...Business and Innovation in Networked Economy Course Background and Introduction The dynamic of our society, and particularly our new economy, is increasingly obeying the logic of networks. Understanding how networks work will be the key to understanding how the economy works. We are connecting everything to everything. Businesses and governments that are able to effectively employ information and communication technologies find more sophisticated and efficient ways of managing their external relationships and communications. This growing ICT usage helps form the critical mass of electronic transactions which supports a networked economy, both in terms of the network size and the demand for associated goods, services, labor and policy reform. The critical characteristic of the networked economy is a radical decentralization of physical capital necessary for the production, storage, distribution, and processing of information, knowledge, and culture. This decentralization has caused a radical distribution of the practical capability to act in these areas, creating new levels of efficacy for individuals, who increasingly shift from being consumers to being users and producers. Individuals have now become capable of doing much more for themselves and for others, both alone and in vastly more effective loose collaborations with others. In the industrial economy, hobbyists, no matter how committed, could not come together on the weekend and compete with the General Motors of...
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...It can be said that , innovation step by step has bring the better life to people with convenience and useful . It is hard to define what is innovation ,Bessant and Todd [ p40,2011] has defined innovation as ‘’ a process of translating idea into useful – new products , processes or services ‘’ . With similar idea , Naylor[p212] stressed that , innovation is new idea which is developed to be new product or new process and it is recognized by customers .. If in the past , many business is recognized by their innovation as : Apple with smart phone , Microsoft with software , Henry Ford with car innovation etc. By the time with the staving of new idea , many business might be stuck in challenging market with many strong competitors. There is a debate about organization must innovate to be able survive and thrive , but in fact , many companies is still success without recognized of innovation . This essay will give a clear view about this argument with evidence to prove that any companies could be successful without innovation . Business can survive without innovation . According to Burn- Callander[ 2015 ] , more than a minute , a new companies founded , and in 2015 ,Britain hit record number of startups with more than 600,000 newborn business . Imaging if every new company need an innovation to survive and thrive , so a year , there must be 600,000 new innovation , new product or new management theories .But Innovation is not a force to a company to survive , so many companies...
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...2013/2014 Course Manual Business Innovation Block Period 5 Code: EBC2068 © Maastricht University 2014 ------------------------------------------------- COORDINATOR Dr. Wilko Letterie Department of Organization & Strategy Secretaries’ office (pigeon holes), room A2.16 Email: w.letterie@maastrichtuniversity.nl ------------------------------------------------- COURSE OBJECTIVES The topics covered in this course are Open Innovation and Management of Technology and Innovation. The objectives of the course are: 1) to understand a number of crucial theoretical, empirical and managerial issues in business innovation; 2) to develop the ability to apply theory to real world cases; 3) to develop the ability to critically assess the usefulness of competing or complementary theories. ------------------------------------------------- STUDY MATERIAL Books Burgelman, R.A., Christensen, C.M. and Wheelwright, S.C. (2009). Strategic Management of Technology and Innovation, 5th Edition, McGraw-Hill International Edition, ISBN 978-007-126329-0. In this course manual the abbreviation BCW refers to this book. Chesbrough, H. (2006). Open Innovation, The New Imperative for Creating and Profiting from Technology, Harvard Business School Publishing Corporation: ISBN 1-4221-0283-1. Articles Some...
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...Sciences | January 13, 2014 4.1 Innovative Business Skills Essay on innovation 4.1 Innovative Business Skills Essay on innovation Table of Content Introduction 2 Backgrounds for the topic of Innovation 2 Definition of Innovation 3 Creation and implementation of Innovation 3 Creativity inspires. Creativity empowers. 4 Studytrip London 5 Conclusion 6 Bibliography 7 Introduction The focus of this essay is on the subject of “Innovation” due to the course of Innovative Business Skills in Block 4.1. Of course I was familiar with the meaning of Innovation but dealing with a subject like this in a deeper way can still change the way of how you define something for what it is and get aware of what other facts play an important role behind it. With the information and new knowledge gained as a result of the (guest)-lectures, the reading material and the business trip, I have gained an insight in to the topic of innovation and a better understanding of the innovation management. In this essay I will firstly give an short introduction to the background of Innovation (why it does exist) and provide a common definition linked to what innovation meant to me before the course of ‘Innovation Business Skills’. Afterwards the creation and implementation of innovation will be investigated as I have understood and experienced it in the previous block (4.1). At the end I will round of this essay with a conclusion also describing what Innovation means for me now after I have received...
