Innovation and Enterprise Assignment 2 (GC02003)

Table of Contents

1.0 Introduction.

2.0 Apple background.

2.1 Background of Apple Inc.

2.2 Current situation of Apple.

3.0 Discussing relevant literature associated with the topic.

3.1 Classification of innovation.

3.2 Innovation source.

3.3 Other types of innovation.

4.0 Critical analysis of the product, iPhone X.

4.1 The uniqueness of the iPhone X.

4.2 Development of iPhone X’s overtimes.

4.3 Competitiveness iPhone X in the marketplace.

4.4 Benefits that iPhone X offers to meet customer changing needs.

4.5 Values of iPhone X to consumers.

4.6 Benefits and values change overtimes.

5.0 Putting forward recommendations with justification.

5.1 How iPhone X can increase its brand position in customers’ minds.

5.2 How the iPhone X brand can beat competitors.

5.3 How iPhone X can gain sustainable competitive advantages.

6.0 Conclusion.

References.

1.0 Introduction

The business world is changing in nature in the form of competition, taste, innovation and technology. The business firm needs to focus on the development of new and creative products and services for the customers by which the customers are feeling good and happy to purchase the innovative products (Huang, 2017). The production of the business firms has to be dependent on the customers based and according to their demands and expectations. The maintenance of good quality and featured products depends on the use of innovation and technologies. Innovation helps to add new features, flavors, elements, design and packaging of the products and services (Kim and Park, 2018). This report also covers the necessity of innovation in the product development of Apple. The selected product is the “iPhone X”. The first section demonstrates the Apple background and explains the current situation of this company and its product. Secondly, this paper explains the literature related to this topic. Then, this paper is a critical analysis of the product iPhone X and putting some recommendations for developing the condition of the product.

2.0 Apple background

2.1 Background of Apple Inc.

Apple Inc. is an American multinational technology company that runs operating activities in the worldwide market. The main headquarter of this company has situated in Cupertino, California. The main functions of this company include designing, developing and selling consumer electronics, computer software, and online services (Apple, 2020). This company was established by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 for producing personal computers. At present, this company has produced mobile phones, tablets, pc and other electronic products and services (Apple, 2020).

2.2 Current situation of Apple

It is no doubt that Apple is the largest electronic company in the world. The product of Apple has high quality and features (Apple, 2020). The customers of developed and developing countries very like this product. The iPhone X is also a popular product this company launched in 2017 (Apple iPhone X, 2020). This phone has a high level of satisfaction level because customers get several benefits from using this phone. The iPhone X has also still covered a large area of the global market. The iPhone 10 has a higher price level than the competitors but the customers are always choosing this phone over the competitors. The iPhone X introduces a brand new paradigm for interaction, with gestures replacing buttons and a larger screen than on any previous iPhone (Apple iPhone X, 2020). It includes Apple’s own A11 Bionic chip and support for wireless charging. The 5.8-inch AMOLED panel is a first for any iPhone. The iPhone X display is great.

3.0 Discussing relevant literature associated with the topic

3.1 Classification of innovation

Wohlfeil (2018) stated that innovation is the process of generating new things that can be categorized into four types. Firstly, it is the process innovation, product innovation, paradigm innovation and position innovation.

Process innovation

In the case of process innovation, the business firm can develop a new product concept and implement the innovation concept through a formal process (Harada, 2018). An example of process innovation of Apple is to create a plan of producing iPhone X and then this company has coordinated the necessary materials and produced the product on the basis of proper process.

Product innovation

In the case of product innovation, the business firm generates new products and adds several new patterns, features and designs of the product. Product innovation is required to manage the customers changing demand (Kodama, 2018). For example, Apple has developed its phone quality and added several additional features for attracting customers.

Paradigm innovation

Kodama (2018) stated that Paradigm innovation can be defined as the process of innovation by which a business firm can alter its current business process to another process to adjust with the changing market. For example, Apple has launched the i-phone 8 to iPhone X due to customers demand changes and retained the customers for a long time.

Position Innovation

Position innovation can be defined as the innovation of creating a good brand image and maintaining a competitive position in the market (Kodama, 2018). It is also a technique of managing the intellectual property of the business. For example, Apple has registered under intellectual property rights for protecting the property of the company.

3.2 Innovation source

Innovation sources are the main tool for maintaining effective innovation in the organization. The innovation process can be effective but the sources have to be understood by the innovative party. Wang (2017) stated that the innovation sources knowledge assists in developing new ideas and thoughts and implementing the ideas into action very effectively. Wohlfeil (2018) noted that the main sources of innovation contain mergers, acquisitions, joint ventures, takeovers, strategic alliances. Normally, the sources of innovation have been summarised on the basis of three important factors including imitation, acquisition, and incubation. Harada (2018) stated that Imitation is the process of innovation by which business firms can copy other innovation techniques. After that, the acquisition is the process of innovation by which a business firm can get a license or purchase the innovation technique. Incubation is a process of innovation by which business firms can generate new product ideas through effective research and development activity (Harada, 2018). The business firm has to depend on the incubation technique to do research and development activity for generating new products and services ideas and ensuing sustainable development of the business………………………..

Innovation and Entrepreneurship