Manage Innovation in Business

This article discusses the importance of managing innovation in business and how it can help organizations respond to opportunities and introduce new ideas and products. It focuses on Apple Plc as a case study and explores their approach to innovation management.

Manage innovation
in
business

Table of Contents
INTRODUCTION ..........................................................................................................................1
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INTRODUCTION
Innovation management is defined as collection of techniques and tools which allows
manager, employees, users in order to cooperate with common goal and objectives of
organisation. This can help organisation for responding to internal and external opportunities and
using creativity for introducing processes, new ideas and products. Innovation has increased due
to change in requirement of user and consumers. In order to survive and sustain in competitive
market, it is very essential for organisation to manage innovation in their business operation and
activities in effective and efficient manner. Along with this, innovation is a new idea, thoughts,
creative imagination which help a company in adopting attractive technology or process that
leads to attainment of business objective in effective manner. It is also consider as an application
which help in adopting better solution for an organization that leads to achievement of innovative
requirement for fulfilling needs as well as desire of services users in effective manner.
Organization taken for this assignment is Apple Plc which is founded by Steve Jobs,
Steve Wozniak and Ronald Wayne in the year 1976. Its headquarter is situated at Apple park
Way, Cupertino, California, United State. They are operating their business at various industries
such as computer hardware and software, Cloud computing, digital distribution, financial
technology, consumer electronics and so on. There are approx more than 500 retail store of
Apple Plc which offer variety of products and services such as Macintosh, iPod, iPhone, iPad,
Apple watches, iWork and many more. Along with this they also provide numbers of services
like App store, Apple Arcade, Apple Card, Apple Music, Apple News+ and many other. The
respective company offer their products as well as services at worldwide level with their various
subsidiaries branches like Brae-burn Capital, beats, Apple energy, Apple worldwide Video and
so on. There are numbers of innovations which are introduced by respective company for
example iPod which is a digital music player having more than 1000 songs.
Apple is the most successful organisation in the market which keeps on bring innovation
in their good and services to earn maximum gain and profits in competitive market. They believe
in the strategy of developing new and innovative products. They have earn $1 trillion business
organisation which has created and design their own environment for products and services. It
uses huge amount of money on research and development for producing new and unique
products. They have high brand value and sell premium and quality goods to their consumers.
They believe in managing innovation in their business by doing research and development and
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make plan accordingly. It follow and work on concept of rules of an innovation culture. They
have supported creation of world's most beautiful innovation and their financial results is out of
expectation which focus to do produce innovative and creative products. In coming years, it will
bring more innovative product in market. They have flat, open organisational structure which
assist them to do creative and innovative work and manages it in systematic manner.
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