Free «Management: Innovation Strategies» Essay Sample

W2Question 1

Innovation strategies are categorized and viewed as comprising of internal and external factors that influence the product design in order to guarantee product differentiation (Ganem, 2009). This particular question is going to focus on various fundamental factors, which include technological opportunities, industry maturity, origin of ownership, intensity of competition, company size, export orientation and customer needs and expectations.

  • Industry maturity

Businesses mature because of the fact that competition has resulted into the transition of a product from basic manufacturing into process innovations. The basis of competition in various industries derives its basis from the emergence of various product alterations and modifications (Ganem, 2009). The business world is marked with progressive strategies that encourage various industries to revise different ways in which they can formulate effective and efficient business processes in order to improve their operations.

  • The needs and expectations of the customers

Process innovations are highly dependent upon the existing customer needs and expectations. Through the particular need gap process effectiveness is improved. The satisfaction levels of individuals are always measured if the product has the ability to satisfy the customers without any complaints. Managers of particular companies or industries should pay particular attention to the needs of the new users. Through various feedback mechanisms, the companies have the ability to collect latent information that would enable them to be able to keep up with the competition through the design of various brands and promotional features (Ganem, 2009). Therefore, it becomes important for the companies to be able to limit their innovative strategies to the sample population size that consumes their product.

  • Demand

The number of people in a given market and their willingness to purchase a commodity determines innovations and corresponding strategies. The majority of the companies are responsive to the economic stimuli. They have the responsibility of satisfying the needs of the various people using various existing means. As a result, various companies distinguish themselves with the help of the design of various strategies in order to reach out to people in the grass root levels and be able to sensitize various products that exist in the particular market (Ganem, 2009).

W2question 2

There are several factors involved in the innovation systems design process. Some of these key factors include the architectural design (Ganem, 2009). During the system design, various models are created in order to predict which form the final product will have.

The specific requirements analysis comes in handy when all the responses or feedback obtained from the feasibility studies are incorporated into the final design (Ganem, 2009).

Under the system decomposition, the product undergoes modularization and different parts of it are worked on with the purpose of achieving efficiency (Ganem, 2009).

The testing aspect involves the return of the product into the market as a test element to gain the response (Ganem, 2009). Finally, the detailed design process undergoes implementation.

W2question 3

The innovation planning process entails various important steps that ensure that a product passes through various successive steps in the production department until successful adaptation in the outside market as a formidable product. These steps, therefore, entail the following elements:

  • There is a market survey conducted in order to identify and seek views of the users about a particular product;
  • The feasibility study is conducted across various sections, which have recorded a considerable increase in sales;
  • After receiving the responses, the research and development teams consolidate the responses and analyze the views presented by the customers. Then they look for the common variables of the responses and generate a grand strategy.
  • Initial procedures of product design take place before the actual processing. The existing product is also analyzed with the main aim of determining the trends that exist. It is important to capitalize on them in order to come up with a product that is highly effective and can win the trust of the majority of the clients in the industry (Ganem, 2009).
  • Later, a small sample of the innovated product undergoes production and distributed to a test market. As a result, feedback is gathered from the customers after the initial consumption or use of these particular product.
  • Lastly, feedback undergoes analysis. In case the majority of the buyers like the product, the manufacturing process continues. If not, the research and development team goes back to the drawing board and commences the whole process all over again.

W2question 4

Innovation has contributed to the changing and shaping of traditional strategic management approaches. The majority of the companies focused their energies on the provision of short-term solutions based on the problems that arose at the particular point in time. They did not focus or predict any future problems and avoided providing possible remedies beforehand. With the commencement of innovation of various business processes, technology has played a fundamental role in the determination of the strategic management practices adopted by various institutions and companies (Ganem, 2009). Innovation has facilitated the provision of permanent solutions to the problems that companies face in the production and sales departments. They are able to survive in the competitive world of business by introducing new products into the market and thereby competing with new entrants in the market who might be having differing strategies.

W3question 5

Various companies succeed and hit the target market with their formulated strategies of innovation (Ganem, 2009). The success of a particular business entity is dependent upon various factors, such as the ability of a company to recognize the efforts put in place by the employees to ensure that the product undergoes production.

