Global Innovation Management Assignment Sample
Introduction
The procedure of carefully understanding the changing nature of the world and gaining knowledge on how the changes will affect a certain firm is the process of strategic management. The process of strategic management starts helps in equipping the company to innovative design, leading, and implementation of various kinds of innovation and also helps in developing a clear understanding of strategies and innovations around the globe.
Moreover, the strategic management of innovation in an organization comprises of basic concepts, such as technological innovation, market innovation, organizational innovation, business innovation models, and more.
It is of crucial importance to have an effective strategy of management. Nowadays, it is a crucial element of running a business (Westland 2016). It is referred to as the formulation and implementation of the objectives and goals and also the initiatives are taken by the company to implement strategies towards the operations of the business. Strategic management is mostly the brainchild of the company’s top management or stakeholders.
The top management or the stakeholders of the company plays an important role in designing, formulating, and implementing the strategies for the present as well as the future (Jha, Dhanaraj and Krishnan 2018). In the technology business, strategically managing the operations and the innovations of the company is very important.
Technology is a vast sector and is changing with every passing day. It is evolving and has been implemented in any form of business be it small scale or large scale. The strategic management of innovations is the evaluation of the business goals, ensuring the vision and the mission of the company, and having a pre-planned business operation for the future.
The communication of these strategies both internally and externally is very important for the company’s growth. The communication applies to both the staff as well as the clients of the company. The strategic management of the innovations give a purpose and direction to the organization for its success in the future (Arora 2016).
Apple Inc. is one of the top technology companies in the world. The company has contributed to the field of global innovation from an early age. Now Apple Inc. is considered the top innovative firm with a wide range of products like iPhones, iPods, and a wide range of computer systems which is leading the business operations all around the globe.
The most impressive thing about Apple Inc. is the exceptional revenue the company generates through its products which is widely used by masses all across the globe. Recently, the company has been successful in the field of Artificial Intelligence and Robotics (Little, Go and Poon 2017). These innovations have made Apple Inc. as the top technology company in the world.
Apple Inc. is the most evident company when it comes to the strategic management of innovations around the globe. The growth of the company in terms of innovations and the market share of the company is exceptional. The strategic management of innovations of the company starts with an understanding of the relationship between the strategies and the performance. For Apple Inc.,
the strategic management of innovations has been the management of both arts and science.
This involves various developments of thoughts on how to implement a strategy in their operations (Rothaermel 2016). The company has been leading strategically the business operations from an early age. This has enabled Apple Inc to achieve a long term performance which is strong and growing at an exceptional pace. However, the role of the managers in understanding and interpreting the strategy is very important for the company.
This process includes a deep scanning of the external and internal factors of the company. The managers play an important role in scanning the external factors such as the trends in the market and understanding the events and also the internal factors such as the mission and vision of the company (Schilling and Shankar 2019).
Analysis and Findings
To get an advantageous position in the competitive market, every company should consider strategic management as one of the important elements of management. The efficient management of strategies includes taking proper decisions and actions for the future developments of the company (Lasserre 2017).
Traditional Approach
Strategic management in the functions and operations of Apple Inc. consists of three procedures. The procedures are as follows:
Analysis: The process of analysis includes the scanning of the strategic goals of the company and the internal and external environment of the company. The strategic goals involve the vision, mission, and strategical objectives of Apple Inc.
Decisions: It is one of the crucial elements of the operations of the company. Without proper decisions, no industries can grow. The top management or the officials of high ranks is required for this process.
The decisions of the management on how to compete with the competitors and which industries to be competed against are the major concern of the top officials (Carlisle and McMillan 2017).
Actions: This is the process of implementing the decisions taken by the top official of the company. However, to ensure the implementation of the decision, the officials should be concerned about the resources that they can provide for the growth of the company.
Action is the process that has a lot of interaction with the other two processes, as the action is the outcome that the company is trying to implement in the company. Sometimes, it is seen that improper analysis of the environment and decisions has led the company towards critical loss.
The most important factor of strategic management is the analysis of the competitors in the market. A strategy is considered efficient when the management of the strategies makes way for the company towards growth and also gives the company ability to outperform others in the market.
In this context, the managers of the company play a pivotal role while strategically managing the company. The managers play an important part when it comes to making decisions on how to ensure that the company is well equipped in competing with others in the market.
They also ensure the company’s position and to gain an advantageous position over time (Barnard and Chaminade 2017).
