ID#160402

PUBLISHED ON
AUGUST 17, 2020

Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Introductioni
Tim Cook became CEO of Apple on August 24, 2011, following the death of Steve Jobs, the
company s founder and one of the most charismatic and entrepreneurial leaders of his generation
Jobs was idiosyncratic and brilliant. His career was a roller coaster in its early years. It was
marked by phenomenal successes, especially through Pixar, the animated film company Jobs also
created, and through the phoenix-like revival of Apple that he led, triumphantly, on his return in
The many biographies and even films about Jobs s life emphasize his obsessive
commitment to the finest details of design and to the consumer experience qualities that
distinguished “pple s products from the competition “ difficult and demanding leader Jobs
looked for people with similar values. By his vision and the force of his personality, he inspired
product teams to innovate and to deliver consumer products of a distinctive aesthetic.
While Jobs was born and raised in the San Francisco Bay area and dropped out of Reed College
without ever finishing, Cook s biography was quite different ”orn in in Mobile “labama
he earned a BS degree in industrial engineering from Auburn University and then an MBA from
Duke University in 1988. Having worked over a decade at IBM, where he learned the lessons of
integrated marketing product design and manufacturing, Cook joined Compaq, at that time the
largest personal computer company in the world. He left Compaq after only six months and then
hopped over by intuition to the still struggling “pple Computer Inc to work for the creative
genius and to be on the executive team that could resurrect a great “merican company 1 Cook
became “pple s senior vice president of worldwide operations and then in its COO

iSome information in the early sections of this case is based on Bruce Kogut and Felix Oberholzer-Gee, The Launch of the
Apple iPhone: Seeking Sustained Corporate Growth, Columbia CaseWorks case #090424 (New York: Columbia University,
2008).

Author affiliation Copyright information

*Sanford C. Bernstein & Co. Professor of Leadership and Ethics, © 2015-2020 by The Trustees of Columbia University in the City of
Columbia Business School New York. This version of the case replaces an earlier version that
†
Assistant Professor of Management, Columbia Business School was published on August 6, 2015.

Acknowledgements This case is for teaching purposes only and does not represent an
Sungyong Chang, PhD ’16, provided research and writing support endorsement or judgment of the material included.
for this case.
Maris Moon’20 provided research and writing support for the This case cannot be used or reproduced without explicit permission
revised version of this case. from Columbia CaseWorks. To obtain permission, please visit
[Link]/caseworks, or e-mail
ColumbiaCaseWorks@[Link].

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 During the years before Cook became CEO and Jobs was leading arguably the most remarkable
turnaround in recent corporate history “pple s stock price rose from about per share in
to $55 per share shortly after Jobs died in October 2011. (See Exhibit 1: Apple s Operating Results
2

1980-2018.) That same month, California Governor Jerry Brown declared October 16 to be Steve
Jobs Day, and an invitation-only memorial was held at Stanford University. Bono, Yo-Yo Ma, and
Joan Baez performed on that occasion, and Oracle CEO Larry Ellison and Jonathan Ive, the famed
industrial designer at Apple, spoke.3 It must have crossed the minds of many employees,
investors, and competitors that it had been Jobs who had driven the success of the Apple revival,
and they must have wondered whether Cook could possibly maintain the obsessive visionary
focus of the founder of the company which many cited as the source of “pple s competitive
advantage.
THE APPLE COMPUTER AND IBM’S ENTRY
Apple began in 1976 as the brainchild of visionary Jobs and engineer Steve Wozniak, who is
credited with the brilliant inventions of the early chip designs. Consumers bought an integrated
product; that is, they purchased software and hardware for one package price. The proprietary
software was lodged principally in the operating system (OS), which provided the platform for
secondary software applications such as word processing and spreadsheet calculations. The core
of the hardware was the microprocessor and dedicated chips (e.g., video cards), whose design
determined both the speed with which the computer could carry out operations and the
functionalities it could deliver. Apple created products that were easier to use than its
competitors and grew rapidly launching its record-breaking IPO in 1980.
The company s first serious competition came in 1981, when the industrial computing giant IBM
decided to manufacture personal computers PCs In contrast to “pple s approach and its own
mainframe strategy I”M s skunk works team created a product that relied on an open
hardware architecture. They designed very little of the actual product, outsourcing almost every
aspect of the manufacturing process, even the final assembly.4 For its PC, IBM licensed the text-
based Disk Operating System (DOS) from the fledgling Microsoft and bought microprocessors
from Intel. Backed by one of the best-respected corporate brands and eight decades experience
of selling information technology to American companies, IBM succeeded through working
directly with leading consumer and business retailers.5
Apple s technical advantages allowed it to respond to the competition. Influenced by innovations
first made at Xerox s Palo “lto Research Center “pple developed the Lisa in 1983, which
pioneered a superior graphical user interface (GUI) that made DOS look boring and tedious.
Xerox technology also influenced the Lisa mouse and the plug-and-play system that connected a
proprietary Apple peripheral device (e.g., a printer) to an Apple computer; in turn, Xerox
received $100,000 in Apple share options at a pre-IPO price of $10. In 1984, Apple released the
MacIntosh (Mac), which was developed by a team in competition with the Lisa team and led by
Jobs. Although the Mac was a revolutionary product that provided the dominant design for PCs
for the next decades, it was frequently beset with compatibility problems that led to customer
frustration.

