Apple's iPhone Launch: A Case Study in Effective Marketing

Kyle Mickalowski Augustana College

Mark Mickelson Augustana College
!aciel Keltgen Augustana College
A"S#$AC#
When CEO Steve Jobs announced in January 2007 that Apple would be releasing a revolutionary
iPhone ive !onths hence" consu!ers waited with bated breath or a phone that would deliver all the
eatures o their iPods as well as a s!art phone# Anticipation grew" $ust as Jobs %new it would" as June
approached# &he launch would beco!e one o the !ost heralded technological product splashes Apple"
%nown or its !asterul !edia build'up" had ever planned# (ow the iPhone was developed" priced"
pro!oted" and distributed is lesson or !ar%eters around the world# Apple investors were pretty happy with
the outco!e as well#
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One year after Apple Inc. CEO Steve Jobs announced the companys industry-changing ihone on
January !" #$$%" at the &ac'orld convention in San (rancisco" the share price of Apples stoc) has more
than doubled to a January !" #$$*" value of +,%!.-$ .See Chart ,/. 0his stoc) price incorporates all of
Apples business" but a large part of the rise in value can be attributed to the launch of the cutting-edge
ihone" of 'hich four million have already been sold through mid- January #$$* .Care'" #$$*/. 1ased on
this simple observation of the stoc) price" the ihone can so far be declared a success" at least from a
shareholder standpoint. 0his paper 'ill e2plore both the pre- and post-launch activities surrounding the
ihone to e2plain 'hy it 'as such a success for the stoc)holders and 'hy Apples reputation for
unparalleled mar)eting success is deserved.
Chart *: #his chart depicts the astounding growth of Apple+s stock fro, !anuary - .//0 to !anuary
- .//12
,
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Jobs3 announcement 'as an e2ample of the intelligent use of trade sho's and Apple3s e2perience
'ith generating press coverage and bu44 about ne' products through them. 0he conference capped off the
t'o-year development period for the ihone" a period during 'hich Jobs embar)ed on a campaign to sign a
'ireless company as the e2clusive carrier for the ihone. Eventually" he 'as able to convince A050 to
abandon almost all control over the development of the ihone to the point 'here only three e2ecutives at
A050 had seen the ihone before it 'as announced .Sharma" 6ingfield" and 7uan" #$$%/. 0his situation
gave Apple the liberty to develop its product on its o'n terms and to )eep its features under tight 'raps. In
an industry that changes as rapidly as the 'ireless communication industry" the ability to be as autonomous
and secretive as possible is very important in the development of a product li)e the ihone" and Steve Jobs
'as able to recogni4e and use it to Apples advantage.
#3E P$'()C# A&( #A$6E# MA$KE#
0he ihone could be described as a combination of Apples popular iod music player and a smart
phone designed to surf the 6eb. Its highly-touted feature is a 8.9 -inch" touch-sensitive screen that
consumers use to ma)e calls" navigate their music collection" and 'rite messages on a virtual onscreen
)eyboard .6ingfield and 7uan" #$$%/. At the time of the announcement this innovative feature set the
ihone apart from the competition in the 'ireless-phone mar)et. Apple parlayed the strong reputation of
the Apple brand and the iods success to enter a lucrative cell-phone mar)et" a step that may 'ard off a
potential threat to Apple as other companies introduce devices that have strong music-storing and playbac)
capabilities.
All of these benefits and features of the ihone come for a price though: the initial price of the
-;1 model 'as +-!! and the *;1 model cost +9!!. Aimed at the high-end" tech-savvy consumer" 'ho is
often a business user" the ihone is mar)eted to a si4able" fast-gro'ing mar)et. 1efore the recent fears of a
pending recession" analysts predicted that the aim to sell ,$ million ihones through #$$* 'ould be an
attainable goal .7uan and 1ryan-<o'" #$$%/.
