Economic Insights into Apple Inc and the Economic Trends in Nigeria

The company that I am going to focus on is Apple Inc. (Apple), it was incorporated on January 3, 1977, designs, manufactures and markets mobile communication and media services, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company’s products and services include iPhone, Mac, iPod, Apple TV, and some other accessories.
It can be argued that Apple Inc. operates in an oligopoly type of market. This is because the company is characterized by a few producers in the market. And each producer has some control over the market. There is also a period where the company has faced intense price competition between rivals such as Android. There is also a lot of investment that has been put in research and development to speed up product and process innovation. Products of Apple Inc. fits perfectly to this description because there is the use of patented technologies such as digital rights management to protect Apple’s position. A lot of innovation is encouraged as it was with the case of release of the iPhone. Some of the company’s products have been involved with occasional price wars as the main suppliers compete for market share. The product of focus in this study will be an iPhone from Apple Inc.
Apple’s iPhone has high demand elasticity.&nbsp.It has a high demand as it is the latest technology with advanced phone features such as the camera and the internet. With the rise in globalization, many people are looking on avenues of connecting with the global world. The iPhone gives many people an opportunity to go digital through a phone. Considering the high price of the iPhone as compared to other phones in the market, a very small proportion of fall in prices will lead to a more than proportionate rise in demand for the iPhone.&nbsp.