INNOVATION MANAGEMENT AND NEW PRODUCT DEVELOPMENT DEVELOPMENT Individual Assignment Student Name: Mohamed Elfatih Elsiddig Suliman Markhi Student ID No: TP026666 Intake: UC4F1511ME Lecturer Name: TAJUDDIN BIN A. RASHID Module code: BM050-3-3-IMNPD Submission Date: 12th Aug 2016
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Acknowledgments
First and foremost, I would like to express my appreciation for the loving support I have received from my family members, friends and our leader MR. TAJUDDIN BIN A. RASHID , who have made the subject as easy as ABC and taught us the subject as understandable as it could be. Also, I appreciate his valued guidance, aids and suggestions during the lecture and tutorial classes. It also has given me the opportunity to learn and enhance my knowledge. I really appreciate him for bestowing his utmost effort on me and teaching us. Without all this I wouldn’t be able to give a perfect ending to my work.
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Marking Criteria
Marks are awarded based on the following guidelines: Grade
Assessment Guidelines Pass answers are expected to be legible, tidy, well organized and written in General clear, understandable English. Students who grossly exceed the word limit will be penalized. Superficial analysis, concepts ad language of the subject is absent or scant. 0-39% Irrelevant regurgitation of text book. Ideas are poorly expressed. Many key issues are ignored. Concepts and language of the subject are used but are often confused in application and or explanation. 40-49% Some understanding of the relevant models and concepts. Some elements of an appropriate structure are present. Restricted analysis of some issues. Evidence of reading and research. Understanding of the application of 50-59% appropriate models and concepts is demonstrated. Key issues are identified and analysed, although this may be restricted at times. Some source s are acknowledged. Evidence of wider reading. The assignment effectively interprets the information and exhibits the integration of ideas across the subject area. The 60-69% assignment has credible recommendations. A systematic approach to development and evaluation is used. Most sources are acknowledged and referenced using Harvard system. 70% Arguments are clear and convincing. Confident integration of theory and and practices is demonstrated. Consistent referencing to sources using the Harvard above system.
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Executive Summary
This report demonstrates the knowledge and understanding of the widely recognized
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attributes necessary in developing and successfully commercializing a new product, the Apple Watch by applying and evaluating innovation management and new product development techniques for launch planning, implementation and management. This report is divided into two parts. The first one focuses on some feasible application considerations when developing a new product development strategy for Apple Watch. It examines the relationship between new products and prosperity. The second part focuses on ways of how Apple Inc. can better manage innovation within the organization to stay ahead of its competitor in the industry in this highly competitive environment. It explains the dilemma facing all organizations concerning the need for creativity and stability and identifies the factors that Apple Inc. have to manage in order to achieve success in innovation. “
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Table of Contents Acknowledgments .......................................................................................................................................
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Marking Criteria .........................................................................................................................................
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Executive Summary ....................................................................................................................................
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1.0 Introduction ...........................................................................................................................................
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2.0 Question 1 ..............................................................................................................................................
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2.1 Background of Apple Watch ............................................................................................................
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2.2 Market entry and launch activities of Apple Watch ...................................................................... 9 2.2.1 Background of The Case .............................................................................................................
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2.2.2 Market Entry ................................................................................................................................
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2.3 The brand management strategies of Apple products ................................................................. 13 3.0 Question 2 ............................................................................................................................................
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3.1 SWOT Analysis ...............................................................................................................................
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3.1.1 Strengths .......................................................................................................................................
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3.1.2 Weaknesses ...................................................................................................................................
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3.1.3 Opportunities ................................................................................................................................
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3.1.4 Threats ..........................................................................................................................................
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4.2 Ansoff Analysis ....................................................................................................................................
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4.2.1 Market Penetration ......................................................................................................................
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4.2.2 Product Development ..................................................................................................................
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4.2.3 Market Development ...................................................................................................................
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4.2.4 Diversification ..............................................................................................................................
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5.0 Conclusion ...........................................................................................................................................
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6.0 References ............................................................................................................................................
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7.0 Appendix A: Comparison of Apple Watch with other competitors ............................................... 26 7.1 Appendix B: description of Apple Watch Specifications ................................................................. 27 7.2 Appendix C: Apple Watch Dimensional Drawing ...........................................................................