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 Faced with layoffs and an unhappy board Jobs resigned as CEO of “pple in The I”M PC s
popularity continued to grow, and its sales rose quickly ”y “pple s category leadership had
been eclipsed. Apple president John Sculley, whom Jobs had hired in 1983 and who replaced Jobs
as CEO in acknowledged I”M s lead We re going to adjust to I”M s world They re not
going to adjust to ours because they don t have to 6
WINTEL, CLONES, AND UNIVERSAL COMPATIBILITY
By 1985 Microsoft had introduced Windows, its response to the GUI that Xerox and Apple had
pioneered. With Intel producing the microprocessor and Microsoft producing the operating
system, these developments soon gave rise to the so-called Wintel machine. The compatibility of
Wintel computers began to draw the focus of secondary software developers away from Apple.
One commentator observed, The concentration of the PC-software market was perhaps its most
noticeable feature. It was characterized as a winner-takes-all market. While Microsoft was the
biggest winner, the second-tier companies were also very successful at monopolizing their
markets 7 The late 1980s saw the rise of the clones computers with a Microsoft operating system
and components that matched I”M s 8 A clone could be anything from a branded model
manufactured by a well-known upstart such as Compaq or Dell to the PC assembled from an
international cornucopia of standard parts and resold, typically through mail orders or
storefront 9 Subsequently because of the openness and modularity of the I”M PC and the
dominance of its bus and software standards, a huge industry emerged to manufacture
compatible parts. The resulting competition drove down prices in almost all areas 10
Consumers liked the ubiquitous Wintel platform that enabled them to share information since
their files used the same application programs running on the same operating system. These
beneficial externalities increased consumers willingness to buy Wintel-based computers, and
developers whose products complemented the new standard were eager to come up with new
software applications. Wintel created an ecosystem that encouraged new entries and cooperation
on standards, even among competitors.
Bucking the open system platform strategy, Apple constantly lost market share and profitability
in the 1990s. (See Exhibit 2: Relative Market Share for Personal Computer Operating Systems.)
While “pple s average price per unit remained fairly constant during this period, the inflation-
adjusted price for an average PC declined, just as it had for many years. (See Exhibit 3: Relative
Price of Computers to GDP.) Apple believed that a broad range of consumers would perceive the
benefits of hardware software integration, user-friendly design, and ease of use and would
accordingly pay a premium for them. The company ultimately dominated the niche educational
and publishing markets but found that it was unable to compete in the lucrative corporate market,
where powerful IT buyers minimized their expenditures by negotiating the lowest possible unit
price.
In 1995 a year in which Apple suffered a net loss of nearly $2 billion Jobs, from his position as
a shareholder, reflected on the path the company had taken in the early 1990s:
(Apple management) got very greedy and instead of following the original trajectory
of the original vision which was to make this thing an appliance, to get this out there
to as many people as possible they went for profits and they made outlandish profits

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 for about four years What that cost them was the future. What they should have
been doing was making reasonable profits and going for market share, which was
what we always tried to do Now it s got a single-digit market share and falling.11
After a booming period in the 1990s, the clones too faced the law of commoditization. While unit
prices declined, development costs rose. Roughly speaking, the cost of developing a new
operating system grew from about $500 million in the early 1990s to a rumored $1 billion for
Microsoft s XP which came out in to even more for Microsoft s Vista a few years later The
PC market was a tough, unwelcoming environment for all but Intel, Windows, and plug-in
product specialists; together, they captured most of the economic value in the PC ecosystem. (See
Exhibit Value Capture in the PC Industry I”M s exit was the bellwether of the change in the
PC industry. By 2004, when the Chinese computer company Lenovo acquired the last PC business
operated by I”M its laptop division I”M s early dominance was a dim memory for most users

Steve Jobs and the iProduct

After leaving Apple in 1985, Jobs had not gone gently into the good night. In particular, he had
managed the development of NeXT, an operating system that competed directly against the
Macintosh OS. He had also acquired the computer graphics division of LucasFilm, Pixar, which
would become the industry leader in computer animation. It was perhaps no surprise, then, that
in “pple s board decided to bring Jobs back in a last-ditch effort to save the company.
Upon his return, Jobs made a number of rapid moves to turn Apple around; these included
terminating unprofitable projects launching the Think Different advertising campaign,
accelerating the development of the NeXT operating system (now part of Apple), and, most
notably, introducing the iMac personal computer. Created by Ive, the iMac was lauded by
consumer analysts for its sleek graphics and affordable price, panned by technology critics, and
widely embraced by millions of users looking for an idiosyncratic alternative to the generic
Wintel machine.12 The iMac capitalized on what Jobs believed was the company s greatest
competitive advantage; because Apple buil t the whole widget the Mac user experience was
dramatically superior to that on Windows 13
IPOD AND THE LAUNCH OF THE DIGITAL HUB STRATEGY
The iMac staunched the bleeding at “pple but its real success was in launching the company s
iProduct digital hub strategy which Jobs unveiled at MacWorld to position the Mac as
the manager of the exploding library of digital content resulting from the migration of cameras,
music players, and other consumer electronic devices from the analogue to the digital world 14
The iPod, a new portable music player, was to be the centerpiece of this plan.
In 2001 Apple launched the iPod and the related iTunes jukebox software that allowed users to
manage their song collections. Jobs had matured during his years away from the company. He
now had a network of contacts in the consumer electronics, music, and video industries. He had
also come to understand the complex issues related to movie and music rights as well as the
business models of industries that were driven by consumer trends and that required a structured
release of products to the consumer through a variety of channels.

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 The iPod employed an updated file compression format, AAC, which could encode songs with
“pple s FairPlay digital rights management system to prevent unauthorized duplication.15 The
initial iPod was priced at $400, well above other portable audio players. However, reviewers felt
that the premium would seem justified to early adopters, both because of the impressive style
and functionality of the device and because of the status that owning it conferred.16
The portable music player industry could only work by acquiring music content, which was
owned by the five major music studio companies located in Hollywood, the United Kingdom,
and continental Europe. They discovered and marketed artists that they signed to contracts with
their studios, and they controlled the distribution channels, including records, CDs, radio
broadcasts, and concerts.
The emergence of the internet and of notorious internet companies like Napster as distribution
channels appeared to Hollywood to be a massive and illegal disruption to that model because
those internet-based companies distributed music without paying royalty fees to the studios.
Individuals could rip music from the CDs they purchased and, using such audio coding
formats as MP3, post it on internet-accessible servers. Other than initiating law suits against these
new companies, major studios made little progress in responding to the internet as a new
entertainment distribution channel.
Jobs approached music publishers in late 2001 to convince them to distribute their songs through
the iTunes Store, which users could access through the internet on their personal computers.17
The negotiations took 18 months. Executives were impressed with the simplicity of the system
and saw that consumers found it easier to use than a subscription service.18
Jobs s pitch was his pledge not to license the proprietary FairPlay technology to other media
players, alleviating music publishers concerns that an open technology could easily be
compromised.19 The system locked users in; songs downloaded through the iTunes Store would
not play on any system other than the iPod/iTunes combination. So encoded, music could not be
shared easily, and the majors would be able to control its distribution on the internet. These
advantages gave Jobs the leverage necessary to secure a major concession from the music
publishers: songs could be purchased individually (rather than only as part of an album) for 99
cents each.20 “ccording to Jobs the dirty little secret was that “pple only made cents on each
song download. When asked why Apple even bothered with the song sales, Jobs replied,
”ecause we re selling iPods 21 Perceiving few alternatives and not wanting to be shut out of a
new and potentially significant distribution channel, all the major music publishers signed the
distribution agreement in “pril “lthough FairPlay was eventually cracked “pple was
able to defend its system in updated versions. 22
In 2003 Apple also introduced a version of iTunes that could run on Windows. Sales growth,
which was already robust, went through the roof, and Apple began its ascendance in the
worldwide market for portable music players. With the introduction of the more affordable iPod
mini and iPod shuffle in 2004 and 2005, respectively, market share continued to climb; iPod
grabbed over half the market by 2006. (See Exhibit 5: iPod Market Share 2001 2006.) By September
2012 Apple had shipped over 350 million iPods, up from fewer than one million in 2003.23 That

