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Wsj/Fortune Essay 3

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WSJ/Fortune Essay 3

All Companies must have a system in place to help management plan ahead. Strategy formulation is referred to as strategic planning or long range planning and is concerned with developing a corporation’s mission, objectives, strategies, and policies. It begins with situation analysis: the process of finding a strategic fit between external opportunities and internal strengths while working around external threats and internal weakness (Hunger, p.73). Internal factors effecting a company include profitability, sales, product quality brand associations, existing overall brand, relative cost of this new product, employee capability and/or product portfolio analysis. Internal factors consist of strengths and weakness. Some of Apple’s strengths is their iPod product which has largest market share (70%) of the digital music market (nearest competitor only 8%) due to first mover advantages in portable digital music industry, Apple’s innovation skills and creativity - stream of new product releases, Product design and features (ease of use and high quality format), strong financial performance (strong sales, cash flows and controlled inventory) and their devoted base of customers.   Devoted customers and fans described in the article like Jessica Mellow waited in line more than 180 hours (8 days straight) and Natalie Lopez who joined the line at 5:30 a.m. Friday for the new Iphone5. The article mentions that the iPhone 5 is virtually guaranteed to be Apple's all-time bestseller, taking more than 2 million pre-orders in the first 24 hours and that Apple’s early inventory is already sold out and online orders place now wont ship for three to four weeks, making Apple’s controlled inventory one of their strongest strengths. External factors consist of threats and opportunities. Apple’s external factors include competition and partnerships. Since its launch in 2003, there has been numerous competitors coming up with even cheaper products to fight a share...

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