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Table of Figures Figure 1 Shows the Apple watch with its sports functionalities ................................................................... 8 Figure 2 shows Apple Watch Annual Shipments Forecast ........................................................................... 9 Figure 3 shows all brands and their coverage all over the world ................................................................ 10 Figure 4 identifies the and explains the SWOT analysis in general ........................................................... 15 Figure 5 identifies the parts of Ansoff matrix ............................................................................................. 19 Figure 6 shows Apple watch in comparison with other brands .................................................................. 26 Figure 7 shows detailed description of Apple Watch's functionalities ....................................................... 27 Figure 8 In-depth view of Apple's watch .................................................................................................... 28
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1.0 Introduction
Steve Jobs and Steve Wozniak co-founded Apple on April 1, 1976. Initially, they planned
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to design a simple micro-computer board that could be sold to small businesses. However, the duo eventually went on to build a microcomputer kit called Apple I, the company's first product. One year later, Apple was incorporated as “Apple Computer Inc.”. The Apple II, one of the first
commercially successful personal computers, debuted that same year (Siegel and Gibbons, 2009). “
The Apple II distinguished itself from its major rivals by incorporating colour graphics
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and an open architecture. Known for its ease of use, features, and expandability, the Apple II helped Apple grow into a profitable, well-regarded company. In 1984, Apple released the Macintosh, which provided advanced graphics capabilities and a revolutionary Graphical User Interface. Following the success of Apple II and the introduction of Macintosh, the company had its IPO on September 7, 1984 (Siegel and Gibbons, 2009). “ Apple Inc. designs, manufactures, and markets consumer electronics products – personal
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computers, portable music players, cell phones - as well as related software, services, and peripherals. Apple sells its products worldwide and provides support through its website and at more than 250 retail stores around the world (Siegel and Gibbons, 2009). “ Apple, Inc. has experienced several changes in the executives that run the company in the
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last couple of years. Unfortunately, the company experienced the death of Founder and CEO, Steve Jobs. This left the company looking for new leadership and direction. Recently, the company named Tim Cook as the new CEO of Apple, Inc. According to www.apple.com, Cook was named acting CEO and member of the Board of Directors in August of 2011 (2012) (Johnson et al., 2012). “
With its first wearable computer, Apple will enter a growing market for fitness-tracking
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accessories and smartwatches filled with gadgets from Samsung Electronics, Fitbit and Nike. And with the two larger phones, the iPhone will fight back against Samsung, whose big-screen Galaxy smartphones have wrestled sales away from Apple over the past few years (Chen, 2014).. “ That is on top of what other firms have confirmed that they are in process of developing
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their smartwatch products due for release in near future, such as Apple with Apple Watch and Swatch with Swatch Touch to virtually concludes 2014 as start of “wrist revolution” where many
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high-tech companies have started their competition in this market (Pradhan and Sujatmiko, 2014). “
2.0 Question 1 2.1 Background of Apple Watch
The Apple Watch is well and truly with us, with a staggering 7 million units reportedly
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sold or ordered already. The Apple Watch represents the first new product category from the Cupertino Company in over four years and, with watchOS 2 already announced, is clearly one Apple wants to evolve quickly (Sung, 2015). “ Apple Watch represents a new chapter in the way people relate to technolog y. It's a device
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that enables you to communicate in entirely new ways, offers a complete picture of your fitness and health, plays music, installs apps and is a beautiful, precise timepiece (Fileturkoo.com, 2015). ““Apple
Watch gives us the ability to motivate people to be more active and healthy,”
Apple CEO Tim Cook said on-stage. “If you are someone who just wants to be a bit more active or someone who wants to track what you are doing during the day, or perhaps you exercise regularly, or even if you’re a very serious athlete, Apple Watch helps you live a better day.”