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 same month, Apple announced that 20 billion songs had been downloaded through the iTunes
Store.24
iPod sales clearly drove corporate growth during this period. (See Exhibit 6: Apple Sales by
Product 1998 2007.) The iPod also became the first Apple-branded product most Windows users
ever bought: in 2008 it was estimated that they represented over 90% of iPod owners. Industry
analysts speculated that the elegance and simplicity of the iPod has motivated a growing
percentage of these owners to consider a Mac in their next computer purchase 25

Enter the iPhone

THE WIRELESS INDUSTRY: SERVICES AND SYSTEMS
The iPod was the first major new product success for “pple in the firm s bid to become a
consumer electronics and digital lifestyle company. Apple next turned its attention to other
growth opportunities. In 2007 the market for a sophisticated multimedia phone looked
promising. (See Exhibit 7: U.S. Smartphone Shipments 2005 2007.) Consumer purchases were
keeping pace with accelerating technological developments, which were moving mobile phones
closer in functionality to leading personal digital assistants like the BlackBerry and the Palm Pilot.
IPHONE
Jobs unveiled the iPhone on January 9, 2007, to great fanfare. At the time, Nokia and Motorola
were enjoying record sales of cell phones, and the smartphone market was dominated by
BlackBerry OS and Windows Mobile devices. Smartphones were designed around carrier limits
and focused on corporate applications. In contrast, Apple designed the iPhone to appeal to
consumers and satisfy their communication needs. Following the blockbuster success of the iPod,
the iPhone became one of the most anticipated consumer product releases, eliciting a cult-like
following.
In addition to developing the iPhone s revolutionary design and integrating the iPhone into the
digital hub ecosystem created through the iPod and Mac product lines, Apple broke new ground
with its pricing and distribution strategy. Unlike leading cell phone manufacturers such as
Motorola, Sony, LG, Samsung, and Nokia, Apple partnered with only one carrier to sell and
contract plans for its U.S. customers. Having been rebuffed by Verizon the number one provider
in the United States Apple struck a deal with AT&T. Moreover, unlike manufacturers who
required their carrier to agree to subsidize the retail price of a handset in order to attract
customers, Apple did not seek any such subsidies from AT&T. Instead, Apple made a revenue-
sharing arrangement with AT&T that would extend over the two-year life of a cellular service
plan.26 (See Exhibit 9: Comparison of iPhone and Blackberry Bold Economics at AT&T.)
In June 2007, Apple launched its iPhone, quickly capturing 4% of the global market despite a
premium price tag of $499 $599. However, after rising to 6.5% by year-end the iPhone s
market share went south. In response, in July 2008 Apple redesigned both its pricing strategy and
the device, introducing a new model with 3G technology (i.e., faster data transfer) at a
significantly reduced cost of $199 $299.

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 At the same time, the company launched the iPhone AppStore, enabling iPhone (and high-end
iPod) users to select from thousands of applications, ranging from games to medical directories,
many of which were free downloads. Apple vetted every app for reliability and functionality and
took 30% of all revenue generated from apps sold through the store. The new 3G model grabbed
12.9% of the market in a matter of weeks.27
Apple refined the basic design of subsequent generations of the iPhone (making it thinner and
lighter) while enhancing the performance of the hardware (e.g., faster processors, 4G technology,
higher resolution cameras, and other features). By 2011 the iPhone was available from all major
carriers, and Apple surpassed Nokia as the largest handset mobile manufacturer in terms of
revenue. More strikingly, Apple dominated all other manufacturers in terms of profits captured;
according to some estimates, Apple took 73 cents of every dollar earned in the handset
manufacturing industry in Q1 2012.28 Court filings revealed that Apple enjoyed gross margins
from 49% to 58% of US iPhone sales.29
Despite the continued success of the iPhone the rise of Google s “ndroid OS presented a
significant challenge. In 2005 Google signaled its intention to enter the mobile space, acquiring
Android, Inc., a startup that was developing a smartphone OS based on Linux. Five months after
the first iPhone launched, the Open Handset Alliance (comprised at that time of Google, HTC,
Sony, Samsung, Sprint, T-Mobile, Qualcomm, and Texas Instruments) unveiled the Android
platform. The first smartphone-running Android the HTC Dream was released in October
2008. Google did not charge manufacturers a licensing fee for use of the Android platform, saving
them considerable development costs on the OS side as well as providing a strong incentive for
them to differentiate their products so that they would stand out above the crowd. A prime
example of such innovation was Samsung s Galaxy S line ”uilding on consumer demand for
large screens, Galaxy smartphones captured a significant share of the Android market and
offered a viable alternative to the premium (but small-screened) iPhone. By 2012, Samsung was
the only other phone manufacturer to make a profit in the industry; from 2011 to 2014, Samsung
surpassed Apple to claim the top position in global smartphone market share.
While Samsung attacked Apple on the high end of the market, Android posed a considerable
threat on the low end, particularly in developing markets. The onslaught of cheap Android
phones released in China and India allowed Google to gain a significant foothold in the fastest-
growing markets for smartphones. (See Exhibit 10: Global Market Share by Mobile OS and Exhibit
11: Most Popular OS by Country, October 2018.) Many analysts had predicted that Apple would
release a low-cost iPhone in response to these inexpensive competitors. However, the company
staunchly maintained a premium pricing strategy with its iPhone 5s and 5c releases, leading to
much criticism from technology pundits.30 Many wondered if history was repeating itself, with
the rise of cheap Android phones eroding the dominance of the iPhone just as the development
of inexpensive clones had led to the downfall of the Macintosh in the 1990s.
Responding to consumer demand for large screens, in October 2013 Apple released the iPhone 6
and the iPhone 6 Plus, putting the company squarely back in the top position of the global
smartphone market. The move neutralized the key advantage of high-end Android phones and
convinced many Android users to switch over to the iPhone ecosystem. Even in developing