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In addition to the hefty price tag" ihone customers are re=uired to commit to a t'o-year
'ireless agreement 'ith A050 Inc. to ma)e calls or use the phones other features. .One caveat> o'ners
may choose to use the phone as an iod" in 'hich case they do not need to activate the device through
A050./ 0his set-up creates some uni=ue difficulties that Apple and A050 'ill have to address. Any
potential customer of the ihone must be prepared to sign a contract 'ith A050 as their service provider.
eople 'ho do not li)e A050s service or are not in an area 'here it is provided may be hesitant to
purchase an ihone" 'hich narro's the potential mar)et.
0he t'o-year 'ireless agreement may also be a deterrent for those people 'ho are already loc)ed
into a 'ireless contract 'ith a different provider" but at least one study reported that ,# percent of
respondents indicated they postponed their 'ireless phone or &8 player purchase to 'ait for the release of
the ihone" evidencing that this obstacle can be overcome .Sharma and 6ingfield" #$$%/. 0his contract also
means that Apple does not have to deal 'ith net'or) problems and all of the consumer complaints that
often go 'ith them" but instead focus on a top-notch hard'are and soft'are design.
A050 is not the only company that stands to benefit from the production of the ihone. 0he
companies that supply the parts and assemble the ihone" many of 'hich are speculated to be 0ai'anese"
may en?oy financial success as 'ell. 1y hiring overseas manufacturing specialists to ma)e the ihone" both
Apple and the suppliers 'in. 0he suppliers are able to benefit through the revenue generated by increased
business" and Apple is freed from running complicated" labor-intensive manufacturing operations .@ean
and iling" #$$%/. Additionally" third-party companies 'ho produce accessories for the ihone stand to
profit from its introduction as customers 'ill pay a premium to protect and sho' off their ne' investment.
#
Apple also struc) deals 'ith Aiacom" @isney" ;oogle and 7ahoo" all strategically selected to bring internet
features to the ihone. Although primarily highlighted in ihone 0A ads that sho' internet search features
.google/ or the ability to vie' movies such as irates of the Caribbean .@isney/" Apple sagely chose visible
and po'erful partners for the ihone.
$E5%E7 A&( !)S#%9%CA#%'& '9 iP3'&E 9EA#)$ES
0he 6all Street Journals technology guru" 6alter &ossberg" finally published his revie' of the
ihone only t'o days before its launch. Overall" he described the ihone as a brea)through handheld
computer despite some shortcomings .&ossberg and 1oehret" #$$%/. 0he ihones design is creating
problems 'ith some ihone accessories. (or e2ample" the headphone ?ac) is deeply recessed on the
multimedia device" meaning an adapter 'ill be needed in order to use certain headphones 'ith the ihone.
Secondly" the device does not have the ability to cut" copy" and paste te2t" 'hich could be e2tremely
annoying if people are going to use the device to send and receive emails throughout their 'or)day. 0he
ihone is also missing instant messaging soft'are" but it still has the ability to send and receive standard
te2t messages. 0hough the phone has a t'o-megapi2el camera" it lac)s the ability to record videos" a
common feature on competing smart phones. (inally" 'hen the ihone is first released it 'ill not have the
ability to play most video on the Internet because it does not utili4e Adobes (lash technology.
&ossberg still has plenty of features to brag about on the ihone" starting 'ith the gorgeous 8.9-
inch screen. &ost importantly" during the t'o-'ee) test the device lac)ed any protection" and it never
received a single scratch on the screen or on any other part of the device. 0his is potentially very important
to the early ma?ority adopters because the iod plastic screen scratched easily. 0he highly touted virtual
)eyboard lived up to the hype as &ossberg found it to be functional during the test. One important =uestion
mar) regarding the ihone is its battery life: consumers are concerned the battery 'ill not be sufficient to
last all day and still utili4e all of the ihones capabilities. 1ut &ossberg 'rites that the battery is ade=uate
and gave him seven hours and ,* minutes of continuous tal) time 'hile retrieving email constantly
.&ossberg and 1oehret" #$$%/.
