwin Model 28 Organisational culture, communication and change 30 Group and team dynamics 30 Motivation and Job Satisfaction 31 Conclusion and Recommendation 32 Reference 38 Introduction Apple Inc is a US based company headquartered at Cupertino, California. The company was founded by Steve Jobs and Steve Wozniak in the year 1976 as Apple Computers Inc. Apple Inc is involved in the manufacturing of digital electronics and computer hardware equipments. The company’s name was changed to Apple Inc in the year 2007. The company is listed on NASDAQ and New York Stock Exchange. Apple Inc has become the synonym for innovation with its cutting edge technology (Apple, 2012). The company has been constantly delivering products and services as per its mission and vision. The mission and vision for the Apple Inc is to be the most innovative company and design and manufacture products that are innovative, unique and provides the customers a whole new experience. The company can be referred to as the pioneer of technology. Apple Inc has made the technology look simple yet distinctive through its products and services. The product of the company includes iPhone, iPod, iPad, Mac, iTunes, speakers, printers, etc. All the products of the company possess unique features and have become hugely popular amongst the people. The company has so far been able to increase the level of eagerness of customers with every product launch. Every product of the company set a new bench mark both in technology and sales across the globe. The products of Apple Inc are sold worldwide through its retail outlets, direct sales, online store, and through third party sellers as well (YahooFinance, 2012). Apple Inc may be leading the way in the technology field but still faces stiff competition from some major players such as Google, Research in Motion and Hewlett Packard. These companies are no less innovative with their products and services. They are amongst the most admired companies in the world and significantly have large number of customer base as well. To have an edge over its competitors Apple Inc has been following a generic strategy. The company’s generic strategy can be discussed below: Competitive Advantage Apple Inc’s competitive advantage over its competitors lies in providing high value to its customers which justifies the high price of its products. Cost Leadership Strategy Apple Inc’s cost leadership strategy has always to set average price of the products to garner maximum profit. This strategy has been successful because of the high value company offers to the customers through its innovative products. Example: Recently launched iPad offers great value to its customers through differentiating features such as 5 megapixel iSight camera, 4G connectivity for faster browsing (Apple, 2012). Differentiation Strategy The prime generic strategy followed by Apple Inc is the differentiation strategy. The products of the company are unique and showcase cutting edge technology to woo customers around the globe. This strategy has provided the company an edge over its competitors in the business market. Example: Products like Mac, iTunes are different in their features from the competitors products. Focus Strategy Apple Inc’s focus strategy has been to target those customers who are willing to pay higher prices for the value provided to them through its product range. This further differentiates the company from its competitors (Eldring, 2009, p. 7-10). Monitoring the Environment The business consists of both macro and micro environment. The factors like economic, social, technological, demographic, international, natural and legal-political make the macro environment. Micro environment on the other hand comprises of suppliers, company, customers, intermediaries, public and competitors. Both macro and micro environment holds the key to success for any organisation. Organisations marketing strategy is largely based on these macro and micro environmental factors. Regular monitoring of the environment is the demand of the time to stay ahead of the competitors (Jain, n.d, p. 63). Apple Inc’s success has very much to do with regular monitoring of the environmental factors which can pose a threat to the company. It builds it marketing strategy based on the analysis of the environmental factors to have better idea about the market scenario. The organisation largely monitors the environmental factors through scenario planning. Scenario planning is an important tool for an organisation to sustain in ever changing business environment. Scenario planning for the Apple Inc involves its long term planning in manufacturing unique and elegant products over the years to follow. Apple Inc’s monitoring of environment through scenario planning is its strategy to be prepared for the uncertain and unknown risks of the future. The company scenario planning has yielded good results for the company. The company’s long term strategic planning has made it the most sought after company by the customers. The company’s products are awaited with eagerness. Apple Inc’s unique and innovative products are the result of its long term planning. The iPod which is one of the largest selling products of the company has revolutionised the music industry. To further support it Apple Inc launched iTunes which gives the customers to download music for their iPods. Apart from scenario planning market