...about thinking, debating and shaping the future and thus these foresight activities play a crucial role in today’s decision making process within the organization which would influence the future survival, growth and success of the corporate.(Daheim, C & Uerz G. 2006) Corporate foresight has been defined as an ability that includes any structural or cultural element that enables the company to detect discontinuous change early, interpret the consequences for the company, and formulate effective responses to ensure the long-term survival and success of the company (Rene Rohrbeck, 2011) In particular, corporate foresight activities are an increasingly important tool to make better long-term decisions, support innovation activities, strategic planning by identifying the emerging technologies and trends which would create the future scenarios. In brief, corporate foresight can be expected to be a mechanism that enables companies to profit from fundamental change. Today, when we critically evaluate the success of the foresight activities planned and executed in the past we are generally answering the question to learn “ how accurate have been in fore sighting the change” rather than trying to understand if this foresight activity has added any value to the growth or success of the corporate. Consequently, in this study the author sheds light on the value creation from corporate-foresight activities and methods and practices used in different companies for corporate foresight. The...
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...The role of innovation in business Introduction Innovation is defined in Schumpeter's Theory of Economic Development (1912) in the field of economics. In Schumpeter’s view, innovation is the process that introduces new combinations of production factors into the production system to get potential profits (Shelton, 2009). Schumpeter argued that innovation is composed of five aspects: the introduction of new products, generation of new technologies, exploration of new markets, acquirement of new materials, implementation new organizational forms (Shelton, 2009). As the famous statement of Ralph Waldo Emerson goes, “If a man can write a better book, preach a better sermon, or make a better mousetrap than his neighbor, though he build his house in the woods, the world will make a beaten path to his door”. The innovation in business has become more and more important nowadays. Continuous innovation is a significant factor for the success of a company. However, is it true that as long as the company can achieve sustainable innovation, it can become successful? This might not be totally right. This essay analyses the role of innovation in business and critically analyzes how innovative strategies can provide businesses with a competitive advantage in their market sectors through the case of Apple Inc and Coca-cola. Discussion Firstly, it comes to prove the correctness of the statement supported by a situation of real case in business. Schumpeter believed that new...
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...guidance for Microsoft regarding what potential strategies the company could use in order to regain its position as the leader of technological innovation in the software industry. At the moment, Microsoft is using the strategy of being adaptive, instead of being the first to market. They choose to wait and see whether an innovation is being successfully introduced by another company, because this strategy has the advantage of lower development costs, lower risk, and a better sense of what the consumers want. However, since they invest an enormous amount in Research & Development they should be able to foresee what the market wants. Hence they could apply the ‘first mover’ strategy. Because of this, most people do not see Microsoft as an innovative company.” It is a common knowledge that Microsoft's recent success is built around its dominant operating system Windows.” So Microsoft actually is an innovating company, however not in the eyes of people. This can be explained by the fact that Microsoft is innovating in already existing markets, rather than in new, unexploited risky markets. For example, Apple created a new market by introducing the iPhone, whereas Microsoft reacts to the market created by Apple. This does not mean that Microsoft is not innovative, it only says that they use a different strategy than Apple. RADICAL INNOVATION The strategy that consumers see as being innovative, is the first mover strategy. Therefore it might be a good idea for Microsoft to apply...
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...Social Issues Is a Good Education the Only Path to Success in Life? In: Social Issues Is a Good Education the Only Path to Success in Life? In today’s modern age and time, many people has the belief that a good education was the key to success in life, and that only through education and education alone will they achieve such ‘success’. Indeed, I must agree with the majority that by having good education, which is in terms of getting Aces in your studies and topping in your classes, they may be ways to help you in achieving success in life. As to many people, success may be symbolized as getting a highly paid job, earning a high salary, driving in a big flashy car and living in a posh house. All of these are materials, which can be easily attained when you are very well educated as jobs will then came knocking to your door instead. However, this might not be true all the time as there may also be other exceptional cases when sometimes even if you have received good education while studying overseas, you might not get a well-paid job. This is for the reason that, the skills you have picked up overseas may not be applicable and useful in getting you the job you want in Singapore. Thus, in this case, a good education may not definitely be the way to success in life. Other than this, a good education is also not the only path to success. You will also need a spank of luck and chances to strike occasionally to make it to success. That explains why there are successful people...
