Apple Pay Case Study.docx - 1 Running Head APPLE PAY THE...

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1 Running Head: APPLE PAY: THE WALLET OF THE FUTURE Apple Pay: The Wallet of the Future Kristopher M. Durham Louisiana State University-Shreveport
2 APPLE PAY: THE WALLET OF THE FUTURE Abstract This paper will analyze key marketing strategical issues that are relevant to Apple, Inc.’s Apple Pay. With the ever-evolving consumer trending to comfort and ease, Apple has introduced the wallet of the future via Apple Pay. Apple, over the last 15 plus years, has kept a competitive advantage over its rivals with its intense consumer experience and business unit focus. Provided throughout this case study will be an overview of different strategies that the company can implement to stay ahead. These strategies are based on the continued focus of customer's problems and offering a solution through targeted partnerships and growth both domestically and globally. The strategies will allow the company to revitalize its digital wallet platform while staying true to the values and advantages that the company was founded on. Introduction In April 1976, Steve Jobs, Steve Wozniak, and Ronald Wayne came together to found what would later be incorporated as Apple Computers, Inc. Originally, the trio partnered to help develop and sell its first product, the Apple I personal computer, but 12 days later, Wayne decided to sell back his equity stake in the company for $800. Jobs and Wozniak continued to progress the company, and by 1977, the sale of its computers, more specifically the Apple II, led to an extremely quick growth by Apple. Between the release of the Apple II in 1977 and September 1980, Apple’s revenues grew rapidly, doubling about every four to five months with an average annual growth rate of 533%. This rapid growth led Apple to go public in 1980. Over the next few years, the company would continue to ship out new and innovative computers to its customers. But extremely high prices of the product and limited applications led to a dramatic decline in the Apple brand. Although the company kept strong sells throughout the 1980s and 1990s due to the emerging personal computer market, Apple started to lose its following to
3 APPLE PAY: THE WALLET OF THE FUTURE lower-priced PCs of IBM, Intel, and among other computer companies. As Apple began to fail, the company rediscovered something that it desperately needed. The solution was acquiring NeXT and along with the purchase, Steve Jobs. With Jobs back at Apple, his leadership and expertise led the company to rename him as CEO by 2000. Apple quickly returned to its former self in terms of profitability and forward- thinking. The company went on to acquire a vast number of companies to help broaden its software

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