Moreover, the managers of Apple Inc. prove their efficiency by strategically managing its innovations and provide the customers with a unique and innovative range of products and services. However, it is seen that the products and services provided by the company are costly than that of its competitors.
But Apple Inc. has its own loyal customer base that only uses products of Apple Inc. without even considering similar products available in the market. It is the strategically management of the company that has helped it to gain the most advantageous position amongst its competitors (Chen, Yin and Mei 2018).
The management of Apple Inc. is efficient and productive when it comes to providing its customers with quality products and services.
The company has an adaptive nature when it comes to its technological advances. The managers of the company try to enable the company to gain an advantageous position that is sustainable and can act according to the trends of the market. The company strategically adapts to the changing nature of the market and also tends to be innovative towards their products accordingly.
The needs of the customers are the most important factor in the management of the company. They tend to implement strategies in their operations and functions of the company. They have got the upper hand when it comes to securing the ability to be in the most advantageous position by giving its customers with unique products and quality services (Ahlstrom et al. 2018).
Most of the famous strategically management of innovations of the company over the last two decades has been to provide quality to the customers, time to time innovative products, creating a benchmark for the business operations and function of the company in the market, unique engineering process, outsourcing and many more. This is the most effective in the operation process of the business.
The operational effectiveness is the performance of the competitors in a similar industry and gaining positive feedback from its customers. Strategically managing the innovations also includes maintaining a huge stock of different products and quality of services. Apple Inc. has been able to maintain its inventory with unique products offered to its customer for securing a loyal base (Cano-Kollmann 2016). The company has created its own sustainable position in the market and plans to hold on to it.
Advantage over Competitors
Apple Inc. has gained an advantageous position amongst its competitors in the global industry because of its wide range of products and services that have been successful in perceiving the target market and the customers. As mentioned earlier, Apple Inc. is the most successful technology company in the world the competition is very high.
Other major giants like Microsoft, IBM, and many more share a similar industry and also its resources. According to a study, it is found that there are copies of the products manufactured by Apple Inc. and are sold at a very low price. This possesses a great threat towards Apple Inc. because of two reasons, firstly, copies of the products of Apple Inc.
has hampered the image of the company. Often these products are of low grade and built quality is very bad which harms the company’s image. Secondly, these copies lead to huge financial losses for the company (Binz and Truffer 2017). For example, a manufacturer who makes similar products of Apple Inc. like an iPhone and uses the name Apple, but the products built quality is very low grade and does not have what an iPhone have, this hampers the image of the company.
Apple Inc. is a customer-oriented firm, the company focuses on the satisfaction of the customer has made them secure their position as the top tech firm. However, taking into consideration that a big firm like Apple Inc.
cannot have smaller small firms as its competitors, there are certain times when the company faced major challenges from a smaller firm. When it comes to manufacturing cell phones, Apple Inc. faces huge competition from other technology giants like Samsung, Motorola, and many more.
The most popular products manufactured by Apple Inc. are Desktop computers or the Mac’s and the iPhones. These products are widely used by customers all across the globe (Erciş and Ünalan 2016). The market share of Apple Inc. is approximately 18% to 20% which is a great percentage considering an industry that is very competitive and dynamic.
Key Elements of Strategic Management in Innovation Management
The strategically management of innovations is administered by the entire goals and objectives of the company. The vision and mission of the company comprise of the overall operations and the functions for the future growth of the company. The strategic management efforts by managers should be implemented in such a way that it impacts the entire operations of the company rather than the benefits of any individual (Berman, Mudambi and Shoham 2017). The key elements of the strategic management of innovation are as follows:
Operations: The role of operation is a technology firm is mostly related to production and manufacturing. The management of the company should be efficient when it comes to operations.
There are certain cases when the management has decided to go with a long term strategy of production of a certain product to bring down the cost of each unit. In such cases, the outcome of the company gets impacted and may not meet the desired target of the company (Costa and Borini 2017).
Research and Development: Research and development department of a company is one of the most crucial departments. This department is directly linked with innovations and analysis to bring out something new or to improve something. In the case of Apple Inc.
the research and development department is considered one of the most efficient departments amongst other competitors. However, in some cases, the company has faced failure due to over-engineering a certain product to achieve a product that is superior to the previous version.
This leads to a design that is more expensive and requires more resources. This impacts the overall price of the product and the product becomes so expensive that the customer demand in the market gets minimized (Tarraço 2019).
