Company Strategy for Product Innovation

BIAM300 Company Background and Strategy for Product Innovation

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BIAM300 Company Background and Strategy for Product Innovation

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Product Innovation

Explanation of Product Innovation Positioning

In Apple Company, the main aspect behind its growth is product innovation. The main two factors for the success of Apple Company is creating ideas as well as testing their products.

Without the several innovations that the company implement the company will still grow since it has loyal customers that use their existing products. The organizations might not consist new clients, so that they can get new clients they need to develop new ideas.

Development and research are the main key performance indicator that are advantage to the company. Carrying out research to find out what kind of products the clients need and providing the exact products that people need is what improve the organization strategic position.

Researching on what type of products the market need will assist Apple Company to develop products needed by their customers. Assessing the company additional Key Performance Indicator under the current innovation is what offers advantages to the organization (Elmansy, 2016).

SMART Objective for Strategic Positioning

The most relevant section in product innovation is the testing of the products. Ensuring that products and that the products are operating properly is an important factor for the organization business to improve. The technology is the main strategy is the main performance indicator that assist to meet their objectives.

Coming up with a state product art to maintain their clients happiness and ensure that they expect for the company to come up with new and well improved products. Through coming up with technology that is easy and dependable to utilize will be an advantage to the organization all the products need to be made with the inclusion of the client and what the client will require. Having the clients to test the company products is also an important thing that the company should practice (Elmansy, 2016).

Customer Intimacy

Explanation of Customer Intimacy Positioning

Another necessary section of Apple organization is the client intimacy. Customer intimacy is mostly concerned on the understanding of client problems. It is important that the Apple Company understand the client wants before the clients, either to be a new product or to be an improved product.

Apple Company is organizing their products in the need of client’s need. Since Apple Company have more loyal clients, it is an evidence that the company offer relevant products to their clients. Tracking the client’s incidents as the key performance indicators that is utilize in this region. The Apple Company provides several way to offer assistances to the clients when there is an issue with some of their products.

SMART Objective for Customer Intimacy

What assist Apple organization is having diverse clients that come up with product that is mostly personalized based on the client experiences. Apple organization operates the client’s complaints and checking up with the client complaints keep the Apple organization in top of most of the products issues.

The company do this through the call center viewing the clients call center and the complaints presented on social media platform concerning their services and products. Sharing, understanding and offering the solution for the problems to assist the Apple organization to create a good experience for the customers and to maintain them loyal (Pip, 2017)

Operational Excellence

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Explanation of Operational Excellence Positioning

The operational excellence might seem to be the least profitable section of an organization, but the organization play a very necessary role in the organization’s business strategy. The company always try their best to ensure that their products are available to their clients when they required it.

Though the organization do not require to over stock the yields, so that the company does not end up with too much product of their stock than what the company had sold. Gathering information, the KPI that is utilized in this region would mostly be gathering information on what the client are willing to buy.

For instance, iPods are staffs that every individual wanted to have several years ago, and the company had several million of those products to offer to meet the needs of their clients. The introduction of iPods made Apple company one of the major top organization in the field of technology. However, making iPods in the current market will result to the organization to having too much inventory that is not currently on use that might result to losses (McIntyre, 2017).

SMART Objective for Operational Excellence

Apple Company training workers is another business strategy impact their operational excellence. Ensuring that the workers are trained not just to understand the products that the company deals with but also to understand how the products operate so that they are in a position to offer solutions to most issue that arise in the company.

This will assist the works feel improved and satisfied with the organization brand. The KPI operating, tracking and monitoring operations would be the worker satisfaction.

SECTION 2: Critical Success factors (CSFs) and Key Performance Indicators (KPIs)

Critical Success Factors

Apple Incorporation is a multinational firm whose success is a factor of smart goals which include consumer intimacy, operational excellence as well as strategic plans that are used in product innovations(Bergeron, 2017). For the three objectives to be achieved, it is advisable that the firm uses the critical success factors to evaluate the overall performance of the firm.

Product innovations

For Apple Incorporation to succeed in its critical success factors, it has to see to it that they maintain a particular routine over time. At first, the management has to remain committed to its mission as well as the overall daily operations of the firm. Commitment goes further beyond constant motivating the subordinates to seek new methods of doing activities.

There are many innovations that are continuously taking place, and the management needs to see to it that the competitive advantage of the company is maintained(Khalek & Mohamad, 2018). Another critical success factor that is crucial in the sector pf product innovation is continuous improvement.

This entails development in terms of skills and changes in the company. With the onset of new methods of marketing and customer satisfaction, it is clear that the managers need to continually upgrade in their ways of doing many things over time. This is an attribute that needs to be continuously developed over time to see to it that the overall performance of the firm consistently improves(Khalek & Mohamad, 2018).

Consumer intimacy

Customer satisfaction is another attribute that needs to be considered overtime. In order to maintain the overall image of the firm to the existing as well as the potential customers, communication within the firm and outside the firm is necessary. Communication is the means of exchanging ideas as well as learning the trends in the market place. In short, it gives a blueprint of the direction of the market and also the emerging trends in consumer preference(Khalek & Mohamad, 2018).

