Question

In: Economics

Firms sustain growth by getting customers excited about the new product aesthetics and features prompting the...

Firms sustain growth by getting customers excited about the new product aesthetics and features prompting the decision to buy. Suggest an industry and product/service class characteristic of this practice. Write one complete paragraph (including terminology, following formal business guidelines, proper grammar and sentence structure).

Solutions

Expert Solution

The best example of a Product which has mesmarized all users to buy it is Apple's iPhones. It falls under Mobile Industry.

If you see its innovation, Apple launched its first ever iPhone in 2007. Its size was just 3.7" display. However, they were still keen on different version based on memory size. They provided 4GB model and 8GB model.

Then in 2008, they launched their modoel iPhone 3G. It supported fasted connect to 3G network, which was in boom at 2008. It also provided more storage space (8GB and 16GB). Also, they shared feature of GPS and location services, which was game changer in market.

Again in 2009, they came up with model iPhone 3Gs. This model was much faster than the previous model and less expensive. And again they introduced one more size variant for 32GB!

Continuing their journey in 2010, they again launched iPhone 4, with 640x960 pixel display which had High Resolution Ratina screen! Again two models (16GB and 32GB).

Then in 2011, new CEO Tim Cook displayed model iPhone 4S, which had Duel-core processor and three models with memory 16GB, 32GB, 64GB!

In 2012, the technology revealed a new slimmer iPhone 5, which had 4" display with same 16GB, 32GB and 64GB models.

In 2013, apple launched two models iPhone 5S and 5C. Both variants had their differences. 5C model was reskinning of iPhone 5. While 5S model was much faster with 64-bit processor, touch ID and new motion data processor. Both models were same in memory size but huge difference in prices. 5C was priced as $99 but 5S was of $199.

Again in 2014, Apple launched two iPhones together: iPhone 6 and iPhone 6Plus. It had 4.7" & 5.5" screen respectively and touch ID security! Apple also launched NFC technology support via Apple Pay, which turned iPhones into digital wallets to purchase Apple services!

In 2015, Apple again revolutionized their iPhones and took out two more models from the hat: iPhone 6S and iPhone 6S Plus. They included 3D Touch for security, 5MP front and 12MP rear camera for 4K videos and better selfies, which also had ratinaa Flash. They also changed processor and introduced A9 chip as processor.

the 2016 models, iPhone 7 and 7 Plus, were much like 2015 models except some major changes, like removal of audio jacks. It created controvercies in public but ultimately public accepted it. iPhone 7 Plus model added dual camera. They were available in size 32GB, 128GB and 256GB, as space demand of public were increasing!

In 2017, Apple released iPhone 8 and 8 Plus.It had Glass and aluminium enclosure, A11 Chip processor, retina HD displaya nd new feature of wireless charging. It also featured 6-core CPU. Its 12 MP camera provided much faster and stable camera for 1080P videos and slo-mo with 240fps speed. It also provided feature of allowing game creation and app creation to users.

Again within few months span, in 2017 Apple launched the most awaited iPhone X! It is Apple's most expensive phone till dtae with $999 for 64GB and $1149 for 256GB! It has 5.8" screen with super ratina display and glass-aluminium protection. OLED display supports Dolby sound system. Its home button have been removed and Face ID has been introduced as new biometric security. The duel 12MP camera provides depth image and stabilization. It also introduced Animoji feature.

Constant updates in its all iPhones and betterment of each model has made iPhone as many customer's desire. The sale of iPhones have been increasing since 2007's first launch. It suits as the best example of prompting product which impacts buying decision of customers.


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