...1.Strategy for innovation Innovation: applications of new ideas to the products and processes that increase commercial values. Five techniques for innovating by using existing resources (inside the box): Subtraction: generating a new innovation by removing the existing components. Division: separate an object or service to multiple parts and rearrange the parts into something new. Multiplication: duplicate a current components and innovation by removing the existing components. Task unification: unifying unrelated functions or tasks. Attribute dependency: make previously independent attributes dependent on one another. Generating new ideas is easy, but making them into innovation is hardneed innovation strategy. Innovation strategy: long-term plan that improves firm’s innovation success rate. A good innovation strategy invests in innovation projects that align with company’s resources and capabilities and satisfy customers’ needs. Why important? It enables firm to introduce innovations to marketplace and thus remain competitive. It helps enhance the existing products and services so that improve customers’ utility. It improves the efficiency and output of the process of innovation. It helps to understand and manage the risk associated with innovation. 2.Inspiring innovation Internal sources of innovation * R&D: investment in basic researches (researches that advance knowledge) Investment in applied researches (researches for specific problem or...
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...Innovation Strategy & Growth by Firdaus Khan Assoc. Prof & Trainer at ICBM-SBE 20 December 2012 firdaus@icbm.ac.in 1 “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, … we had everything before us, we had nothing before us” 20 December 2012 firdaus@icbm.ac.in 2 SURPRISE!!! Q: Which is the number one mobile payment country on earth? A: It’s Kenya! 20% of its entire GDP passes through its service mPesa. 20 December 2012 firdaus@icbm.ac.in 3 GUESS WHAT !!! Q: Per capita, which country has the largest audience/users of youtube? A: Saudi Arabia The largest category of videos watched is educational. The largest demographic is middle aged women 20 December 2012 firdaus@icbm.ac.in 4 GOTCHA !!! Q: Where is the world's largest collection of fresh water? A: Egypt-Libyan desert. Remarkable solar technology is being invented to more reliably pump it and affordably extend food and fertility of land 20 December 2012 firdaus@icbm.ac.in 5 Today’s Race for Profitability is.. • not a 100m dash, • its rather a decathlon – where success comes from all round excellence in multiple sports - sitting out is not an option & - competing effectively entails mastering a number of competencies in a balanced way. 20 December 2012 firdaus@icbm.ac.in 6 Clued In ...
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...AN INNOVATION STRATEGY FOR LG ELECTRONICS Thanks to the continuous technological innovation of handsets, the rise of mobile phones has been nothing short of phenomenal and the trend is expected to continue in the years to come (Frost & Sullivan, 2006). Their continued success is down to the fact that today’s handsets have become much more than simply mobile phones. A mobile phone can function as a camera, PDA and has many other features such as gaming functions and access to the Internet. Based on 3G, broadband is also paving the way for video-telephony and TV viewing. Characterised by continuous change and innovation, the mobile phone industry then sets an exciting stage for devising an innovation strategy. Our focus will be on mobile phone manufacturer LG. LG Electronics, Inc. is in fact a consumer electronics company with two other business units (Digital Display & Media and Digital Appliances), besides the Handset unit we will focus on in our report. On a global scale, LG’s handset division is 5th in terms of market share based on handset revenue, behind Nokia, Motorola, Samsung, and Sony Ericsson (see Appendix 1). Despite not being in the ‘Big Four’, LG’s market position is that of a strong challenger considering the many other ‘me too’ competitors that exist (e.g. NEC, Sanyo), but who fail to register in consumers’ minds. LG’s achievement can be seen to be mainly due to the success of their ‘Black’ series with popular models such as ‘Chocolate’ and ‘Shine’. Industry...