research has also played an important role for the company in understanding the needs and wants of the customers. Improvising on the market research the company planned its long term goals. The cutting edge technology offered by Apple Inc is the result of its continuous planning in designing a product. Apple Inc’s products speak for themselves as they are not just innovative or unique but provide maximum value to the customers. Another example of Apple Inc’s scenario planning is the latest iPad 3 which has been the latest sensation in the market with people around vying for it. The technology factor involved in the iPad 3 is the result of company’s research and scenario planning. The research has involved the technology used by its competitors. The features of the competitors’ products offered to the customers. Apple Inc since its days of foundation has believed in offering the best value to the customers. The organisation’s brand image and the tag of the most admired firm in the world have been achieved through long term planning which is the true definition of scenario planning. Organisation Analysis Analysis of an organisation comprises of different factors which can have great impact on the firm. Apple Inc’s analysis will be a systematic examination of factors like competitors, substitute products, consumers, etc. Based on the observation and analysis of these components Apple Inc’s market value can be measured. This will further provide a holistic view of the market scenario in which Apple Inc is operating its business. There are several models which can be applied to analyse Apple Inc and its business strategies. These models can be illustrated below: PEST Analysis PEST analysis is an important tool to analyse the external environment that can affect the company (Gregory, 2001, p. 49). Political Influence Apple Inc has large customer base outside USA also. America’s bad relation with countries from where Apple Inc procures or manufactures its products can have a huge affect on the company. Economical Influence Global economic downturn, unemployment can have an impact on customers purchasing power which will affect the company’s sale. Social Influence Demographic factors like age difference, population growth, and change in lifestyle of the people can significantly affect the company in the long run. Technological Influence Technology is a big factor for the company. Though company is a pioneer in innovation but its competitors are not far behind. Apple Inc needs to keep upgrading its technology or might lose market share to its rival companies. SWOT Analysis SWOT analysis is the tool to provide a structure for recognising and analysing the situation for a company and developing tactics and strategies. Strength Strong R&D department Products are innovative & elegant Strong financial background Weakness Products are high priced Lacks large market share Product like Apple TV failed to attract customers Opportunity Growth in mobile and PC market Online demand for music is increasing Joint ventures with companies around the world can provide large market share Threat Competitors like Microsoft, HP can pose stiff competition Android application from Google is hugely popular amongst people Uncertainty in economic state around the globe SWOT analysis is the tool to provide a structure for recognising and analysing the situation for a company and developing tactics and strategies. Porter’s Five Forces Model Porter’s five force model is one of the most influential analysis models to identify the competition in the business market (Johansson, 2008, p. 48). 1. Threat of segment rivalry The competition is not so intense as compared to other industries. Though company is enjoying remarkable market share but still competitors like Google, HP can pose threat. This force has moderate affect on the company. 2. Threat of new entrant Apple Inc is an established brand with strong R&D department and strong financial status. The cost of developing new manufacturing unit will be very high for new entrants. Apple Inc’s product has world presence which again makes new entrant vulnerable in the industry. This force has low affect on the company. 3. Threat of substitutes Substitutes for Apple Inc’s product like iPod can be DVD’s or CD’s but with iPod small and stylish and easy to carry the substitute poses minimal threat. PC’s substitute can be laptops from competitors like Dell which offers laptops at cheaper prices and can impact Apple’s PC market. This force poses moderate threat to the company. 4. Bargaining power of Suppliers Apple Inc procures some of the required parts for its products such as Broadcom provides touch screen chip, NAND flash RAM for iPad are procured from limited suppliers. This factor can be a threat as their bargaining power of suppliers will be more in comparison to Apple Inc. This force poses high threat (Faqs, 2009, p. 10). 