Jan 28 2009

Product differentiation in imperfectly competitive markets – the MacBook Wheel

In  IB Economics, we are currently learning about how firms in imperfectly competitive markets differentiate their products in order to increase their market power and their price-making power.

In a market with a few large firms such as the laptop computer market, companies must do what they can to increase demand for their own products over those of their competitors. Apple Computer is an example of a company that has successfully differentiated its line of laptop computers in recent years, regularly improving the features of its line of MacBooks to attract consumers away from its competitors and into the world of Macs.

Last year Apple launched the MacBook Air, the lightest and thinnest laptop on the market, creating a huge buzz in the technology world and converting millions to Apple’s line of laptops. This year, Apple has launched yet another innovation in laptop computing, in the hope of once again increasing demand for its products, and making consumers think they cannot live without the sleek, shiny Apple computers. This year’s innovation? The “MacBook Wheel”… watch:

Apple Introduces Revolutionary New Laptop With No Keyboard

The goal of an imperfectly competitive firm like Apple is to increase its market power by increasing demand for its particular product through product differentiation, advertising, developing brand loyalty, and “hype”: all forms of non-price competition. If Apple were to simply charge a lower price than its competitors for its products, it would also succeed in increasing the amount of computers it sells to consumers, but may also end up accepting lower profits due to the lower prices it must sell for.

Through differentiation, which means making its products unique and attractive to consumers, Apple attempts to increase market demand for its computers, while simultaneously making demand less elastic. With higher, more inelastic demand, Apple gains price-making power over the laptop computer market, as can be seen in the graphs below, which show that after the successful launch of a new product like the MacBook wheel Apple is able to charge a higher price, produce a similar quantity, and earn greater economic profits.

In the video, one customer says that he’d buy “buy almost anything if it’s shiny and its made by Apple”. Such statements reflect that among loyal customers, demand for Apple’s products is highly inelastic. While the firm is certainly not a monopolist in the market for laptop computers, Apple has surely succeeded to increase its market power and thus its power over prices through product differentiation, brand loyalty, and the “hype” surrounding the launch of new products like the MacBook Wheel.

Discussion questions:

  1. In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?
  2. Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?
  3. What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?

About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

258 responses so far

258 Responses to “Product differentiation in imperfectly competitive markets – the MacBook Wheel”

  1. jaimejaime8on 26 Feb 2013 at 8:57 pm

    # nikolay@pamoja

    I especially agree with you in the fact that most Apple users find it hard to change to any other firm due to the high difference in software (Commands, Porgrams, Browsers, Applications, etc) and also the other way around. In fact due to this I think that in the second question, the answer is merely theory as in the case of Apple no other firms can really have an opportunity to make a change by entering the industry. I do think though ( And hope) that in a very long time this will come to an equilibrium but I think it’ll be mostly due to copying the other firms and only thanks to the firms which are already large.

  2. bdesslegnon 26 Feb 2013 at 9:00 pm

    In the graphs above, the slope of the demand curve increases after a successful product differentiation by Apple. Why does this happen?
    – This happens because apple has taken the demand for products away from other firms and has increased its demand. This happens through product differentiation, apple basically has something that others don’t in their products. Because of this consumers will be attracted to apple products, thus increasing the demand for the products.
    Assuming the market for laptop computers in monopolistically competitive, what will likely happen to economic profits over time? What must apple do in order to maintain its profits over the long-run?
    – If time is considered, in the long-run apple should attain normal profits. If there are no barriers to entry and exit to the industry, i.e. no barriers as such of patents and other innovation ideas, then other firms should be able to produce similar features as apple does and even surpass apple’s technological advancements in their products, which will force apple to have normal profits at the end.
    – In order for apple to maintain its profits, it should consistently provide quality goods and work very intently in keeping its products unique, to establish brand loyalty.
    What are some real ways companies like apple and its competitors have attempted to differentiate their products over the years? Would you buy a mac-book wheel if it were real?
    – Attempts at differentiating products over the years include: lighter, faster, slicker, and big-memory space and ram space in laptops. Providing consumers with the tools to customize their own laptop experience is also another attempt.
    – I will not buy a mac-wheel, I don’t like apple products in the first place.

