UNIVERSITY CAMPUS SUFFOLK
SCHOOL OF BUSINESS LEADERSHIP AND ENTERPRISE
MASTER OF BUSINESS ADMINISTRATION (MBA)
2012-2013
Module
: Global Economic Trends
Module Lecturers
: Philip NEWMAN, Garry BASTIN, Nigel FRENCH
Assignment Title
: Economic Trends affecting the organisation and the
influence of law on business decisions.
Student I.D. Number
: S159393
Student Name
: Yasin NAR
Hand in Date
: 30.01.2013
CONTENTS
ABSTRACT ................................................................................................................................................ 1
1. INTRODUCTION ................................................................................................................................... 1
2. THE BUSINESS ENVIRONMENT OF APPLE ............................................................................................ 2
2.1. The Changes in the External Environment of Apple..................................................................... 2
2.2. Opportunities and Threats Faced By Apple Inc. ........................................................................... 3
2.2.1. Opportunities ........................................................................................................................ 3
2.2.1.1. The Shift from the PC to Mobile Era............................................................................... 3
2.2.1.2. Emerging Markets .......................................................................................................... 4
2.2.1.3. Consumer Digital Lifestyle .............................................................................................. 4
2.2.2. Threats ................................................................................................................................... 4
2.2.2.1. Intense Competition ....................................................................................................... 4
2.2.2.2. Risk of International Operations .................................................................................... 4
2.2.2.3. Imitation Risks and Piracy............................................................................................... 5
2.3 Economic Reflection of the Changes in the External Environment of Apple Inc. ......................... 5
3. MANAGING THE PROBLEMS AND DEVELOPING THE STRENGTHS .................................................... 12
3.1 Apple’s Approach to Addressing the Threats and Weaknesses .................................................. 12
3.2 Recommendations....................................................................................................................... 13
4. CONCLUSION ..................................................................................................................................... 14
5. REFERENCE LIST ................................................................................................................................. 14
6. BIBLIOGRAPHY ................................................................................................................................... 16
7. APPENDICES....................................................................................................................................... 19
7.1 Appendix 1 ................................................................................................................................... 19
7.2 Appendix 2 ................................................................................................................................... 19
7.3 Appendix 3 ................................................................................................................................... 20
7.4 Appendix 4 ................................................................................................................................... 21
7.5 Appendix 5 ................................................................................................................................... 21
Apple Inc. in the Current Economic Environment
ABSTRACT
This report firstly introduces Apple Inc. , emphasizes why it is chosen for this report and then
investigates the changes from past to present in external business environment of Apple Inc. , threats &
opportunities posed by these changes, current economic reflection of these changes to company now,
and examines the company’s approach to addressing the threats and managing the weaknesses as well
as recommendations about how company’s position may be strengthened. A brief introduction of
organization is initially outlined. The discussion then focuses on the changing in external environment,
occurring threats and opportunities and current economic reflections of changes. It is concluded that
Apple’s approach to the threats and the weaknesses as well as the recommendations on how the
company’s position may be strengthened.
1. INTRODUCTION
The purpose of this report is to introduce Apple Inc. and to briefly examine Apple’s approach to
current threats, managing problems and to handle new ways how to strengthen its position. By
researching a range of recently published journal articles, magazine articles and internet sites about
Apple Inc. , this report examines changes in external business environment of Apple from past to
present. The report then emphasizes the significant changes occurring to Apple’s external
environment, the opportunities and threats posed by these changes, and economical reflections of
them to Apple Inc. .
Apple Inc. , formerly Apple Computer, Inc. , is an American multinational corporation
headquartered in California that designs, develops, and sells consumer electronics, computer
software, and personal computers. The company was founded on April 1st, 1976 by Steve Jobs, Steve
Wozniak and Ron Wayne. The word "Computer" was removed from its name in 2007, to reflect its
shifted focus towards consumer electronics after the introduction of the iPhone. Its best-known
hardware products are the Mac line of computers, the iPod, the iPhone and the iPad.
As of November 2012, Apple has 394 retail stores in fourteen countries as well as the online
Apple Store and iTunes Store. It is the largest publicly traded corporation in the world by market
capitalization, with an estimated value of US$626 billion as of September 2012. As of September 29,
2012, the company had 72,800 permanent full-time employees and 3,300 temporary full-time
employees worldwide. Its worldwide annual revenue was $156 billion in 2012 (Apple, 2012).