Multiple Stakeholders: Most of the technology giants in the market consist of multiple stakeholders when it comes to decision making and implementation of strategic management of innovations.
The managers are people responsible for communicating the demands of the stakeholders as well as the market to assist them in making a decision. Stakeholders are a group of people or an individual who have a share in the company’s success and failure.
This group of people may include the owners, employees, customers, suppliers, and many more when it comes to a public shareholding firm (Liu 2017).
Short-Term or Long-Term Perspective: The strategic management of innovations in a company involves both the short-term and long-term perspective. This means the manager of the organization should always think about the future vision for the growth and development of the company.
It is also the duty of the manager to keep the center of attention towards the present functions and operations of the company (Godiwalla 2018).
Effectiveness and Efficiency: One of the most crucial elements concerning the strategic management of innovation involves having both effectiveness and efficiency towards the operations and functions of the company. It means the manager should be concerned about implementing the right thing and doing it correctly.
It is the duty of the managers to administer and utilize the external as well as internal resources of the company efficiently (Berman, Mudambi and Shoham 2017). Moreover, they should also keep an eye on utilizing the available to innovate for the future growth and development of the company.
Conclusion
After critically analyzing the various factor and elements mentioned in the report, it can be concluded that Apple Inc. is one of the top technology company which has implemented strategically management in the innovation management in their business operations and functions.
The study shows that the company has got the ability to manage and adapt to the changing nature of the technology business. Being one of the top names in the industry, Apple Inc.
has been delivering exceptional services and innovative products to its customer. The products of the company are widely used around the globe and are one of the crucial names when it comes to innovation.
Moreover, the study discusses the exceptional efficiency of the management and leaders of the company while taking decisions.
Apple Inc. has been successful in delivering its customers and stakeholders the satisfaction they need. The study further discusses the crucial elements that are taken into consideration when a decision is being made. Strategically management of innovation has been one of the key attributes for the company.
Through this study, the efficiency of the managers of the company is proved by their skills of constant monitoring of events, and the trends in the market have enabled them to take the decision in the favor of future growth. The company shares a total market share of approximately 18% to 20% of the global technology business.
In recent times, the government of certain countries has implemented technologies developed by Apple Inc. due to efficiency and the promise of giving quality products and services to its customers.
Taking appropriate decisions whenever a change is needed has been the company’s growth factor. Furthermore, the study indicates that the strategic management of innovations has become one of the most important processes in the world of business, especially the technology industry.
The global business industry is changing at a great pace and Apple Inc. has been successful in adapting to the change. In addition to this, the study also discusses the factors which need to be considered while tackling the competitors.
Apple Inc. belongs to an industry that is dynamic in nature. The technology industry is evolving with every passing day and the fact that Apple Inc. is in an advantageous position is due to its investment in quality rather than the quantity. Apple Inc.
faces huge competition from other technology giants mentioned in the report. The report further discusses the understanding of strategy and its performance when it has been implemented. The implementation of strategies helps in interpreting the situation.
This has helped the company to stay one step ahead of its competitors. The adaptive nature of the company when it comes to innovation is also discussed in detail.
Moreover, the report establishes the fact that the scanning of internal as well as the external environment is very important; evaluating the environment has helped the company to implement decisions that are strategically designed for the future growth of the company.
The resources of the company are managed by the managers of the company. Formulation of strategies, selecting the operation and functions of the business with entry-level strategies are included in the report. Also, the nature of competition that the company faces and also the co-operation of business that the company holds are demonstrated in a detailed manner.
The report indicates that Apple Inc. has been successful in formulating ways to compete in the international markets and come out as a winner and this factor includes the selection of corporate-level strategies of the company.
Apple Inc. is one of the most successful companies when it comes to the implementation of strategies and crafting the organizational culture both externally and internally. The company has been leading the business operations ethically with efficient departments like research and development which has paved the path for the overall success of the company.
References
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Barnard, H. and Chaminade, C., 2017. Openness of innovation systems through global innovation networks: a comparative analysis of firms in developed and emerging economies.
Berman, A., Mudambi, R. and Shoham, A., 2017. Language Structure and Its Effects on Innovation. AIB Insights, 17(4), pp.14-17.
Binz, C. and Truffer, B., 2017. Global Innovation Systems—A conceptual framework for innovation dynamics in transnational contexts. Research Policy, 46(7), pp.1284-1298.
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