Ale蘋(píng)果產(chǎn)品介紹

AppleComputersJessicaBourgoinAmyKakukBethTheriault04/25/2005OutlineBriefHistoryofHDWherewearenowVisionandMissionExternalAnalysisCPMEFESummaryInternalAnalysisIFEFinancialratioanalysisNetWorthAnalysisSummaryStrategicAnalysisSWOTMatrixSPACEGrandStrategyMatrixIEmatrixBCGSummaryPossiblestrategiesQSPMRecommendationsStrategicimplementationanddesiredresultsObjectives&GoalsHistory1976-1978WozniakandJobsformtheAppleComputerCompanyonAprilFool'sDay.WozniakandJobsfinishworkonapreassembledcomputercircuitboard.Ithasnokeyboard,case,soundorgraphics.TheycallittheApple?I.TheAppleIboardisreleasedforsaletohobbyistsandelectronicsenthusiastsatthepriceof$666.66.Apple'sfirstformalbusinessplansetsagoalforsalestogrowto$500millionintenyears.Asitturnsout,thecompanywillpassthatmarkinhalfthetime.AppleIcomputerboardsaresoldthrough10retailstoresintheU.S.ApplemovesfromJobs'garagetoabuildingonStevensCreekBoulevardinCupertino,California.ThenewApple?IIisunveiledatthefirstWestCoastComputerFair.Itisthefirstpersonalcomputerabletogeneratecolorgraphicsandincludesakeyboard,powersupplyandattractivecase.TheApplelogoasseentodayisdesignedbyRobJanoff,artdirectorforRegisMcKennaAdvertising.RegisMcKennaAdvertisinglaunchesitsfirstadcampaignforApple.Althoughadvertisingisinitiallyaimedatelectronicsenthusiasts,Applewillsoonbecomethefirstcompanytoadvertisepersonalcomputersinconsumermagazines.Monthlyordersreacha$1millionannualsalesrate.History1978Appleintroducesvariousinterfacecardsforconnectingtomostprinters.Apple'sDiskII?isintroducedattheConsumerElectronicsShow.Itistheeasiesttouse,lowestpriced,andfastestmini-floppydiskdriveeverofferedbyacomputermanufacturer.Itwillmakepossiblethedevelopmentofserioussoftware.Productionatfirstishandledbyjusttwoemployees,turningout30drivesaday.Inonlyitssecondyear,AppleisoneofthefastestgrowingcompaniesinAmerica.Saleshaveincreased,anditsdealernetworkhasgrowntoover300.

History1979-1981Apple'sfirstprinter,theSilentype?,isintroduced.AppleopensamanufacturingplantinCarrollton,TX.ApplefacilitiesnowoccupymorethanhalfamillionsquarefeetoffloorspaceintheU.S.andEurope.Applegoespublic.MorganStanleyandCo.andHambrecht&Quistunderwriteaninitialpublicofferingof4.6millionsharesofApplecommonstockatapriceof$22pershare.Everyshareisboughtwithinminutesoftheoffering,makingthisthelargestpublicofferingsinceFordwentpublicin1956.Apple'semployeecountbreaks1,000.Apple'sdistributionnetworkisthelargestintheindustry-800independentretailersintheU.S.andCanada,plus1,000outletsabroad.Apple'sfirstmassstoragesystem,the5MBProFile(tm)harddiskisintroduced,pricedat$3,499.Applebecomesahouseholdname.Surveysshowthatpublicawarenessrosefrom10percentto80percentin1981.History1982-1985AppleDotMatrixprinterintroducedfor$2,195.Applebecomesthefirstpersonalcomputercompanytoreach$1billionannualsalesrate.Itthrowsa"BillionDollarParty"foremployees.AppleUniversityfoundedtoprovideemployeetrainingprograms.AppleenterstheFortune500atnumber411inunderfiveyears.EVA(EmployeeVolunteerAction)iscreatedtomatchtheskillsofAppleemployeeswithcommunityneeds.AppleiselectedtotheConsumersDigestHallofFameforresponsivenesstoconsumerneeds.AppleIIreceivesthe1984IndustrialDesignExcellenceAward(IDEA)sponsoredbytheProductIndustrialDesignersSocietyofAmerica.Appleannouncesacomputertrainingscholarshipprogramforelementaryandsecondaryschooleducators.TheHistory1986-1990Appleannouncesplanstocreateanindependentsoftwarecompany,tobeknownlaterasClaris.Forthefirsttime,AppleusesitsHyperCardtechnologytodistributea1987HyperCardsupplementondisketteforMacintoshpersonalcomputers.ApplefilessuitagainstMicrosoftandHewlett-PackardtoprotectitsMacintoshaudiovisualdisplay.Thelawsuitisseenashavingindustrywideimplicationsregardingcopyrightlaws.Applereportsfirstbilliondollarquarterinitshistoryasnetincomerises108percent.Applereportsnetsalesof$4.07billionandnetincomeof$400.3millionforfiscalyear1988.AppleacquiresCoralSoftwareCorp.,whichmarketsprogramminglanguagesandartificialintelligencetoolsforMacintoshcomputers.Appleintroduces32-BitQuickDraw(tm)thatallowsMacintoshpersonalcomputerstoprocessanddisplayphoto-qualitydocuments,imagesandvisualizationswithexceptionalcolorclarity.Appledonates$2millionincomputersto23schoolstohelpat-riskstudents.Fiscal1990revenuessurpass$5.5billion.

