Objectives for Innovation in Apple Inc.

Objectives for Innovation in Apple Inc.

Introduction

Apple has been vastly recognized globally, but to its advance goals, more measures have to be put in to practice. Innovation is a significant opportunity that should be put into consideration for Apple to have an advantage over its competitors. Innovation facilitates competitive advantage in cost leadership, product differentiation, and focus for the organization. Innovation means the introduction of a new idea, method, or device into a business, a firm, or a company ( Jeffrey, Sharir, and Maman, 2018). Innovation is a significant opportunity to keep Apple growing.

Objectives for Innovation in Apple Inc.

Expanding sales to low-income individuals who cannot afford to own products from Apple is one of the objectives. Basing on the organization’s SWOT analysis, Apple products are highly priced and are considered a luxury by many people. Due to their premium pricing, low-income consumers cannot afford Apple products. Through innovation, new designs can be produced that can be affordable to such customers hence improving its market. Tracing the movement of technology is an objective that can be achieved through innovation. Each day, the technology keeps on changing, and even the most prominent companies can end up losing (Johnson, Phan, Singer, & Trinh 2012). Although some consumers have brand loyalty, many people will always buy the most advanced products.

Apple has to do research on the current market and understand what most people are interested in while still improving and making changes in their products.

Creating brand awareness globally for new designs to consumers. Brand awareness is essential because new versions are easy to sell in the market, especially for a well-developed company like Apple. Through the innovation of new brands, consumers build high demand for the product. Other companies compete for producing new products, and by Apple innovating new products, the organization will win customer loyalty and satisfaction as well as market growth.

                              Metrics to Evaluate the Objectives Achievement

Having a large group to deal with innovation and to develop products that are affordable to low-income consumers. Research is crucial to help the organization understand the need for innovating new products that are affordable to consumers. Another strategy that can be put in practice to achieve the project’s innovation goals is by not letting the company’s success limit its potential in the coming years. The ongoing success of the organization should motivate the team members to keep innovating for a brighter future.

For the organization to be leading in the future technology, studying the current market is a measure that should be highly considered. Understanding what the customers want next is very crucial, as well as improving their existing products (Khan, 2015). Customers are always glad to get new, improved products in the market. Feedback from customers is a strategy that can help an organization understand what needs to be corrected or improved.

On brand awareness, by using annual conferences to announce a new product, can help promote the product. Sometimes when products are introduced to the market directly, they hardly get to be noticed by most consumers. Through awareness, there is a high demand for new products from consumers. By putting in to practice these measures, Apple can continue to set trends by innovating hence dominating the competitive market.

                        

 

References

Gardere, J., Sharir, D., & Maman, Y. (2018). Consulting and Executive Coaching on Future Trends: The Need for a Long Term Vision with Apple and Samsung. International Journal of Business and Social Science, 9(3). Retrieved from:

https://ijbssnet.com/journals/Vol_9_No_ Gardere, J., Sharir, D., & Maman, Y. (2018). Consulting and Executive Coaching on Future Trends: The Need for a Long Term Vision with Apple and Samsung. International Journal of Business and Social Science, 9(3). A3_March_2018/1.pdf.

Johnson, K., Li, Y., Phan, H., Singer, J., & Trinh, H. (2012). The Innovative Success that is Apple, Inc. Retrieved from:

http://mds.marshall.edu/cgi/viewcontent.cgi?article=1420&context=etd.

Khan, U. A., Alam, M. N., & Alam, S. (2015). A critical analysis of internal and external environment of Apple Inc. International Journal of Economics, Commerce and Management, 3(6), 955-961. Retrieved from:

https://www.researchgate.net/profile/Md_Alam136/publication/282274921_A_CRITICAL_ANALYSIS_OF_INTERNAL_AND_EXTERNAL_ENVIRONMENT_OF_APPLE_INC/links/56ff003908aea6b77468d502/A-CRITICAL-ANALYSIS-OF-INTERNAL-AND-EXTERNAL-ENVIRONMENT-OF-APPLE-INC.pdf.