Managing Innovation within Consumer Electronic Industry

The report conducts an innovation audit of Apple Inc. to examine its innovation history, current level of innovation activities, and future innovation requirements in the context of the consumer electronic industry. It highlights the importance of innovation for companies operating in this field to survive and grow in a competitive market.

MANAGING
INNOVATION IN THE
BUSINESS

Executive Summary
Innovation plays a crucial role in the growth and development of the business. Innovation is the
process of translating an idea or invention into a product or services that creates value to
customers. Apple Inc. is being chosen for assessment. It is an American multinational
terotechnology company which was founded in 1976 by Steve Jobs, Steve Wozniak and Ronald
Wayne. These are the innovation that bring a drastic change in the life of people as well as in the
business life. There are about 1,23,000 employees are working in the company. The products
launched by Apple Inc. are very innovative and it is unbeatable. The innovation is non-stop, they
always come up with new ideas and thoughts. It is fact that consumer electronic industry will
grow and develop with the high rates in coming time. There are many industries which are taking
initiatives in order to engage and satisfy the customers in entirely new styles.

INTRODUCTION
Innovation plays a crucial role in the growth and development of the business. Innovation
is the process of translating an idea or invention into a product or services that creates value to
customers (Biemans, 2018). In this report, Apple Inc. is being chosen for assessment. It is an
American multinational terotechnology company which was founded in 1976 by Steve Jobs,
Steve Wozniak and Ronald Wayne. This present report will include the innovation history of
Apple Inc. Apple existing innovation performance and capabilities will also present in this study.
Moreover, the performance and the name of industry in 2019 will be discussed in this
assignment.
THE ORGANISATION & OVERVIEW OF INDUSTRY
The organisation and its history of Innovation
The organisation is Apple Inc. It is an American multinational technology company. Its
headquarters are located in Cupertino, California and US. Delivering value and performance
through technology is the main belief of Apple Inc. Apple Inc. was founded in 1976 by Steve
Jobs, Steve Wozniak and Ronald Wayne (Tidd and Bessant, 2014). There are 500 retail stores all
over the world. The innovation of Apple Inc. are Macintosh, iPod, iPhone, iPad, apple watch,
Apple TV, HomePod, macOS, iOS, watchOS, tvOS, iLofe, iWork etc. Apple Inc. also offer
services which are Apple Pay, Apple Store, Mac App Store, iBooks Store, iCloud and Apple
Music. Steve Jbs wanst that there should be a computer in each homes and offices. These are the
innovation that bring a drastic change in the life of people as well as in the business life. There
are about 1,23,000 employees are working in the company. Its revenue is about $265.595 billion
in 2018. Company also sells there products through online and retail stores, direct sales and third
part network carriers, wholesalers, resellers and retailers. Apple Inc. was the first successful
company in manufacturing personal computers and the popularizer of the graphical user
interface. The products of Apple Inc. on the software and semiconductors that run internally. The
organisation is famous for its integration of hardware, software and services. It is reported that
40% of revenue of the company is generated from the people living in America. Apple is known
for its brilliant and incredible quality as well as elegant designs. From the start and till now,
Apple Inc. is focusing on continuous innovation. Apple has enlarged upon its original statements
of vision and mission in the recent years (Möller and Halinen, 2017). Consumer electronic is the
industry where Apple is working. This is the industry where all the electronic equipments, tools
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and machines are intended for everyday use especially in private homes. All the electronic items
such as flat screen televisions, DVD players, mobile phones, control cards, remote, cell phones,
computers laptops, mail capable all are included in this industry and these machines are
upgraded by the company with new idea or innovation continuously. This is the industry which
is growing continually as well as evolving with the emerging speed. All new development or
innovation are seen in this industry recent years very rapidly. It is expected that this industry will
be grow by 10& on a compounded annual growth rate till 2020. There are top five trends in
consumer electronic industry which are smart household appliances powered by Internet Of
things (IOT), E-commerce and Omichannel retail bring in new consumers, honest attempt in
order to reduce the carbon footprint, automation to ramp up production across the customers
electronic industry and Brand recognition influenced by customer outreach strategies. These are
all the top and famous trends in this industry. The competition is also very high among the
companies who are operating in this industry (Archibald and Archibald, 2016). The cost of
infrastructure and operation is also very high in this industry, thus the chances of new entrants is
low which is the great benefit for Apple Inc.
