Contingency Plan And Executive Presentation
Order ID | 53563633773 |
Type | Essay |
Writer Level | Masters |
Style | APA |
Sources/References | 4 |
Perfect Number of Pages to Order | 5-10 Pages |
Add the following 2 columns to the project plan table you created in Wk 4 – Apply: Project Plan:
Based on your prior research, determine potential risk factors for not meeting each of the project objectives. Develop a contingency plan for each of the potential risks. Add the potential risks and contingency plan to your Wk 4 – Apply: Project Plan.
Use Microsoft PowerPoint® , Prezi® , or another software to create a 12- to 14-slide executive presentation—with appropriate images and diagrams—that summarizes the following information:
Include detailed speaker notes within the presentation. Convert the speaker notes to a Microsoft Word document and add it to the citations slide.
Cite all sources according to APA guidelines.
Wk 2 – Apply: SWOT Analysis
Complete a SWOT analysis from a global perspective, if applicable.
Summarize your findings from the SWOT analysis for the CEO of the organization you chose. Address the following in your 2- to 3-page summary:
Apple Inc was established in 1977 and is one of the most valuable companies in terms of market capitalization and brand value in the world (Fortune, 2019). The company has revolutionized the smartphone and tablet market and is one of the most iconic brands in the world.
Apple is most known for the iPhone, which accounts for 54.7% of the company’s total revenue (Apple, Inc Form 10-K For The Fiscal Year Ended September 28, 2019, 2019).
In addition to consumer electronics, Apple offers many services to its customers like Subscription based services (Apple Music, Apple TV), digital content like iTunes, and other services like iCloud storage, Apple Pay and Apple News.
Apple operates in a highly competitive industry and has continued to perform and stay ahead of the competition. There are many large rivals in the industry that bring fierce competition so Apple needs to consistently innovate and take advantage of opportunities and explore new markets.
As the smartphone and tablet market become saturated, Apple Inc needs to look for different growth opportunities. Augmented and virtual reality can offer a big opportunity for Apple Inc to break into. According to IDC, the AR and VR markets are expected to reach $18.8 billion in 2020 (“Worldwide Spending On Augmented And Virtual Reality Expected To Reach $18.8 Billion In 2020”, 2019).
Tim Merel from TechCrunch (Merel, 2019) said that the AR market needs to overcome 5 obstacles to become a mass market:
Apple’s product ecosystem, its ability to create proprietary software partnered with the release of the new iPhone 11 and Apple’s recent acquisitions of 3D technology and face recognition companies like PrimeSense, Metaio and RealFace, the company is capable of overcoming all 5 obstacles (Johnson, 2019).
Apple was the first company to come out with a voice-activated virtual assistant called Siri. This gave Apple’s devices a competitive edge over their rivals. Apple became complacent and did not maintain their competitive advantage. This gave competitors like Google and Amazon an opportunity to create and market their own virtual assistants like Google Voice, Amazon Alexa, Amazon Echo and Microsoft Cortana. Apple can increase their efforts to continue and develop and expand Siri’s capabilities to strengthen their product ecosystem, provide a better user experience and remain competitive.
The IDC forecasts that the market for wearable technology will grow to 489.1 million units by 2023. Out of all wearables, the most common will be earwear and smartwatches that will account for 55.9% and 22.3% of the market (“Wrist-Worn Wearables Maintain A Strong Growth Trajectory In Q2 2019”, 2019).
The top contributing factor to the increase in wearable market is the demand for health-related wearables. The Apple Watch comes equipped with features that measure activity levels, heart rate, blood pressure and sleep patterns. Apple is well positioned to take advantage of the increase in this market by enhancing the features available in the Apple Watch.
Apple has relied on iPhone sales as a main source of revenue. When the iPhone entered the Chinese market in 2009, it became the company’s second largest market compared to the US. Apple products are also considered status symbols due its price but also offered quality that no other company can beat. Since iPhone prices were high, it was seen as a luxury item that only rich people can afford. This created an opportunity for Chinese rivals like Huawei, and Xiaomi to manufacture highly comparable smartphones and tablets and sell them at much lower prices. These new options converted many Chinese consumers to support and buy products from Huawei and Xiaomi instead of Apple. This resulted in 16% revenue drop in China in 2019 (“China’s Smartphone Market Falls 14% In 2018”, 2019). Apple should change its strategy in China and leverage their brand recognition and innovation to stay ahead of the competition and increase marketshare.
When the iPhone was first released in 2007, it disrupted the whole mobile phone market and set the standard for new smartphones. Since that time, smartphones have improved a lot and it is increasingly difficult for Apple to differentiate its iPhones from other smartphones. New changes released by Apple are very incremental and nothing ground-breaking. Many smartphones offer the same features, similar designs and color choices as the iPhone. The only major differentiator between the iPhone and rival devices is Apple’s iOS. The only competitor to iOS is Google Android, which is available on every non-Apple smartphone around the world. If Android continues to improve and offers a great customer experience, the iPhone’s unique selling point will disappear. Apple’s brand loyalty plays a significant role in Apple being able to maintain marketshare. Apple needs to find a way to open its iOS software to third party developers and make it compatible with other operating systems while maintaining safety and brand integrity.