Apple is still trying to ?ustify to consumers 'hy the device 'ill use A050s E@;E net'or)
instead using 8;" 'hich is the fastest 'ireless technology from A050. Jobs is =uic) to admit the ihone
'ill not surf the internet as fast as most users 'ould li)e" but ?ust as =uic)ly he says that is 'hy the device
has the ability to seamlessly s'itch to 6I-(I" giving the consumer the best of both 'orlds. A050s CEO
and Chairman Bandall Stephenson says the utili4ation of the E@;E net'or) is common among smart
phones. Ce notes" DE@;E is the only ubi=uitous nation'ide broadband net'or) deployed todayE
.6ingfield and Sharma" #$$%/. 0he t'o e2ecutives believe users 'ill find the E@;E net'or) to be
sufficient" at least initially.
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Apple has been 'or)ing hard since Jobs made the announcement to differentiate itself from other
smart phone on the mar)et. Fe'spaper articles are constantly mentioning the 8.9-inch screen as an industry
first. Also" &r. Jobs has been obdurate from the beginning that the phone must have a touch-sensitive
)eyboard because he disli)es the )eyboards on Besearch in &otions 1lac)1erry and alms 0reo .Sharma
et. al." #$$%/. Since January" Apple has 'or)ed hard to ma)e sure that their ihone stays on the front page
of ne'spapers across the country. 0his has severely limited competitors from fighting bac) 'ith their ne'
smart phones. Fo)ia is selling the F!9" 'hich is a smart phone geared to compete against the ihone 'ith
its ability to play music and @A@-=uality video .7uan and Sharma" #$$%/. 0he F!9 has more features than
the ihone" but it lac)s a ma?or G.S. partner for 'idespread distribution and carries a +%-! price tag in the
G.S. mar)et. Other competitors such as <; Electronics are also rushing high-end smart phones to the
mar)et in an attempt to )eep customers using their devices instead of s'itching to Apples ihone.
Soft'are compatibility is one smart phone aspect in 'hich competitors have a definite edge over the
first generation ihone. Soft'are developers currently must develop programs that are optimi4ed for
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the ihones Safari Internet bro'ser and 'ireless capabilities" 'hich severely limit their ability to introduce
to the device applications in high demand. At the top of consumers 'ish lists is access to &icrosofts
Outloo) and E2change server. 0he absence of Outloo) and other communications soft'are" such as chat
applications li)e AO<s AI&" has limited the ihones appeal to corporate customers" as many companies
rely on these applications for secure corporate messaging. 0o address this issue" Steve Jobs has announced
that in (ebruary #$$* Apple 'ill release a platform to give third- party programmers access to the ihones
loc)ed soft'are .Bosmarin and ;reenberg" #$$%/. 0he rationale provided by Apple for loc)ing the phones
soft'are in the first place 'as largely security related" but Jobs has said that the security of the ihone is
planned to be overhauled and the soft'are platform provided to programmers 'ill have features that protect
the ihone from malicious programs. Although viruses are a legitimate threat to the ihone" bigger threats
may come in the form of Besearch in &otion" alm" and &otorola if ne' applications for the ihone do not
materiali4e soon.
APPLE )PSE#S EA$L4 A('P#E$S A&( %&&'5A#'$S
0hough Steve Jobs introduction of the ihone to the 'orld 'as nearly fla'less" the recent price
cut on the ihone upset many of his most loyal customers. After being on the mar)et for only t'o months"
Apple cut the ihones price tag by 88 percent .+#$$/. Jobs received hundreds of emails from angry
customers 'ho purchased the ihone because they did not believe Apple 'ould reduce the price so =uic)ly.