Vision of Apple Inc.- They believe that they are on the face of the earth to make great
products and that's not changing.
Mission of Apple Inc.- Apple design Macs, the best personal computers in the world
along with OS X, iLife, iWorr and professional software.
THE ORGANISATIONS EXISTING INNOVATION PERFORMANCE AND CAPABILITIES
The products launched by Apple Inc. are very innovative and it is unbeatable. The
innovation is non-stop, they always come up with new ideas and thoughts. There are many
innovation in recent period that Apple Inc. is introducing. The performance of company is
outstanding and they have capabilities to beat the competitors in the market.
In addition to this, lightning for charging as well as pairing is also one of the most
beautiful innovation. It is also called lifesaver. This is used to connect the Mac mini top TV.
They have manufacture the magic keyboard from my iMac as well as lightning cable and
plugged it directly into the Mac-voila, fast connection and there is not tension of paring. In this
innovation there not many efforts are required for the development of the products (Prange and
Schlegelmilch, 2018). Moreover, Apple Inc. also come up with another innovation in recent
period which is iOs 11 features is for sharing password of Wi-Fi with high care and security. Wit
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the help of this feature the password of the Wi-Fi is quickly share with another device whether
its is own or someone else device easily. With the help of this innovative feature now people feel
more safe and secure to share the password to anyone if they want. These innovations are
converting the life of people to more comfort zone.
Moreover, innovation is not stopped and it is estimated that it will never be stopped in
future as well. In 2013, apple has come up with the drastic innovation by brining a new
technology or feature which is known as TouchID. This is innovation that is related with the
security and safety of personal data (Bernik and et.al., 2015). There are so many mobile phones
and laptops having this feature of fingerprint lock. Apple Inc. has launched this feature in iPhone
5S. It is biometric technology into mainstreams. This feature increases the reliability among the
customs about the mobile phone.
Apple Pay is one of the famous technology that is very popular among the people and
customers are very attracted towards the products of the company. This feature wa launched by
Apple Inc. in 2014. Many people are using Apple pay. It is truth that this is innovation of apple
cannot be beat by any other company. The most challenging thing in this innovation is that the
way people pay for things in deeply entrenched. This is one of the best and incredible innovation
because it improves the convenience as well as security of the payment systems. With the using
this the old system of pay will be end up and people will more and more encourage using Apple
pay in coming time (Skilton, Wiseman and Glick, 2018).
In addition to this, the another innovation come up in 2015 from Apple Inc. was Carplay.
It is introduced by company with the ability to overplay the infotainment cluster of car with the
iPhone data as well as interface. Before launching of Carplay, closed satellites as well as
infotainment packages are provided by the manufacturers with no ability of expansion. Apple has
crack the telecom industry by fulfilling the expectation of customers or users that the quality of
software on there iPhone will be exist in there cars.
Furthermore, innovation in comes up in the hand watches of people. This is also one of
the incredible and unbeatable innovation in the market which is Apple Watch. This innovation is
entered with so many critics and arguments. The feature of this Apple watch is killer as with the
help of this watch one can live a healthier life as it measure the heart beats accelerometer as well
as it can set the workout goals (Trifilova, 2017). Apart from this, the unbeatable feature in this
watch is that it cane be used for communication like one can receive messages and calls, it has
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Wi-Fi connection, it can be used as walkie talkie device, animated emoji and digital touch. These
are all the features include in this Apple watch.
Among all these innovations in recent years, the most memorable year was the 2017 for
Apple Inc. and their customers. Apple Inc. has launched eight best new and innovative Apple
products. They have launch Apple Watch Series 3. This is the product that is very liked and
preferred by the fans of Apple Inc. as it has tow day battery life, GPS connection and water
resistance watch. This watch has frequently updated in 2017 as it is the second gen product.
Another innovation is iPad Pro 2 which has 3D touch and it is very attractive feature. Addition
this, Apple Inc. launched I phone was also launched in 2007 (Talukder, 2016). They also
launched Apple car, MacBook Pro and Standalone Touch Bar Keyboard.