5. Bargaining power of consumers Apple Inc’s has unique products with cutting edge technology for its customers. The technology and features offered by Apple Inc are different from its competitors which is the biggest reason for its success. This has made the company acquire significant market share across the globe and has eventually reduced bargaining power of consumers. This force has low impact on the Apple Inc. Ratio Analysis The ratio analysis will provide the current status of Apple Inc in terms of capital structure, profitability and liquidity (short term financial competence). Latest Full Context Quarter Ending Date 2011/12 Gross Profit Margin 44.1% EBIT Margin 34.2% EBITDA Margin 35.6% Pre-Tax Profit Margin 34.2% Current Ratio 1.6 Quick Ratio 1.3 Leverage Ratio 1.5 Receivables Turnover 9.3 Inventory Turnover 67.4 Asset Turnover 1.1 Revenue to Assets 0.9 ROE from Total Operations 36.6% Return on Invested Capital 36.6% Return on Assets 23.8% Debt/Common Equity Ratio 0.00 Price/Book Ratio (Price/Equity) 6.56 Book Value per Share $96.59 Total Debt/ Equity 0.00 Long-Term Debt to Total Capital 0.00 SG&A as % of Revenue 6.5% R&D as % of Revenue 2.0% Receivables per Day Sales $46.42 Days CGS in Inventory 5 Working Capital per Share $21.63 Cash per Share $11.06 Cash Flow per Share $37.71 Free Cash Flow per Share $40.16 Tangible Book Value per Share $91.90 Price/Cash Flow Ratio 16.8 Price/Free Cash Flow Ratio 15.8 Price/Tangible Book Ratio 6.90 (Source: Forbes, 2012). Current & Quick Ratio Apple Inc’s current and quick ratios are well on course to meet its short term obligations. The ratios at 1.6 & 1.3 conclude that the company has good overall rating in terms of short term solvency. Asset Turnover Ratio Asset turnover ratio is the measure of company’s ability to generate revenue from fixed asset investments. The asset turnover ratio of 1.1 depicts that Apple Inc has been generating revenues from its fixed asset investments. Price/Cash Flow Ratio This ratio is used to measure the credibility of the company in the market. Apple Inc’s price/cash flow ratio of 16.8 showcases the company’s market value in comparison to its competitors. The different strategy models like Porter’s five forces. SWOT analysis, Ratio analysis and PEST analysis has successfully analysed the competitors of the Apple Inc. These strategic models have further analysed the financial strength, market value of the company. Moreover a holistic view of the company has been provided depicting the opportunities and threats which lies ahead for the company in the business market. Complexity of Environment The major concern while analysing the environment of a company is the complexity associated with it. A complex environment is not only related to the problems but also opportunities for an organisation (Shermerhorn et al., 2011, p. 414). The environment consists of two dimensions- variability and complexity. If both the dimensions are considered to be together, the environment can be ranged between simple and turbulent environment. A simple environment can be defined as the environment where profitability follows the growth. Turbulent environment on the hand is uncertain and gives no surety of profitability following growth (Goyal & Goyal, 2009, p. 5). Environment of an organisation can further be analysed on the basis of different characters which the business environment possesses. 1. Environment is complex The business environment is influenced by different factors, conditions and events which makes it complex in nature. Thereby making it difficult to determine the factor constituting a environment. 2. Environment is dynamic A constant change is observed in the environment influenced by many factors which makes it dynamic in nature. 3. Environment has deep impact The business environment has great impact on an organisation’s profitability and growth factor. 4. Environment is multi-faceted An organisation’s perception is different from the other organisation. One organisation finds a situation opportunistic while other observes it as a threat. Apart from the characters, business environment’s nature can be illustrated below: A. Dynamic The business environment undergoes changes with time. An organisation’s strategy, objectives also tend to change according to the business environment. B. Interdependence The business environment is composed of political, economical, social, legal, technological factors which are interdependent on each other. These factors have a great impact on a organisation and its functioning. C. Unlimited Effect Political and social changes along with the government policies, norms and regulations are certain uncontrollable factors which have unlimited effect on the business environment. Key Business Challenges Apple Inc’s transformation from a computer maker to the consumer electronic brand is laudable. The company has shown unprecedented growth in the electronic segment. Yet, the company is no exception in facing the challenges of the business. For a company like Apple Inc which has constantly strived towards innovation the biggest challenge lies in maintaining the tag of innovation through effective leadership. Few of the challenges lying ahead for the company can be discussed below: New influential products: The company is known for its innovative products and is expected to carry forward the legacy in doing so. The challenge for the company is to launch new products which will have mass appeal. Management: Apple Inc has been basking in the glory of success of its latest product iPad 3, but at the same time it has lost one of the iconic figures of the company. Managing large work force and inspiring and motivating them will be big challenge for the company’s management (Macvideoconverter, 2012). Performance issues: Employee skills are the driving force in defining the performance criteria for an organisation. The management of