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...1119 Nelson Street, Vancouver, BC T6E 3H3 Phone: xxx-xxx-1024 Email: xxxxxx_k@hotmail.com January 27, 2013 Mr. James Weaver, Chief Executive Officer Gold's Gym International 125 E. John Carpenter FWY, Suite 1300 Irving, TX 75062, United States Dear Mr. James Weaver: BUSINESS INNOVATION PLAN FOR GOLD’S GYM Gold’s Gym International has been credited as one of the best performing companies in the fitness industry. The company has been able to cope well with changing trends, while remaining competitive. However, due to an increase in the number of fitness clubs, it is currently faced with a lot of competition. In response to this competition, Gold’s Gym International has opened new facilities in various locations, and has also renovated existing gyms to provide its members with cutting-edge equipment and a better environment. I believe that this is a critical time for you and for the company in order to continue to enjoy long-lasting success well into the future. On behalf of Sage Consultants, I have done some research and found various ways that the company can improve its performance through innovation and adapt to the changing market. Thank you in advance for taking the time to read this report. Sincerely, xxxxxxxxxxxxx Lead Consultant Current Situation Gold’s Gym International (Gold’s) is an international fitness company that was established by Joe Gold in 1965, and has evolved to become one of the largest in its industry. The company focuses...
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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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...KEY CONCEPT EXERCISE: THE IMPORTANCE OF INNOVATION INTRODUCTION In the current dynamic marketplaces, interests in innovation are escalated by businesses as they understand that in order to maintain their market position, one has to be innovative to keep up with the changing trends in different business sectors (Baregheh, Rowley and Sambrook, 2009, p. 2). The businesses can be primary in that they deal with the extraction of raw materials, such as mining and agriculture or secondary such as being involved in the manufacturing of finished goods like foods and clothes. However, innovation is not restricted to these types of industries and entrepreneurs must also cope up with the tertiary level, which involved various service provisions, for...
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...Journal of Business Strategy Business model innovation: coffee triumphs for Nespresso Kurt Matzler Franz Bailom Stephan Friedrich von den Eichen Thomas Kohler Article information: To cite this document: Kurt Matzler Franz Bailom Stephan Friedrich von den Eichen Thomas Kohler, (2013),"Business model innovation: coffee triumphs for Nespresso", Journal of Business Strategy, Vol. 34 Iss 2 pp. 30 - 37 Permanent link to this document: http://dx.doi.org/10.1108/02756661311310431 Downloaded on: 16 June 2015, At: 05:07 (PT) References: this document contains references to 19 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 25789 times since 2013* Users who downloaded this article also downloaded: Gabriela Alvarez, Colin Pilbeam, Richard Wilding, (2010),"Nestlé Nespresso AAA sustainable quality program: an investigation into the governance dynamics in a multi-stakeholder supply chain network", Supply Chain Management: An International Journal, Vol. 15 Iss 2 pp. 165-182 http://dx.doi.org/10.1108/13598541011028769 Claudio Vignali, (2001),"McDonald’s: “think global, act local” – the marketing mix", British Food Journal, Vol. 103 Iss 2 pp. 97-111 http:// dx.doi.org/10.1108/00070700110383154 Mark D. Uncles, Grahame R. Dowling, Kathy Hammond, (2003),"Customer loyalty and customer loyalty programs", Journal of Consumer Marketing, Vol. 20 Iss 4 pp. 294-316 http://dx.doi.org/10.1108/07363760310483676 Access...
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...Technology and Innovation in Business Names Kenya Methodist University Question 1 Technology continues to have a large influence in business today. Businesses are depending on technology that virtually all business activities around the world would shut down in its absence. Industries attribute the use of technology in their economical development. Most industrial operations nowadays depend on technology for progress. Thus it is concluded that firms are leaning towards technology because they need it for sustenance (Oklahoma Small Business Developments Centers, 2013). Technology is the cause of growth of all economical advancements today. Business activities have been ongoing before emergence of computers and other technology. The use of barter trade was the norm before introduction of currency but business process was slow and not reliable. Technology saved the day with introduction of computers that revolutionized commerce. Today computers are used in all aspects of business such as research, production, maintenance and delivery of all commodities of production. All businesses regardless of size rely on computers in undertaking their daily operations ranging from maintenance of client profile, employee systems, sales systems, accounting systems to automation systems for large scale production. In addition to that, technology boosts communication and marketing of end products. Furthermore, transport details involve logistic systems that ensure safety of manufactured goods...
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...Issue: Anytime an average consumer buys a product or a service for their vehicle, they always feel as though they are being taken advantage of. I don’t feel that trying to educate everyone who owns a vehicle is plausible or desirable because of a lack of interest/time/resources, but making people feel like they are being taken care of rather than taken advantage of. Destination: Unadvertised perks when getting your car serviced at a Goodyear establishment, chosen based on the service that was purchased. Standardized small town service. Business with friends mentality. Example: Handwritten thank you notes, air freshners, a quick vacuum or car wash, a hand scraper or new wiper blades, a multi-point inspection, any other small token of appreciation. Path: Being home these past few days has made me think about why I go back to certain places for a cup of coffee, a haircut or a burger. Every time the answer was atleast partially due to the small touches that aren’t present anywhere else. Fresh cream from the dairy, a hot towel while you wait, or the cook coming out with something he had been meaning to try. I can’t tell you how many times someone has suggested taking my car to a certain dealership because they wash them after performing a service. Little gestures like that create a memory and turn the transaction into something a little more than an exchange of goods/services for money. It’s that little extra that puts those establishments at the top of people’s lists. - - - -...