History1991-1995Appleannouncesitwillrestructurethecompanyoverthenext12monthstoreduceoperatingexpenses.Apple'sworkforceisreducedapproximately10percent.AppleandIBMsignaletterofintenttocooperateonmajortechnologyinitiativesforthe1990s.Apple,IBM,andMotorolafinalizemilestonetechnologyalliance.AppleannouncesanewTokenRing4/16NBCard,fortheMacintoshproductline.ItisthefirstproducttoemergefromAppleandIBMalliance.AppleandKodakannouncethattheyareworkingtogethertointegratesupportforPhotoCDimagesintofutureversionsofQuickTime.TheU.S.EnvironmentalProtectionAgencyofficiallyreleasestheEnergyStaremblemfordisplaywithenergy-efficientcomputersandperipherals.Applehasmorethan20productsthatmeettheEPA'sthetechnicalrequirements.Apple'sMacintoshcelebrates10thbirthday!AsofJanuary2005ApplehasintroducedtheMiniMacandtheiPodShuffle.Applein2005TheAppleMiniMacisacompactdesktopcomputer.Itis2inchestallandweights2.9lbs.TheMiniMacstartsat$499andcomesstandardwithiChatAVdesktopvideoconferencing,Mail,AddressBook,QuickTime?,iSync,andaDVDPlayer.MiniMaciPodShuffleTheiPodshuffleisasmallerversionoftheoriginaliPod.ItismuchsmallerandlighterandcandoubleasaportableUSBflashdrivewithupto1GBofstoragespacetobackuppersonalfilesandexchangethembetweencomputers.For$99youcanpurchasethe512MBholdingupto120songsorthe1GBholdingupto240songsforjust$149.MacOSXTigerOnApril29,2005,theMacOSXTigerwillbereleased.ThisisanadvancedoperatingsystemthatrequiresaMacintoshcomputerwithaPowerPCG3,G4orG5processor,Built-inFireWire,256MBofRAM,and3GBofavailableharddiskspace.Itcost$129forasingleuserand$199fora5licensefamilypackAppleintheMarket(asof4/22/05)LastTrade:35.5052WeekLow:12.7552WeekHigh:45.44Applehada2:1Stockspliton02/28/05VisionStatement(proposed)Tobecometheworldwideleaderincomputerandmp3playersales.MissionStatement(actual)Appleignitedthepersonalcomputerrevolutioninthe1970swiththeAppleIIandreinventedthepersonalcomputerinthe1980swiththeMacintosh.Appleiscommittedtobringingthebestpersonalcomputingexperiencetostudents,educators,creativeprofessionalsandconsumersaroundtheworldthroughitsinnovativehardware,softwareandInternetofferings.TheApplecommitmenttoexcellenceisitsmissiontoprovidecomputersandservice(2)forpeople(1)thatmeetthehigheststandardsofvalueandreliability.Appleisoneofleadersinthecomputerindustryandmakesthebest-sellingcomputersintheworld(7)(3).Appleprovidesthehighestlevelofqualityandvalueforourcustomers.Thosearetimelessfundamentals.Wealsoapplyinnovativetechnologytoourcorebusiness(4)todifferentiateourselvesandmakeourproductsirresistibletoourcustomers,beneficialtosociety,andprofitabletoourcompany(5).Westrivetoprovideadditionalopportunitiesforgrowthandenrichmentofcompanypersonnelwhilemaintainingaworkenvironmentforallemployees(9)thatencouragespersonalcommitmentandparticipationinsupportofachievingexcellence.Wearecommittedtobeingagoodcorporatecitizen,andbeingopenlyhonestwithallofourstakeholders(6).Wesupportactivitiesthathelptobuildcommonunderstanding,enhanceexcellence,andenablepeopletoimprovetheirlivesandreinforcetheircommitmenttosociety(8).MissionStatement(Proposed)ExternalAuditOpportunitiesIncreaseinwormsandvirusesonPCs.Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious.WeaktieswithMicrosoftproducts.DownloadablemusicandMP3playersarehighlymarketable.Increasesalesofcomputersonlineby25percent.Increasesalesoflaptopsby20percent.ThreatsCompaniesnotseeingAppleascompatiblewiththeirsoftware.DellandHParemajorcompetitors.Increasingcompetitionwithmusicdownloads.Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers.Recession—priceofApplecomputersarehigher.Intel’sfuturePentiumrelease.CPM––CompetitiveProfileMatrixAppleComputerMarketDellCriticalSuccessFactorsWeightRatingWeightedScoreRatingWeightedScoreRatingWeightedScoreMarketSharePriceFinancialPositionProductQualityConsumerLoyaltyAdvertisingManagementGlobalExpansionInnovationWebDevelopment40.060.060.140.0512334242450.450.600.060.1533222332220.300.300.300.300.3020.280.1044343333230.400.400.450.600.480.280.15Total1.002.95

