Consumer behavior Individual Assignment Example | Topics and Well Written Essays - 2000 words

Consumer behavior Individual - Assignment Example Apple’s main mission is to maintain high quality standards for its products and this helps them to serve its customers with an innovative and technologically advanced product line. Apple not only focuses on development of innovative products, but also protects consumer interest and values consumer welfare (OGrady, 2009). Apple is devoted to continuously develop innovative products so that their customers get to avail the latest technologies. The company’s vision is to provide exceptional technological experiences for their customers all over the world (OGrady, 2009). The company operates in a highly competitive market. Some potential competitors of Apple Inc are Samsung Electronics Co., Lenovo Group Limited, Dell Inc. and Microsoft Corporation. The competitors of Apple provided similar products at a reasonable cost. Companies like Samsung and IBM started capturing Apple’s market share. The products of Apple could not be afforded by all sections of the population. In the market for technology, consumers enjoy a high substitution rate of products because of the availability of large number of alternatives in the market (Barney, 1995). The market share of Apple Inc. and its competitors can be explained by the figure below. Apple Inc. captures the prime market share i.e. the company captures 30% of the total market share. Nokia covers over 23% of the total market share and Samsung has an 11% market share of the total. Other companies capture the rest of the market (Source: Ferrell & Hartline, 2012). Apple operates in a highly competitive market. Several companies have come up with products which are similar to Apple’s products. The rivals of the company follow a pricing strategy that enables them to offer alternatives to apple’s product at a relatively low price. There is a high substitution rate in the market as switching cost for the customers is quite low. The competitors also aggressively advertise their products through social media