Managing Innovation in Business

Managing Innovation in
Business

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Organisation and Innovation History...........................................................................................3
Existing Innovation Capabilities and Performance.....................................................................4
The Industry in 2020....................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation is the strategic process through which additional value is added to existing
products, technology or services available in the market by improving, changing or updating the
way it operates or is applied, in such a way that it increases the performance, efficiency,
productivity and profitability of the product, technology or service in the consumer markets
(Dolata, 2017). The objective of this report is to evaluate the innovation history and existing
innovation capabilities and performance of Apple Inc., a technology business, part of the ‘Big 4
technological companies’ around the world, that operates from its headquarters in California,
USA.
MAIN BODY
Organisation and Innovation History
Apple Inc. was founded in 1976, 44 years ago by Steve Jobs, Steve Wozniak and Ronald
Wayne as ‘Apple Computer Company’. Through their continued operations in the technological
industries, Apple has grown on to become one of the most profitable businesses in the consumer
markets and the world’s most valuable and widely known brand in the 21st century. Currently the
business sells various innovative technologically advanced products that include the IPhone
series of smartphones, IPad series of tablets, Mac series comprising of personal computers, IPod
range of portable media players, Apple Watch range of wearable smartwatches, Apple TV series
of digital media players along with a host of peripheral devices, online services and proprietary
accessories.
Through the continued operations in the technological industries, Apple has had ample
opportunities to grow and expand its business operations and innovation capabilities by
expanding into global markets with the intention to increasing their customer base, market share,
productivity and profitability in the consumer markets. It currently operates more than 500
distinct retail stores around the world that sell Apple products to the consumers exclusively. For
its operations, Apple Inc. employs around 137,000 individuals from around the world. For the
fiscal year of 2018, Apple Inc. was able to generate total annual revenues of $265 billion,
making it one of the world’s most valuable brands and on the basis of their revenues generated