In: Operations Management
Re word this paragraph please
Apple is an OLIGOPOLY which is a state of limited competition, which a market is shared by a small number of producers or sellers.
Apple is also MONOPOLISTIC COMPETITION which is a situation exceeding in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of the individual buyers and sellers
Apple is one of the key players in an oligopoly, which is a market that is dominated by a small group of manufacturers and sellers. Apple is also part of a monopolistic competition as it offers differentiated products that are not perfect substitutes for their closest alternatives in a market where the existence of multiple and well-informed buyers and sellers has lead to an absence of all elements of a monopoly and a market price that is beyond their control. This is why Apple Inc. is considered both a competitive oligopoly and a monopolistic competition, because though it has competitors it is still able to maintain its position in the market due to the high cost and difficulty entry barriers to the industry. It also has a large and loyal consumer base making it difficult for other companies to gain any market share by getting those consumers to switch brand loyalties. People who buy Apple products usually continue to do so because of their trust in the products and company, making it harder for other companies to attract any away from Apple especially as high product costs are a major factor in switching brands. Apple also offers inter-connected features between its applications such as iTunes and iCloud, and its products providing yet another incentive to buy more products from the same company.