Are you sure? Only one of my three laptops lacks that key, and it was created in 1994.
In this image, it's the key to the right of the right windows key.
With laptops, however, it could be almost anywhere. My Older toshiba satellite, for example has it as the uppermost-rightmost key (right next to the windows key. Not the best layout...)
lacking the application key- there really is no substitute for the right mouse button.