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 countries such as China the iPhone s larger screen size and premium image allowed “pple to
beat strong local competitors such as Xiaomi and Huawei to claim the top spot in sales.
All told, Apple sold over 2.2 billion iPhones through November 2018.31 The iPhone revenue of
over billion was responsible for over of the company s total revenue in Q 32

Meanwhile “pple had paid app developers over billion since the iPhone s launch and the
App Store had surpassed 100 billion downloads.
IPAD
The follow-up product to the iPhone was the iPad, launched in April 2010. Apple had arguably
invented the tablet with the Newton in 1993, but that product had been ahead of its time and had
failed to gain traction in the market. After years of speculation, the iPad was announced; it
immediately captivated Apple fans and technology enthusiasts with its elegant design and
functionality. Within a month, Apple had sold a million iPads half the time it had taken Apple
to sell the same number of first-generation iPhones. Apple captured 75% of the tablet PC market
by the end of 2010, and iPad sales quickly surpassed Mac sales.
Sharing the iOS platform with the iPhone, the iPad had immediate access to a large number of
applications and to developers familiar with its development environment. Many believed that
the iPad had ushered in a post-PC era of computing, posing a significant threat to the Wintel
alliance that had dominated the industry for over 20 years. The iPad was also a great business for
Apple: while not at the level of the iPhone, the iPad still enjoyed remarkably high (23% 32%)
gross margins.
With consumer sales lagging, in 2014 Apple had announced a partnership with IBM to make
inroads into the corporate market.33 However, by 2015 the iPad seemed to be losing momentum.
Despite robust industry growth in the tablet category, Apple had seen five consecutive quarters
of sales decline, and its market share had dwindled to 28%.34 Longer upgrade cycles, competition
from cheaper Android tablets, and cannibalization from the larger iPhone 6 Plus all seemed to
hurt iPad sales. Nevertheless, by 2020, despite challenges in the tablet market from competitors,
such as Samsung, Microsoft, and Amazon, Apple reclaimed its status as global leader claiming
nearly 40% market share worldwide from a more diversified suite of tablet products, including
the iPad Air, iPad Mini, and iPad Pro.35

Apple Dips into Complements

With profits soaring to record levels quarter after quarter, Apple sought to continue its
dominance for the foreseeable future. The search for the next great product category, however,
was not a smooth process. Most notably, Apple had difficulty successfully launching services,
especially with Apple Maps and iCloud. Despite enjoying significant advantages due to “pple s
control over iOS, both Maps and iCloud failed to displace incumbent rival services Google Maps
and Dropbox. In the smart speaker category, HomePod failed to gain meaningful traction, with
sales trailing far behind Amazon Echo and Google Home: Amazon, Google, and Apple had 70%,
25%, and 6% of the market share, respectively.36

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 With the lessons learned from those uncharacteristic struggles with product launches, Apple
hoped to find the next next big thing to continue the momentum of the iPhone. Five products
in particular seemed to be central to “pple s strategy moving forward
APPLE WATCH
The “pple Watch was the first new product to be released by the company since Jobs s death
Announced in September 2014 and launched in April 2015, the product incorporated fitness and
health tracking into “pple s iOS to provide a small device that could be worn all the time It was
offered in three collections (i.e., Apple Watch Sport, Apple Watch, and Apple Watch Edition),
with prices ranging from $349 for the Watch Sport with a plastic wristband to $17,000 for the 18-
karat gold Watch Edition.
The early response to the “pple Watch was mixed Some felt that the product exhibited “pple s
attention to detail and elegant design but provided no more functionality than the smartphone.
A short battery life and a steep learning curve were also sources of early frustration. Most
critically, the company had difficulty convincing third-party developers to offer their apps on the
Apple Watch platform. As of July 2015, Facebook, Snapchat, and Google did not have an Apple
Watch app equivalent to their popular iPhone apps, and only five of the 20 most popular free
iPhone apps had Apple Watch versions available. As the New York Times reported in July 2015,
Apple was facing a catch- situation the companies whose apps would most likely prompt
more people to buy the device are waiting to see who is buying it and how they use it 37
Despite its initial critics, Apple Watch saw an increase in its sales, series after series. The first
Apple Watch had only the heart rate sensor to track steps; its later series included additional
health features such as medically regulated apps and a fall detection feature that alerted
emergency responders. Apple Watch Series 5 introduced an electrocardiogram function that
recorded irregularities in the wearer s heart rhythm Other functionalities such as waterproofing
and screen light, improved in later generations as well. By 2017, Apple Watch became the top-
selling watch globally, ahead of traditional watches such as Rolex.38 By 2019, Apple Watch had
over 37%39 and 55%40 of the smartwatch market share in North America and worldwide,
respectively. Nonetheless, there were strong contenders, especially in functionally focused
smartwatches: Fitbit, acquired by Google, was a leader in activity tracking, and Garmin
specialized in GPS technology for sports activities.
AIRPODS
In 2016 Apple unveiled the iPhone 7, the first iPhone to come without a headphone jack. As a
companion to the iPhone 7, Apple introduced AirPods wireless bluetooth headphones. AirPods
solved the two biggest drawbacks of existing bluetooth headphones: initial pairing and
connectivity. Most bluetooth headphones required a robust pairing process that involved
opening the bluetooth connectivity screen on the phone and pressing a button on the earbud that
had a few-seconds delay to connect “irPods used “pple s custom-designed W1 system-on-chip,
a proprietary technology41 that handled advanced power management and connectivity with iOS
devices. It allowed seamless connectivity and pairing. When the case was flipped open, AirPods
automatically connected to the iPhone, and no further action was required. If one earbud was
removed from the ear, both earbuds automatically paused the music. The AirPods were less