The smartphone and tablet market are getting saturated and this has a negative impact on Apple’s revenue and profitability but there are many avenues that Apple can pursue to maintain competitive advantage and ensure continued growth and success.
Apple Inc should continue to focus on developing and expanding its proprietary software and hardware systems. These are the company’s major differentiators and main competitive advantage over its rivals. Apple should also improve its research and development competencies and introduce more innovative products at a faster pace.
Changing the strategy in China should be addressed as soon as possible. The Chinese market is the largest smartphone market in the world and increasing and maintaining marketshare is vital to the company’s continued success.
Enhancing smartphone and wearable technology features leads to many opportunities for continued growth for Apple. The company should also increase focus on the AR and VR market since Apple already has the capacity, resources and capability to dominate in this field.
Global 500 | Fortune(2019). Retrieved from https://fortune.com/global500/2019/search/
Apple, Inc Form 10-K For The Fiscal Year Ended September 28, 2019(2019). Retrieved from https://s2.q4cdn.com/470004039/files/doc_financials/2019/ar/_10-K-2019-(As-Filed).pdf
Worldwide Spending on Augmented and Virtual Reality Expected to Reach $18.8 Billion in 2020 (2019). Retrieved from https://www.idc.com/getdoc.jsp?containerId=prUS45679219
Merel, T. (2019). The Reality of VR/AR Growth. Retrieved from https://techcrunch.com/2017/01/11/the-reality-of-vrar-growth/
Johnson, L. (2019). Apple AR headset rumors: Apple may release headset in 2022, glasses by 2023. Retrieved from https://www.macworld.com/article/3446839/apple-ar-glasses-rumors.html
Wrist-Worn Wearables Maintain a Strong Growth Trajectory in Q2 2019(2019). Retrieved from https://www.idc.com/getdoc.jsp?containerId=prUS45521319
China’s smartphone market falls 14% in 2018(2019). Retrieved from https://www.canalys.com/newsroom/china’s-smartphone-market-falls-14-in-2018-with-just-under-400-million-units-shipped
Explain why this opportunity/threat was selected and how it is anticipated to benefit the organization
Apple Inc. is a technology behemoth that started in 1977. The company headquarters is in Cupertino, California and is one of the most valuable brands in the world. Apple products include software applications, computers and mobile devices and the company holds true to its mission and vision statement to create life changing products. Apple has many opportunities in the market, a factor that has all along build its competitive advantage.
The company is surrounded by many opportunities to ensure continued success. Apple commands a big part of the tablet, cellphone and wearable tech industry. These can all be complemented and improved by incorporatingvirtual reality (VR) and augmented reality products (AR) into wearable tech. According to IDC, the AR and VR markets are expected to reach $18.8 billion in 2020 (“Worldwide Spending on Augmented and Virtual Reality Expected To Reach $18.8 Billion In 2020”, 2019).
Getting involved in a trending and growing billion-dollar industry can be very lucrative for Apple. Apple can integrate VR and AR with the Apple Watch to bring more features and offer more convenience to its users. This technology can also make email, texts, and other apps come to life by being able to display this information directly in the consumers field of vision. Apple can also integrate VR or AR intext messaging or Facetime and give users can have a whole new text and FaceTime experience where users actually “see” each other, choose a location like Italy and chat in an alternative environment without physically being there. As an organization, Apple will benefit from increased sales VR and AR but the company will also benefit through improved efficiency and reducing costs. Trainings and meetings can be done in a virtual environment and employees separated by geographical regions can come together without the expense of travel. Virtual training can be done on a whole new level where new employees can shadow and learn from a senior employee without physically being there. AppleCare can also incorporate VR and AR in troubleshooting devices and making the interaction more human and personal.The possibilities are endless.
Create at least three measurable project objectives based on your analyses. Determine timelines and responsibilities for each purpose (e.g., with a RACI chart)
RACI Chart
Develop at least two metrics to evaluate the achievement of each of the project objectives.
BrandLoyalty
Although Apple is not always the first to market with new technology or features, the company has continually set the standard for brand loyalty. This brand loyalty has given Apple competitive advantage over its rivals. Apple’s mission and vision statement focuses on quality and providing products that can change their customers lives for the better. Apple products have a sleek and simple design but are also extremely powerful and advanced while still being easy to use. The company has been successful at delivering a seamless interaction between all their products, giving their customers ease and convenience. Tracking and increasing brand loyalty will help solidify Apple’s success when the company moves into the AR and VR markets.
Sales Revenue
Sales revenue shows if consumers are interested in the company’s products or service, if the company’s marketing efforts are effective and if the company is still competitive. Tracking sales revenue allows the company to determine what changes need to be made to the product, marketing and other competitive actions.
References
Worldwide Spending on Augmented and Virtual Reality Expected to Reach $18.8 Billion in 2020 (2019). Retrieved from https://www.idc.com/getdoc.jsp?containerId=prUS45679219
Wk 1 Apply: Degree of Alignment
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