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Money Minute: Taking a bite of Apple's success [Video]

April 25, 2012|By David Lazarus

It's Apple's world. We just live in it.

The tech giant has reported another blowout quarter, with its profit almost doubling. Strong demand for the new and improved iPad, plus gotta-have-it iPhone sales in China and other overseas ports of call, keep putting the cha-ching in Apple's bling.

It's no secret how the company does it. Apple makes innovative products, it makes them well, and it constantly improves those products. This allows the company to charge a hefty price for its wares -- a price that consumers everywhere have been willing to pay.

So here's the question: Why don't more businesses follow Apple's example?

I'm not just talking about tech companies. I'm talking about all manufacturers. I'm talking about all service providers.

Put some serious thought into your product line. Make quality products. Then make them even better.

Is that easy? No.

Is it profitable if you pull it off? Obviously.

Many manufacturers and service providers seem to think the recipe for success is cutting corners to enlarge profit margins. That'll fill your pockets for a while.

But if you're in the game for the long haul, Apple's approach is the way to keep those pockets bulging quarter after quarter, year after year.

As for customer loyalty, well, that should speak for itself.

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