Apple has been chosen for this report, because it has managed to be the most valuable
company of all time(BBC, 2012) by showing that in-depth analysis of the external environment which
provides to see where the world goes, trends, so to take the right steps for the future, improve the
company’s economic performance and make the organization more successful and even market
leader in consumer electronics that is such a difficult sector including risk factors such as changing
global economic conditions, fluctuating consumer demand, worldwide-competition and potential
supply chain disruptions.
1
2. THE BUSINESS ENVIRONMENT OF APPLE
2.1. The Changes in the External Environment of Apple
Since Apple introduced Apple II in 1977, one of the first truly successful
commercial personal computers, many significant and major changes have
occurred in Apple’s business environment.
IBM responded to the success of the Apple II with the IBM PC in 1981 and
it got a great success. IBM PC marked an era by becoming the industry
standard.
In 1983 and 1984, Apple introduced the first mass-marketed computers
with a graphical user interface the Lisa and the Macintosh respectively. While
Lisa became a commercial failure, the Macintosh sold well because it was
offered with the first PostScript laser printer and an early desktop publishing
package, PageMaker. The combination of these three products created the
desktop publishing market. In 1985 in a power struggle in company Steve Jobs
was forced out of Apple. During Jobs' hiatus from Apple, competition between
Apple and IBM continued until the early 1990s.
In the 1980s many firms entered the computer business. Compaq and
Dell Computers were founded in 1982 and 1984. In the early 1980s, Japan
was in the midst of an economic awakening which started in the 1970s. Large
Japanese electronics firms such as NEC, Sharp, Fujitsu, Sony, Toshiba started
to enter the computer market. After a decade Taiwanese Acer and Asus and
South Korean Samsung and LG also would join in competition. Throughout the
80s and early 90s the Asian Tiger economies – Hong Kong, South Korea,
Taiwan, Malaysia, and Singapore – had an enviable reputation in the west
with their rapid rates of growth and booming stock markets(Worthington and Britton, 2009, p.96).
China’s economic boom has started since the 80s(Wearden, 2010). It’s been the world’s fastestgrowing major economy over the past 30 years.(See Appendix 1). Another significant event in the
late 80s and early 90s was the collapse of communism in the former Soviet bloc. China and Soviet
countries opened more to the world in time.
The 90s witnessed two great technological developments: the Internet and Mobile phones. The
Internet was commercialized in 1995 with removing the last restrictions on the use of the Internet
and expanded rapidly to all the world(Harris and Gerich, 1996). Although the first hand-held mobile
phone was invented in the 70's, widespread use of them by public was realized in the 90s. Since the
mid-1990s the Internet and mobile phone has had a tremendous impact on people’s cultural and
commercial lives. People were informed of all around the world. When a new trend emerged, it was
spreading all around the world. Globalization was at full speed. In the mid-1990s Compaq and Dell
became the world's largest computer manufacturers. During the '90s, Apple remained at a
low market share as the primary choice for creative professionals, particularly those in the graphics
and publishing industries. The '90s were golden ages of Microsoft. Almost all PC manufacturers used
Microsoft's Windows operating systems.
Apple came to the brink of bankruptcy in the late 90s. The greatest corporate comeback story of
all time realized when Steve Jobs returned to Apple in 1997(Shontell, 2010).
2
Source:http://mjperry.blogspot.co.uk/2010/04/what-if-i-had-bought-apple-stock.html
In 1998 Apple launched the iMac computer which brought Apple back into profit.
In 2001, Apple introduced the iPod music player and opened the first official Apple
Retail Stores. iPod was phenomenally successful: over 100 million units were sold
within six years. In 2003, Apple's iTunes Store was introduced, offering online music
downloads for integration with the iPod. The service quickly became the market leader
in online music services and an important force in the music industry as well.
On the other hand, competition in the computer market was continuing. In the mid-2000s HP
became the world's largest PC manufacturer. In 2004, IBM announced the proposed sale of its PC
business to Chinese computer maker Lenovo Group, which is partially owned by the Chinese
government. IBM also would have a 19% stake in Lenovo (Forney, 2004).
