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Apple, Inc. is currently among the most successful corporation worldwide because of its production of high-end technological products and top-tier software services. The effective performance of the company is linked to its effectiveness at leveraging its strengths to deal with the weaknesses and challenges at the same time with capitalizing on the opportunities that the technology market offers. The SWOT analysis pertaining to Apple will allow to identify the organizations most important issues on the basis of both internal and external conditions.
Strengths
In terms of strengths, Apples core advantage is its leadership in terms of brand value. Apple as a brand has been valued at $355.1 billion, which is the highest in the rating of global brands (Statista Research Department, 2022). Because of its innovative and high-quality products, Apple has the capacity to please millions of customers who value user experience when it comes to technologies that they purchase. The company has introduced several revolutionary products to the market, such as iPhones and iPads that the competitors have used as standard in order to manufacture goods that can at least compete with Apple in segments such as smartphones and tablets. Besides, Apple devotes a lot of effort and time to the design of the products to make them fit the brand aesthetic so that Apple items are recognizable instantly.
Weaknesses
Apple focuses on top-tier technologies, which means that the prices of the products it produces are higher than average, which alienates a part of consumers who cannot afford to purchase them. This leads to customers purchasing their phones, tablets, or laptops from Apples competitors. In addition, the market share that Apple holds is steadily decreasing because of the higher prices and a reasonably limited product line that does not allow larger customer demographics to purchase from the company.
Opportunities
The opportunities for expansion at Apple are closely related to the brands loyal customer base. The brands retention rate being consistently at around 90% for the past several years, which is remarkable for a company that produces technologies (AppleInsider Staff, 2021). Besides, Apple invests in its product specialists, researchers, and developers responsible for building remarkable customer experience. The fact that the brand emphasizes the latest technologies, it has the opportunity to expand to eco-friendly and sustainable solutions.
Threats
Several important factors present the threats that Apple has to overcome to remain competitive. Supply chain disruption is a significant problem that can cause a decline in sales and an increase in prices. In addition, the pressure from competitors in the gadget market is a problem for Apple because some of the rivals offer similar items at lower prices. Finally, it should be noted that there have been counterfeit products produced by third parties using Apples brand image, which has a negative effect on publicity and customer satisfaction.
Social Responsibility Considerations
For large brands such as Apple, establishing efforts aimed at strengthening social responsibility is a step in the direction of making ethical business decisions that will benefit both organizational stakeholders and shareholders. Importantly, consumers tend to purchase products from companies whose vision and ethical practices align with their beliefs. Social responsibility efforts can strengthen sustainability practices, improve transparency, and establish fair employment practices while also encouraging the company to take a position on sociopolitical, cultural, and environmental issues.
The ethical responsibility of an organization to stakeholders and shareholders is to operate fairly and honestly. For example, when it comes to customers, there is a responsibility for a company to be truthful and provide a satisfactory customer experience, which entails practicing both openness and transparency in marketing efforts. Regarding suppliers, openness and fairness are also crucial because of the need to meet business obligations to carry it out legally and ethically. When a company pursues a strategy of ethical conduct, it can be implemented in different areas, which means that pursuing a social responsibility program will not detract a company from its responsibilities to stakeholders and shareholders.
The key to maintaining the ethical approach to relationships with stakeholders and shareholders while also engaging in social responsibility programs is creating a sense of understanding that all efforts made together are made for a higher purpose. For example, an organization may donate to local charities while also giving workers paid time off that they can use to volunteer in various service programs (Kokemuller, 2019). Such an approach does not require taking some resources away from one group of stakeholders and redirecting them. Instead, it enables mutual efforts of different stakeholders that work collaboratively toward a shared goal. The personal ethical framework of beneficence is relevant in this case because it considers the needs and expectations of different groups and allows considering solutions that will benefit the large majority. It is also essential to consider the fact that both stakeholders and shareholders can benefit from social responsibility efforts by association with a company that engages in them, which creates a win-win-win scenario for everyone involved.
References
AppleInsider Staff. (2021). Apple has most loyal smartphone customers in US, study finds.
Kokemuller, N. (2019). Responsibilities a business owner has to its stakeholder groups.
Statista Research Department. (2022). Most valuable brands worldwide 2022.
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