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...and to some extend, it is a process of wealth accumulation under capitalism. (Karl, 1848&1857&1863) In the long run, it would result into a high rise of service and products quality, a progress in the humanity society. However, if focusing on the individual unit, creative destruction is a challenge. Those who do not play well, like because of lacking skills or technology, will be eliminated out of the game. In the following sections, this paper is going to illustrate the importance of innovation strategy in this game from the enterprise perspective, how could innovation strategy fit the strategic planning well, and how big data could work for the strategic planning process. 1 Innovation Strategy As defined, innovation strategy is a plan conducted by the organization to encourage advancement in technology or service. (Businessdictionary.com) Innovative technology is the soul of the business, which differentiates the firm from the others and brings profits to stakeholders. However, innovation does not equal product development. Product...
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...Innovation versus Speed Strategy The approach companies take in making strategic decisions regarding such critical aspects including their business model and value chain have direct implications on their ability to sustain themselves over time. The accumulated research shown by Dr. W. Chan Kim and Dr. Renee Mauborgne in their best selling book Blue Ocean Strategy (Kim & Mauborgne, 2005) illustrate that new, uncontested markets are created by the decisions companies make over time rather than high levels of research and development (R&D) spending or intensive mergers and acquisitions (M&A) to acquire patents. The differences between companies who rely on innovation-based strategies relative to those that rely on speed-based ones are most prevalent during the decision of when and how to launch new products. This specific decision is in fact quantified as the single greatest and profit-generating event in the analysis completed (Kim, Mauborgne, 2004). Apple dominates innovation-based decisions and often looks to completely redefine a given marketplace through the sequence of product and service innovations developed. This mindset and resulting decisions within Apple to pursue a strategy of innovation and the development of an entire ecosystem for digital content including iTunes, iPods, and iPhones/iTouch devices has created a platform the company capitalizes on with each product introduction (Jonash, Koehler, & Onassis, 2007). The decision of which features within...
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...Table of Contents Introduction 3 Nike, Inc. 3 Under Armour 4 Porter’s five forces analysis 5 Nike, Inc. and Under Armour innovation strategies comparison 7 Conclusion 9 References 10 Introduction Nowadays, more and more people become concerned about health; they develop special diet that include vitamins and advanced nutrition supplements, and of course they do sports. Any kind of sports demand at least basic sports outfit: a T-shirt, shorts or pants, and a pair of shoes. Industry of sports apparel and footwear is an important part of today’s global business, where big companies have to compete for a customer. It is rather hard to differentiate on this market, because all the goods have to fulfill only one goal: make a person feel comfortable during a workout. Thus, companies have to work harder to develop new innovative products to gain market share advantage. The market of sports apparel is now dominated by several big companies: Nike, Inc., Adidas group (which includes Adidas and Reebok), and Puma. But there is also a new fast-growing and very promising player - Under Armour that managed to enter this saturated market. The key success factor for Under Armour was their innovative approach in creating sports apparel. Observing Under Armour’s success Nike has reconsidered their strategy and made innovation the core part of their mission, and in 2013 Nike was announced a #1 innovative company by fastcompany.com. So now there are two key innovators on the market...
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...Discussion 2: Shared Practice: How Can Technology Innovations Affect Marketing Strategies? The vast development of technology has a tremendous effect on marketing strategies. More and more business are getting on board in fear of being left out and eventually not being able to keep up. This rapid change has increase collaboration through effective communications within organization and also consumers and businesses. The companies that have effectively integrated innovation technologies into their prospective marketing strategies are Xpress GRTA, Georgia United Credit Union and Department of Human Resources. Xpress is a transportation services that serves the metro Atlanta region with valuable transportation. Also known as (GRTA) Georgia Regional Transportation Authority, (GRTA) provides reliable and stress-free commutes for workers to get to and fro their places of employment. Earlier this month Xpress has incorporated some major changes that will provide more efficiency service to their consumers. More buses, more schedules, and more stops. (GRTA) has effectively integrated innovative technologies by providing an app where consumers can track their track the status of their bus. Where is my bus? Schedule and locate me. Consumers are able to know what time the next bus is...
