The Innovation of the iPod Case Study Example | Topics and Well Written Essays - 2500 words

The Innovation of the iPod - Case Study Example measure and execution are everything. Being first in an emerging market is neither as significant nor can be as lucrative as designing the right harvest-tides and services to cater to second- and third-stage harvest-festival .A smart comp whatever commands a premium for successfully blending off-the-shelf technologies into a new and utilizable product. Essentially, the iPod is a portable hard drive (in the Shuffle and Nano models, a flash drive) hidden inside a simple and beautiful enclosure, accessed through intuitive menus, buttons and a scroll wheel .separately, these parts were forgettable, but unneurotic they became unforgettable, Instead of creating a good product and knocking down the price until everyone could afford it, Apple has exchange stripped-down versions at lower price points and hoped demand would follow. This strategy helped create Apples bestselling music player, the bipod Mini.The development of the iPod is co nsiderably reminiscent of the complex task of an entrepreneur who has to take all the monetary and intrinsic risks which leave in the end bring him success or failure in the cruel world of technology and innovation. (CNN Money 2005,Collingwood, H. 2005)As outlying(prenominal) back as in the year 2005 financial forecasters were predicting that the stock price of Apple Computer, Inc.had witnessed an augment of near 6 times its original size . (CNN Money 2005,Collingwood, H. 2005)All this success can be attributed to the iPod digital music player which was introduced only a few years ago and has met unmatched success than any of its contemporary products and thus is an excellent study model in the field of entrepreneurship and innovation.The product itself has accelerated the ontogenesis of Apples digital music player market in the USA and has helped Apple increase its third-quarter sales to increase by 75 per cent within a single year. (CNN Money 2005,Collingwood, H. 2005)This s uccess is puzzling for roughly critics in the sense that when originally introduced the iPod was neither the first digital music player, nor initially compatible with the bulk of personal computers ( it was only compatible with Apples own Macintosh computers, which only had a 4% market dish out of US computer sales). (CNN Money 2005,Collingwood, H. 2005)Before going on to discuss the success story of the iPod entrepreneurship it is price reviewing what Product innovation entails for the entrepreneurial success. The concept of product innovation pertains to the whole process of bringing a new product or service to the market and which include the stages of product conceptualization, design and development. (Dyson, J.1997) More importantly there will be a need to improve upon the conceptions of production and distribution of the new product. (Dyson, J.1997) As the name suggests that the innovation pertains to the something new in terms technology and creativity .The innovation proc ess will involve the activity of people and organisations who will be able to change themselves and the environment. (Dyson, J.1997).One of the most brilliant examples of product innovation comes from IBM which has become popular for successfully transforming itself from a provider of hardware-based products to more software-based services .