The present innovation that Apple Inc. come up is launching iPhone X. It is father of all
iPhone series. It has amazing features which are 5.8” OLED display. It has very fast A 11 Bionic
processor. The complete body is made up of glass and it has edge to edge display. The security
and lock system is also very attractive as it has facial and retina recognition. IT has no home
button and it has wireless inductive charging.
The Industry in 2019.
Consumer electronics are electronic tools, machines and equipments intended for
everyday use specially in private homes. It includes all the devices which are used for
entertainment, communications, as well as home-office activities. It is fact that consumer
electronic industry will grow and develop with the high rates in coming time. There are many
industries which are taking initiatives in order to engage and satisfy the customers in entirely
new styles (DeBarro and et.al., 2018). The industry of consumer electronics is going to through
roiling times. It has been seen earlier that customers are very fast and innovative as they accept
the technologies rapidly to become smarter. Organisation operating in consumer electronic
industry have bright future because there are huge opportunities available in the market to
expand there name of the brand but it is fact that a company can achieve success only by the
innovation. Competition is very high and it is increasing day by day in this industry. Apple Inc.
is one of the largest company in the world but still it is facing tough competition in the market
from Samsung, MI, Sony etc. Scholars and researchers have already discovered that the demand
of consumers was high across all customers electronic categories that is from smartphones,
laptops and tablets to TVs because everyone in this world want comfort life. These comforts
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make the life of person to luxury life. In 2018, the face of consumer will entirely change b y
these advance innovation and technologies which will be very beneficial for consumer electronic
industries. People become more technological advance in coming time and the world will
become the world of mobile (Murthy, 2018). Thus, in 2019 and onwards, the future is very
bright and competition will also cut-throat. This industry will become the heart as well as
backbone of the economy.
CONCLUSION
The above report concluded that innovation is the heart of the business. It is not possible
that a company operating in the consumer electronic industry can able to survive for the long
time without innovation. It is very important that company should bring new ideas and thoughts
in the products so that they can grow and expand there name of brand in the market. This report
has conducted an innovation audit of Apple Inc. in order to examine the organisation's
innovation history, the present level of innovation activities and future innovation requirements.
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REFERENCES
Books and Journals:
Biemans, W., 2018. Managing innovation within networks. Routledge.
Tidd, J. and Bessant, J., 2014. Strategic innovation management. John Wiley & Sons.
Möller, K. and Halinen, A., 2017. Managing business and innovation networks—from strategic
nets to business fields and ecosystems. Industrial Marketing Management, 67, pp.5-22.
Archibald, R.D. and Archibald, S., 2016. Leading and Managing Innovation: What Every
Executive Team Must Know about Project, Program, and Portfolio Management.
Auerbach Publications.
Prange, C. and Schlegelmilch, B.B., 2018. Managing innovation dilemmas: The cube
solution. Business Horizons, 61(2), pp.309-322.
Bernik, B and et.al., 2015. Managing innovation of SMEs in creative industry for interactive game
subsector and TV and Radio subsector based on local wisdom in development of
competitiveness business (Case Study SMEs in Bandung). International Journal of
Business and Administrative Studies, 1(2), pp.49-53.
Skilton, P.F., Wiseman, R.M. and Glick, W.H., 2018. MANAGING FOR IMPACT IN
BUSINESS RESEARCH PROGRAMS: SCOPE AND COLLABORATION. Current
Topics in Management: Volume 13, Global Perspectives on Strategy, Behavior, and
Performance, p.179.
Trifilova, A., 2017. complex innovative environment managing innovation managing change open
innovation open business model. In The Future of Innovation (pp. 186-187). Routledge.
Talukder, M., 2016. Managing innovation adoption: from innovation to implementation.
Routledge.
DeBarro, T and et.al., 2018. Mantra to method: lessons from managing innovation on Crossrail,
UK. In Proceedings of the Institution of Civil Engineers-Civil Engineering (Vol. 168, No.
4, pp. 171-178).
Murthy, J.J., 2018. Managing Innovation and Developing Intellectual Property Strategies for
Firms. SIES Journal of Management, 13(1).
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