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Issue link: https://digital.macdirectory.com/i/1134553
years while attracting hundreds of imitators at lower price points, and has loyalty and satisfaction which results in more than 90% re-purchase rates. Cyclicality is driven by seasonality and product lifespans, not competition. This common misconception of Apple is why it continues to be valued at a deep discount to not only peer companies who are services oriented (Google, Facebook, Microsoft and Amazon) but also at a discount to the overall market (the S&P 500). Apple, since its inception, has always been oriented around its customers, not its products. The questions asked by management are "what can the company do to deliver experiences and satisfaction" rather than "what products can the company build". Every company is bound by its capabilities but the best companies re-shape these bounds because they are defined by priorities. A priorities-driven company habitually re-designs its processes and its resources. A resources- or process- driven company re-designs its priorities as its capabilities change. Moving as it does between computers, devices, software, services, retail, logistics and manufacturing means that it's not classifiable as an "x" company where "x" is an industry sector. Rather, the company should be classified by the set of problems it seeks to solve (e.g. communications, community, productivity, creativity, wellbeing). This disconnect between what people think Apple sells and what Apple builds is as perplexing as the cognitive