After following the Apple Revenue conference call yesterday I could not but observe how lack of innovation in the product pipeline will effect earnings. Apple had a remarkable decade thanks to product innovation. They got a new dimension to online productivity and created a whole new business model that raked billions.
So what's next?
Tim Cook, Apple's CEO hinted that a number of products are in the pipeline for 2014 and beyond. These, better be block busters as otherwise price pressure from the East will eat away Apple's healthy margins. Speculation about TVs and hybrid computers is rife, but whatever it is, our lesson is to stay focused on product development or die.
Product development can have many forms. During the Product Development workshop we hold annually for business owners and leaders we identify the following four areas ripe for development:
These are products that compliment our current range and can be sold through our current market channels. We continue to expand the brand value across the channel. e.g. Optional items on a car model
These are more of the like but with better features and options. The difference from the complimentary is that these are extensions of the same. Complimentary are totally different products. e.g. SUV in a new product range
3-Ground Breaking Products
A by product or a new market can be identified and addressed with a killer product. Failure rate is high unless one has studied well this area. These products can make or do years of hard toil. e.g. Electric personal transporters
Products that are already developed in other industries but we see an opportunity to make them a success inout industry. e.g. air conditioning in car
"innovation is the only thing cons
Managing Director and Chief Programmes Officer based in Malta and an avid entrepreneur who likes sharing his expertise in various fields with people from all walks of life.
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