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...Framework for Strategic Innovation A Framework for Strategic Innovation Blending strategy and creative exploration to discover future business opportunities ______________________________ by Derrick Palmer & Soren Kaplan Managing Principals, InnovationPoint LLC © InnovationPoint LLC www.innovation-point.com Page 1 A Framework for Strategic Innovation Authors Soren Kaplan is the author of Leapfrogging and a Managing Principal at InnovationPoint, where he works with organizations including Visa, Colgate-Palmolive, Medtronic, Disney, Philips, PepsiCo, and numerous other global firms. Soren previously led the internal strategy and innovation group at Hewlett-Packard (HP) during the roaring 1990’s in Silicon Valley and was a co-founder of iCohere, one of the first web collaboration platforms for online learning and communities of practice. He is an Adjunct Professor within the Imagineering Academy at NHTV Breda University of Applied Sciences in The Netherlands. He holds Master’s and Ph.D. degrees in Organizational Psychology and resides in the San Francisco Bay Area with his wife, two daughters, and hypo-allergenic cat. Learn more about his book Leapfrogging by visiting www.leapfrogging.com. Derrick Palmer consults on strategic innovation with global, Fortune 1000 and medium-sized businesses. His areas of focus include corporate strategy, consumer-inspired new product innovation, designing best-in-class innovation processes, and strategic...
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...Voris Boise Cascade Holdings, L.L.C Innovation is vital in most if not all businesses. Innovation brings a sense of new and critical ideas to the table that will businesses thrive towards the future. Without innovative ideas business would not succeed in the world we live in today. Although every business has a different structure with different goals in mind, innovative ideas are the key to each business productivity and success. In explaining the importance of a innovative business vision, mission, values, and determining a business model for Boise Cascade Holdings, L.L.C. this will help the company to succeed in their future endeavors. Innovation Most good company’s know the importance of innovation; therefore, let’s look at an overview of innovation in business to really breakdown the structure and its components. According to “Queensland Government” (2015), “There are several reasons why the generation of new ideas can be critical to your business’s success. Although every organization will have its own priorities and sector-specific issues to balance, businesses that fail to innovate run the risk of losing ground to competitors, losing key staff, or simply operation inefficiently. Innovation can be a key differentiator between market leaders and their rivals” (Why business innovation is important). Innovation is a key part of an organizations business and its plan to succeed. According to “Queensland Government” (2015), “Innovation can help you discover what opportunities...
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...Case Analysis #2 Research in Motion NETW583 Martin D. Francis March 20, 2015 Introduction Research In Motion (RIM) began in 1984 with two School of Engineering students from Canada, Mike Lazaridis President and Co-CEO (University of Waterloo) and Douglas Fregin Vice President of Operations (University of Windsor). These two young men had ambition and vision that translated into success. RIM became the first to market in the wireless data technology industry. From 1988 through 2006 they produced a number of Award winning products in the Wireless Data Communication Technology Industry that kept them on the cutting edge of Information Technology and Innovation. Challenges Faced by RIM RIM became an industry giant faced with producing continued innovative products in the rapidly changing environment of Wireless Data Communications in the field of Information Technology. They grasped a large share of the market with the creation and continued development of the Black Barry their most famous product and its’ technology. They had to forecast the future in order to meet market demands and reserve resources while keeping up with the competition during a time of rapidly changing technology. In 2005 the company learned a real lesson relative to filing and protecting the patients for their creations. They became victims of injustice when they were ordered to pay $612.5 million to New Technology Products (NTP) which doesn’t actually make or sell anything relative to the patients...