As a response to the over'helming amount of negative reaction on the part of ihone o'ners" Jobs
released a short letter describing the sound reasons for the reduction in price. Ce systematically 'ent
through the reasons for the price cut and e2pressed to the customers ho' important they are to Apples
success and future. Jobs attempt to =uell the outrage came in the form of a +,$$ store credit that customers
can use to purchase any product at an Apple Betail Store or the Apple Online Store .Jobs" #$$%/. Although
Jobs =uic)ly suppressed customer outrage regarding the price cut" his reaction and subse=uent store credit
to customers may set a precedent that could come bac) to haunt Apple 'hen it releases ne' technology in
the future.
Innovators became further upset 'hen" in January" Apple announced that the storage capacity for
the highest-end ihone 'ould be doubled to ,H ;1 for an additional +,$$. 1ut at least one ?ournalist does
not feel sorry for the first purchasers of the ihone and admonishes consumers not to purchase an ihone
no' if they 'ill regret it 'hen a better version is released. D0he signs are all there"E says 1rian Caulfield"
spea)ing of the rumblings that Apple 'ill release an ihone that 'or)s on A050s faster 8; net'or). DIf
anyone complains 'hen Apple introduces faster" better ihones later this year" theyll have only themselves
to blameE .Caulfield" #$$*/. 0hese issues highlight the problem faced by Apple and Jobs of =uic)ly and
effectively bringing improved ihones to mar)et 'ithout ran)ling innovators. As Caulfield points out"
consumers should be a'are of the looming 8; upgrade" but moves li)e the +#$$ ihone price cut and
Januarys une2pected soft'are update for the iod 0ouch that cost o'ners +#$ may result in consumer
distrust to'ard the Apple brand.
P$'M'#%'&AL ')#LA4S
According to Carvard 1usiness rofessor @avid 7offie" Apple has garnered appro2imately +-$$
million in publicity since Job3s announcement in January #$$%. Coverage by traditional business
publications such as the Wall Street Journal to online pundits li)e ;i4modo to a &i!e 'riter gushing"
ISteve Jobs has said" repeatedly" that this is the best iod that Apple has ever made" and it is. It3s also the
best phone that anybody has ever made"I have covered the revolutionary phone3s introduction and launch
.;rossman #$$%/. Apple also supported the phone in a flurry of television" 'eb-based and print ads
designed to sho' off the disappearing and reappearing touch )eypad. Jobs focused on this feature during
his &ac'orld announcement" and subse=uent Apple advertising efforts have sho'cased this feature
repeatedly in initial Iho'-toI 0A spots created by 016AJChiatJ@ay .s=uidoo.com/. 0he first
advertisement for ihone" titled ICello"I aired during the %!th Academy A'ards and too) place on
(ebruary #9" #$$%" on A1C. 0he ad featured clips from do4ens of notable films and television sho's over
the last %$ years" sho'ing iconic characters ans'ering phones. 0he ihone is sho'n at the end 'ith the
caption> ICello. Coming in June.I
-
One blogger .'''.blogs.business#.com/ 'as so interested in Apple3s ihone advertising
schedule" he conducted a Fe2is search for ne'spaper stories that mentioned the ihone bet'een June #8
and August ,*" #$$%. @uring that timeframe" Apple had aired nine ne' 0A ads. 0he 'ee) the ihone 'as
launched" ,"9-% stories appeared in the media" compared to #$H in mid August. Apple3s advertising
schedule appears to reinforce the ihone3s presence in media during times 'hen the bu44 or free media has
tapered off. 0his combination of paid and free media gives consumers the impression that the ihone is a
constant presence in the popular media.
One of the most influential periodicals dedicated to advertising" Advertising Age" in #$$% selected
Apple as a runner-up for the annual &ar)eter of the 7ear a'ard. 0his status 'as conveyed because of Apple3s
Irare accomplishment of successfully bringing a ne' product into an already cro'ded and competitive mar)et.
Apple3s agreement 'ith cellular telephone service provider A050 gave it an upper hand in their relationship
older cellular telephone firms have yet to ac=uireI .1uli) and Cuneo" #$$%/.