In January 2007 Jobs introduced the Apple TV and the iPhone mobile phone which has upset the
balances in all cellular phone industry and got an unbelievable success. In the following year, Apple
launched the App Store to sell applications for the iPhone and iPod and within a month, the store
sold 60 million applications and brought in $1 million daily on average. In 2010, Jobs this time
introduced the iPad tablet computer. It sold more than 300,000 on the device’s first day. Following
year, Jobs introduced iCloud, an online storage and syncing service for music, photos, files and
software.
In October 2011, Steve Jobs died after successfully transforming Apple into a giant technology
company from the verge of bankruptcy, and leaving deep impressions in people’s technological lives.
As measured by the value of its stock, in May 2010 Apple has been the world’s most valuable
technology company(The New York Times, 2012), in 2011 world's most valuable brand(Indvik, 2011),
and in 2012 the most valuable company of all time(BBC, 2012).
2.2. Opportunities and Threats Faced By Apple Inc.
2.2.1. Opportunities
2.2.1.1. The Shift from the PC to Mobile Era
The unstoppable rise of smartphones and tablets will see 1.2 billion of the devices being bought
worldwide in 2013, analyst Gartner is predicting. It also forecasts tablet purchases by businesses will
grow three times by 2016 and two-thirds of the mobile workforce will own a smartphone in
2016(Lomas, 2012).
A new survey sponsored by IBM asked 2,000 IT professionals from around the world
about where the industry is going. More than half said that "within the next five years, more
developers will be working on mobile applications." (McKenzie, 2010). These results further show
3
that the mobile industry has a bright future. Apple that has a strong position in the market can
benefit more from this growing opportunity by developing its existing core competencies.
2.2.1.2. Emerging Markets
Although there is a shift towards the mobile era, research shows worldwide PC use is increasing
constantly over years and it is forecast that this trend will continue for the next few years, with
exponential increases in the Asia Pacific and Middle East/Africa regions. (eTForecasts, 2011) (See
Appendix 2)
Another research indicates that the consumers in urban areas of emerging markets have spent a
greater percentage of their annual income on consumer electronics devices in the past 12 months
than have those in mature markets. (Accenture, 2012)( See Appendix 3)
Furthermore, China looks a great market with its rapid economic growth rates and big
population for international companies.
2.2.1.3. Consumer Digital Lifestyle
People are more engaged in a wide range of technological activities in the 21st century. (See
Appendix 4)They are more entrenched in the digital lifestyle with the usage of computing devices
such as PCs and smartphones becoming part of their daily lives (Hogan, 2011).
2.2.2. Threats
2.2.2.1. Intense Competition
Consumer electronics are fast-cycle and highly competitive markets. That’s why some firms
even try to collaborate with rivals to be able to be more competitive in the market. For example,
Nokia associated with Microsoft to use Microsoft’s Operating systems on Nokia phones.
The iPad’s success led rivals to ship their plans to tablets. Apple currently commands 50% of the
tablet market share while it had 60% in 2011(IDC, 2012). The nature of the industry shows that it is
only a time matter for the competitors to catch up with Apple’s leadership position.
2.2.2.2. Risk of International Operations
A bigger portion of Apple’s revenue comes from international markets. Over the last three
years, international sales accounted for 56%, 61% and 61% of ıts ıncome for Fiscal Years 2010, 2011
and 2012 respectively(Apple, 2012)( See Appendix 5). This shows international operations aboard are
4
important and required to pay attention on foreign laws and regulations about anti-competition and
labour.
2.2.2.3. Imitation Risks and Piracy
The success of Apple’s products caused new emerging products to resemble Apple’s. To some
people, the other big players of the industry like Samsung, LG and Sony Ericsson even imitated some
of the iPhone’s functionalities and design within their own smartphones (Gikas, 2008).
Apple’s products are highly vulnerable and prone to imitation. In China iPhone imitations have
been rampant (Chang, 2010).
2.3 Economic Reflection of the Changes in the External Environment of Apple Inc.
The following all tables and charts are adapted from information in Apple Inc. Annual Report Form 10-K
[Filed October 31, 2012].