(Comstock, 2014). “
Figure 1 Shows the Apple watch with its sports functionalities Source: https://www.apple.com/watch/apple-watch-sport/space-gray-aluminum-case-black-sport-band/
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2.2 Market entry and launch activities of Apple Watch
Apple held its big Apple Watch media event on Monday, where the company offered more
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details about its first-generation smartwatch that's finally going on sale next month. Even though Apple will offer the Watch in a variety of models and prices — starting at $350 and topping out at $17,000 — BI Intelligence believes Apple's smartwatch will still dominate the smartwatch category over the next five years (Smith, 2015). “ Based on estimates charted for us by BI Intelligence, one out of every 20 iPhone owners
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are expected to own an Apple Watch by the end of this year, but the Apple Watch will account for 40% of all smartwatch shipments in 2015. BI Intelligence believes the Apple Watch will peak in market share in 2017, grabbing about 48% of the market, before adoption slows down over the next two years. Notably, BI Intelligence believes the Apple Watch will kick start the overall market, but at a higher entry-level price tag than its competitors, rival smartwatch makers will offer cheaper watches with comparable features by 2020 (Sun, 2015). “
Figure 2 shows Apple Watch Annual Shipments Forecast Source: http://www.businessinsider.com/how-apple-watch-will-dominate-the-smartwatch-market-2015-3
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“There’s
been widespread speculation that traditional brands are already feeling the heat
from competing against Apple. The watch market is highly fragmented with most watch brands representing less than 5% share of sales. Entry level brand leaders like Timex, Casio, and Seiko run a greater risk of losing business to the Apple Watch than high-end brands, whose brand value is derived from age and craftsmanship (Mendes, 2015). “
Figure 3 shows all brands and their coverage all over the world Source: https://www.1010data.com/company/blog/detail/the-effect-of-the-apple-watch-release-on-the-watch-market
The Apple Watch rollout is part of a bigger strategy to make the gadget more appealing to
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the fashion world. To that end, Apple bought a large advertising spread in the March issue of Vogue, displayed the device at the Colette during last fall's fashion week and hired a slew of
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fashion-industry executives, including Ahrendts, the former chief executive officer of Burberry Group Plc (Higgins, Cao and Thomson, 2015). “ Apple is offering a solid gold version of its upcoming Apple Watch, dubbed the Apple
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Watch Edition that will be priced at upwards of $10,000 apiece. While some niche companies have offered consumer electronics wrapped in precious materials in the past, the fact Apple is following the strategy is interesting (Forbes, 2015). “ 2.2.1 Background of The Case 2.2.2 Market Entry Follower
Due to Apple's later entry into this market, in terms of position it is a Follower. This means
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apple did not introduce this product to the market but followed demand. As noted by Stuart, (2015) At this point in smart technology and mobile technology converge, it was a natural and necessary extension for apple to diversify not only for demand purposes, but as a sign of evolution. “ The primary strategy implemented by Apple mimicked the of its other product range in
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terms of mass market campaigns such as early bird sales/discounts technology conventions, word of mouth, entertainment media such as adverts and product placement in various avenues such as TV series. “ As a follower, Competitive pricing was a key point of market penetration. Apple ensured
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the SmartWatch was priced highly to retain its high end market base. The IDC (international data corporation), (2016) reports, that Apple's low production costs afford it the opportunity to set prices at a fluctuating rate across countries in order to gain each respective market and still cater to those consumers alike. “ Advantages
In terms of the smart watch market, apple was not a first mobile company to cash on this
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market. Similar brands such as Samsung and Motorola had already launched early editions of their watches. According to Goh, (2015) due to the awareness of the big name brands on this market, other developers followed suit and the smart watch market became saturated. “
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This was not so much an issue for apple, the benefit was that consumer research and
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behaviour could be monitored through the existing products so that the apple smart watch could offer a variation in terms of function and design. “The smartwatch is now a category waiting for a market” (Bamburic, 2016). This is especially beneficial for Apple as traditional watch making
companies have yet to make a mark on this market which has largely been dominated by technology based companies. “ Apple also benefits from a recognizable and trusted brand name with a loyal consumer
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base. Thus, an existing means easier penetration for Apple. Apple's strong customer retention strategies means its signature high market priced products generate sales regardless. This sales prowess "means it claimed the majority of the market with less than a year of sales under its belt" (Perez, 2016). “ Along with this, Apple has the finance and resources to launch campaigns and marketing
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strategies that capture the market and gain interest and attention unlike smaller or less powerful brands. “ Disadvantages
Apple's brand recognition also works against them in terms of the global market. This
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results in numerous copy cats and imitation based products in the generally huge markets of India and China. This results in a short maturity rate for apple, whilst having it's features and designs exploited in order to be attained by a significant portion of consumers. “ Apple's high value priced products also limit its market effectiveness in this regard.