6hile Apple3s advertising budget and schedule aren3t readily available" Adwee%3s Andre'
&c&ains estimated the Apple global account 'as 'orth +#9$ million in #$$H to agency 016A
6orld'ide .#$$H/. Other pundits have guessed that Apple 'ill spend at least +#$ million to launch the
ihone in Europe and easily surpassed that figure in the Gnited States during the summer of #$$% alone.
(%S#$%")#%'& C3A&6ES
Apple made some changes in its traditional consumer distribution channels" choosing to esche'
third-party dealersKretailers such as 1est 1uy and BadioShac) Corp. 'hen planning 'here to sell the
ihone. A050 offers the phones in its roughly ,"*$$ company-o'ned stores: ihones are also available in
Apple stores or through Apple3s 'ebsite .Sharma" #$$%/. 6hile impossible to predict a possible bac)lash
for Apple as it continues to mar)et its entire product line" altering established distribution channels can
confuse customers and ris) future distribution plans 'ith those retailers 'ho 'ere cut out of the ihone
plan.
#3E %P3'&E 6'ES 6L'"AL
0he e2citement surrounding the release of the ihone 'as not contained solely in the G.S. <ong
lines outside stores and enthusiastic countdo'ns accompanied the ihones release in the G.L. and (rance
as 'ell. Apple has chosen to ta)e a mar)eting and distribution approach in these European countries that is
similar to its G.S. strategy. In (rance" Apple struc) a deal 'ith (rance 0elecoms mobile subsidiary"
Orange" to be the e2clusive carrier in that country .6oy)e" #$$%/. In the G.L." 0elefonicas mobile
subsidiary" O#" 'as tapped to be the e2clusive 'ireless carrier" and" as A050 has done" it is re=uiring
minimum t'o-year contracts from its ihone customers .Olson and <aurent" #$$%/.
0his strategy in Europe creates many of the same opportunities and problems found in the G.S. but
'ith a fe' added complications. As hac)ers continue to unloc) ihones" the revenue for these e2clusive
'ireless net'or)s is put into ?eopardy if customers are able to easily unloc) their phones. 6hile this could
boost sales for Apple by allo'ing customers to access more 'ireless carriers" Apple 'ill still need to
protect its partners by countering any ne' hac)s" 'hich ta)es considerable time and resources. Apple also
has to contend 'ith differing consumer protection la's throughout Europe. (or e2ample" it is illegal to sell
a loc)ed mobile phone through a single operator more than si2 months after its initial release .Olson and
<aurent" #$$%/.
)&L'CKE( iP3'&ES
0he allure of Apples ihone has become a double edged s'ord for the company as its popularity
has created a huge blac) mar)et for unloc)ed ihones. 6hen Apple announced it had sold 8.% million
ihones by the end of @ecember" and A050 reported it had less than # million account activations in the
same period more than a fe' analysts too) notice. Sales in the G.L." (rance" and ;ermany account for part
of the variation" but their sales have been sluggish and only account for appro2imately one-fifth of the
9
difference. 0hat being said" roughly ,.- million ihones are currently unaccounted for. 0his is a problem
for Apple because the ihone must be activated on A050s net'or) in order for Apple to receive the
additional revenue. Apple has ta)en notice and said the number of unloc)ed ihones D'as significant in the
=uarter" but 'ere unsure ho' to reliably estimate the number .Crum" #$$*/. If the current trend continues
it could have a significant effect on Apples bottom line for years to come. Besearch analyst 0oni
Sacconaghi has said that if Apple meets their goal of selling ,$ million units by the end of #$$* and 8$
percent of the phones are unloc)ed it could mean as much as +, billion in lost revenue to Apple over the
ne2t t'o years .Crum" #$$*/.