  3. bdesslegnon 26 Feb 2013 at 9:12 pm

    # Amadou Barrow

    We are talking about efficiency, and learning to type in a whole new way takes time. And this typing system, the one that we are using now, is integrated in almost all the products available. So I mean, we can’t shift to a whole new typing system.

  4. alessiaayoubon 26 Feb 2013 at 10:04 pm

    1. In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen??
    Since product differentiation is usually aesthetic facet [(examples would be colour, size, brand name and quality) not change in price basically], by differentiating their product through design aesthetics, they are able to dictate the price (making them ridiculously high), and gain a degree of uniqueness that grants them limited inelasticity.
    Product differentiation is the change in a product that is not reflected, necessarily, in price. It is usually in an aesthetic facet, such as color, size, brand name, quality of the materials/service, etc. The MacBook wheel is a humorous parody of some of the innovative product differentiations that Apple has made, primarily with the click wheel of their seminal MP3 player, the iPod. By differentiating their product through design aesthetics, they are able to dictate the price (making them ridiculously high), and gain a degree of uniqueness that grants them limited inelasticity. This inelasticity increases their slope for their demand curve, which, in turn, makes it steeper than it previously was.
    2. Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run??
    Apple’s economic profits will eventually end up becoming normal profits. As firms are very much enamored with the idea of entering a market that has great potential for economic profit, especially in a highly profitable industry like the computer industry, it is theoretically inevitable that competitors will creep their way into the market. This will create competition to the point where there are many competitors attempting to win on the economic profits that are up for grabs. Hence, to combat this, Apple must use its product differentiation to stay a few steps ahead of its competitors, as it will make their products that much more inelastic. By keeping their products inelastic, the customer base that they have established will not find any sort of alternative that is quite up to the standards that they have set. Hence, they will continue to earn their economic profits.

    3. What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real??
    Personally I don’t think I would buy the MacBook wheel even though I am a fan of apple. Normally apple products make your life easier but as mentioned it “only takes about 45 minutes to write an email”. It would complicate my life for no reason. I am all for apple product because for the most part they revolutionized different electronic markets, especially MP3 (with the iPod by adding the click wheel to enable easier and quicker usage) and the Phone (iPhone by removing the keypad) markets. By removing the keypad they introduced the touch screen and the app store! Which is constant income as well as how they constantly modify and make their products “better”(examples would be better camera’s and better battery life).
    They had an idea that no one else thought of, which did simplify people’s lives. The wheel (I think) is not useful granted (I believe!) that apple does not spare any expense in order to use some of the finest material available. Which also accounts to their high prices. I don’t think the price would be a factor for other apple customers (although it would be for me because I wouldn’t spend that much money for something that isn’t useful) because the Macbook Wheel would cost the same as a Macbook Air.

  5. alessiaayoubon 26 Feb 2013 at 10:26 pm

    # bdesslegn
    Why do you no like apple products? Because of the price? Or esthetics? What is it that makes you not like them? Just curious..

  6. dtumanavarroon 26 Feb 2013 at 10:52 pm

    Hey # stak,
    I agreed with the bulk of what you said, (everything from the reasoning for why the demand curves increased, to how apple tries to differentiate it’s products). One question that I did think could have had more detail or ideas was number 2, “What must Apple do if it wishes to maintain its profits in the long-run”. I think that there are many different ways apple can keep its consumers, from new ideas to new products to new software. I also believe that a firm tends to use a lot of advertisement, especially when their demand starts to decrease because they are worried of any further decreasing, so naturally apple would as well as new competitors enter the market. Thanks!

