Apple aims to achieve technological and market leadership by staying ahead of its competitors with introduction of new products. It organises three to four events in an average year to introduce its new products.
In 2020, the company released the iPhone 12 lineup, a new iPad Air and iPad Pro with sensors for expanded reality, the Apple Watch Series 6 and Apple Watch SE, and the iPhone SE amidst other gadgets. Apple is committed to innovating and developing new products. It developed the graphical user interface, first utilised in its own computers, and introduced new performance levels for smartphones.
Its ability to innovate products that share the same software, operating system, and applications represents its key competitive advantage. This reduces the risk, timescale and product development costs, allowing the company to introduce a stream of new products and stay ahead of competitors. The company stays ahead of its competitors and improves customer loyalty through its innovative strategy of developing products that complete each other. Apple’s R&D plays a key role in the company.
In 2019, Apple spent $4.2 billion on R&D. The senior vice president and chief financial officer at Apple, the company wants to enhance the user experience and distinguish their products and services in the marketplace. Therefore, it will continue to invest largely in research and development.