New Product Development is the Key to Apple's Marketing Success Coursework

New Product Development is the Key to Apple's Marketing Success - Coursework Example The latest product introduced by Apple is the iPhone 4S. Apple announced the launch of iBooks 2 for iPad which would feature iBooks textbooks, iTunes U application for iPhone, iPad and for iPod touch (Apple Inc-a, 2012). Apple aims to bring the best experience for its customers through its product and services. The business strategy of Apple is to leverage the unique abilities of designing and developing the company’s own operating system, software and hardware in order to provide its customers with superior products and innovative designs. The company believes in innovation which is the key strategy for the success of the company; as a result, Apple invests in its research and development in order to introduce new and innovative products. Apart from its R&D, the company also invests in its marketing and advertisement as a part of Apple strategy to stay ahead of its competitors. Apple strategy also includes expansion of its distribution network to reach more clients and provid e the potential customers with high quality of sales and post purchase experience (Apple Inc, 2011, p.1). New Product Development Any changes made to a product are termed as new product development. ... New product development is one of the key strategies of Apple; it is through new product that the company has been able to taste success being one of the leading companies globally. Apple launches new product in the markets to stay ahead of its competitors, to continue the product life cycle, to give the customers what they need, and to enhance the strategy. According to Steve Jobs, new product lines tend to give people the products which are needed by the consumers. The company expresses its vision with the help of its product, exciting the customers and making them proud of owing an Apple product. The life cycle of any product needs to be modified carefully. Apple introduces new product when its earlier products are entering the maturity phase of the PLC giving no or less chance to its competitors to stay ahead. Thus, with continuous innovation, Apple provides a huge competitive edge over its competitors and helps in maintaining its number one position. With its innovation strategy the company has introduced many new products and also planned to launch few more in the coming years or so. Apple has applied a strategy of continuously milking its cash cow and has done a fantastic job. Each of its products, ranging from the Mac, iPhone, and iPod has been fertile, speaking about leverage designs and supply chain. The main motive of milking its product is to stay competitive in the market. Apple product possesses elegant design which integrates software, hardware and its services. One of the closest competitors of Apple is Android which has come up with similar products and is doing quite well in the market. Therefore, Apple should constantly introduce new products with elegant design which is the USP of Apple for its consumers. Apple