The identified competitor of Banana Technology is Apple Inc. Apple was founded in 1976 by Steve Jobs and Steve Wozniak. The vision of Apple was and remains to produce the best computing experience through innovative products (Apple, 2015). Through the 1980's Apple did well but its peak profits were posted in 1990 with the introduction of several extremely innovative products (Richardson, 2008). Apple also focuses on their marketing strategy to attract consumers, in the second quarter of 2010, Apple spent $51.9 million on the iPad brand alone (Apple, 2015). .
Apple's continued innovate progression proves they can be considered a top competitor of Banana Technologies. Apple's evolution includes the development of such key products such as Apple I, II, the Macintosh, iPad, iMac, and iPhone products. Apple has developed into a corporation with a present market capitalization of $640 billion (Apple, 2015). The innovating factors of Apple have had an impact on how Banana Technologies strives in staying ahead of competitors, although it is not the only factor that has to be considered when completing market research and competitive analysis. .
Market Factors.
There are many factors that affect demand, supply, and equilibrium prices in the market in which Banana technologies, as well as the competitors in the same market. One of the biggest factors is the competitors, such as Apple to bring new innovative products to the market. Apple has launched several successful new iPhones to the market over the last decade. In 2014, the introduction of the iPhone 6 and 6 Plus launched consumers into overdrive to get their hands on the new products. With the demand at an all-time high, Apple found themselves scrambling to deliver the supply demanded. As of November of 2014, only 58 percent of iPhone 6 and 6 Plus models were in stock at retail stores nationwide. Thus, two months after the product launch, 42 percent were still unavailable for public sale.