0he problems created by unloc)ed ihones do not stop 'ith Apple. Instead" every carrier that has
signed an e2clusive agreement 'ith the company is being hurt. (or e2ample" A050 is also losing out on
the monthly revenues from lost ihones" and they are more li)ely than Apple to try to stem the flo' of
unloc)ed ihones through legal action. A050 is more apt to target the companies 'ho are unloc)ing the
devices and then selling them rather than ta)ing Apple to court. &ar) Siegel" 'ho is an A050 spo)esman"
has said that the ihone is 3 Imeant for use by the person 'ho buys it" and not to be resold for commercial
purposesE .1urro's" #$$*/. After all" A050 is hurt more by losing account activations because their
revenue only comes from one source" monthly fees" 'here Apple has the profit from ihone sales to offset
the losses from unloc)ed units.
iP3'&E SALES
Since the release of Apples ihone on June #!" #$$%" it has sold an astounding four million units
.Care'" #$$*/. 0he hype surrounding its release helped it become the fourth most popular handset in the
G.S." and by the end of the October" Apple reported selling ,.,# million units. Additionally" it has become
A050s most popular handset" commanding nearly ,8 percent of its overall sales .Appleinsider" #$$%/.
@uring Apples #$$* &ac'orld )eynote address Jobs announced that the ihone had a ,!.9 percent share
of the smart phone mar)et in the same =uarter .Care'" #$$*/ . Consumer satisfaction 'ith the ihone has
been significantly higher than its competitors" according to a #$$* Change6ave survey. Additionally" the
survey sho's the ihone is the top choice among those planning to buy a ne' phone in the ne2t si2 months
.#$$*/. @espite the fears of a looming consumer-led economic recession" Apple e2ecutives still believe the
goal of selling ,$ million ihones by the end of #$$* is attainable.
Beaching this goal" ho'ever" 'ill depend on future modifications to the ihone and mar)eting
efforts in the slo'ing economic conditions. 0he normally secretive Jobs let it slip in September that
consumers can e2pect a 8; ihone in #$$* .&iles" #$$%/. Ce e2pects that improvements in technology
'ill allo' for the faster net'or) 'ithout affecting the battery life of the device. 0he recent release of a ,H
gigabyte ihone demonstrates Apples continued ability to recreate their products and spur sales as mar)et
conditions change. Additionally" Apple is releasing a soft'are development )it .S@L/ 'hich 'ill allo'
third parties to mar)et soft'are for the ihone. 0his is an e2cellent e2ample of the emerging t'o-party
platform business model .Eisenman" ar)er and Aan Alstyne" #$$H/.
C'&CL)S%'&
Apple created a very strong overall mar)eting strategy for the ihone and managed every aspect of
the ihones launch very effectively. <i)e almost all products" the ihone has some fla's and dra'bac)s"
but Apple 'as able to develop a uni=ue product for tech-savvy consumers interested in a combination smart
phone-music player and ma)e those customers a'are of the product through 'ell-managed mar)eting
efforts and strong publicity. 0he ihone e2emplifies Apples )nac) for creating e2citement about products
among its fiercely loyal customer base" 'ho )eep attention focused on the company" and then ?ustify the
hype by delivering a high-=uality" desirable product. In addition to satisfying consumers 'ith a great
product" Apple built a po'erful partnership 'ith A050 and also conferred benefits to overseas suppliers of
parts and manufacturers. All of these efforts boosted Apples stoc) price considerably and further solidified
Apples image as a leader in consumer electronic gadgetry.
H
7'$KS C%#E(
Anonymous. #$$%. August ,!. I6hy did Apple air t'o ne' ihone ads last 'ee)M
http>KKblogs.business#.comKappleK#$$%K$*K'hy-did-apple-a.html. .accessed (ebruary ,#" #$$*/
Apple Insider. #$$%. IApples ihone the Fo. - G.S. handset during third =uarter.I October ,!.
http>KK'''.appleinsider.com .accessed (ebruary !" #$$*/.
