Risk Management is an important aspect of any company. Risk is everywhere and Apple Inc. has to plan and come up with ways in order to prevent these risks. Since Apple is a multinational company that deals with both designing and manufacturing electronic products. Even though Apple is a huge corporation, the electronic industry is large and there are many other competitors that are also trying to sell the same product. This is just one major risk. Other risks include the future buyer behavior in the and the increase in fake products. Apple has a unique way of dealing with these risks.
Branding is the major strategy behind the risk due to various competition. Branding is considered as one of the most efficient marketing tools that are used by many companies for their products and services. It can be defined as the process or method of creating a good connection or relationship between the company or the brand and the customer, in order that when the customers have a need, they will be able to think of a given product in order to satisfy their needs or demands. They believe branding is a way to connect with their customers and migitate the threat of possible competition in the future. Maintaining their position in the market is crucial to their success.
Innovation is also a risk management strategy of Apple. Customers are always wanting and asking for more products so innovation is necessary to stay ahead. innovation process of the company also enables them to gain the trust and loyalty of their customers by improving the relationship and connection of their products to their customers. According to Steve Jobs, the primary reason for the loyalty of their customers is that when they buy their products, three months later they will get stuck on something, that they will quickly figure out that the company actually did the said features or innovation. Furthermore, after three months, the company will launch another product that will have another or additional...
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