Simplicity is a competitive strategy that often goes overlooked. There's a temptation to believe that because a process / idea is complicated, it must be valuable. But even when executives know that a simplification would be advantageous, they shy away out of fear that they may cannibalize their own business, or due to inertia.
Businesses can offer dramatically lower prices by reducing their offerings. For example, fast food chains don't offer the experience of a sit-down restaurant, and IKEA sells unassembled furniture. With low prices and high volume, these companies benefit from economies of scale that are hard for new entrants to overcome.
Customers are happy to pay premium prices for solutions that just work. But, to continue enjoying large margins, companies like Apple need to focus relentlessly on performance, quality, and elegance or they'll become obsolete.
For more detailed examples, you may be interested in reading Simplify.