2.30

3.21ExternalFactorEvaluation(EFE)MatrixKeyExternalFactorsWeightRatingWeightedScoreOpportunitiesIncreaseinwormsandvirusonPCs.0.1540.60DownloadablemusicandMP3playersarehighlymarketable.0.630.18Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious.0.1540.60Increaseinsalesoflaptopsby20percent.0.0430.12Increasingsalesofcomputersonlineby25percent.0.0530.15CreatingmoretieswithMicrosoftproducts.0.1040.40ThreatsIncreasingcompetitionwithmusicdownloads.0.0720.14Intel’sfuturePentiumrelease.0.0330.09DellandHParemajorcompetitors.0.1040.40Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers.0.0630.18Recession—priceofApplecomputersarehigher.0.0420.08CompaniesnotseeingAppleascompatiblewiththeirsoftware.0.1520.30TOTAL1.003.24ExternalSummaryApplehasratedtheIncreaseinwormsandvirusonPCs,Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious,andtheCreatingmoretieswithMicrosoftproductsastheirthreehighestopportunities.ApplehasratedthatthefactofDellandHPbeingsuchhugecompetitorsastheirtopthreat.InternalAuditStrengthsiTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform.Developingownsoftwareandhardware.Apple’’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition.Revampingdesktopandnotebooklines.Webtechnologycanbeusedtoimproveproductawarenessandsales.Lowdebt—moremaneuverable.Goodbrandloyalty.WeaknessesWeakrelationshipwithIntelandMicrosoft.Weakpresenceinbusinessarena.Dependencyonnewproductlaunches.Weakpresenceinmarketsotherthaneducationandpublishing.Slowturnaroundonhighdemandproducts.InternalFactorEvaluation(IFE)MatrixKeyInternalFactorsWeightRatingWeightedScoreStrengthsiTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform.0.1540.60Apple’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition.0.1030.30Revampingdesktopandnotebooklines.0.1030.30Lowdebt—moremaneuverable.0.0640.24Developingownsoftwareandhardware.0.1430.42Goodbrandloyalty.0.0530.15Webtechnologycanbeusedtoimproveproductawarenessandsales.0.1040.40WeaknessesDependencyonnewproductlaunches.0.0610.06Weakpresenceinbusinessarena.0.0710.07Slowturnaroundonhighdemandproducts.0.0320.06WeakrelationshipwithIntelandMicrosoft.0.1010.10Weakpresenceinmarketsotherthaneducationandpublishing.0.0420.08Total1.002.78FinancialRatioAnalysis(March2004)CompanyIndustrySectorS&P500ValuationRatiosP/ERatio(TTM)69.7026.8733.5224.01P/EHigh-Last5Yrs277.9654.5864.1445.41P/ELow-Last5Yrs6.8417.3419.5516.26Beta1.751.601.911.00PricetoSales(TTM)1.411.845.083.33PricetoBook(MRQ)2.207.564.784.29PricetoTangibleBook(MRQ)2.268.776.537.56PricetoCashFlow(TTM)37.6419.6925.4817.32PricetoFreeCashFlow(TTM)45.1323.7728.2628.97%OwnedInstitutions63.2150.3148.1464.19DividendsDividendYieldN/A0.700.752.04DividendYield-5YrAvg0.000.340.271.48Dividend5YrGrowthRateNM7.941.506.48PayoutRatio(TTM)0.007.999.3426.78GrowthRates%CompanyIndustrySectorS&P500Sales(MRQ)vsQtr1YrAgo36.2812.5418.8913.40Sales(TTM)vsTTM1YrAgo15.4510.9711.7811.90Sales-5YrGrowthRate0.887.0914.529.30EPS(MRQ)vsQtr1YrAgoN/A34.0035.0728.69EPS(TTM)vsTTM1YrAgo587.0435.5541.7421.92EPS-5YrGrowthRate-29.166.8513.1812.15CapitalSpending-5YrGrowthRate28.952.651