...Singapore Management University Maters of Science Innovation | Core Module MGMT 661 By Associate Prof. Adel F. Dimian My Definition, Understanding and Response of the Lecture Topic & Discussions. Innovation Strategy Development Part 1&2 When the need of wanting to be different arises, the need to innovate takes a strong hold in one’s mind to bring about new changes that are often challenged in many different styles, manner, methods and modes. To my understanding different types of innovations requires and employs different innovative strategy or strategies. Which in turn determines the growth phase of the organization and its strategic approach and desired outcome of the innovation. Developing an Innovation Strategy Frame Work The Innovative ideas and strategy plans and developments can only take valuable shape and growth with the right leadership and driving force. Therefore with the discussions developed and generated, I have come to an understanding that successful innovation strategy is determined by the true leadership of an innovative leader with an innovative mindset who wants to achieve success for his organization, employees and himself. Instead of being comfortable and clustering around a few achieved strategies, a successful innovative leader begins by setting high targets and aspirations for the organization. Followed by recruiting qualified candidates and instilling tremendous positive energy, spirit and enthusiasm in the work environment. Although...
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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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...INNOVATION: THE COCA-COLA CHALLENGE Abstract The Coca-Cola Company fully understands the meaning of innovation as evidenced by their ever-growing brand portfolio and internal processes. In this paper, I discuss Coke's three cola strategy as both a product and service innovation. Such strategy was implemented to widen the market presence of Classic Coke, Diet Coke and Coke Zero. The three cola strategy was developed initially for the purpose of rekindling the growth of the sparkling beverages. The strategy is basically a campaign to boost public confidence wherein an array of marketing, advertising and promotion was implemented. The three cola strategy was backed by Research Council towards the development of consumer-centered innovation. Introduction Overview of the Organization The Coca-Cola Company Founded by Asa Griggs Candler in 1882 in Atlanta, Georgia, a company that fully understands the importance of innovation in business is the Coca-Cola Company. Coca-Cola, or simply Coke, chose to concentrate their operation on production of soft drink syrup while maintaining an intimate relationship with its bottlers and distributors at the retail level. Basically, the company is engaged into blending raw material ingredients (product planning), packaging in plastic canisters (market research) and shipping to bottlers (advertising). In 1886, John Stith Pemberton invented the company’s flagship product Coca-Cola. Today, Coca-Cola Company offers more...
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...Entrepreneurship and Innovation Session 3: Entrepreneurial Strategy Baden U’Ren buren@bond.edu.au Level 4, Room 9 5595 2212 Overview Review of the readings Innovation and Entrepreneurship Entrepreneurship in a Corporate Context Entrepreneurial Strategy What is Innovation? Something NEW that creates VALUE What is Innovation? “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced” - Peter Drucker Source: Schaper & Volery (2007) Entrepreneurship and Small Business 2nd Edition. Wiley. p.69 Creativity ideas, concepts & inventions Innovation the process of development and commercialisation Entrepreneurship couples opportunities and resources Innovation Exploit Incremental Explore Radical Kirzner The producer-entrepreneur •Alert and responsive to opportunities that exist •Exploits disorder (gaps) to move the market back to equilibrium Schumpeter The innovator-entrepreneur: •Creates products and processes to disturb market equilibrium •Creates opportunities Innovation & Performance Some ‘stylised facts’ about the relationships between innovation and performance: Relationships between R&D, patents, new products and performance are strongest at the industry level, weakest at the firm level Returns from process innovation are typically...
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...Explain the concept of ‘Power Brands’. How did RB use Power Brands for product innovation and revenue / profitability growth (RB Treatment)? MARKET OVERVIEW: Reckitt Benckiser (RB): * Their alliance is their power. The two businesses were a good match, with a combined history of innovation spanning over 150 years. Complimenting each other geographically, they now covered extensive markets across Europe, the UK, Australia, the United States and many smaller markets worldwide. Similarly, their product portfolios worked well together, with Benckiser a market leader in automatic dishwashing and fabric care products, while Reckitt & Colman had achieved success in disinfectants, home care, pest control and health and personal care. The merger was a successful one, with RB the fastest growing business in its sector. Achievement – RB don’t just aim high, we always aim to outperform Entrepreneurship – RB allow daring ideas to thrive Team Spirit – RB work as one united by common principles and attitudes Ownership – RB take initiative to do what’s needed. Power Brands: Power brands are a set of fast moving brands where market innovation is the key of success that will give the company a maximum profit share. RB has identified 19 of their best selling products that, in their category, are globally number one or two on the market. They call these their Power brands – global leaders in high growth categories. Focussing on their Power brands makes sense, as the profits from...