5
6
Net Sales and Net Income of Apple Inc. 2008-2012
$160,000
$156,508
$140,000
$120,000
$100,000
$108,249
Net income
$80,000
Net sales
$60,000
$65,225
$40,000
$37,491
$42,905
$41,733
$20,000
$25,922
$6,119
$8,235
$14,013
$2008
2009
2010
2011
2012
Earnings per share (Basic) 2008-2012
$50.00
$44.64
$40.00
$30.00
$28.05
$20.00
$15.41
$10.00
$6.94
$9.22
$2008
2009
2010
7
2011
2012
Apple Inc. Net Sales by Operating Segments between 2010-2012
$70,000
(dollars in millions)
$60,000
$50,000
Americas net sales
$40,000
Europe net sales
Japan net sales
$30,000
Asia-Pacific net sales
$20,000
Retail net sales
$10,000
$2010
2011
2012
Apple Inc. Net Sales by Product between 2010-2012
(dollars in millions)
$90,000
$80,000
Total Mac net sales
$70,000
iPod (c)(i)
$60,000
Other music related products and
services (d)
iPhone and related products and
services (e)(i)
iPad and related products and
services(f)(i)
Peripherals and other hardware (g)
$50,000
$40,000
$30,000
$20,000
$10,000
Software, service and other sales (h)
$2010
2011
2012
8
Apple Inc. Net Sales(dollars in millions) by Product in 2012
$2,778
2%
$3,459
2%
Total Mac net sales
$23,221
15%
$5,615
4%
$32,424
21%
$8,534
5%
iPod (c)(i)
Other music related products and
services (d)
iPhone and related products and
services (e)(i)
iPad and related products and
services(f)(i)
Peripherals and other hardware (g)
$80,477
51%
Software, service and other sales (h)
Apple Inc. Unit Sales By Product in 2012
18,158
8%
58,310 24%
Total Mac unit sales
35,165 15%
iPod unit sales
iPhone units sold
iPad units sold
125,046 53%
9
10
11
3. MANAGING THE PROBLEMS AND DEVELOPING THE STRENGTHS
3.1 Apple’s Approach to Addressing the Threats and Weaknesses
Apple’s Pricing Policy and Next Strategy Against Rivals
Apple uses a premium pricing strategy to keep its profit maximum. But the high pricing strategy
causes the low end of the market to be left unaddressed by Apple. Now Apple thinks a smaller,
cheaper “iPhone Mini” in 2013 to grab market share by targeting demand from users of lower-end
smartphones. (Worstall, 2013)
Apple has released iPad mini to compete with its rivals’ smaller, less expensive tablets. The
company wants to win back customers lost to Amazon and Samsung. It is seen that Apple follows
true strategy (Forbes, 2012).
Source:http://www.macworld.com/article/2026112/iphone-ipad-sales-up-macs-fall-as-apple-sees-recordsales.html
Apple’s approach against collaborations in the industry
Nokia builds hardware, and Microsoft builds software. Apple builds both. Apple has a great
advantage of having both hardware and software teams constantly working together to deliver the
best possible consumer experience as a total product. That’s why any two companies’ partnership in
industry is no problem for Apple. Apple focuses on only its own strategic alliances(Etherington,
2011). Behind Apple's successful business lies a web of suppliers and distributors such as AT&T,
Verizon, Foxconn, and TPK Holdings(Naidu-Ghelani and Bagchee, 2011). Apple continues and
strengthens its relations with these firms tightly against the other collaborations in the market.
Risk of International Operations
The bigger proportion of Apple’s revenue comes from international markets. Therefore Apple
tries to take notice of international laws and regulations and to be sensitive in this subject all the
way. Lastly, Apple was criticized that its supplier Foxconn’s workers frequently described unsafe
working conditions at factories. This event tarnished Apple’s brand image. Although Apple doesn't
own Foxconn, its close ties with the manufacturer, which produces iPhones and iPads, have put
Apple in critics' crosshairs. Apple launched fair-labour inspections of Foxconn. Apple announced any
supplier who intentionally uses underage labour could be fired and will begin reporting data each
month on the conditions of its suppliers to be more transparent. (Cheng and Lowensohn, 2012).
12
Imitation Risks and Piracy
With great success of Iphone and Ipad, similar products emerged in the market. This caused to
start patent wars. So far Apple sued Samsung, HTC, Motorola and Nokia as big players of industry for
patent infringements.(The New York Times, 2012) . In this way, Apple aims to protect the products
which will be released in the next years rather than get compensation. In 2012, Samsung had to pay
Apple more than $1 billion in a patent-infringement case against Apple(Bedigian, 2012).
Apple struggles to get ammunitions with which to fight the rampant piracy of its products that is
an ongoing problem in China. It has been granted 40 patents in China so far. The new patents will
help Apple better defend its interests in China(Etherington, 2011).
