QNT 561_Week 6_A Decision of Uncertainty
A Decision of Uncertainty
QNT 561
October 9, 2013
Abstract
The following paper discusses Apple Inc. and the newly released iPhone 5c. We will discuss and analyze a consumer survey focused on Apple’s dilemma to be more inclusive about their brand by offering the lower costing iPhone 5c. Through this survey we will analyze whether the data reveals differences in consumer beliefs about Apple through contingency tables and calculate probabilities. We will discuss probability concepts and apply them to our survey data. Accuracy and uncertainly will also be discussed. Finally, we will make a recommendation as to whether or not the iPhone 5c was a good idea for Apple and a smart decision for the brand.
A Decision of Uncertainty
Apple has done an excellent job keeping the suspense levels high for consumers by releasing one Apple product yearly. Anticipation grows each year several months before the actual release date and consumers pre-order and wait in line for days to be the first to get the latest and greatest Apple gadget before everyone else. The iPhone 5 was easily the highest anticipated and sought after Apple gadget to come on the market. Five million units were sold in its very first weekend on the market. So many were sold that the supply could not meet the demand and people were placed on a waiting list before it was actually released.
The high cost of the iPhone 5 has brought it to “rock star” status for many in the Smartphone world and considered a sign of wealth although consumers typically do not pay cash, sign a contract, and basically pay with credit. Other factors contributing to demand is perceived quality of Apple products and the availability and price of competing products. This September a new gadget was released though it was not completely new. Apple released the iPhone 5c. The phone boasts a few fun changes, most notably a choice of colors that were previously unavailable and a
QNT 561
October 9, 2013
Abstract
The following paper discusses Apple Inc. and the newly released iPhone 5c. We will discuss and analyze a consumer survey focused on Apple’s dilemma to be more inclusive about their brand by offering the lower costing iPhone 5c. Through this survey we will analyze whether the data reveals differences in consumer beliefs about Apple through contingency tables and calculate probabilities. We will discuss probability concepts and apply them to our survey data. Accuracy and uncertainly will also be discussed. Finally, we will make a recommendation as to whether or not the iPhone 5c was a good idea for Apple and a smart decision for the brand.
A Decision of Uncertainty
Apple has done an excellent job keeping the suspense levels high for consumers by releasing one Apple product yearly. Anticipation grows each year several months before the actual release date and consumers pre-order and wait in line for days to be the first to get the latest and greatest Apple gadget before everyone else. The iPhone 5 was easily the highest anticipated and sought after Apple gadget to come on the market. Five million units were sold in its very first weekend on the market. So many were sold that the supply could not meet the demand and people were placed on a waiting list before it was actually released.
The high cost of the iPhone 5 has brought it to “rock star” status for many in the Smartphone world and considered a sign of wealth although consumers typically do not pay cash, sign a contract, and basically pay with credit. Other factors contributing to demand is perceived quality of Apple products and the availability and price of competing products. This September a new gadget was released though it was not completely new. Apple released the iPhone 5c. The phone boasts a few fun changes, most notably a choice of colors that were previously unavailable and a
References: Cooper, D. R., & Schindler, P. S. (2011). Business Research Methods (11th ed.). : Mc-Graw Hill Company. Uncertainty. (2013). Retrieved from http://www.businessdictionary.com/definition/uncertainty.html Appendix