iPhone Is The Most Successful Product Ever

Free 30 day Audible trial - https://www.audible.com/unbox PLEASE READ THIS BEFORE COMMENTING In regards to the concept of “most successful”… We’re not talking about best, the focus is economic success. Units sold, sale price etc. This is where the iPhone has been dominant and it’s the reason Apple has developed into the world’s most valuable company. We’re also not talking about sales from last month or last year, the title is meant to address all-time figures. Equally important is the type of good sold. We have consumables and durable goods - https://en.wikipedia.org/wiki/Durable_good. The iPhone falls into the category of durable goods. A hard good that yields utility of time, you do not eat your iPhone (or at least you shouldn’t). Examples of consumables include Coca-Cola, Kleenex, Big Mac etc. Because consumables are meant to be “consumed” one is encouraged to purchase multiples of the same product over time. Even with the more consistent consumption of popular beverages revenue figures for companies like Coca-Cola are not currently competitive with the revenue figures of Apple. This of course is a reflection of the average price per transaction. Lastly, we have commodities (oil, coffee, copper etc.). https://en.wikipedia.org/wiki/Commodity These are not unique “products” in the same sense as a smartphone or game console from a specific manufacturer. Here is a list of popular items from various categories. (Source - http://www.asymco.com/2016/07/28/most-popular-product-of-all-time/) Car model: VW Beetle 21.5 million Car brand: Toyota Corolla 43 million Music Album: Thriller 70 million Vehicle: Honda Super Cub 87 million Book Title: Lord of the Rings 150 million Toy: Rubik’s Cube 350 million Game console: Playstation 382 million