A particular company is able to come up with various strategies aimed at monitoring the rate and type of innovations that take place (Ganem, 2009). A relevant scheme of rewarding the talent-based operating undergoes development. Innovation measurement is possible through the following schemes:

  • The company may beat its rivals in the market, who are producing similar goods. Innovation is not only limited to the alterations or manufacturing of unique products, but it also goes a step ahead by having an impact on the various methods and means through which the product is distributed to the public.
  • With the increase in sales, unique forms of the product and marketing strategies arise. Then it becomes evident that the research and development department is playing a fundamental role in product innovation. Rewards may take various forms. First of all, the innovated product receives patent rights. It means that the company that produced this product is entitled to all its production, alteration and selling rights. This patent creates a unique sense of ownership of the commodity for the company and its personnel, who was involved in the process, earn credit.
  • Apart from that, the team in the research and development can have an increment of their salary based on the percentage of sales that the product they innovated gains in the market. The management of the company can decide to split their profits with the team or they can decide to give all the profits to the team depending on the motive.

Different types of companies have different innovation measurement and reward systems (Ganem, 2009). The principle is to ensure that the company has retained its most valuable employees and prevents the competing firms from grabbing these individuals.

W3question 6

Various instances and scenarios derive solutions through creative problem solving. Various approaches exist as the ways of showing how these problems receive solutions. The development of a varied range of opportunities and seeking to identify these opportunities generate a massive flow of income for the specific firm. This approach enables the company to allocate adequate resources to the ventures to ensure full exploitation of the opportunities. Through the maintenance of a positive attitude, the majority of the opportunities that exist should be previewed without any signs of preference or prevalence. Such approach enables a company to solve future-focused problems that do not exist as threats in the present day operations (Ganem, 2009).

Another approach used to creatively solve a problem is through the examination of facts, feelings, opinions, and impressions from the varied perspectives. It is the ability of demystifying assumptions and going all the way to find out the actual occurrence of events. Creative problem solving entails the analysis of a particular problem from various perspectives and evaluating all the possibilities. It also entails being persistent concerning the adoption of new ideas and strategies, and incorporating them into the normal business flow. In addition, it may involve the adoption of a unique talent and energy invested in the unusual idea. The use and being aware of the power of the process is a fundamental ingredient in the determination of the right approaches adopted in the face of a challenging situation or problem.

Creativity may also entail the reflection of the various factors that determine the course or path or approach to a certain problem or challenge that may have arisen from the given scenario (Ganem, 2009). Creative problem solving shifts away from the norms and seeks to find a unique way of handling various problems encountered in the business model.

W3question 7

Some of the ethical challenges a leader might face when implementing change are discriminations based on race, age, income, location, religion, and gender. Demographic and social differences are also major aspects that pose ethical challenges. A leader has to consider all the behaviors and beliefs of all the people concerned about the change that has to be positive and beneficial to all (Ganem, 2009). Some leaders also face the challenge of corruption, which makes the change unfair to some parties. For example, if a leader only involves people of his race and gender in his change process, then he obviously despises other relevant parties.

The factors that should be under consideration when preparing employees for a change are demographic differences among them. The leaders should consider diversity, values, beliefs, and attitudes of their employees as they prepare them for an ethical change. The leaders should ensure that the change involves every employee regardless of his race, gender, and income. The leader should solicit the involvement of employees by enhancing communication and openness. This approach will enable him to get feedback and allow the employees to participate in the change. The leaders should be open-minded towards their employees and allow for their contributions, comments, and criticism. An example of a change where employee involvement should be solicited is the recruitment of new employees in the company. In this case, the candidates should be vetted transparently, and other employees should be involved. The involvement of employees is effective for ensuring equality and fairness (Ganem, 2009).

W3question 8

A theory-based strategic experiment involves a company coming up with new business ideas that are only written or just spoken of but not adopted or implemented yet. Theory based strategic experiments mainly involve experiments that are being implemented for the first time after they have been existing in theory. Theory based strategic experiment is mainly carried out by leadership and is very experimental. It involves trying out new things in different product lines from time to time. Such businesses always exist if there is a onetime demand (Ganem, 2009).

An example of a theory based strategic experiment may be demonstrated with the help of a soap brand. When the brand of the soap is new in the market, the company has to offer it to a strategically planned marked and collect feedback and comments about the soap from people. The company should be able to determine if people prefer powder, liquid or bar soap. The company should pay attention to the users’ feedback and modify the soap according to the customers’ preferences and suggestions.

W4question 9

Issues related to acquiring and implementing technology obtained externally vary in different organizations. In some cases, it is difficult to implement externally obtained technology because it takes time before the organization’s business structure and mode of operations are adopted. In some instances, external technology becomes incompatible with the innovative ecosystem of the organization (Ganem, 2009). Some organizations find it hard to accept change. Hence, this makes externally obtained technology a big burden to the members of the organization.

