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final paper - For this project we chose the fast-growing...

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For this project, we chose the fast-growing music industry. With that said, we believe our highest performing business within the music industry will be Apple, with their iTunes, iPod, iPhones, and now the release of their new iPod Touch. The lowest performing industry will be Clear Channel radio as a result of fierce competition from devices such as Apple’s iPod and its corresponding iTunes, downloadable music, and now the ever-growing popularity of satellite radio. The main factors that went into deciding our high performing and low performing firms were the firm’s capabilities to: avoid being “vanilla”, use innovation, and adapt with a constantly changing consumer market. Especially in the Globalization 3.0 era, there is a pressing need for firms to add some flavor to their product to avoid being a commodity. We feel Apple’s consistent refinement and polishing practices it has been using will continue in the upcoming years. On the contrary, firms like Clear Channel, are likely to stay “vanilla” and be dominated by more clever-minded firms like Apple. Innovative practices are key to surviving in the future as well. The ability to try something new and risk failure is essential, as Apple has proven in the past, to finally land success in the future. The last key strategy needed is the ability to adapt with a constantly changing consumer. The bottom line is Apple will most likely continue to keep consumer values a high priority and in doing so will find great appeal in its products. Instead it appears Clear Channel has not recognized this ongoing change and is losing consumer appeal in the process. The 90’s proved to be a decade of repeated failures for Apple. The computer and technology giant faced a series of downfalls as it attempted to catch up with Microsoft’s success in the industry, losing sight of customer values in the process. (Eran) The company certainly had its fair share of critics, who commonly attacked Apple for not refining its products and trying to
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create products for a consumer that didn’t exist, like the Newton which proved to be too complicated and expensive for the average buyer. (1997-2007- The Ten Year Apple Comeback ) After failing with Apple’s Newton and Copland, the company tried to find success in a new market, taking with it the lessons learned of innovation and customer awareness. That market just so happened to be music industry, where Joswiak, Apple’s vice president of worldwide iPod marketing, claims, “Looking back, it was simply a matter of making the right product for that broad range of music lovers. It is safe to say we control the best hardware, software and services to date.” Clearly, Apple has learned from past mistakes and created an empire in the music world whose successful formula would be used by industries of all varieties in attempts to live up to Apple’s example. (Dalrymple) Since its release in October, 2001, the iPod has surged past the 100 million mark leaving many to wonder whether or not there is still room to grow. If Apple can continue to uphold its
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