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...and external factors (Stahl & Grigsby, 1997). This paper outlines a detailed assessment of factors external and internal that can have an impact over the business of Ace Gym. In view of this assessment management of Ace Gym can assess the major factors that can impact the feasibility, developing competitive advantage and stakeholders’ satisfaction for the organization (Wilson & Gilligan, 2005). External Environmental Analysis Many external factors can have an impact over Ace Gym’s capability to achieve its goals and objectives. To achieve success Ace Gym will have to find a suitable strategy that can maintain the business expectations within the actual conditions and also to maintain Ace Gym’s expectation with the provisions external environment can give. The external factors include: legal and regulatory factors, economic factors, technological factors, innovation factors, and socio-cultural factors. Legal and Regulatory factors: This factor has the full capacity to assist with company’s strategic objective. Regulations in particular involving Information Technology...
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...An Innovation in the aura of INDIAN banking sector A PAPER FOR THE 5th INTERNATIONAL CONFERENCE ON “ROLE OF INNOVATION IN BUSINESS” BY AUTHORS Mrs. Samiya Mubeen MBA Al-Ameen Institute of Management Studies (Affiliated to Bangalore University) Opp: Lalbagh Main Gate Hosur Road Bangalore-560027 Email Id:write2samiya@gmail.com Mobile: +91 9972336355 & Mr.Abdul Rizwan Shariff MBA,M.com,DBM (ICWAI) Al-Ameen Institute of Management Studies (Affiliated to Bangalore University) Opp: Lalbagh Main Gate Hosur Road Bangalore-560027 Email Id: rizoo.shariff@gmail.com Mobile: +91 9900519754 An Innovation in the aura of INDIAN banking sector ABSTRACT Innovation happens out of dire necessity Innovation is a continuous change management process which is often messy and chaotic, striving to succeed amidst the complex silos in financial institutions • Successful innovation is determined by a combination of factors The most successful financial institutions initiate a myriad of strategic and operational changes, involving processes and technology, workflows, changes in network distribution and service delivery to implement successful innovations. Financial institutions go through distinctive stages in innovation Depending on the maturity of the market; banks go first through product innovation, then progress to sales innovation and market share innovation and eventually focus on customer service innovation. Banking in india has become more innovative in the last two years 90% of...
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...Case Study Analysis 8 Nestlé: Sustaining Growth in Mature Markets Strategic Management Instructor Dr. David J. Rambow Associate Professor of Management Summer Term 2011 Anchorage Campus Wayland Baptist University Nestlé: Sustaining Growth in Mature Markets Introduction Dated back to 1866, the Nestlé company had acquired profound knowledge of markets all over the world over the previous 130 years. Nestlé is the leading position in the global food industry with operated factories in 77 countries and sells its products on all six continents. Nestlé has a broadly diversified business portfolio and with leading global market shares in numerous product categories including coffee, mineral water, dairy products, nutrition and baby food, ice cream, confectionary, pet food, and chocolate. Nestlé is also committed to providing quality brands and products that are essential to good health. In doing so, Nestlé incorporated nutritional elements into vast array of product categories to promote food that are safe of high quality (Raisch & Ferlic, 2006). Peter Brabeck-Letmathe took the job as CEO of Nestlé in June 1997; he faced the challenge of having to improve the company’s profitability. In order to generate the financial means required to invest in growth initiatives, Brabeck launched a suite of process innovation initiative in an effort to maximizing existing assets, maximizing capacity utilization, and maximizing distribution logistics...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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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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...Buss 4 January 2012 To what extent is diversification the best strategy to achieve profitable growth? (40 marks) Diversification, one of the four strategies in the Ansoff’s Matrix, is a corporate strategy to enter a new market or industry which the business is not currently in, whilst also creating a new product for that new market. Profitable growth is a term often used by CEOs when describing the firm’s strategic objective. Business growth can be achieved either by boosting the revenue of the business with greater product sales or service income, or by increasing the profitability of the operation by minimising costs. Diversification plays a great role in the growth of many large businesses, however, the extent of the growth is largely dependent on factors such as: the type of industry that the business is in or the risks involved into entering new markets. There are many ways in which to diversify a business, all which may be included in the strategy to achieve profitable growth. The most straightforward of these is to provide a natural extension of the goods or services that you already offer to customers. The best example of business that has undergone diversification is Samsung. Samsung is best known for its smartphones, tablets and televisions, however Samsung’s business activities and operations are spread wider than just those two important markets. The electronics giant also makes military hardware, apartments, ships and operates a Korean amusement park. The...