.994.06FinancialStrengthQuickRatio(MRQ)2.261.022.541.26CurrentRatio(MRQ)2.531.253.021.76LTDebttoEquity(MRQ)0.000.380.230.68TotalDebttoEquity(MRQ)0.070.520.290.85InterestCoverage(TTM)13.7511.349.8111.86ProfitabilityRatios%GrossMargin(TTM)27.2730.6051.7147.32GrossMargin-5YrAvg26.6531.0851.1347.01EBITDMargin(TTM)3.3412.4318.4120.79FinancialRatios(cont)EBITD-5YrAvg2.8712.1816.1820.82OperatingMargin(TTM)1.638.7013.6320.33OperatingMargin-5YrAvg1.258.2811.6218.35Pre-TaxMargin(TTM)2.779.4715.9617.27Pre-TaxMargin-5YrAvg5.349.7614.7717.54NetProfitMargin(TTM)2.036.029.9013.12NetProfitMargin-5YrAvg4.246.558.6711.59EffectiveTaxRate(TTM)26.7429.5727.5731.31EffectiveTaxRate-5YrAvg22.6230.5932.3934.20ManagementEffectiveness%ReturnonAssets(TTM)2.098.446.076.40ReturnonAssets-5YrAvg5.479.255.796.79ReturnonInvestment(TTM)3.0516.548.759.97ReturnonInvestment-5YrAvg7.9017.579.3010.93ReturnonEquity(TTM)3.2630.1012.1718.71ReturnonEquity-5YrAvg10.3731.7813.1119.22EfficiencyRevenue/Employee(TTM)617,760568,624401,787622,866NetIncome/Employee(TTM)12,55537,72265,47481,707ReceivableTurnover(TTM)11.597.257.649.76InventoryTurnover(TTM)91.4720.939.6410.46AssetTurnover(TTM1.031.450.770.92FinancialRatios(cont)NetWorthAnalysisSE+Additionalpaidincapital+retainedearnings4,095M+119M+2,325=6.5B9/28/02Netincomex565Mx5=325MShareprice(10/17/03)/EPS(10/17/03)income(3years)[22.75/0.49]x275M=12.7BNumberofsharesoutstandingxshareprice358,958,989x22.75=8.1BMethodaverage=6.9BInternalSummaryApplehasratedtheiriTunesMusicStorebeingagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform,theirlowdebt—moremaneuverable,andtheirWebtechnologybeingusedtoimproveproductawarenessandsalesastheir3higheststrengths.Appledidnotrateanyoftheirweaknesseshigherthana2.theyshouldworkonbeingabletodirectmoreattentiontothoseareasandespeciallyconcentrateonthetwoareasofdependencyonnewproductlaunchesandtheweakpresenceinbusinessarena.SWOTMatrixS-OStrategiesIncreaseawarenessthroughtheweboftheimmunityofMacproductstowormsandviruses.(S5,O1)AdvertiseusingindividualsthatwilllinkGenerationX&YtotheiTunesandotherrelatedproducts.(S1,O2,O4,O5,O6)UsingmoviesandmusicgroupsthataregearedtowardsGenXandYtopromotecomputersandlaptops.(S3,S5,O2,O5,O6)S-TStrategiesIncreaseandpromotethecompatibilitytoWindowoperatingsystem.(S5,T1)PromotetheoriginalityofApplecomputersandthedifferentstyleandstablesystemthatisslightlymorebutworththepricedifferenceinstyle,stabilityandspeed.(S2,S5,T2,T4,T5)W-OStrategiesIncreasetieswithMicrosoftandIntelandtheirproducts.(W1,W2,W4O2,O3)PromotetobusinessthesafetyofhavingawormandvirusfreecomputerbyusingMac.(W2,W4,O1,O5,O6)W-TStrategiesImproverelationshipwithMicrosoftandIntelsothatcompanieswillseethemascompatible.(W1,W2T1)IncreaseproductivityandturnaroundofhighdemandproductstocompetewithDellandHP(W5,T2)SPACEMatrixESISCAFSConservativeCompetitiveDefensiveAggressiveSpaceMatrixForwardIntegrationBackwardIntegrationHorizontalIntegrationMarketPenetrationMarketDevelopmentProductDevelopmentJointVentureGrandStrategyMatrixRAPIDMARKETGROWTHQuadrantIIQuadrantIWEAKSTRONGCOMPETITIVECOMPETITIVEPOSITIONPOSITION