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...Innovation Strategy February 11, 2013 Innovation Strategy Innovative strategies are perilous to an industry’s success and long life. They enable businesses be competitive in present trends as well as setting benchmarks for future development. The organization that has been chosen is Lytro. This company has created a product that allows its’ consumers to create living pictures that can be endlessly refocused after the image had been taken. These images are able to be shared and are capable of being instantly refocused by others. The idea that everyone be worthy to own the product is the basis for their activities. The paper will serve to label as well as evaluate Lytro’s innovative strategy. The group will provide information from Securities and Exchange Commission filings to the newest product released from Lytro. Description of Innovative Strategy Lytro has done a lot to separate themselves from their competition. This includes being one of the first companies to enter the market with plenoptic cameras. In 2011, Lytro produced a camera that was able to focus on a picture after the picture was taken (Wikipedia, 2013). The introduction of these products has gained the attention of many individuals. With the market in need of new products, Lytro has found a way to separate themselves from their competition. Just recently in 2012, Lytro won the Silicon Valley / San Jose Business Journal’s Idea and Innovation Award in the consumer technology category. Today the company...
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...Learning Team Activity: Innovation Strategy STR/581 August 13, 2014 Company's History Starbucks started in 1971 selling coffee beans, tea leaves and spices in Seattle, Washington. Today, the company has grown over 19,000 branch outlets in over 60 countries selling coffee, tea, beverages, food and store branded items. According to Starbucks Coffee Company (2014), the company’s mission statement is “to inspire and nuture the human spirit – one person, one cup, and one neighborhoor at a time.” Starbucks Coffee Company has always been determined on evolution through transformation and modernization. They have enhanced almost all of their product lines over the years and have ventured to other products besides coffee. Thus, this includes fresh organic fruit juices, bottled teas, pastries, mixed soda beverages, and even downloadable music. Starbucks’ Innovation Strategy “In January 2014, Howard Schultz, the CEO of Starbucks announced that the company would now focus on innovation in coffee, tea and that the Starbucks Experience. The important focus would be to become the next generation retails and payments initiatives in the areas of digital, mobile, card, loyalty and e-commerce that would position Starbucks for its next wave of global growth” (LinkedIn, 2014). By using consumer feedback approach regarding their products and services offered, they are able to find out what they do not offer and the importance of these particular items to loyal customers. Starbucks...
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...Administration Sustainability & Innovation International Timeshare Industry SUSTAINABILITY & INNOVATION: INTERNATIONAL TIMESHARE INDUSTRY March 3, 2015 Faculty of Hospitality & Tourism Management Master of Business Administration Table of Contents Abstract 1 CHAPTER 1 – Research Study 2 1.1 Introduction 2 1.2 Research Problem 3 1.3 Research Objective 3 1.4 Research Question 3 CHAPTER 2 – Description of Changing Landscape & Challenging Market Space 3 2.1 Changing Landscape & Challenging Market Space 3 2.1.1 Economic and Industry Analysis 5 2.1.2 Challenges & Strategic Trends 8 2.2 Description and Analysis of Four Key Businesses 9 2.2.1 Marriott’s Aruba Ocean Club 9 2.2.2 La Cabana Beach Resort & Casino 9 2.2.3 Tropicana Aruba Resort & Casino 10 CHAPTER 3 – Research Design and Methodology 10 3.1 Research Design – Data Collection 10 3.2 Methodology – Data Analysis 11 3.3 Quality of the study 11 CHAPTER 4 – Results and Findings 11 4.1 Descriptive Analysis 11 CHAPTER 5 – Conclusion and Recommendations 22 References 24 APPENDIX A – Interviews 25 Abstract The timeshare industry whether large or small are competing on a variety of areas such as luxury, flexibility and service. It is also the least researched segments of the accommodation of tourists. This paper provides a analysis of the current situation of the timeshare industry focusing on innovation and sustainability of the mentioned...
