Introduction
This paper will analyze both internal and external factors related to designing innovated strategies in today’s industries. The continuous changing marketplace in the business world imposes great challenges for the company to maintain stability, productivity and profitability in the industry. In order to keep track on the competitive environment, every company should develop innovation to acquire competitive advantage. However, acquiring just a competitive advantage will only be for the meantime due to the fast development of technology, total modernization of the market and rapid changes of customer preferences. In addition, this paper will describe how these factors relate to one another and to the overall innovation process. Therefore, the marketplace has challenges for any type of organization that needs to maintain profitability, stability, and productivity.
Designing Innovative Strategies, Internal and External Factors
As a result, innovation must be developed in all industries for the companies to follow of the competitive environment. Innovators shall foresee these factors to combat with its competitors for it to be successful, making innovation an essential factor for company growth. Innovations do vary in many aspects. It may take the risk of combining different types of innovation. Determining businesses whether they are may result to hiding their significant distinctions. The most important categorizations one may consider among the many developed are a classification according to innovation type, the innovation degree and course of sustainability (Zakić, Jovanović, & Stamatović, 2008).
Internal and External Factor Relationships
With the tight competition in the business industry, each company gra...
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...ss and leadership innovation. This is so recommended considering how the global economic marketplace dances to the tune of tight competition. The innovation must be part of the business’s system to prevent unstable progress and share losses. To counter the ever-changing marketplace and customer demand, change and innovation must remain constant (Barsh, Capozzi, & Davidson, 2008).
Conclusion
The concept of innovation is nothing new to the business world. It has been in the system for decades. However, today, it has become a prerequisite to business growth and prosperity.
While in the past a company dares to innovate just to make an edge to the industry, nowadays, it became an essential factor in business design for the company to survive and profit. The company shall implement, maintain innovation, and make an environment that encourages innovation. (Jameson, 2012).
Innovations are all over this world. Everything from the cash register, to the credit card that we use to buy the things that we desire the most. In this paper it will show how the innovation used can make one company were successful, then on the other hand how the other company chose not to keep up with innovation, which caused a decrease in sales.
A business can either take a step forward or a step back depending on the external and internal influences and how they handle them, they can either flourish or enter stages of degradation and cessation. External and internal influences on a businesses plays a part in the opportunities that arise in the industry the business operates in, otherwise the business may choose to venture out of it’s defined industry depending on the opportunities at hand. Businesses are affected by internal and external influences to a degree where they are either benefiting or suffering from the way they handle opportunities that arise. The five articles depict the problems encountered by businesses no matter their size or industry.
Chen, Zhu, Yu, & Noori, (2012) highlights that unique and dynamic innovation in any organization is only possible when specific organization is more determined and enthusiastic about developing unique and significant strategy for their growth. Supportable and creative product design or even equivalent design for new uniqueness is considered to t...
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.
Innovation is the process of improvement of already existing ideas etc. Innovation is replicated hundreds of times to adapt to today’s societies and problems find solutions to the problems in the world. Innovation supplies us and prepares us for the future. For example, ancient Greek medicines have innovated because of life-threating situations and it provides a solution. Medicines in general came about to help us overcome illnesses and diseases that makes us vulnerable to many life threating problems.
Innovation is defined as generation of new ideas or application of new ideas to existing situations to improve productivity, quality of care, and outcomes. Some of the principles of innovation are creative problem-solving; open, assertive communication to empower
“Logic will get you from A to B, but imagination will take you everywhere,” a thought share by one of the great minds of innovationist, Albert Einstein. These sentiments capture the essence of what it means to be innovative as expressed by 3 M development director. “Innovation is an idea that leads to the next level of a previous conceived idea or ingenious new knowledge implied or based in a new object or service propelling new technologies connection, stirring up new creativity and passion that inspires to the next level (3M,2 013). “Like 3m, AT&T and Southwest Airlines are examples of organizations that has portrayed capitalizing on innovation ideals as a part of its culture. From a small airline in its inception, Southwest become a reckoning phenomenal as a company, while AT&T is now breaking grounds to forge international working relationships.
In today’s world management must consider a wide variety of factors in order to establish an effective management plan. Wal-Mart Stores, Inc. is the world’s largest company and number one retailer, with this success a company this large needs to not only to look internally for solutions to their management objectives, they must also look outside of their business for additional resources. With the increase of technology and the easy access to virtually any information, Wal-Mart Stores, Inc. must be prepared to react to the multitude of demands made by consumers and suppliers. The rapid change of the retail industry from brick and mortar stores to Internet purchases Wal-Mart Stores, Inc. has been able to stay attractive to the buying public. Wal-Mart Stores, Inc. has accomplished this through a highly sophisticated inventory tracking system that enables the stores, including the Internet, to have in stock exactly what the consumers are looking for. According to Hoover’s Online Wal-Mart Stores, Inc has expanded to about 4,700 stores including about 1,500 discount stores, 1,650 combination discount and grocery stores (Wal-Mart Supercenters in the US and ASDA in the UK) and 532 membership-only warehouse stores (Sam’s Club) (2003). With the introduction of a foreign market their management plan must encompass the rules and regulations of doing business in a foreign country. With the invention of their tracking and identification system, called Radio Frequency Identification (RFID), Wal-Mart Stores, Inc. has exerted control over their entire inventory and enables the workers to identify and locate merchandise more readily for the customers. E-Commerce has increased the ease of purchasing for consumers; Wal-Mart Stores, Inc. has a web site that allows for the ease and convenience of purchasing almost every item in the store over the Internet. Wal-Mart Stores, Inc. has been very innovative in meeting the needs of their clientele, with the Supercenters, it is basically one stop shopping for all of your household and grocery needs, without the hassles of stopping at two stores when you run your errands.
Innovation takes something in existence and makes something useful out of it. Innovation and invention typically go hand in
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
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
Innovation, every organization wants it, but most cannot grasp proper change. In fact, more than two thirds of innovative efforts fail. Look at corporate giants like Kodak, Blockbuster, Motorola, Toys “R” Us and Yahoo. Every one of those companies where paramount, dominating their market and somehow they all lost their edge. Why? Because of disruptive internal culture.
1997). By reviewing the literature on learning and innovation, we try to answer the following
Open innovation opens the doors for a vast array of ideas and suggestions that can help an organization succeed in being innovative. This will allow the organization to hold a competitive advantage when compared to their competition. Organizations who understand the importance of managing technological innovation will have an easier time succeeding than those organizations who feel they are safe and put innovation on the back burner. Managing technological innovation is essential in this day and age, where technology is advancing at a faster than
Organisation is the most important element in management. Any organization is located and operated in the environment. Every action of all organizations is possible only if it allows its realization. The internal environment is the source of its vitality. It involves the capacity needed for the functioning of the organization, but at the same time can be a source of problems and even her death of the organisation. The external environment is the source that supply organization resources. The organization is in constant exchange with the external environment consequently it provides itself with survival. The main objective of this work is to consider elements of the internal and external environment of the organization which are in a constant