QuadrantIIIQuadrantIVSLOWMARKETGROWTHAppleComputerConcentricDiversificationConglomerateDiversificationHorizontalDiversificationRetrenchmentDivestitureLiquidationTheInternal-External(IE)Matrix

1.0to1.99

IXVIIIVIILow

2.0to2.99

VIVIVMedium

3.0to3.99

IIIIIIHigh

1.0to1.992.0to2.993.0to4.0

WeakAverageStrongGrowandBuildSegmentsRevenueProfitEFEIFEDomestic54%52%3.52.6International46%48%3.03.0DogsCashCowsMedium0

QuestionMarksStarsHigh+20

BostonConsultingGroup(BCG)MatrixLow-20High1.0Medium.50Low0.0InternationalDomesticSegmentsRevenueProfitEFEIFEGrowthRateRelativeMarketShareDomestic54%52%3.52.6170.3International46%48%3.03.050.2CashneedHighvs.cashflowlowMarketPenetrationMarketDevelopmentProductDevelopmentSellAlternativeStrategiesIESPACEGRANDCOUNTForwardIntegration**2BackwardIntegration**2HorizontalIntegration**2MarketPenetration**2MarketDevelopment**2ProductDevelopment**2ConcentricDiversification*1ConglomerateDiversification*1HorizontalDiversification*1JointVenture*1Retrenchment*1Divestiture*1Liquidation*1MatrixAnalysisSummaryQSPMKeyInternalFactorsWeightStartproducingWintelcompatibleExpandproductionintoAsiaStrengthsASTASASTASiTunesMusicStoreisagoodsourceofrevenue,especiallywiththeiPodandtheavailabilityonWindowsplatform.0.151.000.153.000.45Apple’snicheaudienceprovidesthecompanywithsomeinsulationfromthedirectpricecompetition.0.204.000.803.000.60Goodbrandloyalty.0.204.000.803.000.60Webtechnologycanbeusedtoimproveproductawarenessandsales.0.154.000.603.000.45WeaknessesWeakrelationshipwithIntelandMicrosoft.0.154.000.601.000.15Weakpresenceinmarketsotherthaneducationandpublishing.0.152.000.304.000.60SUBTOTAL1.003.252.85KeyExternalFactorsWeightStartproducingWintelExpandproductionintoAsiaOpportunitiesASTASASTASIncreaseinwormsandvirusonPCs.0.152.303.45DownloadablemusicandMP3playersarehighlymarketable.0.061.000.124.000.48Largepopulation(GenX&Y)whichareextremelyindividualisticandnamebrandconscious.0.151.000.104.000.40Increaseinsalesoflaptopsby20percent.0.081.000.084.000.32CreatingmoretieswithMicrosoftproducts.0.104.000.122.000.08ThreatsIntel’sfuturePentiumrelease.0.101.000.103.000.30Delldoesnotinventbutprovidescomputersatamorecosteffectiverateforcustomers.0.061.000.063.000.18CompaniesnotseeingAppleascompatiblewiththeirsoftware.0.151.000.053.000.15SUBTOTAL1.000.932.36SUMTOTALATTRACTIVENESSSCORE4.185.21QSPMRecommendationsStrategy1Opensixcomputerretailstores(notjustperipheralandaccessories).ApplecurrentlyhasstoresopenedthroughouttheUnitedStateswithonlyperipheralandaccessoriesfortheircomputers.Adding