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Understanding Apple's Unique Practices through Innovation Framework

   

Added on  2019-12-28

14 Pages3292 Words386 Views
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INNOVATION ANDRISKMANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1SEVEN DIMENSIONS OF INNOVATION FRAMEWORK.......................................................1CONCLUSION................................................................................................................................8REFLECTIVE.................................................................................................................................1Reflection upon coursework task.................................................................................................1Research process undertaken.......................................................................................................1Benefits and challenges experienced...........................................................................................1REFERENCES................................................................................................................................3
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INTRODUCTIONInnovation is regarded as the process of inventing new idea with the motive to enhancemarket performance of business in the market. Further, in the modern era due to presence ofperfect competition in the market every company has started to indulge into innovative practicesand this directly supports in accomplishment of desired aims and objectives (Wong, 2011). Apartfrom this, to deal with the overall challenges present in the market business has to focus onproduct development and some unique attributes are required in order to attract customers in themarket. For conducting the present study one innovative organization chosen is Apple which is aAmerican multinational technology firm headquartered in California that designs and sellsconsumer electronics along with software. Business is well known in the market for range ofinnovative products and it has allowed becoming leader in the market. SEVEN DIMENSIONS OF INNOVATION FRAMEWORKInnovation plays most crucial role in the organization as it is required to satisfy need ofthe target market in efficient manner. The model of strategic innovation relies on sevendimensions which every business has to consider in order to grab growth opportunities present inthe market (Borghesi and Gaudenzi, 2012). Apart from this, it drives growth and builds brandimage of business in the market. Moreover, company like Apple is well known in the market dueto presence of unique attributes in the product and this is one of the main reasons behindpopularity of its product portfolio in the market. In short, innovation has allowed Apple toaccomplish its desired aims and objectives which is beneficial for the business. As per view ofBennett (2012) the range of seven dimensions present in strategic innovation are effective asthrough this it is possible for businesses to meet with the changing needs of the target market.Apart from this, an expectation of customers in the market is rising at faster pace due to whichcompanies have to introduce innovative ideas for its growth and development in the market(Bennett, 2012). Following are the seven dimensions of strategic innovation framework:Managed innovation process: It is considered as one of the major dimension which is thecreative core of strategic innovation. According to Tucker and Danzig (2012) combiningtraditional along with the non traditional approaches in the business strategy supportsbusiness in attaining favorable outcomes. Further, it is necessary for company to manageinnovation as through this it is possible for organization to explore large number ofpathways (Tucker and Danzig, 2012). In case of Apple the entire range of operations1
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carried out by business are innovative and through this company has managed to deliverunique products to its target market as per their expectations. In short, managedinnovative process leads to rise in satisfaction level of the target market and large numberof customers can be attracted easily (Galbraith, 2014). It is associated with the internalcapability of the business as in case of Apple by using advanced tools and techniques ithas become possible to offer different type of innovative products such as Iphone, Ipadetc. Through effective management of innovation it is possible to gain competitiveadvantage. Strategic Alignment: As per view of Pantano (2016) this stage is linked with theenthusiasm and support between all the parties associated with business in order tostimulate company. Further, it is well known fact that stakeholders play most crucial rolein the organization and they provide support to business in each and every stage.Therefore, with the help of stakeholders business can ensure where all its activities are asper vision and mission (Pantano, 2016). Apple strongly relies on its stakeholdersespecially customers, suppliers, employees, government etc and all these parties providesupport to business in accomplishing desired goals. However Andersen (2009) arguedthat providing direction to the business is necessary and in such case stakeholders providedirect support to the organization. Apple has indulged into innovative practices with thehelp of its customers, suppliers etc as business take feedback from its target market andon the basis of same product modification is done (Andersen, 2009). In short, this showsbusiness efficiency to survive in the market and has assisted to grab the growthopportunities being present in the business environment. Therefore, in this way strategicalignment is also one of the major dimension on which success of business depends. Industry foresight: This dimension is associated with the factors which drives changewithin the business. Further, through this it becomes easy for employees within companyto understand market trends and same can be followed easily. As per view of Bowers andKhorakian (2014) identifying market trends provides support to every business in servingits target market efficiently. Moreover, Apple has been successfully operating in themarket as business well satisfies expectations of its customers and due to this reason saleof its innovative product is quite high in the market (Bowers and Khorakian, 2014).However Darroch (2005) argued that industry foresight also helps in determining new2
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