With the publication of global brand consultancy, Interbrand’s Best Global Brands 2013 report, Apple has overtaken Coca-Cola’s 13-year long reign as #1 global brand. Interbrand, bases its rankings on analyses of financial performances, role of brand in purchasing behavior, and brand strength. Since Apple’s debut of #36 in 2000, Apple’s brand value has increased nearly 15 times the amount of its initial value to USD $98.3 billion. The demand for Apple products is on the rise as the company continues to incorporate high performance and sleek designs into their devices.
Unlike smartphone counterpart, Blackberry, Apple has been able to accurately forecast trends and consumer needs. In the case of the recently released iPhone 5S and iPhone 5C, a record breaking 9 million units were sold during the first weekend. Apple has responded to market demands of cheaper phones by offering the 5C at a lower price, while upholding the brand’s point of difference in luxury with the 5S.
Despite the Foxconn criticisms, patent trials, and the guilty verdict of e-book price fixing, Apple’s brand strength remains strong as proven by the increase of USD $21.748 billion in brand value. However, Apple should evaluate where they stand in the market in comparison to their competitors using Porter’s five forces.