  7. Csabaon 27 Feb 2013 at 7:42 pm

    1) Through succssesful product differentiation the demand for apple products increases, which causes it to become inelastic. Apple has achived this because of its loyality to their consumers as shown in the example above. Through this inelasticity in the demand the slope increases.

    2)Apple has to keep up with the varitey and production of new products. But also they have to maintain their profits where they reach equilibrium, to keep the demand at a certain level where it is enough to survive in the competetive market.

    3)They would have to keep up their service for example increase the years of the guarantee. They also have to grow with the technology and always be on track or even further.
    I would not buy an apple wheel because it makes life harder, For this text i would probably take quintuple of the time I am taking right now. Therefore i dont think that i would buy that product. I seems useless.

  8. Csabaon 27 Feb 2013 at 7:56 pm

    @ jaimejaime8

    How can you tell wether apple has over-raised prices. Dont you think that this is relative?
    I think it is relative because it depends on the amount of money a person earns. For a person that earns 50.000€ every month this would porbably be cheap, if you compare The iPad to the thoshiba handybook it is expensive.
    Have you ever had an MacBook? If not how can you make these assumptions?
    I think you´re reaching a limit where you are suppressing apple user.

  9. hkimon 28 Feb 2013 at 1:50 pm

    1. In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?
    This happens because apple developed a product that would be different from other products. So the consumers thought it was more smarter to use the money on the new Apple laptop rather than use the money on some other laptop in the market. Because it was new, the consumers thought that there would be something that has been done to the laptop to make it have better functions.

    2. Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?
    Apple’s profits will eventually even out in the long run (makes normal profit) because after seeing Apple make abnormal profit, they will get the confidence that they will be able to make abnormal profit if they enter the industry so entrepreneurs enter the industry shifting the demand curve to the left. Then it will be more difficult for the firms to make much profit. This will lead to some firms leaving until it balances out with the AC curve just touching the Demand curve at one point. The firms will make normal profit.

    3. What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?
    Some real ways that companies like Apple and its competitors have attempted to differentiate their products over the years is by creating different versions or upgrading versions of everything. For example, samsung (phone part) started off with a Samsung galaxy (or something like that) to a Samsung Y to a Samsung Galaxy Ace –> Samsung Galaxy SII –> Samsung Galaxy Note –> Samsung Galaxy SIII –> Samsung Galaxy Note II and making improvements on the products so more consumers will be attracted to it.

  10. Btunceron 01 Mar 2013 at 12:31 am

    1.In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?

    This happens because of the successful product differentiation. When Apple is successful at differentiating their product from the competitors, it basically holds a monopoly on that product since if consumer likes it, Apple is the only company he or she can purchase from. This allows Apple to increase prices since they have no competition on that product.

    2.Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?

    Apple’s profits will decrease over time because other manufacturers will start making similar products; therefore, their product differentiation will be gone. iPhone is the perfect example of this. When the iPhone first came out, there was no other phone like it thus their prices were high. Currently, since there are a lot of other companies making similar products (Motorola, Samsung etc.) they have to reduce prices to compete. Apple has to keep innovating new products to keep the product differentiation and thus higher prices (higher profits).

    3.What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?

    The Macs are a perfect example of this. Macs unlike normal Windows computers always went for aesthetic appeal. When you look at a MacBook you can see that it looks nothing like a traditional Windows computer (The outside is very curvy and made out of grey metal etc.). The operating system is very different as well. The Mac OS again looks much better than a Windows OS aesthetically. If the consumer wants to get a computer with Mac OS, then they have to buy it from Apple because it is the only supplier whereas a Windows computer can be bought from various different companies like Samsung and Lenovo.
    I wouldn’t buy a MacBook wheel because I do not feel the need for it. Also, its price would be very expensive which can also be a decision factor for some people.

  11. Btunceron 01 Mar 2013 at 1:11 am

    #hkim

    Hi there,

    I enjoyed reading your answer. I liked how you mentioned that companies not just put out new products to keep the product differentiation but they also improve and change things here and there on the existing products as well. I also like your Samsung example.

