Managing Innovation in Business

Managing Innovation
in Business

EXECUTIVE SUMMARY
The report developed discusses and evaluates an in-depth examination of the concept of
managing innovation in industry and for a particular business as well belonging to the particular
industry. Innovation is a process or a phenomena of converting a new idea into a full proof
procedure and offer an entirely new offering to the public and potential buyers. Industries and
marketplace is dynamic nowadays. New developments are taking place which is causing
fluctuations in consumer demands and buying behaviours. As well as people and their needs are
evolving which is resulting in changing social trends on a very fast pace. Innovation brings
change in the industry, marketplace, organisations and in the profitability of the company.
Regular innovation and invention bridge a path for the economy of the region towards the
highest position amongst other economies around the globe. Therefore, innovation is a concept
which brings several benefits and development for the society and communities.
In the report technology and mobile industry is adopted and for which Apple Inc. is
chosen as a base organisation for completing the requirements of the assignment. Apple Inc. an
American multinational technology company which was established in 1946 by three experts
Steve Jobs, Steve Wozniak and Ronald Wayne. Apple Inc. operates and servers to worldwide
customer's but its headquarters are in its domestic market the place where company was build
that is California, United States. Apple Inc. has its retail stores for distribution of products and
innovative offering in the world with around 500 stores. The company deals in several industries
such as technology, media, retail and others but its core industry through which it acquires value
is technology sector.
This assessment is the second part of the whole assignment in continuation of CW1 and
which reflects upon the role innovation has in fostering or boosting the growth, success and
profitability of Apple Inc. The project is divided into parts where in the first section it is
determined that the technology industry is concentrated on 5G technologies, Artificial
Intelligence which is commonly referred as AI, Gigabit LTE and updated technological phones
and devices. Moving along with the research it is identified that the brand is regularly innovating
and searching for alternative for other devices in the industry for matching with the market and
gain competitiveness. The whole report is based on innovation and development taking place in
the industry and which develops the needs for updating and upliftment the operations through
effective use of innovative offerings.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION ..........................................................................................................................4
MAIN BODY ..................................................................................................................................4
The Future of the Industry 2020 and Beyond.............................................................................4
The Organisations Innovation Requirements 2020 and Beyond.................................................6
Future Innovation Capabilities for the Organization.................................................................7
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation and invention are two terms which are used interchangeably but are two
separate concepts and processes. Innovation is a common concept people or more specifically
businesses uses for attaining competitiveness and staying one step ahead of others in the
industry. Innovation is making new changes in existing offerings and rendering a new product or
service to customers which is updated and holding all new and features fulfilling all the
requirements and needs of consumers (Hu and et. al., 2019). Invention is a vague but an effective
process which involves the introduction of new commodities in market which do not exist in the
world and being newly generated and developed. The purpose of this report is to make use of
industry knowledge and accordingly identify the future innovation capabilities of the chosen
organisation.
Apple Inc. is selected for the project which was founded in 1946 by Steve Jobs, Steve
Wozniak and Ronald Wayne. The services and products are offered to public in whole world as
the company has its presence in all over the world. Apple Inc. has its headquarters in California,
United States. The product portfolio of Apple Inc. is diverse and revolutionary holding numerous
of offerings such as iCloud, Apple TV, ipad, ipod, iphone, iTunes, Mac, App Store, Apple
Watch, Siri, ios, HomePod etc.
The structure of the report is divided into three parts, first section is general and industry
based where a industry analysis is performed for having an idea about the future of the electronic
and technology sector in 2020 and beyond it. Moving along next up is identification of the need
for the company to innovate and develop further in further years. And at the end, in the
discussion future innovative capabilities of company is build according to the mass evaluation
and examination conducted.
MAIN BODY
The Future of the Industry 2020 and Beyond
Electronic industry of the world is inclusive of numerous leading organisations which are
rivals to each other and who deals in similar form of offerings and commodities. The companies
are competing against the same form of products which are the audio and video devices used for
entertainment and other purposes for example, television, mobile phones, laptops, computers, ear
plugs, ear buds, headphones and many other electronic gadgets. These electronic goods were