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 seamless when used with Android phones: users had to unlock the phone to pair the AirPods
with the device. AirPods were priced competitively at $159, less than most wireless headphones
in the market at the time and a departure from “pple s usual premium pricing strategy
Three years after launching the first AirPods, Apple unveiled AirPods Pro, an updated generation
featuring a noise cancellation function. AirPods and AirPods Pro dominated the global wireless
headphones market, taking an estimated 60% market share in the fourth quarter of 2018.42 Armed
with the success of “pple Watch and “irPods “pple s Wearables Home “ccessories category
surpassed Mac in revenue by early 2020.43
APPLE PAY
Apple Pay is a mobile payment system that lets users of Apple mobile devices make contactless
payments at point-of-sales terminals and complete other online transactions. Leveraging near
field communication (NFC) technologies, the application digitizes and stores credit card
information and securely communicates it to the merchant after users are validated via Touch ID
fingerprint authentication. With major credit card companies (e.g., Visa, MasterCard, American
Express), banks, and merchants (e.g., Whole Foods, Walgreens, McDonalds) on board, the
October 2014 launch of Apple Pay garnered positive press and was hailed as a step toward
solving the notoriously difficult problems surrounding mobile payments.44
Of course, Apple Pay was far from the first mobile payment system to appear in the market.
PayPal and Google had launched mobile wallets and payment systems with similar NFC
technology three to four years before Apple, and there had been wide adoption of mobile
payment systems in many Asian countries. However, there was limited public awareness of these
technologies, and they had clunky user interfaces; the door was therefore open for Apple with
its immense brand power and skill in design to set the standard for the mobile payment
industry. Apple also emphasized the security of its system as a key differentiator from prior
mobile payment services with “pple Pay s combination of multiple security technologies (e.g.,
encryption and tokenization) providing considerable protection against data breaches. The
(projected) lower fraud rates convinced banks and credit card issuers to share part (0.15% of every
transaction) of the interchange fee charged to merchants (typically 2% 3% per transaction) with
Apple. Existing mobile payment solutions failed to secure similar agreements. Apple also drew a
sharp contrast between its strategy and Google s promising customers that it would not track
usage patterns or share information with merchants.45
More than one million credit cards were registered with Apple Pay in the first three days that the
service was available. Apple Pay was accepted at only 3% of U.S. stores at its launch but at more
than by “pple Pay VP Jennifer ”ailey called it the world s most accepted contactless
payment technology 46 Apple Pay became the leader in mobile pay with 30 million users by 2019,
but it faced strong contenders, including Google (rebranding as Android Pay) and Samsung
(Samsung Pay), which offered technologically equivalent or superior payment systems. For
example, in early 2015 Samsung acquired LoopPay, a company that developed technology that
allowed merchants to use legacy credit card readers instead of the costly NFC terminals for

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 mobile payment. Additionally, the overall mobile pay usage adoption by domestic consumers
had been lagging as consumers saw little incentive to switch from credit cards.
Competition for wallet share looked to intensify as Apple established a partnership with
Goldman Sachs and Mastercard in 2019 to launch Apple Card, a credit card that integrates
seamlessly with Apple Pay. With Apple Card, the company promised the same security
standards for user privacy user transactions would not be shared with any third-party, unlike
other credit cards on the market.47
APPLE MUSIC
“pple s announcement of a new music service in June marked the company s return to the
domain that had revitalized it and set it on its path toward the iPhone and mobile computing.
Streaming services such as Pandora, Spotify, and Rdio had completely upended the traditional
music purchasing experience posing a serious threat to “pple s iTunes music download
business The driving force for “pple s billion acquisition of the headphone manufacturer
Beats in 2014 was widely viewed as acquisition of the Beats Radio music service rather than its
hardware. The acquisition was considered to be a precursor of “pple s foray into the streaming
side of the music business.48
Apple Music combined elements of a curated internet radio station, a streaming music service
(similar to Spotify), and a social network platform (called Connect), where artists could interact
with fans. While it was similar to other services in library size and cost ($9.99/month), it also
differed from them in various ways. First, Apple emphasized having human curators, including
celebrity DJs like Zane Lowe. Second, unlike Spotify, Apple did not offer a free ad-supported tier,
although it did offer a three-month free trial period for all users (Apple initially refused to
compensate artists during this trial period but reversed course after singer Taylor Swift issued an
open letter criticizing the company).49
Apple Music launched to mostly positive reviews, but some critics noted that the service was
confusing buggy and extremely frustrating to use. 50 Noted Apple blogger Jim Dalrymple
called “pple Music a nightmare after migrating to the service and losing 4,700 songs from his
iTunes library.51 Despite continued concerns about its difficult interface, by 2019 Apple Music
had become the biggest music streaming service in the United States, with 28 million paid
subscribers, surpassing Spotify and Pandora in the number of paid users.52 However, its
reputation lagged internationally and among customers who sought free-tier services.53 More
broadly, it was unclear whether Apple Music was differentiated enough from Spotify and
Pandora to convince users of those services to switch. Apple Music had made a defensive move
to stem the decline of iTunes music downloads by keeping legacy users within the Apple
ecosystem, but many had hoped that the service could revitalize and revolutionize the music-
listening experience, much as the iPod had done 15 years earlier.
APPLE TV+
Similar to Apple Music, Apple TV+ was a latecomer to its market. By 2019 the video streaming
services market had already been well established; services such as Netflix and Amazon Video
fueled the cutting the cord movement and held strong incumbent positions, reaching 75% and
44% of all the streaming households, respectively.54

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Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Apple's investment in the on-demand television streaming service mirrored the company's
growing ambition for services. Apple initially attempted to license longstanding shows from
movie and television studios, but the negotiations fell apart. Instead, Apple TV+ focused on
creating exclusive original content by partnering with high-profile celebrities and studios to build
its library. Apple entered a multi-year partnership with Oprah Winfrey to create a revival of
Oprah's Book Club and signed multi-series production with Sesame Workshop, the creators of
Sesame Street. Its direction seemed clear, and Apple TV+ launched in November 2019 with nine
original shows.55 In the 2019 annual shareholder meeting, Cook claimed, "[Apple TV+] is about
original programming It doesn t feel right for “pple to go out and take a rerun 56
By mid-2020, however, it was evident that Apple TV+ had to change its course. Its previously
planned productions had come to a halt with the COVID-19 pandemic.57 Apple returned to
negotiating with studios to license non-original shows and acquired exclusive rights to stream
movies that could not be theatrically released because of the pandemic.58

