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Sample assignment on Innovation Audit

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Added on  2020-02-03

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We will try to make an evaluation of the impact of technology on innovation in the various products of Apple. The study deeply elaborates the details of the company and looks to search the various innovative use of technology in their phones to deliver top quality products. The intricate view inside the innovative features that made Apple’s products a factor of envy for other organisations is clearly identified.  Innovation in a company is as important as the need of a new product in the market. The future innovation potential of Apple is also a factor that is discussed in the study. Samsung is a rivalry brand when it comes to the phones. Sony, HTC, Xiaomi and OnePlus Two are not behind in the competitive market.

Sample assignment on Innovation Audit

   Added on 2020-02-03

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Innovation Audit1
Sample assignment on Innovation Audit_1
Table of contentsIntroduction......................................................................................................................................3Company/Industry Overview...........................................................................................................3Historical Analysis...........................................................................................................................5Future Innovation Potential.............................................................................................................7Conclusion.......................................................................................................................................9Reference List and Bibliography...................................................................................................102
Sample assignment on Innovation Audit_2
IntroductionTechnology has in recent years grown immensely by leaps and bounds and this has crept into thebusiness organisations as well. The most important sectors that have seen the use of technologyinclude the electronics industry among which, the smartphone sector has truly benefitted from itsrise. The current assessment tries to make an evaluation of the impact of technology oninnovation in the various products of Apple. The study deeply elaborates the details of thecompany and looks to search the various innovative use of technology in their phones to delivertop quality products. The intricate view inside the innovative features that made Apple’sproducts a factor of envy for other organisations is clearly identified. Innovation in a company isas important as the need of a new product in the market. The future innovation potential of Appleis also a factor that is discussed in the study.Company/Industry OverviewApple is one of the leading innovators in mobile phone technology and is considered thebenchmark for aspiring smartphone makers. Its headquarters is situated in Cupertino, Californiaand they are renowned for producing computers, computer software, selling consumer electronicand also providing services online. Apple hosts a variety of products such as iPhones, iPod, iPad,Macbooks, Airpods and Apple watch. The operating used in these latest technologies are iOSand macOS that also compromises of iTunes, and other creative and productivity suites. ForApple lovers, iTunes Store, Apple Music, iOS App, iCloud and Mac App are available online toget better services regarding multimedia aspects. Apple has its stores all over the world and being a digital distributor is also a retail store. In therecent years, the company has been producing innovative and technically superior iPhones.There are 478 retail stores of Apple across 17 countries. The revenue in 2015 was US$215.639billion and the operating income was US$60.024 billion. The net income of the company wasUS$45.687 billion. Total assets was US$321.686 billion and total equity was US$128.249billion. The number of employees are 115,000. The financial muscle of Apple each year ismainly due to their product and services. However, in 2016, they did suffer diminishing profitsand it is a result of the cutthroat competition that has risen for the use of technology andinnovation.3
Sample assignment on Innovation Audit_3
Coming to the mobile phone industry that is currently present across the globe, it is but evidentthat the falling economic conditions combined with the influx of local market players has madethe industry competent. The mobile industry before the launch of the first iPhone was dominatedby Nokia and its multimedia phones. Zmud and Apple (2014) opined that since technology is anever evolving process, the smartphone industry is such erratic in nature regarding marketproducts and competition that it requires a product completely innovative to actually stir themarket. Apple came into the fray with a simple yet well-functioning mobile device that sufficedthe multimedia experience immensely. Terwiesch and Ulrich (2009) opined that competition in the market for competitive products isimmense due to the various options available for the consumer. This makes working in a mobilephone industry extremely difficult due to the ever changing demands of customers and the rapidgrowth of technology. The growing dependency of people on mobile phones has made itextremely vital for companies to keep innovating and producing mobile devices that go hand inhand with the technological changes. The current trend as per Rigby and Zook (2012), is theflooding of various domestic brands and the impact of Chinese brands that provide impeccablebuild and ergonomics in a phone along with amazing features. However, this is still not the issuethat this industry is facing.The current trend that has come up in recent years is the buying preference of customers acrossthe globe. The demand for lowered priced products along with best features is the trend startedby domestic and Chinese market policies. Their products cost cheap and provide best of theworld services. This has played an integral part in changing customer perception. We all knowthat pricing is an important parameter that helps in judging the overall impact of the products andtheir sale. The influx of cheaper products not only impacts the sales figures, it also disrupts themarket demands. As per Liao et al. (2011), various political, legal and economic conditions havean impact on the final pricing factors of a product. In the context of a homogeneous product suchas a mobile phone, the rate of risk that is involved makes sales of new phones in the marketextremely difficult. The global recession has created a trend where people are relying more n budget-friendlysmartphones. Apple being a niche producer of goods and services, does face situation wherepricing values need to be adjusted by them to actually compete in the market. This trend has4
Sample assignment on Innovation Audit_4

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