LEARNING AIM E:
INVESTIGATE THE ROLE AND
CONTRIBUTION OF
INNOVATION AND
ENTERPRISE TO BUSINESS
SUCCES
,What is innovation?
◦ Business innovation is when an organisation introduces new processes, services, or
products to affect positive change in their business. This can include improving existin
methods or practices, or starting from scratch. Ultimately the goal is to reinvigorate a
business, creating new value and boosting growth and/or productivity. (
https://www.raconteur.net/business-innovation/business-innovation-guide)
◦ How business can be innovative?
• By adding value to their product to differentiate the business from its competitors and
increase the perceived value to the customers and markets
• Increase efficiency and productivity
• Developing new products with improved quality
• By creating new products or services
, Apple
◦ Apple is an American multinational technology company headquartered in Cupertino,
California, that designs, develops, and sells consumer electronics, computer software, and
online services. It is considered one of the Big Four of technology along with Apple, Google and
Facebook. Moreover Apple Inc., one of the wealthiest companies in the world, set a record by
reaching $285.1 billion in cash reserves at the end of 2017. Apple is one of the most innovative
companies due to their wide product range.
◦ Apple release a new, upgraded version of their IPhones every year, which involves them,
changing and altering the design of the product, improving its quality, making the product
more durable and efficient as well as introducing more updates to the phones system such as
apple screen time. Apple Screen Time will let users know how long they look at their iPhone
daily. These features are what makes Apple innovative.
◦ Apple Inc. is considered an Oligopoly and Monopolistic Competition because of there being
more competitors and also with the company maintaining its position in the market because its
too costly or difficult for other rivals to enter, thus meaning there are entry barriers.
INVESTIGATE THE ROLE AND
CONTRIBUTION OF
INNOVATION AND
ENTERPRISE TO BUSINESS
SUCCES
,What is innovation?
◦ Business innovation is when an organisation introduces new processes, services, or
products to affect positive change in their business. This can include improving existin
methods or practices, or starting from scratch. Ultimately the goal is to reinvigorate a
business, creating new value and boosting growth and/or productivity. (
https://www.raconteur.net/business-innovation/business-innovation-guide)
◦ How business can be innovative?
• By adding value to their product to differentiate the business from its competitors and
increase the perceived value to the customers and markets
• Increase efficiency and productivity
• Developing new products with improved quality
• By creating new products or services
, Apple
◦ Apple is an American multinational technology company headquartered in Cupertino,
California, that designs, develops, and sells consumer electronics, computer software, and
online services. It is considered one of the Big Four of technology along with Apple, Google and
Facebook. Moreover Apple Inc., one of the wealthiest companies in the world, set a record by
reaching $285.1 billion in cash reserves at the end of 2017. Apple is one of the most innovative
companies due to their wide product range.
◦ Apple release a new, upgraded version of their IPhones every year, which involves them,
changing and altering the design of the product, improving its quality, making the product
more durable and efficient as well as introducing more updates to the phones system such as
apple screen time. Apple Screen Time will let users know how long they look at their iPhone
daily. These features are what makes Apple innovative.
◦ Apple Inc. is considered an Oligopoly and Monopolistic Competition because of there being
more competitors and also with the company maintaining its position in the market because its
too costly or difficult for other rivals to enter, thus meaning there are entry barriers.