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Consumers who already feel isolated in terms of their purchasing power toward existing apple products, may feel even more isolation with the SmartWatch products. This pre-existing factor affects how the SmartWatch is perceived by these consumers. “ The 4 P's of Marketing
Apple attains its brand management through the 4 P's of Marketing which are; product,
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price, place, promotion. These marketing strategies allow greater analysis into different aspects of Apples operations. “
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Products
In terms of products, as a technology and mobile company, Apple has ana adequate array
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of products with differing variations, versions and capacities. These consist of smart phones, tablets. Music players, televisions, speakers and smart watches. “ Place
Apple takes advantage of various distribution channels in order to sell its products to
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consumers. These include; apple stores, authorised vendors and online markets. This strategy allows apple to reach a wide consumer base and increase the likelihood of market domination. “ Price
In terms of price, Apple maintains profitability through the use of high-end pricing
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methods. This ensures that it maintains its middle and high class consumer base regardless if it is a niche market. Greenspan, (2015) notes that, however offering upgrades and product variations means it can offer new products, and decrease prices for the older models allowing more consumers purchasing power for the products. “ Promotion
Apples promotion strategies adopt traditional approaches and innovation based
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approaches. Promotion primarily consists of news and print media, entertainment media, online campaigns on such platforms as YouTube as well as advertising techniques such as pay per click advertisements. “ 2.3 The brand management strategies of Apple products
By definition, brand strategy is a long-term plan for the development of a successful brand
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in order to achieve specific goals. A well-defined and executed brand strategy affects all aspects of a business and is directly connected to consumer needs, emotions, and competitive environments (Gunelius, 2014). “ Apple uses not only brand or line extension as a brand extension strategy - it uses both.
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Till 2001, Apple was basically active in the computer sector and already popular due to its easyto-use products (Linzmayer, 2004: 33). In 2001 the company developed th e famous iPod. This was a huge act of category extension as portable music devices had not been part of Apple's product 13
lines before. The introduction of the iPhone in 2007 was also a category extension of the company's product categories, as Apple had never been active in the cell phone market. Furthermore, the company introduced several new products in each category, e.g. the iPod shuffle, which belongs to a line extension (Overview of brand strategies of Apple Inc., 2007). “ Apple has a branding strategy that focuses on the emotions. The Apple brand personality
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is about lifestyle; imagination; liberty regained; innovation; passion; hopes, dreams and aspirations; and power-to-the-people through technology. The Apple brand personality is also about simplicity and the removal of complexity from people's lives; people-driven product design; and about being a really humanistic company with a heartfelt connection with its customers (Abir, 2015). “ From product to experience, Apple's brand has come full circle in its ability to engage with
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its stakeholders as a market-leading organization. Apple's brand-based assets play a dominant role in its ability to evolve to its current position. Apple is not alone in this. The rise of HSBC as a global bank, following its acquisition of the United Kingdom's Midlands Bank in the early 1990s and HSBC's development of the brand as a global bank, exemplified the game-changing effect that has accrued to it as a result of embarking on a concerted branding strategy (Abimbola, 2010). “
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3.0 Question 2 3.1 SWOT Analysis
SWOT analysis is an analytical tool used for the identification and categorization of
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internal and external factors. Strengths and weaknesses in SWOT analysis are termed as internal factors while opportunities and threats are termed as external factors (Makos, 201 4). “ “In
order to find out Apple’s position and strategy, internal factors (strengths and
weaknesses) and external factors (opportunities and threats) are anal ysed. “
Figure 4 identifies the and explains the SWOT analysis in general Source: http://www.how-to-start-a-business-guide.com/SWOT-analysis.html
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The following table illustrates Apple SWOT analysis: Table 1: Apple SWOT analysis
Strengths
1.
Weaknesses
Market leadership for a range of products Incompatibility of Apple products and and services (Dudovskiy, 2015).
services with other products and services (Dudovskiy, 2015).
2.