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...Almost everyone in business is aware of Apple’s amazing product success and the extraordinary leadership of Steve Jobs. Some would say that it’s the corporate culture of the company that has allowed them to go from solely a computer company to being known for its ability to come out with path-breaking products. That culture has also been tied to the innovation created at Apple and how they became the pioneer of the “Work Hard Play Hard” ethic. When Steve Jobs returned to Apple in 1996, he totally change the whole organization. With the help from his Human Resources Director, Jay Elliot, he reorganized the hierarchy of the company from the more traditional functioning vertical organization designed by the previous CEO to a flat organization, launching open communication policies and recruiting employees who were genuinely excited about creating products for the company (Shelly, 2011). Steve Job’s leadership skills and the principles for hiring the right people and developing management policies were the basis for Apple’s start and what has helped shaped the organization and defined their corporate culture. Apple's human resource management attracts a quality workforce by attracting visionary people that think freely and can see the potential in different objects. It does this through excellent human resource planning, job specifications, recruiting and the selection process. It all begins with hiring the right people, so how does Apple go about finding the best people who...
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...Organizing Paper MGT/230 January 21, 2013 Mark Hardee Organizing Paper The Ford Motor Company is an organization that is a Fortune 500 company and a staple of the American auto industry ever since the company was formed in 1903. Like any company that has many different functions of management there are also organizational resources that relate to how those functions come together and help ensure the success of a company. Monetary assets, human resources, and technology are some of the organizational resources that I will explain in the following paragraphs. Monetary assets are important to every company and Ford is no different. When Ford establishes their goals and the strategies associated with the different functions of management, funds will then be set aside for resources and labor that will ensure that the tasks and goals that were introduced can be achieved. When the money is spent, there are financial statements that change to show the reflection of what was spent. Analyzing these statements is the common method to monitor the progress of the plans and the progress that was set into motion by the management. The organization of monetary assets is one of the most important aspects of any company. It becomes a crucial part of planning in the function of management that Ford has the best people in position to make sure a proper system is set to maintain the high standards necessary for a successful company. Effective bookkeeping allows reports to be viewed by the...
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..."Green Growth": A Necessity Green growth is a new buzzword among the policymakers around the world. For many policymakers it's a new magical word that can play a very significant role in the development of a country. Green growth is viewed as a key to sustainable growth. It has been recognized that there is an urgent need of transition towards green growth to achieve sustainable development and prosperity. As per Asian Development Bank "... green growth is an imperative not a luxury, for developing Asia". It is still not clear whether 'green growth' is a new transitional shift or just another gimmick to cover up inconsistencies between economic and environmental objectives of governments. There is no universally accepted definition of green growth. But normally it is being treated as a synonym to sustainable development. "Green growth is fostering economic growth and development, while ensuring that natural assets continue to provide resources and environmental services on which our well-being relies"-OCED. So green growth basically emphasizes on the efficient use of natural resources that minimizes pollution and environmental impacts at the same time it also plays role of environmental management and natural capital in preventing physical disasters. Main focus of green growth is low carbon growth that promotes growth with the help of creation of new environment friendly products. Green growth is matter of both economic policy and sustainable development. Politicians normally...
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...Wrigley’s: Innovation in China’s Confectionary Market Student: Natalie Dianne Turner (s3113000) Subject: Product Innovation (MKTG 1311) Due Date: COB 14th August 2012 Word Count: 1848 Contents The Role of Product Innovation for Wrigley’s in the Asian Market | 3 | | | Analysis of Wrigley’s Products and Innovations | 4 | | | Analysis of Wrigley’s Innovation Strategy in China | 6 | | | Opportunities and Challenges Faced by Wrigley | 7 | | | Innovation Strategy for Next 5-10 Years | 8 | | | New Product Development – Wrigley’s Bubble Doublemint | 10 | | | The Role of Product Innovation for Wrigley’s in the Asian Market Product innovation has been the key driver for Wrigley’s success, and China has been no exception. Given the large population (four times that of the US1) and the comparatively low consumption numbers (10-15 servings per person annually versus 90-100), growth in China showed the greatest potential for further success. Wrigley gave their Chinese consumers a reason to chew by recognising cultural facets (traditional Chinese flavours and medicines) and trends in health benefits (obesity and oral health), and then innovatively developed product lines in ways which would appeal to a wide variety of segments. Going forward from 2008, the decision to join forces with Mars, further reiterated the importance Wrigley’s placed on product innovation and the potential that Mars global president Paul Michaels must have recognised...