Apple Inc faces the challenge of performing constantly in the business market to have an edge over its competitors. Employee retention: Employee retention is another key issue which can be faced by Apple Inc. The company may struggle in the near future to cope with the changing demand of the business environment if it does not adopt strategy that emphasises on innovative leadership. A transformational leadership is the key to the business challenges faced by an organisation. After the loss of its transformational leader, Steve Jobs it becomes all the more important for the company to identify an alternative. To stay in the lead when the competition is stiff, it is all very important to develop a new model of management and leadership. This new model of leadership for Apple Inc should be the key in solving the problems related to the business challenges. Critical discussion of leadership Leadership becomes all more difficult in challenging times. In the turbulent and challenging times the need for leadership become an important factor for an organisation. Leaders are required to make decisions for the betterment of the organisation. Effective leadership is the key towards the success of the organisation. Apple Inc’s leadership attributes has been appreciated all over the world. The company has been the leader in innovation and has given some path breaking products to the world. Apple Inc’s rise as an innovative company has been one of the phenomenal aspects of the company. Apple Inc under the visionary leadership of Steve Jobs rose to great heights. The company which was once going through a bad phase saw the fortunes change with the beginning of new journey under Steve Jobs. The iconic figure of the company, Steve Jobs was not only an innovative leader but was rather a visionary. Some of the bestseller products of the company like iPod, iPhone and iPad were all launched under the leadership of Steve Jobs. He was the face of the company and was admired by millions all over the world for his work and determination. The situation is different now, Steve Jobs has left a big gap which is not easy to be bridged. The new leaders will be different, have different point of view and will make decisions in a different way. Leadership is the key issue related to the Apple Inc presently. The company not just lost its iconic figure but also the iconic force behind the success of the company. After Steve Jobs the scenario is different, the company faces a bigger challenge in its leadership. Leadership is important in more than one context; it plays an important role in inspiring and motivating the large workforce of the company, building trust amongst the stakeholders and finally appealing to the end consumers to use the product. A leadership position for the organisation would mean Achieving the objectives of the organisation Being responsible in accomplishing the mission and vision of the company To be committed and dedicated towards the people associated with the company To be able to assume failure and risk The situation is critical; the company cannot afford to lose the market to its competitors. The only option left for the company and its leaders is to bring a change in the leadership style and attributes. There are various models which can be taken into consideration to improve the current situation related to the leadership in Apple Inc. McKinsey’s 7 ‘S’ Model McKinsey’s 7’S’ is more than being a strategic model, it is the way of remodelling and restricting the organisation (Karlof, 1993, p. 163). The model can be applied in various situations which can prove to be useful for the company. To improve company’s performance To observe the future changes and its effects on the company To determine the best possible way of implementing a strategy This model comprises of 7 factors which can be discussed as follows: i. Strategy This factor can be useful for Apple Inc to implement new strategy in its quest of having an edge over its competitors (Camlefa, n.d., p. 3). ii. Structure This factor can be defined as the design to describe the structure of the organisation and the framework to assign the accountability. iii. Systems System determines the tools of management such as communication, planning, control and decision making (Sekhar, 2009, p. 72). iv. Shared Values Shared values are the goals, objectives which are pursued by an organisation. v. Style This factor can be referred to the style of leadership in an organisation. The leadership style will be an important aspect for Apple Inc in maintaining its competitive advantage in the market. vi. Staff Staffs refer to the workforce of an organisation. This factor plays an important part in Apple Inc’s success story. It determines the way internal staffs are treated and motivated which will have a direct impact on the outcome of the organisation. vii. Skill The skill describes the competencies of the organisation and the internal staff. Apple Inc based on this factor can determine the skill sets of its employees and use them towards achieving company’s objectives (Recklies, 2001). Burke Litwin Model (Source: Cawsey et al., 2011, p. 92). This is another model which helps an organisation to analyse the changes required in management. The model comprises of 12 interrelated components. The components like leadership, environment, mission and strategy, and organisational culture are termed as the