The other critical success factor that needs to be considered is the quality data as well as reporting. When the information gave is regularly inspected. The output of the firm will be of high quality always. It is the quality of the technological products that will see to it that many customers continuously purchase from the company.

Operational excellence

For the operations of Apple Incorporation to be a success in many days, it is crucial tosee to it that the actions of the company are maintained in the long run. There are many attributesthat need to be considered overtime, like training and educating the employees. The workers are the single, most valuable assets on the firm who are responsible for the everyday activities of the corporation(Appleton, 2017).

With the relevant training as well as education on various aspects, they perform with enthusiasm and are willing to partake in other ventures that will be helpful to the firm. Another critical success factor that improves the operational excellence of the firm is staff orientation.

This ensures that the overall objectives of the firm are met and that every employee is responsible for his or her obligations; orientation is paramount(Appleton, 2017). It does not only familiarize the employee with fellow members, but it also guarantees them what is expected of them in the long run.

Key Performance Indicators

For the critical success factor to become a success, there are strategic key performance indicators that are required to make the entire process a roaring success over time. For the sufficient commitment of mangers, it is essential for operating cash flow as well as working capital to be considered overtime. The operating cash flow will show the ability of the firm as well as its stakeholders to pay for purchases as well as the operating expenses.

It indicates the life of the business over time. On the other hand, working capital is necessary for showing the rate at which the current liabilities will be covered by the available money over time(Appleton, 2017). The other key performance indicators are the current ratio and also the debt to equity ratio that is essential in continuous improvement.

The current rate is very crucial in illustrating the preparedness of Apple to meet the daily financial obligations for an extended period of time. It also enables constant improvement by maintaining the right level of credit rating over time that is needed to expand the firm. On the other hand, the debt to equity ratio is essential for showinghow efficient the shareholder’s investment is being used in the growth of the enterprise over time(Bergeron, 2017).

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The other key performance metric is the line of business revenue versus target. This helps in consider satisfaction in the long run. It indicates how efficiently a particular department is operating over a period of time. An excellent operational department is good for customer satisfaction over time.

This can also be improved through a line of business expenses versus budget that outlines the relationship between institutional operations and the available financesover time(Appleton, 2017). Quality informationis also improved over time through accounts payable turnover and accounts receivable turnover over time.

The reports payable turnover is very crucial in outlining the period that is required to pay the suppliers. This maintains the quality ofthe firm over time. The accounts receivable turnover, on the other hand, shows the rate of collecting accruals from customers.

To ensure that operational excellence is maintained, proper training, as well as education, is critical. To seed hat, this is effectively done; customer satisfaction and lifetime value are crucial. The net promoter score indicates the extent through which customers are satisfied while lifetime value is the personal and corporate growth that is received in the long run.

The orientation of the employees is the other critical success factor that needs to be enacted for the success of the workforce in Apple incorporation(Bergeron, 2017).The key performance indicators that complement orientation is the revenue overview and the recurring Revenue Metrics. These two variables show the trends in profits overtime in the company. A positive response is an indicator of good teamwork as well as orientation in the company.

SECTION 3: Analytics Dashboard Examples

3.1 Example Chart #1

Chart #1 Explanation:

I pick the most recent 4 years worth of deals to show how deals have expanded. Significantly additionally amazing is the way quick Apple’s administration’s incomes have taken off. Only three years back, in Q4, 2016, the organization revealed $6.3 billion in Administrations income, generally a large portion of this current quarter’s number.

The Q4 2019 administration’s incomes were up 18 percent from a similar quarter a year back. What’s more, indeed, on a year-over-year premise, the organization has had the option to develop administration income each quarter since the beginning of 2016.

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3.2 Example Chart #2

Chart #2 Explanation:

The iPhone has been Apple’s greatest item for a long time now, and Apple has utilized it to turn into the initial trillion-dollar organization. Yet, things are beginning to change. In Apple’s ongoing profit call, the organization said that it would no longer break out unit deals of the iPhone or its different items.

Numerous administrations are membership-based; they don’t rely upon individuals redesigning a gadget or making a drive buy, yet rather get cash each month. This is the situation for iCloud stockpiling, Apple Music memberships, and the coming video and Apple News administrations. Against falling iPhone deals in nations like China and India and level deals in general, administrations development, while it won’t supplant lower iPhone income, will prop up the organization.

References

Bhasin, H. (2018). SWOT analysis of Apple Inc. Retrieved from https://www.marketing91.com/swot-analysis-apple/

Elmansy, R. (2016, April 07) Design Thinking Case Study: Innovation at Apple. Retrieved from https://www.designorate.com/design-thinking-case-study-innovation-at-apple/

Greene, A. (2018, May). Customer intimacy: How to maintain it at scale. Retrieved from https://www.helpscout.com/blog/customer-intimacy/

Laursen, G., & Thorlund, J. (2016). Business Analytics for Managers: Taking Business Intelligence Beyond Reporting (2 ed.). http://dx.doi.org/https://bookshelf.vitalsource.com/books/9781119302537/epubcfi/6/18%5B%3Bvnd.vst.idref%3Dc02%5D!/4/2/8/6%5Bc02-para-0011%5D%400:24

BIAM300 Company Background and Strategy for Product Innovation

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