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...Nike Business Strategy By singkboy | Studymode.com Nike’s Gameplan for Growth that’s Good for All | Management Innovation eXchange Page 1 of 29 M-Prize winner This story is one of ten winning entries in the Long-Term Capitalism Challenge, the third and final leg of the Harvard Business Review / McKinsey M Prize for Management Innovation. Story: Nike’s Gameplan for Growth that’s Good for All by Lorrie Vogel - General Manager of Considered Design at Nike Inc. Co-Authored by Agata Ramallo Garcia October 17, 2012 at 1:29pm 18 36 0 Comments 2 Ratings: Overall 4 Innovative 4 Detail Summary Innovation is a cornerstone of the Nike brand. Our company was founded by two visionaries, Bill Bowerman and Phil Knight, who set out to reinvent athletic footwear. Over the past decade, our drive to design and produce better, faster, lighter products has evolved into an even more ambitious agenda – to embed long term sustainability into our business. This broader vision calls for new approaches to design, management, partnership and new tools and metrics to support integration and adoption throughout Nike. Many of Nike’s http://www.managementexchange.com/story/nike%E2%80%99s-gameplan-growth-that%E2%80%99s-good-all 21/02/2013 Nike’s Gameplan for Growth that’s Good for All | Management Innovation eXchange Page 2 of 29 management innovations for sustainable growth started internally, with the Corporate Responsibility and Considered Design...
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...A Critical Review of STRATEGY AS REVOLUTION Introduction Hamel strategic revolution seems to be the value of re-cognition. In the "Strategy is revolution", Hamel said that "Let us face the reality of it: the world is about to reach the asymptotic limit of the development." For enterprises, "or else it will hand over to the next challenger who has a revolutionary or innovation spirit, or on their company's strategic approach to a revolution." Therefore, Hamel made to establish a new strategic concept: "Strategy is Revolution, everything else is just tactics Optimization, Innovation and Revolution Strategy There are several theoretical debates in business strategy namely prescriptive versus emergent (Carr et al, 2004), positioning versus resource based view (Mosakowski, 1998) and innovation versus optimization (Johnston et al, 2001). In this article, innovation versus optimization which concentrates on the transformation of the industry is the mainly debate to discuss. In a broader context that innovation means new approach to doing business (Slavik, 2002, p. 43). The human now, face of one pair of sharp social contradictions: on the one hand: the uses of various resources available are scarce; on the other hand, the human desire is infinite, and will not stay at a certain level. Therefore, the nature of the economy is to make a choice, to the appropriate allocation and full use of scarce resources to produce products, and assigned to social groups and members...
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...products and innovation abilities • Recent performance: experienced some major losses but is turning better 2. Problem Statement • Issue Definition: Being a niche player in a tightening market, How can LEGO group achieve sustainable profits of 13.5% and growth rate of around 7% in the coming years by leveraging its core competency? • To solve this issue, the company made a three-phased shared vision plan in which we based our strategies on [pic] 3. Strategies 3.1 Short-term Strategies: Profitability Focus 3.1.1 Interpreting the Profitability Goal • To achieve reasonable margin compared to major industry peers, that is operating margin of 13.5%, according to future expectations made in 2006 Annual Report • To maintain sustainable profitability in the relatively cyclical toy industry 3.1.2 Strategies and Implementations to Meet the Goal 3.1.2.1 Product Strategies: adjust product portfolio and build defensive core products • Focus on pre-school/infant toy segment in which the demand is driven up by “age compression” and is less affected by come-and-go entertainment fashions • Continue reinvigoration on LEGO classic toys, which are less affected by toy trends • Take calculated risk to ride on the trends by developing licensed products and electronic products 2. Competition Strategies: avoid price...
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...Life Cycle…………………………………………5 5.0 Industry Level Analysis (Dell)………………………………………………6 6.0 Business Strategy……………………………………………………………7 7.0 Enterprise Solutions and service…………………………………………….8 8.0 PEST Analysis of Dell Company…………………………………………...11 9.0 Porters Five Forces of Dell………………………………………………….13 10.0 Stage of Industry Lifecycle of Dell…………………………………………16 11.0 Recommendation to improve performance of Dell…………………………17 12.0 Conclusion…………………………………………………………………..18 Bibliography………………………………………………………………………....19 Appendix…………………………………………………………………………….21 Overview of Industry Life Cycle Industry Life Cycle (ILC) is the stages of evolution through which an industry progresses as it moves from conception to stabilization and stagnation. Different analyses posit different stages of an industry life cycle (usually four to five), but all emphasize that an industry has a beginning, with technological innovation; a period of rapid growth; maturity and consolidation; and finally decline and possibly death. Industry dynamic impacts firm strategy and survival, and it is important to managers understanding that whether firm should compete or cooperate at different stages of the industry life cycle (Wilson & Hynes, 2009). One of the main tenets of how firms and industries evolve is that, as some businesses mature, the basis of competition shifts from product innovation to process innovation (Utterback and Abernathy 1975; Utterback and Suarez 1993; Utterback 1994; Klepper 1996, 1997; Adner...
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