transformational components. The remaining components in the model are termed as transactional (Orfald, 2006, p. 69). The transformational components play the major part in shaping the structure of an organisation and leadership is one of them. The transactional components are part of organisations daily activities. Considering the importance of transformational components, Apple Inc can use this model to restructure its leadership strategy. This model can help the company to understand the importance of leadership in its importance in achieving the company’s objectives. Organisational culture, communication and change Organisational culture is largely influenced by the leadership. The culture and the leadership connection determine the vision for an organisation. It is important for a leader to be competent enough to influence the organisational culture. This can be possible through the process of communication within an organisation. The leader is required to emphasise on the communication process which includes the internal staff, stakeholders and the consumers for bringing in the change in organisational culture. Leadership factor attributes towards the change in organisational structure. To bring in the change the leadership is required to overcome the satisfaction from the current organisational structure (Weber (Jr), 2007, p. 34). Group and team dynamics The contribution of leadership towards the groups by sharing responsibilities in maintenance and task can be referred to as distributive leadership. This type of leadership can be observed in teams giving high performance. The role of leadership in this scenario can be highlighted below: To offer ideas To share information To summarise the discussions Motivating and encouraging the team members Giving equal opportunity (Shermerhorn et al., 2011, p. 175). Motivation and Job Satisfaction Transformational leadership plays an important role in motivating and encouraging the employees which otherwise leads to the job satisfaction. The reason being that under the transformational leadership employees are empowered and are involved in the decision making process. The leadership further helps the employees to inculcate the organisational values and goals. A transformational leader builds the trust and loyalty amongst the employees which ensures higher level of productivity from the employees (Colquitt, LePine & Wessen, 2011, p. 495). Apple Inc’s leadership problem can make the company vulnerable in the near future. The company is reckoned as the most admired company in the world. The leadership in the company has played a major role taking the company to the position where it is today. The situation is different for the company, the leadership has changed and so the strategy needs to be changed. Apple Inc being analysed on the basis of models such as McKinsey and Burke Litwin can face certain problem in the near future. With changed leadership the perception of the people changes towards a company which can turn out to be a threat for Apple Inc. The company needs to adopt a strategy which will further cement its position in the market. The leaders needs to emphasise on the internal communication and keep motivating the staff. The biggest opportunity for the Apple Inc is that it does not require changing the whole organisational structure. The company should implement strategies which focus on the transformational leadership. Empowering the employees and making them a part of the decision making process will further ensure company’s growth in the business market. Conclusion and Recommendation Apple Inc has strengthened its position from being a computer design company to the current consumer electronic company. The company has seen many ups and downs in its career span of more than 30 years. Today, Apple Inc is the one of the most renowned company in the world. The company is adjudged as the most innovative organisation for its products. Apple Inc has given the world a whole new array of elegant and innovative products like iPod, iPhone, iPad, etc. Over the years Apple Inc has sustained itself as a synonym for innovation, design and durability. This has led to the expansion of its market share, especially appealing to the youth population around the globe. The company has struck the right note with its products. The iPod is the largest selling product for the company and has given music industry a whole new definition. The company’s products are priced on the higher side but that has not affected Apple as its target market is different than its competitors. Even during the time when company was not doing well, Apple Inc had its share of loyal customer who preferred the company over others. The reason is products durability, technology and style. The company has been always been successful in creating hype about its product, increasing the eagerness amongst the consumers and finally delivering to their expectations. Leadership of Apple Inc can be credited for its huge success in the business market. The company’s leadership has truly been transformational in shaping the whole organisational structure. Motivation, loyalty and trust development amongst the employees have made the company achieve its objectives. Transformational leadership of the company has also led to the job satisfaction amongst the employees. Further the company has also been able to inculcate the organisational