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...question and objective. Our first challenge was finding an interrelated theme for family business, that wasn’t too obvious or researched too much already, as we actually want to fill a small knowledge gap with this research. Therefore we choose innovation, because there is a lot of controversy to it about the innovativeness of family businesses. Also, innovation intrigues us very much, as it often determines the succeeding or failing of a company. After brainstorming we came up with the following research question: “How can we explain that family businesses, in comparison to non-family businesses, tend to be more innovative than is often assumed?” This question allows us to investigate the strengths of family businesses and...
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...Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies (Hofstede, 1980). Another important thing required is that there is a managerial transition as well as a cognitive transition. This helps the firm develop and also be open to new ideas. As there is more and more learning in the organization, automatically there would be a chance for a break through innovation (Davila, T., Epstein, M. J., and Shelton, 2006). DIFFERENCES Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of creativity. This helps bring in a lot many new ideas in the firm and also develop a platform...
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...Sweet Moment: Business Description Traction Problem Australian gourmet desserts and sweets are becoming increasingly expensive despite the relatively low ingredient costs. On average, cupcakes cost $3.50-$4, and brownie and cake slices are over $4. Moreover, these desserts reflect western values and tastes. For a country as culturally diverse as Australia, there should be a cheaper, multicultural alternative. Solution We create gourmet, hand-made Brazilian desserts called brigadeiros for both an individual treat and as a gift. A traditional treat from Brazil, our brigadeiros are confections primarily comprised of condensed milk, organic cocoa powder, and unsalted butter. They have very low ingredient costs and are distinctive enough to break through the Australian ‘cupcake’ consciousness, thus allowing us to sell a cheaper and more unique product to the Australian market. Assessment of Market Size Target Market Sweet Moment’s primary target market is university students, as generally they are more open to new and innovative ideas. There are over 400,000 university students in Sydney alone, and more than one million university students Australia-wide. In 2013 there were 17,554 Brazilian international students, the large majority of whom would already have knowledge of the sweet. Therefore they will be more inclined to buy it and, through a referral program, can introduce it to friends who are not familiar with the brigadeiros yet. To stimulate growth in the number of...
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...Sage Consultants January 19, 2012 Mr Olive Yue, CEO Air Canada 135- 5980 Miller Rd Richmond, BC V7B 1K2 Dear Mr. Yue, Report on Changes and Trends in the Airline Industry I am writing this report in response to your recent request to Sage Consulting to advise Air Canada on the emerging changes and trends in the airline industry. This report will address major issues rather than trivial ones. Currently, the fierce rivalry between the different airlines means that Air Canada must continue to innovate in the ever-changing market place in order to stay relevant. Given that the airline industry is highly sensitive to changes in the wider economy, our company has performed in-depth research and analysis on the challenges and opportunities that these social changes may bring as well as the potential impact that they may have on Air Canada. Furthermore, we have also investigated the innovative practices that are currently being developed by your competitors which Air Canada should be aware of. Based on the strengths and weakness of Air Canada, we have come up with recommendation on ways that your company can best adapt to these changes. We hope that you and your senior management staff will find this detailed report to be useful and insighful. Thank you once again for choosing Sage Consulting Inc. Sincerely. Henry Fung Senior Consultant Sage Consultants Inc. 1055 Georgia Street – Suite 301 Vancouver, BC V6E 3H3 Telephone (604)-301-3001 Emerging...
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...Business Group Networks and Group Innovation in Emerging Markets Business groups, a constellation of legally independent firms operating under common administrative and financial management and connected by various types of ties, have been recognized as an important innovation powerhouse in emerging markets such as Korea and Taiwan(Chang, Chung, & Mahmood, 2006; Mahmood & Mitchell, 2004; Mahmood & Singh, 2003). Given the pervasive networks between business group members (Hamilton, 1996), scholars have assigned an important role to intra-group networks in understanding where the innovativeness of business group arises in emerging markets. Particularly, scholars have focused on three most commonly observed types of ties in business groups, i.e., buyer-supplier ties, equity ties and interlocking director ties (Belenzon & Berkovitz, 2010; Khanna & Rivkin, 2006; Mahmood, Zhu, & Zajac, 2011). Specifically, buyer-supplier ties within business groups connect firms engaged in commercial transactions and enable them to transfer production materials and market information across firm boundaries. Equity ties connect group members who hold equity stakes in each other through cross-shareholdings, providing a channel for the transfer of financial investment and control. Finally, director ties connect group members as they share the same individuals on the boards, and hence enable group members to coordinate strategies and governance (Mahmood et al., 2011). One explanation on how intra-group...
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