3.2 Recommendations
By the nature of the industry where technological advancements and product obsolescence are
rapid, Apple should continue to invest in Research & Development in order to keep its lead.
With new innovations, Apple should continue its new product launches by turning them into an
Apple show as Jobs does the best. Because they reflect firm’s energy, passion and enthusiasm to
their audience even providing rivals to admire Apple whıch increases brand value.
Apple should take notice of both positive and negative feedback from its consumers and
transform these ideas into winning solutions.
It is important for Apple to minimize product limitations without compromising on its core
values and product uniqueness. By this way Apple can increase its strength in the market.
Apple products are very popular in some growing economies such as Brazil and China. Apple can
give weight to these markets. Apple should expand its market towards new countries which have
unsaturated markets.
Apple’s premium pricing strategy can exceed what some consumers can’t afford. For example,
the low end of the market is being left unaddressed by Apple. Apple should follow a product
diversification manufacture to expand the potential market to different segments.
Apple uses Digital Hub strategy which provides to position Apple as the center of its consumers’
digital lifestyle. This means there is a tight connectivity and compatibility among all Apple products
which is exclusive to Apple. Once a person buys one of Apple’s products, he/she will start to buy
again, because an Apple product works best with the other Apple product. Therefore, Apple should
access more customer segments.
Apple should expand Corporate Social Responsibility (CSR) services in the education sector.
Apple could donate, or sell at a discount, these excess stocks to schools and aid in upgrading the
school’s infrastructure, as well as enhancing the learning experience of youths. Thus, it both will have
helped in frame of CSR and increased Apple’s brand value and awareness.
13
4. CONCLUSION
This report has identified the changes in the external and internal environment of Apple. Since
Apple’s foundation, many significant and major political, economic, social, and technological changes
have occurred in its external environment including evolution of technological devices, economic
boom of China, the collapse of Soviet bloc and changes in people’s lifestyles after internet and
mobile phone. Apple also has changed itself to adjust to new trends.
Apple is now the world’s the most valuable technology company. Its worldwide annual revenue
was $156 billion in 2012 rising almost 300% in last 4 years. Apple’s stock performance and earning
per share show significant increases compared with last year. Although America has the greatest
share in Apple’s Sales, a bigger portion of Apple’s revenue comes from international markets.
Obviously, Apple’s the most profitable product is iPhone making 51% of total revenue. Apple tripled
its R&D expense to $3.4 billion from $1.7 billion in last three years.
While Apple has some opportunities including emerging markets, shift from the PC to Mobile
Era, and Consumer Digital Lifestyle, it faced threats such as intense competition, international
operations, and Imitation. Apple addresses its weaknesses and threats with competitive ways.
Apple’s strategic direction for the future is to focus on the success of the iPhone and iPad, expand
into emerging markets and continue innovation. Apple’s growth and to keep its lead depend on
innovation and its future business strategy.
5. REFERENCE LIST
Apple (2012) Form 10-K Annual Report (Filed Oct 31, 2012). [Online] Available at:
http://investor.apple.com/secfiling.cfm?filingID=1193125-12-444068&CIK=320193 [Accessed 25
December 2012].
Accenture (2012) The 2012 Accenture Consumer Electronics Products and Services Usage Report.
[Online] Available at:
http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture_EHT_Research_2012_Consum
er_Technology_Report.pdf [Accessed: 10 December 2012]
BBC (2012). Apple becomes the 'most valuable company of all time'. [Online] Available at:
http://www.bbc.co.uk/news/business-19325913 [Accessed: 20 November 2012].
Bedigian, L. (2012) Apple Made $1 Billion Without Selling a Single Product. [Online] Available at:
http://www.forbes.com/sites/benzingainsights/2012/12/18/apple-made-1-billion-without-selling-asingle-product/ . [Accessed 12 January 2013]
Chang, C., (2010) Chinese knockoff company sells the fake iPhone 4 online. [Online] Available at:
http://micgadget.com/6984/chinese-knockoff-company-sells-the-fake-iphone-4-online/ [Accessed:
18 January 2013]
Cheng, R., Lowensohn, J. (2012) Cook: Apple's improved working conditions more than anyone.