values in the employees which have created a friendly working environment and resulted in increased productivity. Apple Inc though is rated as the top company with strong financial background and dedicated workforce but still there are certain issues which need proper handling by the company. The company which supports its own operating system and software for its products is highly recommended to collaborate with other leading companies in the technological field. This will make the company’s product easily available through the world and secondly will be able to offer more variety in terms of technology. The company which only target certain segments of population for its products is required to reconsider its strategy. Apple’s large market share comes from the American market whereas other companies are expanding to new horizons to increase their market share. Apple Inc should interact more with the customers outside its niche market to gather information as to what are their requirements in terms of technology, product and price offering. This will enable Apple to cater to the needs of the customers and explore the untapped market where the demand is set to rise. Apple Inc further needs to adopt strategy which will enable the company to rethink over its approach which is basically closed network. Closed network approach has affected the company in terms of its product price, market share and customisation factor. High product price has limited the market share for the company which otherwise should have garnered a larger market share as compared to its competitors. Leadership is another critical issue for the company. After Steve Jobs, the visionary leader who changed the fortunes of the company, Apple needs to think beyond the iconic leader. A new leadership strategy is required to be adopted for the smooth functioning of the company. The leadership trait for the new leader is also expected to be transformational. The new leadership should work together with the employees, be the one leading from the front and set an example. This will ensure that Apple does not lose its strong hold in the market. The recommendations are the essential part for the company but still there are certain factors which can affect the implementation of these recommendations. The management of the company plays an important in the implementation of certain decision or recommendations. The first and foremost criterion related to the implementation is creating a plan. This has to be followed by the required time period within which the implementation is required to be completed. The other factor which can affect the implementation is the stakeholders of the company. Apple Inc before implementing the decision should gain trust of its stakeholders. Employees can be a major factor affecting the implementation. If the employees are unenthusiastic about the decision or recommendation than it becomes difficult for the management to implement the recommendation. Resources can be another factor affecting the company and its implementation plan. Lack of resources such as workforce, parts for the products and other natural resources will be a major concern for Apple Inc. It is always recommended that a company should indulge employees in the decision making process to have their point of view. The company should also share information with its stakeholders before implementing a decision. Apart from these factors, there are certain other factors that may affect the implementation plan of the company. Implementation staff lacking the ability to perform the task The managers lacked the training and proved to be ineffective External environment which is uncontrollable Lack of leadership attribute to lead the process of implementation Lack of information in defining the implementation process The company’s management will hold important role in the implementation process. It is considered that the management needs to lead from the front in ensuring the proper implementation of plan. Apple Inc is a company which cannot afford to weaken its image in the market. The company needs to adopt recommendations which will enhance its capability to have an edge over its competitors. Overcoming the factors affecting the recommendation plan, the company is most likely to perform at par and be amongst the most admired company in the world. The implementation of recommendation will also ensure larger market share for the company, thereby enabling the company to interact more with the customers. Apple Inc’s loosening of the closed network by offering products at reasonable and affordable price and options for customisation will allow the company to carter its services to the larger segment of population. This will not only insure the company’s position as a leader but also as a true champion. Reference Apple. (2012). Investor Relations. [Online]. Available at: http://investor.apple.com/. [Accessed on 5 April 2012]. Apple. (2012). iPad. [Online]. Availbale at: http://www.apple.com/ipad/. [Accessed on 5 April 2012]. Camlefa. (No Date). The McKinsey 7S Framework: Ensuring that all parts of your organization work in harmony. [Pdf]. Available at: http://www.camlefa.org/documents/McKinsey_7s_Framework.pdf. [Accessed on 10 April 2012]. Cawsey, T. F. et al. (2011). Organizational Change: An Action-Oriented Toolkit. USA: SAGE. 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