Close and Open Source Adaptation and Innovation Cycle of Businesses

Innovation Cycle
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Innovation Cycle
The success of several firms, like Google, Apple, Honda, Amazon, Tesla, and more, may be attributed mainly to the innovative spirit that propels economic expansion. Innovations have molded the current market, and the market leaders in each industry are consistently characterized by their innovations. Being consistently inventive, however, is very challenging for a business. Today's businesses must be flexible enough to adapt to the rapid pace of technological and industry changes while still encouraging originality and innovation. It is essential to not only be able to produce original concepts but also to be able to capitalize on these concepts from a business perspective (Rothaermel & Hess, 2010). Different companies approach innovation with different approaches, and companies need to have a plan for how they will mix the many innovation initiatives they want to pursue.
Closed Source Adaptation in Apple Inc.
Since its introduction to the computer business a decade ago, Apple has consistently remained ahead of the competition. The brilliant marketing strategies it employs for its financial choices and considerations of effect have given it a tremendous edge, allowing it to dominate the sector and remain ahead of its rivals. Currently, Samsung, one of Apple's main rivals, is worth $61.1 billion, while Apple is valued at $1.3 trillion (Nik, 2019). The company needed a good reason to stumble into such a commanding market share. Since its inception, Apple has worked to set itself apart from its rivals. Apple goods have always been kept a secret until they are officially revealed to the public. The firm has received some negative headlines due to this, but it has also received more visibility. Customers seem to have a healthy amount of respect for the brand. Whenever a new Apple product is unveiled and made available, it nearly comes as a shock (Nik, 2019). Sales go up simply because more individuals are curious about the brand.
Furthermore, the company has strongly emphasized listening to and responding to its customers. Apple invests heavily in market research to better understand and meet consumer needs (Attar, 2018). Its advertising, marketing strategies, and product features are all informed by a deep understanding of the preferences of its target audience. This has also taught the firm to constantly phrase and display its messages correctly so they cannot be misinterpreted. Apple's commitment to innovation continues even after Steve Jobs's death. Even if the company's rate of innovation has slowed, the brand is still alive and well (Nik, 2019). The company's success reflects the iPhone 5S's 64-bit CPU and other technological advancements. Global Equities Research's managing director expressed optimism about the company's future with Tim Cook as CEO. Even with Tim Cook at the helm, most industry watchers expect Apple to maintain its dominant position in the IT sector because of Cook's propensity for bold moves.
Apple can maintain its high pricing while competitors like Samsung catch up to it in value and intrigue. Apple's dedicated consumer base continues to buy the company's goo...