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...stage for students to be driven, successful leaders. Servant leadership, entrepreneurship and innovation are the pillars upon which the Colangelo College of Business is grounded. The mission of GCU is to challenge and inspire students to be servant leades and these pillars help set the foundation for academic success. The catapault in which to have students launch into a fruitful career relies upon an entreprenuerial spirit while exemplifying the values of servant leadership. A closer look at each of the pillars can shed light into the correlation each pillar has with one another. Entrepreneurial Spirit Jerry Colangelo is a businessman and a visionary whose inspirational work ethic and drive provided GCU a platform in which to inspire future leaders. Mr. Colangelo believed that an entrepreneurial spirit is key to success. One should be willing to take risks, and the most successful persons are risk takers. Additionally, one must maintain integrity at all times (Colangelo, 1999). An entrepreneur is one who creates a business and is willing to take full accountability for the success or failure of the company. Economic growth is dependant upon entrepreneurial activity, but it is imperative that the entrant is able to sustain the process from fledgling company to one of a successful corporation. There is a hybrid model that addressed this issue. There is research that suggests the success of a business is dependant upon an individual keeping their “day job” while developing the...
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...stage for students to be driven, successful leaders. Servant leadership, entrepreneurship and innovation are the pillars upon which the Colangelo College of Business is grounded. The mission of GCU is to challenge and inspire students to be servant leades and these pillars help set the foundation for academic success. The catapault in which to have students launch into a fruitful career relies upon an entreprenuerial spirit while exemplifying the values of servant leadership. A closer look at each of the pillars can shed light into the correlation each pillar has with one another. Entrepreneurial Spirit Jerry Colangelo is a businessman and a visionary whose inspirational work ethic and drive provided GCU a platform in which to inspire future leaders. Mr. Colangelo believed that an entrepreneurial spirit is key to success. One should be willing to take risks, and the most successful persons are risk takers. Additionally, one must maintain integrity at all times (Colangelo, 1999). An entrepreneur is one who creates a business and is willing to take full accountability for the success or failure of the company. Economic growth is dependant upon entrepreneurial activity, but it is imperative that the entrant is able to sustain the process from fledgling company to one of a successful corporation. There is a hybrid model that addressed this issue. There is research that suggests the success of a business is dependant upon an individual keeping their “day job” while developing the...
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...red oceans and execute a blue ocean strategy. They show how and why a blue ocean strategy leads to a market where competition is - for a time - obsolete. Each principle is explained and supported by real world examples from such companies as Ford, Cirque du Soleil, Dell Computers, Casella Wines, and even the New York City Police Department. The chart, figure 1, illustrates both the concept of blue ocean strategies, and the organization of the book, Blue Ocean Strategies. Lady using a tablet Professional Essay Writers Get your grade or your money back using our Essay Writing Service! ESSAY WRITING SERVICE The first part of the book explains what Kim and Mauborgne call the cornerstone of Blue Ocean Strategies: value innovation. Value innovation is basically a leap in value that makes current competition irrelevant. Whereas value alone merely extends the value...
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...Strategic entrepreneurship - Innovation as source of competitive advantage Global organizations face the challenge of adapting frequently to meet the needs of their customers, suppliers, and share-holders. Creating value for stakeholders is becoming increasingly difficult even for leading players like General Motors (GM) and Ford. A stream of continuous value-creating innovations by global competitors (e.g., Toyota and Honda) has challenged GM & Ford to reinvent themselves continuously. The challenge of continuous and dynamic change is affecting firms across multiple industries. These include even the IT Services Industry such as Accenture / IBM / Infosys & TCS and their business models & Service models are changing the nature of competition. The winners and losers resulting from changes in this particular industry remain unknown. Consider a situation where Complete Customer relationship management service for any organization ( which will have been implemented, supported & serviced ) by any of the traditional players being replaced by a cloud offering from an organization Salesforce.com for which payment can happen on pay-per–use model & supported by niche player whose entire business model is predicated on this. Being able to create a more attractive value proposition for customers is making it quite difficult for some of the more traditional players like IBM or Accenture since that means cannibalization of their existing revenue stream, changing the Business model...
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