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...areas’ (Reger and Huff, 1993). Analyse the process of industry definition and competitor analysis as elements of strategic management. There have been numerous viewpoints on the subject of strategy and its role in business since the advent of the industrial revolution and the development of modern management practice. Many modern day theorists and students of the subject, me included, are of the viewpoint that Strategy in business is an ever evolving subject. Strategy can be interpreted and utilised in a number of ways and no theory or viewpoint should be disregarded as each question asked and each framework devised can be beneficial when applied to any situation which merits strategic evaluation. Industry definition is an integral part of the strategic process as a business needs to establish where it will be active, i.e. which market it will be involved in, how to access this market and then how to control the market. This could be equated to The ‘P’ in the well known PESTAL Analysis framework, where the business establishes its position in the marketplace. In Hambrick and Fredrickson’s framework ‘The Five Major Elements of Strategy’ the authors list Arenas, Vehicles, Differentiators, Staging and Economic Logic as the five most important areas to consider when formulating a strategy for a business. Industry definition can be applied primarily to arenas as the business needs to establish in which market it will be active. This process is of extreme importance as ‘in articulating...
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...Innovation Strategy of Retailer: From the View of Global Value Chains Yongquan Hu, Huifang Jiang Abstract-Retailing running to high-value-added-end is a more visible trend, which attracts lots of attention from researchers or practitioners. This paper tries to explain this with the theory of Global Value Chains(GVCs). After literature review on GVCs and innovation strategy, this paper analyzes the global value chains of 7-11, IKEA, Wal-Mart and PPR separately. Then some com parisons is done to analyze the respective characteristics of the global value chain model of the four from ten angles, so as to build retailer's innovation strategy on GVCs. As a result, some advices are given to Chinese retailers for their developing. their competitiveness on value chains and develop so quickly? Since coming down to the status of retailing on global value system, the researches for such questions, as above, tum out to be meaningful both in theory and practice. So, applying the dynamic theory of global value chains, this paper analyzes four global value chains driven by four multinational retailers, in order to explain the phenomena of retailing running to high-value-added-end, and provide retailers with a global perspective, Multi-Dimensional model for innovating and competing. Index Terms-retailer, global value chains, business strategy, innovation, innovation strategy I. INTRODUCTION As a presentation of the terminal industry, there's a more visible ...
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...Boeing Innovation Strategy Shayne Arndt, Lee Eadie, Sridhar Lakshminarayanan, Norberto Rodriquez, Phylicia Smith, and Amber Thompson STR/581 April 2, 2012 Cassandra Molavrh Boeing Innovation Strategy Innovations are a fundamental prerequisite for competitiveness. The economic crisis forced most businesses to conserve funds in various operational areas. Innovation strategy in any business or industry involves aligning the product life cycles in the company with the various research and development activities. Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. A top United States exporter, the company supports airlines and United States and allied government customers in 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and, performance-based logistics and training (Boeing, 2012). Boeing’s Background In the ever-changing business environment, organizations are constantly seeking ways to diversify products and revenue sources, create the best organizational structure, and foster productive work environment cultures through innovation strategies. Boeing is a leading innovator in the aviation industry. The organization faces industry-wide challenges including increasing fuel costs, price-conscious customers, and increased...
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...In the continuously changing environment, innovation is very important for the advancement of society and making the life better and simpler. New and innovative products increase the standard of living by providing the opportunities to improve the lives. With the advent of globalization and outsourcing, the need for innovation has increased. This is because of the increase in competition whereby all the small and big firms are operating at the same platform. According to Peter Ducker, if the company lost the ability of innovation then soon the company have to face the decline stage and the extinction in the business market (Goldhar and Berg, 2010) . In order to survive the organizations need to offer more than the good product in order to survive and this zeal to improve require the innovation in processes and management which helps in reducing the cost or improving the productivity. Innovation is the only tool with the help of which the organization can maintain its position in the competitive market and stay one step ahead of its competitors. It is the only way that creates the differentiation with the customers. Moreover, customers prefer the products which make their life simpler and this is possible with the continual improvement in product or processes. Being first in the market with the new product gives the significant advantage in building the customer base. The term Operational Strategy is defined as, “the total pattern of decisions which shape the long term capabilities...
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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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