Introduction
This paper is a qualitative overview of modern business innovation strategies and theories, strategic business management, corporate ethics, and a case study of General Electric (GE). The innovation strategies specifically discussed in this paper are: disruptive innovation theory, value innovation, blue ocean strategy, and fast second. Strategic business management and its 5 step implementation process are detailed. Corporate ethics are discussed as a practice and as a strategy. Finally, the implications and applications of these theories, strategies and practices are evaluated in a case study of GE.
Innovation Theories
Disruptive Innovation Theory
Disruptive innovation theory, first published by Christensen (1997), is an invaluable tool in a managers toolbox for understanding disruptions in their market. The theory enables managers to understand how disruptive innovations can threaten their business and provides a framework by with the manager can cope, or survive, the changes (Christensen & Overdorf, 2000). The theory has been largely accepted throughout the business world and further expanded and researched by other scholars and practitioners. This expansion lead Raynor (2011) to demonstrate that the theory can be used to predict, with increased statistically probability, a ventures future success or failure. This evidence does not mean the disrupting business will always win-out; the research suggests that the business that creates the innovation not guaranteed to prosper. In all the cases Christensen (1997) used the business inevitably failed. These failures were due to many factors but all illustrate the importance of adaptability. The ability to adapt to changes is the most important ability a business can ha...
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...ness Ethics, 92(4), 479-491. doi: 10.1007/s10551-009-0176-z
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General Electric is a state-of-the-art company that specializes in building excellent appliances from lighting fixtures to kitchen appliances along other products. You will find many of these products in millions of homes and offices, factories, and retail facilities around the world work better. GE has a training and development program that employees can use. This program has enabled GE to remain prosperous since 1892. The General Electric was established by J. P. Morgan and Charles Coffin, G. E. has developed a management strategy that has penetrated the complex boundaries between management stages. Not only does GE have training programs available for its managers and employees, but for their customers as well. G.E’s entry-level leadership and experienced leadership programs have allowed this company to excel. G.E. also believes in having a learning culture. Learning is accomplished at G.E.’s John F. Welch Leadership Development Center. These programs and center have greatly contributed to the success and longevity of G.E.
One oversight I had was the growth rate of the B.R.I.C. nations’ economies. B.R.I.C. is an acronym for Brazil, Russia, India, and China. These economies are growing at a phenomenal rate and there is huge potential for profits within those markets. I can apply what I have learned from studying these countries by realizing that these markets are emerging and have a huge economy of scale. Meaning there is a serious potential to sell large quantities of simple, low cost goods in these markets. Ideas for these goods should be developed in research facilities within those markets by local talent to ensure
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1. How was Lincoln able to grow and prosper for so long in such a difficult commodity industry that forced out other giants such as General Electric, Westinghouse and BOC? What is the source of Lincoln’s outstanding and enduring success?
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Davila, T., Epstein, M. J., & Shelton, R. D. (2013). Making innovation work: How to manage it, measure it, and profit from it (2nd ed.). Upper Saddle River, NJ: Pearson Education Inc.
General Electric Corporation is a multi-billion dollar conglomerate founded in 1892. The company was founded in Schenectady, New York to capitalize on the patents of Thomas Edison and the use of electric power through generation and distribution. Now a blue chip publicly traded company that has branched out beyond its core into arenas such as aircraft engineering, television, and home appliances to name a few. Over the years the corporation has been through different management models that have brought innovation in many forms that have allowed them to be envied by companies around the world. Despite great success since its conception, like many companies who can withstand the test of times, it’s natural for them to become self-absorbed, which can have a negative impact on the company structure as a whole. Coming across someone like Jack Welch who can think out of the box and in a manner that doesn’t strain the resources of the company but expands the thinking of the company as a collective unit is needed to continue the legacy of innovation in all aspects of business.
Davila, T., Epstein, M.J., & Shelton, R.D. (2013). Making innovation work: How to manage it, measure it and profit from it. Upper Saddle River, NJ: Wharton School Publisher.
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
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As society grows and evolves, technological advancements and innovations continue to develop and consistently change different aspects of our society. For an organization, understanding how to manage these innovations is essential for their proper utilization and implementation. With technological advancements and innovations constantly emerging, it is important for an organization to stay aware of which new technological innovations can help them be successful. Organizations are always looking to set themselves apart from competition through innovation.
Business Ethics are much more than the buzz word stories on late night news. The Corporate Social Responsibility of a company goes well beyond that. “Business Ethics are moral guidelines for the conduct of business based on notions of what is right, wrong and fair.” (Bellow, 2012). Individual backgrounds play a huge role in person by person code of conduct can vary from employee to employer. To help solve some grey areas in what is ethically correct, companies now make a code of conduct that is over everyone in the company. This code of responsibility helps employees have better understanding of what is required of each and every one of them. “Corporate Social Responsibility is a business philosophy which stresses the need for