Social Issues
With the continuing success of its products and its record-breaking performance, Apple became
more than just a successful business; it attained cultural icon status. Because of the high brand
loyalty of “pple consumers the company s actions on important social and political issues were
closely watched. Jobs had not seemed particularly interested in such matters, and unlike his
former rival Bill Gates, he had not been a major philanthropist. Although it was initially unclear
whether Cook had a different attitude about the company s social responsibilities after 2011
Apple changed its social policies radically, improved its business practices, and began to take
public positions on important social issues effectively painting the “pple green 59
Having been responsible for the global integration of design, manufacturing, and marketing
and later, in his role as COO Cook had had the primary decision power over “pple s
outsourcing. When he came to Apple in 1998 as senior vice president for supply chain integration,
“pple s logistics were in poor shape with considerable redundancy, a substantial inventory, and
high costs. Cook shut down in-house manufacturing, moved outsourcing primarily to Asia, drove
down inventory which he called fundamentally evil and closed warehouses 60 However, in
2011 troubles in the supply chain run by contractors such as FoxConn became headline news in
the United States, following reports of suicides by overworked and underpaid workers. Cook
started a number of initiatives to improve the situation, including hiring a third-party NGO to
monitor “pple s supply chains and its suppliers factories In “pple hired former EPA
administrator Lisa Jackson as its vice president of environmental initiatives. Apple's Supplier
Code of Conduct laid out guidelines for supplier responsibility, including labor, health and
safety, and environmental codes, and prohibited working with suppliers that did not align with
Apple's values.61
Cook decided that Apple should be a leader in reducing the company s carbon emission
contribution to global warming. By 2014, all energy consumption at “pple s data centers was
derived from renewable sources; Apple owned the largest solar energy farm in the United States.

Apple Inc. in 2020: Vision and Strategy

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 In a famous interview, Cook signaled his commitment to addressing global warming by telling
shareholders who didn t believe in global warming to sell their “pple stock 62
“pple also made public commitments to diversity through its inclusion inspires innovation
campaign. Gender and ethnicity data about the company s workforce were posted on its
website.63 Contributing a column to Bloomberg Business, the famously reticent Cook was the first
CEO of a Fortune US corporation to declare publicly that he was proud to be gay 64 He
explained his reasons for the announcement:
I don t consider myself an activist but I realize how much I ve benefited from the
sacrifice of others. So if hearing that the CEO of Apple is gay can help someone
struggling to come to terms with who he or she is, or bring comfort to anyone who
feels alone or inspire people to insist on their equality then it s worth the trade-off
with my own privacy.65
Written while many states were challenging a Supreme Court ruling on gay rights Cook s
Bloomberg column was viewed as a demonstration of a more tolerant corporate culture in the
United States and elsewhere.
At the same time, Cook was an ardent believer in user privacy. At the White House Security
Summit, Cook gave a famous speech on his stance:
We still live in a world where all people are not treated equally. Too many people do
not feel free to practice their religion, or express their opinion, or love who they
choose a world in which that information can make the difference between life and
death People have entrusted us with their most personal information. We owe them
nothing less than the best protections that we can possibly provide by harnessing the
technology at our disposal. We must get this right.66
In 2015 and 2016 Apple received orders from US district courts and the FBI to unlock iPhones to
assist in criminal investigations. Apple objected and highlighted its case for privacy and
security.67 Apple's stance was a legacy from Jobs, who also strongly pushed for user privacy:
Privacy means people know what they re signing up for in plain English and repeatedly he
said at an AllThingsD conference.68 In August 2020, Apple propelled user privacy front-and-
center as part of its release of iOS 14, introducing a feature that allows iPhone users to disable
tracking across different apps.69 App developers, such as Facebook, argued that the feature would
limit the ability of app providers to generate revenue through targeted advertising, which takes
advantage of user tracking. According to an Apple spokesperson in article from The Information,
the company welcomes targeted advertising but it wants to give users the ability to opt in to
those types of ads “pple says it could ban any app that continues to track users against their
wishes 70
At the height of public concern for data security in 2017, Apple introduced a new general counsel
and SVP of legal and global security, Katherine Adams, who became the second female Senior
Vice President in “pple s leadership team.71 “dam s promotion followed shortly after Deirdre O
”rien s took on the role of “pple s SVP of Retail and People in July “dams and O ”rien
joined two other VP-level women on “pple s leadership team Lisa Jackson and Isabel Ge Mahe

Page 13 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 all of whom report directly to Cook.72 Despite the promotion of four women to its executive team,
Apple leaders acknowledged that there was still a long way to go on issues related to gender and
racial diversity. In a letter posted on the Apple website in July 2020, Cook wrote:
But we must do more. We commit to continuing our work to bring critical resources
and technology to underserved school systems. We commit to continuing to fight the
forces of environmental injustice like climate change which disproportionately
harm Black communities and other communities of color. We commit to looking
inward and pushing progress forward on inclusion and diversity, so that every great
idea can be heard.

The Future of Apple

By 2020 Apple had become the second largest firm in the world in market capitalization, behind
only the oil company Saudi Aramco.73 After 13 years, Cook had had sufficient time to prove his
own mettle as CEO. Still, there were many questions about the future of the company. What had
Apple learned from its past about how to renew its ongoing competitive advantage? What was
the best strategy for Cook and his team going forward?

Apple Inc. in 2020: Vision and Strategy

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Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibits
Exhibit 1
Apple’s Operating Results 1980–2018

Source: Compustat

Page 15 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 2
Relative Market Share for Personal Computer Operating Systems

Source: [Link] (last viewed on July 12, 2010).

Exhibit 3
Relative Price of Computers to GDP

Source: U.S. Department of Commerce

Apple Inc. in 2020: Vision and Strategy

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BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 4
Value Capture in the PC Industry

Source: Orit Gadiesh and James L. Gilbert, “Profit Pools: A Fresh Look at Strategy,” Harvard Business
Review, May–June 1998, p. 145.