  12. jduplessison 01 Mar 2013 at 4:45 pm

    • In the Apple demand curve graphs found in the blog posting, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?
    The increase in the demand of apple’s computers is because this a completely new item entering an existing market. The device has something that sets it apart from the others. Apple uses product differentiation to achieve this.

    • Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?
    I believe that if apple wants to maintain long-run profits they must keep innovating and moving forward rather than just slightly improving technology they already have.
    • What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buy a MacBook Wheel if it were real?
    I would not but a MacBook Wheel.

  13. jduplessison 01 Mar 2013 at 5:16 pm

    # Btuncer I believe that it is not a new market but an existing market with a new product.

  14. jduplessison 01 Mar 2013 at 5:18 pm

    # Csaba I agree with your view on the Wheel.

  15. jlamunoon 01 Mar 2013 at 8:37 pm

    1.- In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?

    Because once differentiation occurred, Apple stopped being a direct competitor to the PC market by starting its own “product”. Now instead of just Apple PC vs Microsoft PC it becomes Mac and PC.

    2.- Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?

    They will go down. If it is monopolistically competitive then profits in the long run will be very close to zero. If it wishes to maintain profit in the long run then they must continue innovating and setting themselves apart from the computer market to justify the higher prices.

    3.- What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?

    Curious design, different software, and the use of the product. I would not buy a MacBook Wheel, never been a fan of Apple products.

  16. jlamunoon 01 Mar 2013 at 8:39 pm

    # jduplessis

    Good points. Specifically your point on Apple’s need to keep on innovating vs improving, they really need to set themselves apart in order to justify the much higher prices they charge for Macs.

  17. irizarryon 01 Mar 2013 at 8:59 pm

    1.In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?
    2.Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?
    3.What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?

    People see value and the coolness of Apples product, so they think that its much better than the other products in the industry. People want the coolest product for themsleves in order to show they have a Apple product.

    Apples profits will go down to normal profits over time. If it wants to stay the same it will have to keep its loyal cusomers in check with new and innovated prosucts that keep them coming back for more.

    Apple relies on the “simple¨ brand look image. Sleek items along with good customer service is what/why consumers will buy products from companies that give that good customer service.

  18. irizarryon 01 Mar 2013 at 9:24 pm

    #Jlamuno
    I like your points you made on your comments! The ways Apple desgin and innovate there products are special in there own way! (Although they could turn the prices down!

  19. fsetiawanon 02 Mar 2013 at 11:23 pm

    • In the Apple demand curve graphs found in the blog posting, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?

    Because apple usually is depicted as a noble product, and people are starting to think that there’s no way of replacing their needs for computer with other product. Plus with apple people don’t get viruses. That’s sounds like a good deal to me. So most people will switch to apple or keep on buying apple. So the demand curve will stay high or increasing.

    • Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long run?

    To keep it self being seen as a noble product and reason on why do we buy apple rather than other products that are available on the market.

    • What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buy a MacBook Wheel if it were real?

    The do it by selling the current available technology. Sure the price of putting that advance technology will cost a lot. But there are people who would like to have it on their screen. Then apple put it into their product but the price of that will not be cheap as well. That’s why apple is more expensive than other products I guess. But if this was true than I will still going to buy apple computer.

  20. fsetiawanon 02 Mar 2013 at 11:26 pm

    Hey Irizarry, i dont think being cool is one of the reason. Like forexample the apple product its newest MacBookPro with the retina display. How many company releases a computer with retina display.

  21. Jazzyon 13 Mar 2013 at 10:36 am

    In the graphs above, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?

    Apple has created a name amongt the people, a brand loyalty. If you have an Apple computer you are very classy and “cool.” Though, Apple has created such differientated computers in contrast to HP, Dell etc etc. Another thing is that people trust Apple. Apple computers dont get viruses, it is a fast operating system and above all the Apple computers design is beautiful. As they keep pulling more and more people into their line of computers, their demand raises and keeps raising with the more differentiated products they produce.

    Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long-run?

    Eventually, Apple’s abornormal profits will go down to normal profits. Unless, Apple keeps coming with new ideas and computers which keep impressing the customers they have at the moment. They need to prove to the consumers that why the consumers should keep purchasing their products. If they dont do that, the consumers will no longer buy Apple products because they wont see any difference between Apple products and another computer brands products, only that other computers are cheaper than the Apple products.

    What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buys a MacBook Wheel if it were real?

    The look, the operating system, the use of easier ways to get to files and other programs in the macbook. Another thing is Mac OS is only supplied by Apple. You cannot get this software from any other company. Whereas, Microsoft has many suppliers such as Dell, Lenova etc etc. I would personally not buy the Macbook Wheel, even though I only have Apple products. This is because I think I would get over the top annoyed how much time and effort it would take me writing an essay or doing an assignment on a computer such as that.

  22. Jazzyon 13 Mar 2013 at 10:42 am

    # irizarry

    Hey, I would just like to say that I do not think that consumers buy Apple products only because they think that they are “cool.” That might be one of the aspects why the consumers buy it but there are other things that come into contrast when a consumer picks a Apple products. Also, I do not think that Apple needs to keep their customer service high, they need to keep it at an okay level but if they need to keep their demand and costumers than they need to keep creating innovating ideas for their computers.

  23. mchastanet2on 28 Mar 2013 at 10:17 am

    • In the Apple demand curve graphs found in the blog posting, the slopes of the demand curve increases after successful product differentiation by Apple. Why does this happen?

    Because there are not many other substitutes to Apples product and any good enough to compete with it. Apple products are very revolutionary and different from other products that it is the one that people are most attracted too, and nowadays « addicted too ». Also Apple has been able to make its brand name so big and international that people only buy to product for the brand and not always for the services its gives. So this enables Apple to increase it’s prices without having a decrease in demand (inelastic demand due to no substitutes..) so increasing it’s revenue.

    • Assuming the market for laptop computers is monopolistically competitive, what will likely happen to Apples economic profits over time? What must Apple do if it wishes to maintain its profits in the long run?

    Apple makes supernormal profits over the long and short time period. If the market becomes monopolistically competitive i twill loose many consumers will have to lower it’s prices and will start to make normal profit over the long run. In order to avoid that, Apple needs to keep making new updates on its products, be innovative, and kill competitions buy making the barriers entry hard to enter like making a lot of advertisement…

    • What are some real ways companies like Apple and its competitors have attempted to differentiate their products over the years? Would YOU buy a MacBook Wheel if it were real?

    By using funny/attractive/eye catching advertisement. The use of a simple brand name with a logo.
    I would not buy the MacBook Whell because seeing people struggling to use it like sending emails doesn’t convince me on spending my money on this product. Other example of non-price competition is how they seem to care so much about their consumers so that we feel not let down and in good hands.

  24. mchastanet2on 28 Mar 2013 at 10:20 am

    Reply to # jyoung

    I really agrree with all you answers !

    I agree that if the Market becomes a Monopolistically competitive Apple won’t be such a big firm and wills stop making abnormal profits.
    Just like you i wouldn’t by the MacBook Wheel as im comfortable with my own computer.

    You seem to have grasp very well the idea and the topic, and you gave great responses !

  25. mchastanet2on 28 Mar 2013 at 10:40 am

    Reply to # jyoung

    I really agrree with all you answers !

    If the Market becomes a Monopolistically competitive Apple won’t be such a big firm and wills stop making abnormal profits.
    Just like you i wouldn’t by the MacBook Wheel as im comfortable with my own computer.

    You seem to have grasp very well the idea and the topic, and you gave great responses !

    Max Chastanet

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