Retail Stores (Atif, 2015).
Anticipation of certain product categories (UKEssays, 2015).
3.
Strong Brand image
High Prices (Atif, 2015).
(Marketingteacher.com, 2015). 4.
Sophisticated supply-chain infrastructure
Advertising (Kücükzeybek, 2015).
(Dudovskiy, 2015). Opportunities
Threats
1.
Expanding (UKEssays, 2015).
Android OS growth (Rungta, 2013).
2.
Increasing demand for cloud based
Competitor’s moves in online music market
services (Rungta, 2013).
(Harrer, 2015).
Damages from patent infringements
Rapid technology change (UKEssays,
(Atif, 2015).
2015).
Direct online sales channel (Harrer,
Long lasting recession (Rodrigo, 2012).
3. 4.
2015).
3.1.1 Strengths
1. “Apple is one of the global market leaders with its globally popular products such as iPhone ®, iPad ®, and Mac ®, and services such as the iOS and OS X ® operating systems and iCloud ®. These products and services have proved to be sources of solid revenues for the company and are likely to remain so in the foreseeable future (Dudovskiy, 2015). “ 2. “High quality customer experience is a key of Apple’s retail store by providing a direct speak to well-informed staff which increases brand awareness (Atif, 2015). “ 3. “Brand is all-important. Apple is one of the most established and healthy IT brands in the World, and has a very loyal set of enthusiastic customers that advocate the brand. Such a 16
powerful loyalty means that Ample not only recruits new customers, it retains them i.e. they come back for more products and services from Apple, and the company also has the opportunity to extend new products to them, for example the iPod (Marketingteacher.com, 2015). “ 4. “Apple’s supply-chain operations have been ranked by research firm Gartner as the best in the world for the past four years. Sophisticated supply-chain management practices allow the company to facilitate its complex global operations with no or least disruptions (Dudovskiy, 2015). “ 3.1.2 Weaknesses
1. “Apple’s unique hardware and system can only be used with company’s own products. Particularly, majority of programs available in Apple’s Mac computers cannot be used with
other computer brands causing massive user inconveniences (Dudovskiy, 2015). “ 2. “Apple failed to anticipate certain product categories such as phab lets, and therefore was a later entrant into them. Until recently, Apple had not launched a larger screen phone, despite having invented the tablet. Samsung outperformed Apple in this respect, having pioneered in the phablet with Galaxy Note in 2011, and now has a commanding presence in the phablet market (UKEssays, 2015). “ 3. “High price is the major weakness of Apple because there is a strong completion in market now, and the consumer of Apple products can easily obtain the similar function products by its competitors in a lower price (Atif, 2015). “ 4. “Low presence in advertising other than products placement in publishing and educational areas (Kücükzeybek, 2015). “ 3.1.3 Opportunities
1. “Apple has yet to fully tap the growth prospects in the emerging markets. There is a rising middle class in India in which Apple may carve out a greater market share. It should be recalled that India is a member of the Commonwealth with which the UK is developing increasingly closer ties. The vast market in emerging countries is far from saturation, and Apple in UK is in a position of take advantage of it (UKEssays, 2015). “ 2. “Apple could expand its range of iCloud services and software as the demand for cloud based services is expanding (Rungta, 2013). “ 17
3. “Collecting damages from competitors because companies sometimes violated Apple’s patent. So such types of factors can be used by Apple as to damage the competitor’s image on market and collecting damages from them will led to increase cash reserves as well (Atif, 2015). “ 4. “Apple’s direct online sales channel will continue to grow, helping improve their already impressive gross margins. The Apple Watch was being sold direct allowing Apple to cut retailers out of the launch revenues (Harrer, 2015). “ 3.1.4 Threats
1. “Domination of Android OS, the main competitor for iOS in mobile device market decreases iOS power over influencing consumers to join Apple (Rungta, 2013). “ 2. “Pandora, Amazon Music and other streaming music systems will continue to make it less attractive for consumers to actually buy music or subscribe to Apple Music (Harrer, 2015). 3. “The complex environment of electronic communication devices is constantly innovating and poses a serious challenge to Apple’s position in the market. Players are aggressively
competitive, principally because of the fluidity of this disruptive innovation that allows for constant redesigning and modification (UKEssays, 2015). “ 4. “The long lasting recession may impact the sales of the company due to higher prices of the products and services (Rodrigo, 2012). “ 4.2 Ansoff Analysis “Ansoff’s product/market
growth matrix suggests that a business’ attempts to grow depend
on whether it markets new or existing products in new or existing markets. The output from the Ansoff product/market matrix is a series of suggested growth strategies which set the direction for the business strategy (Riley, 2014). “
