The Role of Innovation in Business

One key element of Apple’s strategy in computers, personal media players, tablet computers, and smart phones is product innovation, diversification and development. Over the years Apple has been very successful in integrating software and hardware in new developing products. Despite the struggling economy in recent years, Apple has been able to grow their market share and stay ahead of the game.

First, let’s start with the Apple Inc. mission and the company history and an introduction of what apple is and what they do and provide to the market. Apple designs high quality personal computers, music players and mobile communication devices for business, education and entertainment (Apple, 2012). Apple, through easy to use, professional software such as iOS, OSX and iTunes leads the world in digital music distribution and mobile computing with its iPod, iPhone and iPad devices (Apple, 2012). Apple will continue to create electronic devices and software that is so cutting edge that it is redefining mobile computing, media distribution, and communication.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

Apple has been a leader in innovation for years and has been able to achieve so by striving hard to deliver insanely great products with simplicity and sophistication. The constant need for innovation, development of unique product development strategies and their prompt execution, the presence of the visionary, Steve Jobs and their bold attitude at business experimentation formed the basis of principles at Apple.

Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products.

I believe that innovation is the process of examining a new and different method that cause one internally and/or spiritually look at something as you have never seen it before, and the creation of a new meaning to the way that we relate to and interact with people, the environment, health, and nursing.

Apple has prospered internally and it is necessary to consider both strengths and weaknesses. Apple has lots of strengths, the major of them being it’s impressive brand reputation, Apple managed to position the brand as “premium products” for “elite” people. Customers are loyal and tend to stay in Apple’s ecosystem. Apple’s self-reinforcing ecosystem, it has a diverse ecosystem which integrates various hardware and software products into one large interactive space. Status of top innovator, Apple is perceived as the leading innovator and its products are highly anticipated. Apple’s very strong financial performance, high profit margins and very high liquidity. It’s network of retail stores, high-quality customer service helps to create advanced user experience. A powerful marketing strategy, Apple’s team masterly uses various marketing techniques to create a hype for their products and to strengthen the brand.

The company not only designs but they manufacture, market mobile communication and media devices, personal computers, portable digital music players. Apple technology has impacted so many businesses and individuals as a whole. Apple’s technology has always been a step ahead of their competitors. I have an iPhone and it seems like every year a new iPhone is produced with more features and capabilities.

Apple creates phones, music devices, computers, tablets, and much more today. Steve Jobs is an extremely intelligent man, and uses this to his advantage. One example of

Being innovative does not only mean inventing. Innovation can mean changing the business model and adapting to changes in the environment to deliver better products or services. Successful innovation should be an in-built part of a business’s strategy to create a culture of innovation and lead the

Furthermore, the true significance of disruptive technology even in Christensen's conception of it is not its displacing of established products. Rather, it is a great means for enlarging and broadening markets and providing new functionality. And according to Utterbacks’ explanation: “The degree to which the market was expanded by the innovation seemed to be the strongest factor favouring new entrants”, a possible conclusion might be that this leads to a never-ending circle.

The multi billion-dollar corporation, Apple Inc., designs and manufactures some of today’s highest technological gizmos and gadgets. Among their best known products are the Apple and Macintosh computers, iPods, iTunes, iPhones and iPads. Apple is one of the most powerful and influential high tech companies in the world. The success of Apple Inc. stems from the innovation and visions of co-founder and entrepreneur, Steve Jobs, the excellence of the stylish, user-friendly products, and the ability to create innovative products that consumer’s desire.

Obviously in a technology based industry there is a huge emphasis placed on technological advancements. As stated earlier, technology can be related to international business but technologies within Apple’s products are the reason why they continue to leave their competitors in their wake. The combination of the iPod with iTunes has been a huge success for Apple. On the 1st of September 2010, it was announced that Apple had sold 275 million iPods, making it the biggest selling digital music player of all time. Then when technology was advancing toward touch-screen devices, Apple came out with the iPod touch, iPhone and most recently, the iPad. Apple’s ability to constantly stay one step ahead of its competitors is the driving force behind their success.

Even though Apple has encountered many setbacks, it continues to bring new and improve products to the market. Apple’s competitive strategy has been innovation. They have made an extraordinary effort developing, implementing, and executing its very unique strategy through innovation which has resulted in new product, and the enrichment of the existing ones. More specifically, Apple attempts to meet and supply the needs of a global market, by offering eager and enthusiastic consumers with innovated and high-quality products and services. Apple has employed a differentiation strategy linked to innovation with its three core products (computers, personal media player, mobile phones, tablets and other accessories). A key piece of their strategy involves meeting the needs of the converging digital electronics and computer markets. Apple has elected to implement its strategy by designing and developing proprietary operating systems and software technologies, thus allowing for strict protection of its intellectual rights.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.