(Albury, 2005) From the singers to the composers, from the lyricists to the manufacturers of the devices which are used for playing music – they all are the key players in the music industry. The player that has been chosen for this report is the manufacturer of the music playing device. Apple introduced the revolutionary portable media player, called iPod on 23rd October 2001. (Breen, 2003) And this has been a major contribution to the world of innovation, since it radically altered the way music was being listened to.
Innovation is to produce something new, whether it is an idea, a method or a device. Innovation opens the horizon for new dimensions to be explored and also fulfill some market niche which was unexplored and touched upon before the innovation. (Tushman, 2004) Moreover, the definition of innovation does not end there. Its scope is pretty vast. Innovation is not just about introducing a new thing; it is also about improving something old by adding an element of freshness and newness to it. Innovation is all about creativity. (Tidd, 2006)
Innovation can happen in any field but mostly it is important in the field of business because that is where competition is intense and companies are fighting to gain the attention of the firm and they need to get a competitive edge somehow to come to notice. Innovation gives them that. Innovation requires creativity, and for a product to be successful ultimately, we need to make sure that it is functioning properly and is fitting the purpose for which it was created. (Tumi, 2002) Therefore, doing trial and error and continuously experimenting with your imagination is the preparation for an innovative product. For this purpose, companies open Research and Development Departments where they can experiment all they want to before finally giving a product to the end user.
Innovation is a concept which has been studied by managers and analysts time and