Memorandum: Social Innovation and the Workplace - Assignment Example

Social Innovation and Work Place MEMORANDUM TO C.E.O, XYZ FROM Business Development ExecutiveSUBJECT : Social Innovation and work placeOver the past three years, the firm has experienced zero growth in sales revenue in the domestic markets. In a view to change this trend, the firm must seize other avenues to gain a competitive edge over rivals hence increasing sales. In this regard, I recommend using social innovation as a step towards gaining competitive advantage.In the US, firms have identified that using social innovation is not just about tackling fundamental issues such as disaster mitigation and meeting societal needs but also an entry strategy used to access new markets.

Intel, for instance, featured a film “Girl rising” to deliver a message that, if girls were educated in the developing countries they would be a catalyst of change. Through such initiatives, Intel has worked to promote girl child education. This has transformed lives among girls. Intel has not only uplifted lives but also gained a foothold in the market. Coca-cola Recycling LLC. Coca-cola launched a subsidiary to capture, recycle and reuse 100% of its packing in the US. Through this social initiative Coca-cola, saves significant energy costs and reduces the use of non-renewable resources.

To leverage on social innovation as a business opportunity the firm should, create new value, use social innovation to unlock undervalued market potential, customer segments and consumer relations. The firm should use products, marketing to create social and business value. The firm can also engage positive social change strategy; social innovations involve more than just charity they solve societal problems by using core business to create value by transforming an externality e.g. environment degradation to a business opportunity.

US firms can also involve intentional business strategy; social innovations should contribute almost same level of business and return on capital as any other firm strategy since they were designed to solve business problems or achieve a set business goal.XYZ should leverage on its core business; its initial goal is to make a profit but should be by creating economic value through social change.ReferenceJackson, Ira and Nelson, Jane. Profits with principles: seven strategies for creating value within value.

Doubleday, 2004.Nelson, Jane. Leveraging the development impact of business in the fight against global poverty. Brookings Institution, 2005.Saul, Jason, 2010 Social Innovation, Inc: 5 strategies for driving business growth through social change.