1uli)" 1eth Snyder" Cuneo" Alice N." .#$$%" October ,9/. IA<E.I Advertising Age" Aol. %*" Issue -,.
1urro's" eter #$$*" (eb. ,#. DInside the ihone ;ray &ar)et.E )usineesWee%#
Care'" Sinead. #$$*. Apple says has sold - million ihones. *eutersO January ,9. http>KK'''.reuters.com
.accessed (ebruary !" #$$*/.
Carton" aul" and 6oods" Jim. #$$* IChange6ave survey sho's consumers abandoning basic models for
advanced BI& and Apple phones.I http> '''.change'ave.comKfreecontentK#$$*K$#Kalliance-
$#$%$*-SmartphonesressPpr.h. .accessed (ebruary ,8" #$$*/
Caulfield" 1. #$$*" (ebruary *. DSorry" (irst Adopters Q 1etter ihone is on the 6ay.E +orbes#co!# Crum"
Be2. #$$*" (eb. ,. DGnloc)ed ihones present dilemma for Apple.E ,ar%etWatch.co! .accessed
(ebruary ,8" #$$*
@ean" J. 5 iling" C. #$$%" January ,,. I0ai'an &a)ers &ay 6ring 1ig rofits (rom ihone.I 0he Wall
Street Journal#
Eisenmann" 0." ar)er" ;." and Aan Alstyne" &. #$$H. Strategies for t'o-sided mar)ets. Carvard 1usiness
Bevie'" !#-,$,.
;rossman" <ev. #$$%" June 8$. II ta)e the ihone Come.I &i!e.
Jobs" S. #$$%" September H. ISteve Jobs3 <etter to ihone Customers.I &he Wall Street Journal#
&c&ains" Andre'. #$$H" June ,!. I016A3s &edia Arts <ab Bebundles for Apple.I Adwee%" Aol -%" Issue
#9.
&iles" Stuart. #$$%. IApple promises 8; ihone for #$$* ne's.I Poc%et'lint" September
,*. http>KK'''.poc)et-lint.co.u)K .accessed (ebruary !" #$$*/.
&ossberg" 6. 5 1oehret" L. #$$%" June #%. I0esting Out the ihone.I &he Wall Street Journal.
Olson" . 5 <aurent" <. #$$%" Fovember !. Iihones <and in <ondon.I +orbes#co!#
Beuters" #$$%" October 8. 3O# GL digs deep for ihone.I
http>KK'''.reuters.comKarticleKtechnologyFe'sKidGSl$8*#-H$#$$%,$$8 .accessed (ebruary ,#"
#$$*/.
Bosmarin" B. 5 ;reenberg" A. #$$%" October ,%. Dihone Opens Gp.E +orbes#co!#
Sharma" A. 5 6ingfield" F. #$$%" June ,9. IIs ihone A050s &agic 1ulletMI &he Wall Street Journal#
Sharma" A." 6ingfield" F." 5 7uan" <. #$$%" (ebruary ,%. ICo' Steve Jobs layed Cardball In ihone
1irth.I &he Wall Street Journal#
6ingfield" F. 5 Sharma" A. #$$%" June #!. ihone RSurfing On A050 Fet'or) Isnt (ast" Jobs
Concedes. &he Wall Street Journal#
6ingfield" F. 5 7uan" <. #$$%" January ,$. IApples ihone Is It 6orth ItMI &he Wall Street Journal#
6oy)e" E. #$$%" Fovember 8$. I1on?our" ihoneSI +orbes#co!#
7ahoo" #$$%. Chart ," Apple stoc) prices. http>KKfinance.yahoo.comK .accessed January !" #$$*/.
7uan" <. 5 1ryan-<o'" C. #$$%" January ,$. Iihone Cinges On the <i)es of &r. @igate.I &he Wall Street
Journal#
7uan" <. 5 Sharma" A. #$$%" June %. IBivals Ans'er the ihone.I &he Wall Street Journal#
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