Exhibit 5
iPod Market Share 2001–2006

2004: Launch of
iPod shuffle

2004: Launch of
iPod Mini

2003: Windows version

of iTunes released

Sources: Euromonitor and Apple Annual Reports

Page 17 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 6
Apple Sales by Product 1998–2007

Source: Apple Annual Reports

Apple Inc. in 2020: Vision and Strategy

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BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 7
U.S. Smartphone Shipments 2005–2007

Source: Needham, “An Investment Analysis by Needham & Company, LLC,” January 2008.

Page 19 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 8
Comparison of iPhone and Blackberry Bold Economics at AT&T

U.S. $ 3G iPhone BlackBerry Bold

Estimated ASP to carrier ~$650.00 ~$400.00

Estimated subsidy ~$450.00 ~$100.00

Retail price to consumer $199.00-$299.00 $299.00

Estimated monthly data consumption 200 MB 10 MB

Monthly data plan price $30.00 $30.00

Monthly vendor fee charged to carrier $0.00 $6.40

Net monthly data revenue $30.00 $23.60

Revenue per MB $0.15 $2.36

on a $79.99 voice plan for 1,350 on a $79.99 voice plan for 1,350
Typical voice plan revenue per minute minutes AT&T would generate $0.06 minutes AT&T would generate
per minute. $0.06 per minute.

10 MB of bandwidth would provide

200 MB of bandwidth would provide
enough network capacity for 171
enough network capacity for 3,413
minutes of voice calls. At $0.06 per
minutes of voice calls. At $0.06 per
minute a carrier could generate
minute a carrier could generate
$10.26 compared to the $30.00
Equivalent, in voice bandwidth terms $204.78 compared to the $30.00 from
from the BlackBerry Bold power-
the iPhone power-user. In other words,
user. In other words, the
the iPhone data plan delivers the
BlackBerry data plan delivers the
equivalent of $0.01 per minute of voice
equivalent of $0.18 per minute of
in revenue.
voice in revenue.

Sources: Company reports and Scotia Capital estimates

Apple Inc. in 2020: Vision and Strategy

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BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 9
Global Market Share by Mobile OS: 2009–2018

Sources: Strategy Analytics

Page 21 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 10
Non-iPhone Product Revenue, 2015–2018

Source: Statista

Apple Inc. in 2020: Vision and Strategy

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BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Exhibit 11
Apple Pay Users, December 2014–June 2018

Source: LoupVentures

Page 23 | Apple Inc. in 2020: Vision and Strategy

BY BRUCE KOGUT* AND JERRY KIM†

Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 Endnotes

1 Kit Eaton Tim Cook “pple CEO “uburn University Commencement Speech Fast
Company, August 26, 2011, [Link]
university-commencement-speech-2010.
2 Kevin O Marah Is Tim Cook a ”etter CEO Than Steve Jobs Forbes, March 25, 2015,
[Link]
3 Jessica E. Vascellaro Steve Jobs s Family Gave Moving Words at Sunday Funeral Wall Street
Journal, October 17, 2011, [Link]
gave-moving-words-at-sunday-memorial/.
4 Craig Zarley I”M “llows Channel to Perform Final “ssembly on PCs Computer Reseller
News May Richard N Langlois External Economies and Economic Progress The
Case of the Microcomputer Industry Business History Review 66, no. 1 (Spring 1992): 23,
[Link]
5 Langlois External Economics
6 Irene Fuerst “pple s New Push Datamation, March 15, 1985, 42.
7 Martin Campbell-Kelly Not Only Microsoft The Maturing of the Personal Computer
Software Industry, 1982 Business History Review 75, no. 1 (Spring 2001): 110,
[Link]
8 Robin Mitchell Tales from s Tech How Compaq s Clone Computers Skited I”M s Patents
and Gave Rise to EIS“ All About Circuits, August 14, 2017,
[Link]
and-gave-rise-to-eisa/.
9 Langlois External Economics
10 Langlois External Economics
11 Daniel S. Morrow Steve Jobs Oral History Computerworld Honors Program Online
Archives, April 20, 1995,
[Link]
pdf.
12 Susan Silvius iMac vs Pentium No Points for Good Looks PC World, November 2, 1998,
[Link]
[Link]/.
13 Charles Wolf “pple Inc ““PL ”uy Needham and Company Analyst Report, January 3,
2008, 6.
14 Wolf “pple Inc
15 How to ”rowse and ”uy Music and ”ooks from the iTunes Store Apple Inc., May 13, 2008,
[Link]
16 James Coates iPod ”lazes New Trail on Macs San Antonio Express-News, December 2, 2001.
17 May Wong Tectonic Change in Music Industry “pple s Online Music Coup Ignites a
”udding Industry CBS News, May 12, 2003, [Link]
in-music-industry/.

Apple Inc. in 2020: Vision and Strategy

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Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 18 Scott Morris “pple Pips Rivals in Online Music Financial Times, June 26, 2003.
19 Morris “pple Pips Rivals
20 “pple to Sell Music Online at Cents U S per Song Toronto Star, April 29, 2003 and
[Link]
21 Chris Taylor Steve Jobs Dirty Little Secret Mashable, October 23, 2013,
[Link]
22 John ”orland Music Moguls Trumped by Steve Jobs CNET News, April 15, 2005,
[Link]
23 Wolf “pple Inc
24 Darrell Etherington Charting the iTunes Store s Path to ”illion Songs Sold ”illion
“pps Downloaded and ”eyond TechCrunch, February 6, 2013,
[Link]
billion-apps-downloaded-and-beyond/.
25 Wolf “pple Inc
26 Wolf, “pple Inc

27 Gus Papageorgiou “pple Inc iPod iMac iPhone I Hold at This Price Scotia Capital Equity
Research Company Report, March 30, 2009, 16.
28 Daniel Cooper Visualized “pple and Samsung Occupy the Percent of Phone Profits
Engadget, May 4, 2012, [Link]
profits/ and [Link]
29 Don Reisinger “pple s iPhone Margins Hit Percent Nearly Double iPad s CNET, July
27, 2012, [Link]
ipads/.
30 Leo Mirini “pple s “dmitting the Cheap iPhone c Failed by ”ringing ”ack the iPhone
Quartz, February 5, 2014, [Link]
bringing-back-the-iphone-4/.
31 Malcom Owen How “pple Has Hit ”illion iOS Devices Sold and When It Will Hit
”illion iPhones “ppleInsider, [Link]
billion-ios-devices-sold-and-when-it-will-hit-2-billion-iphones.
32 “pple Quarterly Report Q [Link]
reports-record-first-quarter-
results/#:~:text=Cupertino%2C%20California%20%E2%80%94%20January%2028%2C,quarter%2
0ended%20December%2028%2C%202019.&text=%E2%80%9COur%20very%20strong%20busine
ss%20performance,said%20Luca%20Maestri%2C%20Apple's%20CFO.
33 “pple and I”M Forge Global Partnership to Transform Enterprise Mobility “pple Inc July
15, 2014, [Link]
[Link].
34 ”en Fox Rubin Tablet Sales Expected to Grow but Just ”arely in CNET, March 12,
2015, [Link]
35 Canalys Worldwide Tablet PC market Q “ugust
[Link]