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Figure 5 identifies the parts of Ansoff matrix Source: http://www.lighthousedigital.co.za/blog/?m=201410
4.2.1 Market Penetration
Apple releases a new and upgraded version of the iPhone nearly every 12 months. Better
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camera, bigger and sharper screen, faster processor, faster internet connections, etc. (Ansoff’s
Growth Strategy Matrix, 2013). “ In order to increase its sales and its profit, Apple could persuade existing customers to buy
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more products. This can be done during an economic grown where customers are willing to spent more money in technological items. For example, Apple could use more advertisements or sales promotion to persuade customers to buy an iPhone for all the members of their family. Or Apple could persuade existing iPod customers to buy also a Mac computer (UKEssays, 2015). “ 4.2.2 Product Development
In this strategic option, Apple could create new products for the existing customers. With
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them, Apple has already a strong relationship, so it knows their need and specifications for creating a new product. Therefore, it could innovate its products in order to keep their customers satisfied, beat its competitors and keep its leadership role in the market (UKEssays, 2015). “ Apple released the iPod Shuffle for its existing iPod customers as an option for a device
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that will “go anywhere.” Small, wearable, and rugged for the times when you don’t want your larger, more fragile iPod or iPhone (Ansoff’s Growth Strategy Matrix, 2013). “
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4.2.3 Market Development
In the Market Development, Apple could use different marketing strategies in order to sell
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existing products/services to new markets and increase its profit. It could achieve that, either by expanding to other geographical areas or by looking for users that will use the product in a different way (UKEssays, 2015). “ “As
an example, Apple’s iPod Touch is a replica of the iPhone except that it can’t make
calls, making it an ideal product for international markets that do not have the cell phone carriers that control the iPhone (Ansoff’s Growth Strategy Matrix, 2013). “ 4.2.4 Diversification
This strategic option is the riskiest of all as Apple has to think of new products and
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introduced them into totally new markets. This option has a very high failure rate as many products fail to come up with the expectations of the customers, so the company has a loss instead of a profit (UKEssays, 2015). “ When Apple first launched iTunes & the iPod, it targeted a very large, very different group
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of customers from their existing customer base of computer enthusiasts. It entered the music industry in a risky, and ultimately very profitable, move (Ansoff’s Growth Strategy Matrix, 2013).
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5.0 Conclusion
Business opportunities and environments continually change. The fashion and trends
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prevalent in the prior year might be outdated in the current year. Therefore, new product development is a vital necessity of any business. In other words, new product development is tied to the ability of a business to remain competitive and also to the longevity of such a business. Ongoing research is required. Apple Inc. is famous for search, and it has become so much more than that by continuously responding to technological changes and developing new products and services accordingly to maintain its position on the market. “ To conclude, this module has helped the author to gain knowledge and understanding of
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the widely recognized attributes necessary in developing and successfully commercializing a new product through creativity, innovation and technology. Any business that does not realize the importance of developing new products will not last very long as a consequence of the fact that business is all about innovation and change, making it absolutely necessary for businesses to adapt to those changes in order to remain relevant and up to date. “
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7.0 Appendix A: Comparison of Apple Watch with other competitors
Figure 6 shows Apple watch in comparison with other brands Source: http://techcrunch.com/2015/03/09/the-apple-watch-compared-to-the-competition/
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7.1 Appendix B: description of Apple Watch Specifications
Figure 7 shows detailed description of Apple Watch's functionalities Source: http://www.watchrepairny.com/blog/apple-iwatch-review-what-does-it-do/
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7.2 Appendix C: Apple Watch Dimensional Drawing
Figure 8 In-depth view of Apple's watch Source: http://www.iphoneincanada.ca/news/apple-watch-third-party-bands-guidelines/
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