Business Essay Example | Topics and Well Written Essays - 500 words - 35

Business - Essay Example The success of Apple Inc. is characterized by innovativeness, acquisitions, and product diversification. Apple Inc. is a company that has grown to a multinational with a great reputation across the world. In its path, innovation strategies, product diversification, and acquisitions have contributed greatly to its success. Apple Inc stands on the philosophy of â€Å"think different† which means the company is focused on innovation (Apple Inc, 2014). Apple has been consistent in the development of its products; they have embraced changes in several occasions hence developing products that have hit the market by storm. Another strategy the company has adopted is diversification. When the company was started, its sole mandate was to develop and sell personal computers. However, over time the company has diversified shifting from this role to that of developing and selling consumer electronics such as mobile gadgets, televisions, and iPods among others. The strategy utilized by Apple Inc is the differentiation strategy. Apple Inc. has developed various mechanisms to have a superior brand that differentiates itself from the competitors. The company’s innovativeness, leadership, and ability to embrace diversification of products characterize these strategies. In the electronic industry, Apple Inc. has created a respectable brand that people have confidence with. It has attracted technology enthusiasts and those in need of certain aspects in electronics. Creating an impressive brand promotes customers’ loyalty and presents psychological benefits to them. By remaining innovative and establishing new products that are unique from those of the competitors, the company is able to foster customer retention and hence brand loyalty. Various information systems are likely to give the company a competitive advantage over the rest. Such include the ability to use the social media platforms to market and create product awareness.