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Apple Products are currently one of the most sought-after computing devices in recent times. In the last two decades, the world has been held spellbound with products from the stables of Apple Inc, an American multinational company headquartered in Cupertino California.
Apple has a knack for creating unique mobile and computing devices that are difficult to replicate, owing to their proprietary technology and closed-source orientation. Although most of their products are quite pricey for the average smartphone user, the classy nature of the product has endeared it to the hearts of many raving fans.
These fans are loyal and are ever willing to cough out huge sums of money to purchase these devices. Currently, these are some of the most popular Apple Products:
Mac, as is popularly known, refers to a range of laptops and desktop computers produced by Apple Inc. Some of the products in this portfolio include the MacBook, MacBook Air, MacBook Pro, iMac, Mac Pro and Mac Mini.
These products are at the top of the food chain when it comes to the very best desktop and Laptop computers. They are highly revered by photo editors and photographers alike for their impressive ability to churn out crisp, high-resolution images.
iPad tablet computers are the very best tablets you can find in the world. No doubt, Apple blazed the trail in tablet technology, which has seen her cash-in on the successes and global acceptance of the iPad range of tablets. Some of the products in the iPad range of tablets include iPad Pro, iPad Air 2, iPad Air, iPad Mini 4 and iPad Mini 2.
iPhone smartphones are currently one of the best-selling Apple products of all times. People stay up all night at the eve of their official release to lay their hands on these awesome gadgets.
The iPhone range of smartphones contributed significantly to Apple’s record-breaking profits, by helping them achieve the biggest annual profit in corporate history.
Some of the most recent iPhone smartphones include iPhone 12 Pro, iPhone 12 Pro Max, iPhone 12, iPhone 12 Mini, iPhone SE 2020, iPhone 11 Pro Max, iPhone 11, iPhone XR, iPhone 11 Pro, iPhone 8, iPhone 8 Plus, and many more. At the this time of writting, iPhone 13, which will be the latest iPhone smartphone is about to be released.
In 2020, Apple is expected to release more products that will continue to dominate the gadget market, especially among the younger generation. Some of the upcoming products include iPhone SE (2020), iPhone 12, iPad Pro 2020, Mac Pro 16-inch, Over-ear headphones, etc.
In March 2020, Apple was fined by French Anti-trust bodies to the tune of $1.23 billion for their involvement in illicit price-fixing with two of its main wholesalers, Tech Data and Ingram Micro. The fines were the largest in the history of France ever handed in one case. Tech Data and Ingram Micro were handed separate fines for their involvement in setting up price cartels in cahoots with Apple.
These Cartels were created to kill competition existing among its product distributors, which ensures that its product prices remain uniform and stable across members of this cartel. Customers had no choice but to pay exorbitant prices irrespective of the store they visit within the cartel network.
With this recent revelation, can it be said that Apple’s iPhones are really inelastic? Price manipulation goes against the foundational principles of economics, laws of demand and supply and many more. It’s unethical and a huge dent in the image of Apple.
Are Apple products unique and highly differentiated?
If there is any important characteristic going for Apple, then it is the uniqueness of its products and product differentiation. I mean, these two important product attributes are primarily responsible for their impressive revenues and profits.
For starters, the iPhone camera uses advanced algorithms in its image processor to reduce blur, which isn’t a common feature of most smartphones. Most Mac computers come in incredibly slim designs that are difficult to replicate by competing brands.
Price elasticity of demand for Apple Products
Price elasticity of demand is simply a measure of the relationship between the changes in quantity demanded for a product and the changes in its price. Demand for a normal product will simply decline once prices are raised. But when you are talking about an outstanding brand like Apple, with a very strong reputation in the corporate and social world, demand changes will hardly be noticed even when prices are raised.
Are Apple products sensitive to price changes? I would say no, because the demand for Apple products is exceptionally strong, which makes them more price inelastic than elastic.
In conclusion, Apple products are simply the very best you can find in the tech world. The strong reputation the Apple brand has acquired over the years is simply one of the reasons customers respect and admire them, and will hardly budge even when prices are raised. In the face of rising competition in recent times, it is left to be seen if Apple can keep and maintain its exceptionally high product demand.
Photo Credit: flickr.com, apple.com