On reading the iTunesConnect_DeveloperGuide.pdf, i came across the term binary. This is the paragraph found in the pdf:
To submit your application throu
To submit an app update, just log on to iTunes Connect (itunesconnect.apple.com) and click on "Manage Applications". Click on the application you want to update. From there, there is the icon of the app and next to it, a button that says "Add Version". Click it, and from there just follow iTunes Connect's advice! If you submit a NEW application with the same name but a different version, it will just add a NEW application to the app store (if it doesn't give you an error)! Then, v1.0 and v1.1 will BOTH be available for download.
In this case, what Apple really means is the complete Application Bundle. You create it by building your project with XCode for the iPhone OS target. Don't forget to sign it for App Store Distribution during the XCode build process, as described in Apple's iTunes Connect / Developer Pogram Portal documentation.
This is the method I found out. Please correct me if there is any mistake:
Find the file ending in ".app" in the Products folder of your application in Xcode. Right-click on it and choose Show In Finder. From there, right-click again and choose Compress.
The resulting zipped file is the binary of your iphone application.