Current Market Conditions Competitive Analysis

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Current Market Conditions Competitive Analysis As a strategic planning group at Target, the group decided to develop a new product; a device similar to the MP3 player. This paper will discuss the results of the competitive market analysis and the products potential success after comparison to the primary competitors in the products market; Apple, Inc. It will also discuss a short history on Apple’s MP3 player, the factors that affect demand, supply, equilibrium prices in the market, and any issues or opportunities that would affect profitability.
A Short History Apple Computer Company got its start in the early seventies when the two cofounders wanted to create a computer for every person. Steve Jobs and Steve Wozniak got together and started creating one of the first personal computers. After CEO Steve Jobs was forced to leave the company and then return after ten years of working with other technical companies. In 1996, he made his return and they began to look into the music industry as there next big idea.
In 2001, the IPod was born and it swept the music industry by storm. They had invented the new way to buy store and play music. The new way to digitally create, share, store, and play music was in the format of MP3. This format makes it very easy to store the music and play it back without any loss of the musical content. MP3 stands for MP is short for the Motion Pictures Experts Group (MPEG) and the 3 is for the layer that the music is written to.
The IPod has
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