W4question 10

The ecosystem of an organization is important for determining the degree of innovativeness among its members. In order for innovation to happen in the company, the set ecosystem must meet various conditions. These conditions should address structural, natural, cultural and organizational factors. For an organization to achieve a great level of innovativeness, it should create ecosystems that will facilitate it. Innovative ecosystems involve collaborative provisions and arrangements, which enable companies to combine individual offerings for customers facing coherent solution (Ganem, 2009). Management has the major aim and role in the process of maintaining a desired ecosystem of working focus bound by specific time and goals, while the leadership grows and develops the required skills and potential. Ideally, the workforce of an organization should be subscribed to certain rules and regulations under a given management setting that is timely and objectively bound to give a sense of direction. Such an ecosystem boosts innovation in the organization.

W5question 11

Leading and managing innovation is an effective way of ensuring that the firms keeps up with the dynamic advancements and inventions of technology. Successful management of change has positive effects on business. It involves monitoring of the deployment process of the technical innovation. Because there is nothing as certain as change, managers and leaders of organizations have to employ strategies that can enable them to manage the change effectively. First, they have to accept change and acknowledge that it is constant and manageable. In the dynamic and technologically driven economy, the managers should expect change, quickly adopt it and keep up with it (Ganem, 2009). The managers should practice openness and keep their staff alert and aware of the possible changes. The managers should establish a trusting environment through the open-door policies that allow a two-way feedback. The managers should have willingness to listen to all feedback non-defensively.

The leader should also promote solicit input from the employees. The reason is the fact that employees only oppose that change, which they have no chance to influence. Allowing the employees’ input makes them accept and appreciate the reasons for change and innovativeness. In most cases, the business usually benefits from the insights and contributions of the employees. The employees’ insights must undergo consideration, as they are on the frontline of meeting customers’ expectations and preferences. The managers should also provide constant training for the employees. The leaders should assess the knowledge and skill levels of employees to determine if they are ready for change (Ganem, 2009). Employees should receive appropriate and relevant training so that they are ready and equipped to meet the requirements and demands of the innovation or change. In such a way, adopting to the change requires mastering of new skills and processes.

Leaders should enable and encourage the employees to act. This approach allows for the combination of the employee commitment and fosters collaboration. The leader should be promoting trust and facilitating healthy relationships within the team (Ganem, 2009). If he demonstrates trust towards the team members, the other team members will follow this example.  Relationships between the employees should undergo enhancement through the face-to-face communication. The leader should also encourage joint responsibility and efforts concerning all projects. This approach enhances self-determination, confidence and competence among the employees. The leader should know that greater power comes with giving power away. Hence, he should give his team members power in order to increase accountability and optimal results. Finally, the leader should encourage employees. He should recognize contributions and reward achievement (Ganem, 2009). He should celebrate victories and values of the employees. He should have high expectations for the team members and encourage them to be result-oriented. Rewarding employees makes them feel appreciated and encourages them to work hard.

W5question 12

A leader should make commitments, take risks and experiment. It is through these efforts that he will expose his business entity to more beneficial opportunities. A leader must exercise outsight and be the vision of the organization, as it will enable him to seize initiative. A good leader should be forward-minded and foresee the future position of the organization. To be successful, the leader needs to be creative and innovative in developing solutions to the challenges that the organization faces. Therefore, he should do needed research and consult his workers so that he is in a position to prepare for the possible challenges. He should also promote and allow communication between his employees and with the outside world (Ganem, 2009). This approach will enable employees to network and gain more information about their positions and roles. They will also be updated and able to keep up with the current business trends. It will also give the organization an upper hand against its competitors. Enhancing communication with the outside world will also lead to the formulation of new ideas.

W5question 13

When devising an innovative solution to the problem, the management has to identify the possible causes of the problem. The organizations should be characterized by a management system that relies heavily on a clearly laid out management structure and ecosystem. They form the backbone and core of the business’s innovativeness. It is advantageous in the sense that proper business strategies and ideas can be derived from merely observing the basic management system of a company (Ganem, 2009). Although, focusing too much on the structure and business systems makes managements ignore the degree and full capability of the workforce’s input. The leaders should carry out the research and compare the company’s operations with other similar companies. This action will enable them to find and establish innovative strategies to address similar problems. It will also enable them to be more innovative in coming up with better solutions to the business problems. The management should encourage and promote innovativeness by fostering individual input and output (Ganem, 2009).

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