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Authorized for use only in Strategy Formulation by Jerry Kim from August 2022 to December 2022.
 36Greg Sterling “lexa Devices Maintain Market Share in U S “ccording to Survey
Marketing Land, August 9, 2019, [Link]
share-in-u-s-according-to-survey-265180.
37 ”rian X Chen and Vindu Goel “pple Waits “s “pp Developers Study Who s ”uying Its
Watch The New York Times, July 19, 2015,
[Link]
[Link].
38 Lora Kolodny The “pple Watch Is Now the Number One Watch in the World CN”C,
September 12, 2017, [Link]
[Link].
39 Canalys North “merican Wearables Market Hits US ”illion in Q Canalys
August 15, 2019, [Link]
40 Strategy “nalytics Global Smartwatch Shipments Grow Percent to Million in Q
Strategy Analytics, May 6, 2020, [Link]
details/2020/Strategy-Analytics-Global-Smartwatch-Shipments-Grow-20-Percent-to-14-Million-
in-Q1-2020/[Link].
41 Sharon Profis “pple s W ”luetooth Chip Explained CNET February
[Link]
42Raymond Wong “pple s “irPods are the best-selling wireless earbuds globally Mashable,
April 1, 2019, [Link]
share/.
43 SEC Filings “pple Inc [Link]
44 Molly Wood “pple Pay Seamless in Stores but Quirky Online The New York Times,
October 21, 2014, [Link]
[Link].
45 Madhvi Mavadiya Why Is “pple Trusted More Than Google Forbes, November 29, 2019,
[Link]
google/#780a066c7087.
46 Nick Salerni “pple VP Jennifer ”ailey “pple Pay is “ccepted at out of US Stores
iPhone in Canada, January 31, 2018, [Link]
bailey-apple-pay-is-accepted-at-1-out-of-2-us-stores/.
47 Nicole Dieker Guide to “pple Card ”ankrate July
[Link]
48 ”rian Solomon It s Official “pple “dds Dr Dre With ”illion ”eats Deal Forbes, May 28,
2014, [Link]
with-official-3-billion-beats-deal/#2adec5bf4397.
49 “pple Music Changes Policy “fter Taylor Swift Stand BBC News, June 22, 2015,
[Link]
50 “lex Heath “pple Music Is Full of ”ugs Business Insider, July 8, 2015,
[Link]
51 Jim Dalrymple “pple Music is a Nightmare and I m Done with It Loop, July 22, 2015,
[Link]
Apple Inc. in 2020: Vision and Strategy
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 52 Kenneth Li and Stephen Nellis “pple Music s U S Subscriber Count Overtakes Spotify:
Source Reuters “pril [Link]
musics-u-s-subscriber-count-overtakes-spotify-source-idUSKCN1RH246?.
53Hugh McIntyre The Top Streaming Music Services ”y Number Of Users Forbes, May 25,
2018, [Link]
services-by-number-of-users/#6b6ef8075178.
54 Felix Richter ”ig Dominate TV-Based Video Streaming in the U.S Statista July
[Link]
55Joan E Solsman “pple TV Plus Everything to Know “bout “pple s Take on Streaming
CNET, July 10, 2020, [Link]
cost-price-shows-movies-how-to-greyhound-little-voice/.
56 Kif Leswing Cook Says “pple TV Is Focused on Original Programming Not Reruns Like
the Friends Reunion CN”C February [Link]
[Link].
57Lesley Goldberg Coronavirus Impact Netflix Shuts Down Film TV Work in U S and
Canada as Production Nears Standstill Hollywood Reporter, March 12, 2020,
[Link]
1284398.
58Lucas Shaw and Mark Gurman “pple ”uys Older Shows for TV Stepping Up Netflix
Challenge Bloomberg, May 19, 2020, [Link]
19/apple-buys-older-shows-for-tv-stepping-up-netflix-challenge.
59 ”ruge Kogut and Jerry Kim Tim Cook s Leadership Opportunity Painting the “pple
Green Wired, March 7, 2012, [Link]
60 Ian Fineman, Tim Cook The Core of Apple s Problem (Electronic Tech Press, 2013).

61 “pple Supplier Code of Conduct “pple Inc January

[Link]
[Link].
62 Jessica Shankelman Tim Cook Tells Climate Change Sceptics to Ditch “pple Shares
Guardian, March 3, 2014, [Link]
climate-change-sceptics-ditch-apple-shares.
63 Diversity “pple Inc [Link]
64 Timothy Donald Cook Tim Cook Speaks Up Bloomberg, October 30, 2014,
[Link]
65 Cook Tim Cook Speaks Up
66 Caroline Moss “pple CEO Tim Cook Delivers a Fantastic Touching Speech about Why
Online Privacy Matters Business Insider, February 14, 2015,
[Link] and
[Link]
cybersecurity/[Link].
67 “ Message to Our Customers “pple Inc February
[Link]
68 Steve Jobs on Privacy Steve Jobs at the D Conference YouTube video posted by
iwasjojo June [Link]
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 69 Kate O Flaherty iOS “ Security and Privacy Game-Changer For “ll iPhone Users Forbes,
August 8, 2020, [Link]
privacy-game-changer-for-all-iphone-users/#2676bd8542af.
70 Tom Dotan and “lex Health Facebook Gaming Firms ”race for “pple s Restrictions on “d
Targeting The Information, August 11, 2020,
[Link]
on-ad-targeting.
71 Katherine “dams Joins “pple as General Counsel and SVP “pple Inc October 6, 2017,
[Link]
and-svp/.
72 [Link] accessed August 12, 2020.

73 [Link]

[Link] PWC Global Top 100 companies June 2020.

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