Page 22 - The Indian EYE 021723

Business Strategy with Hirav Shah FEBRUARY 17, 2023 | The Indian Eye 22

APPLE STRATEGY:

Innovation & MARKETING the INNOVATION

Follow Apple Strategy to TRANSFORM your BUSINESS

HIRAV SHAH

ost of us love the brand ‘Ap-
ple’. The world loves the iP-
Mhone and all its products.
Apple understands how to deal
with emotional buyers and logical
buyers.
So, all in all, there are two princi- In a nutshell, innovation and marketing need to be instilled in the product cycle’s every phase
ples behind Apple’s massive success.
–Firstly & the First part is, Apple
understands the desires of tech-savvy the benefits of the product or ser- The Failure Story of KODAK! -Unproductive strategies: Strate-
customers. So, they strongly follow vice to the wider market through One famous company that faced gies that don’t fit the industry, company,
INNOVATION in technology each product positioning, pricing, com- failure due to an unwillingness to in- product, service and market-timing.
year. munication and advertising, sales novate and therefore market is—Ko- -Foresight: If a company is not
So, INNOVATION is the ‘First channels and more. willing to innovate and their potential
and the Foremost strategy’. dak. In 1975, the company’s chief en- becomes obsolete or limited.
Explanation: gineer Steve Sasson, invented the first Hence its clear, First Innovation
What is Innovation? For any business to grow-Inno- digital camera. However, because the and then Marketing the Innovation
The process of translating an vation and marketing is the secret camera was without film and the ma- is the only and sure-shot way to con-
idea of an invention into a service sauce. Yes, that’s right. jority of its revenue at the time was quer the mass adoption barrier and
to sell film, Kodak’s management dis-
or product that creates value or for Innovation(1st) and Marketing missed it outright. indeed, it is different as it takes a stra-
which consumers will pay is called in- the Innovation (2nd) also called the Kodak could have been at the cut- tegic approach to offer personalized
novation. ‘Apple Strategy’ is the pairing of busi- ting edge of innovation, but instead and embedded marketing for long-
–Secondly & The Second part is, ness’s favorite terms. term success, not just short-term gain
they understand how to MARKET And to any business–They should was totally disrupted by the market and instant (ROI) ---Thereby ensur-
as it failed to adapt to a new market-
their INNOVATION to their niche be the core functions. As innovation place and new consumer attitudes and ing productivity, profitability and cus-
consumers. can only succeed with marketing, just sadly, filed for bankruptcy in 2012. tomer success stories.
like for product success, marketing
What is Marketing? needs innovation. The secret to long-term Final Thought:
The process where producers In a nutshell, innovation and growth! First Innovation and then Mar-
communicate the benefits and fea- marketing need to be instilled in keting the innovation play a significant
tures of their products and services the product cycle’s every phase. The As it is already widely known, role in making the brand ‘Apple’ huge.
to the customers is called marketing. needs of consumers change along nine out of ten startups fail. Addi- So, the takeaway and what busi-
There are mainly two ways of market- with the market itself as new compe- tionally, every year 30,000 plus new nesses should learn is– “Adopt firstly
ing. Internal and external. tition comes. consumer products are launched with Innovation and then Marketing the
• Internal Marketing: The compa- Hence, innovation and market- over 80% failing. Below mentioned innovation” in your business, so you
ny’s own human resource must be- ing is an ongoing method which goes are the main reasons as to why: can have a massive turnaround.”
lieve in the new product or service hand in hand with the product cycle. -Consumer orientation: There is
before it is launched into the wider a dearth of background research and The writer is a well-known Astro
market. What happens if we don’t information on the industry, market, Strategist and Business Astrologer
• External Marketing: Conveying follow Apple Strategy: consumers, users and their needs. Email: [email protected]

www.TheIndianEYE.com