[Online] Available at: http://news.cnet.com/8301-13579_3-57377749-37/cook-apples-improvedworking-conditions-more-than-anyone/ [Accessed 12 January 2013]
eTForecasts (2011) Worldwide Pc Market. [Online] Available at:
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Etherington, D. (2011) Apple gains ground in China piracy battle with new patents. [Online] Available
at: http://gigaom.com/apple/apple-gains-ground-in-china-piracy-battle-with-new-patents/ .
[Accessed 12 January 2013].
14
Etherington, D. (2011) Microsoft / Nokia Partnerships Not Enough to Challenge Apple. [Online]
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Forney, M. (2004) A Whole Lot to Swallow. [Online] Available at:
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December].
Harris, S. R. and Gerich, E. (1996) Retiring the NSFNET Backbone Service: Chronicling the End of an
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November 2012]
Hogan, Kurt M. (2011). From digital lifestyle to digital lifeblood: The increasing value of technology
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IDC, (2012) Android Tablets Gain Momentum in the Third Quarter, Expectations Remain High for the
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Indvik, L. (2011) Apple Now World's Most Valuable Brand. [Online] Available at:
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Lomas, N. (2012) Gartner: 1.2 Billion Smartphones, Tablets To Be Bought Worldwide In 2013; 821
Million This Year: 70% Of Total Device Sales. [Online] Available at:
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December 2012]
Naidu-Ghelani, R., Bagchee, D. (2011) 10 Significant Apple Business Partners. [Online] Available at:
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2013].
Shontell, A. (2010) The Greatest Comeback Story Of All Time: How Apple Went From Near Bankruptcy
To Billions In 13 Years. [Online] Available at: http://www.businessinsider.com/apple-comeback-story2010-10?op=1 [Accessed at: 10 January 2013]
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http://topics.nytimes.com/top/news/business/companies/apple_computer_inc/index.html .
[Accessed: 08 December 2012].
The New York Times (2012) Fighters in a Patent War. [Online] Available at:
http://www.nytimes.com/interactive/2012/10/08/business/Fighters-in-a-Patent-War.html .
[Accessed 12 January 2013].
Wearden, G. (2010) Chinese economic boom has been 30 years in the making. [Online] Available at:
http://www.guardian.co.uk/business/2010/aug/16/chinese-economic-boom [Accessed 25 December
2012].
Worstall, T. (2013) Are We Going To Get An Apple iPhone Mini This Year? [Online] Available at:
http://www.forbes.com/sites/timworstall/2013/01/05/are-we-going-to-get-an-apple-iphone-minithis-year/ [Accessed 12 January 2013].
15
Worthington, I. and Britton, C. (2009) The business environment. 6th edn. Harlow: Prentice Hall
Financial Times.
6. BIBLIOGRAPHY
Accenture (2012) The 2012 Accenture Consumer Electronics Products and Services Usage Report.
[Online] Available at:
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http://www.bbc.co.uk/news/business-19325913 [Accessed: 20 November 2012].
Bedigian, L. (2012) Apple Made $1 Billion Without Selling a Single Product. [Online] Available at:
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18 January 2013]
Cheng, R., Lowensohn, J. (2012) Cook: Apple's improved working conditions more than anyone.
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7. APPENDICES
7.1 Appendix 1
Proportion of world (countries with data) nominal GDP for the countries with the top 10 highest nominal
GDP in 2010, from 1980 to 2010 with IMF projections until 2016.
Source:http://upload.wikimedia.org/wikipedia/commons/thumb/1/14/Historical_top_10_nominal_GDP_propo
rtion.svg/512px-Historical_top_10_nominal_GDP_proportion.svg.png
7.2 Appendix 2
PC’s in Use By Regions :
Source: http://www.etforecasts.com/products/ES_pcww1203.htm
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7.3 Appendix 3
Spending on Consumer Electronics By Countries:
Source:http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture_EHT_Research_2012_Consumer_
Technology_Report.pdf
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7.4 Appendix 4
Consumers’ Digital Lifestyle Survey :
Source:http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture_Communications_Research_PTS
_Digital_Lifestyle_to_Digital_Lifeblood.pdf
7.5 Appendix 5
Apple's Net Sales between 2010 – 2012 :
$160,000
$140,000
$120,000
$95,559
$100,000
$80,000
International
$66,437
U.S.
$60,000
$40,000
$20,000
$36,592
$28,633
$41,812
$60,949
$0
2010
2011
2012
Source: Adapted from Apple Inc. Annual Report Form 10-K [Filed October 31, 2012] in 02 January 2013.
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