If you want to sustain in this big ocean with lot of large creatures, you have to find out your own hideouts. Niche areas always help you to survive. But niche and exclusive areas will not continue to be as it is. One day some one will find this hide outs to trespass. Then there will be large number of players in the same field, which will in turn increase competition. In a highly competitive business scenario small units will find it difficult to survive with their limited resource. Without innovation, an enterprise could not strive for a long time.
Entrepreneurship is considered as a key element in the new economy, and new enterprises are contributing to create a dynamic business environment through economic growth, opening of new job opportunities and innovation of production processes and products. (Enterprise DG Working Paper on Business-related services: a key driver of European competitiveness. An enhanced economic analysis, December 2004, European Commission Enterprise Directorate-General, December 2004). For guiding an enterprise into a long term success path managers need to concentrate more on innovative practices and products. Managers have a major role in starting the process of innovation in an industry. Investment in acquisition of new skills, new organisational structures, new ways of co-operation, creation of new enterprises and relations with customers and suppliers are some of the guiding forces, which help managers to go for innovative practices. (Enterprise DG Working Paper on Business-related services: a key driver of European competitiveness. An enhanced economic analysis, December 2004, European Commission Enterprise Directorate-General, December 2004).
Constant innovation process will give industrial units an added advantage in the present global scenario. It gives companies an additional strength than competitors. But the word innovation is easy to say than implement. The word itself stands for risk. When you introduce an innovative service or a product, it is only a concept in the market. You have to convince the customers and clients on the new concept. There won't be similar model in the market. So it is a matter of hard work to get result. One in ten innovation drives fail due to lack of direction and commitment. The major concern is that people are yet to understand the innovation process. It is long term, struggling and expensive. Manager need to bring in skill and expertise to win the race. It involved lot of phases. It takes long time to give return. It is like a jump without circles. The innovator has to draw his own circle and change the peripherals as he moves on.
In fact most of the entrepreneurs recognise that innovation is necessary to renew products, services and business processes and it is a key strategy for competitive advantage and growing shareholder value. But usually they won't jump into it due to lot of risk involved. As a business grows, there will be inertia in the organization. It asks the owner, promoter and employees to move in the same pace. They will look at any changes in the present operational level with suspicion. In many cases these people may have their own ideas to improve the service and product. But usually they won't like to take risk. Managers are actually apprehensive of the response of customers and cli
It is easy to move with a crowd than carve your own path. Some adventurous guys have passion to break new ways. This is considered as a big risk area. But in Business not many take such big risks. Most of the entrepreneurs are happy to be in a crowd. They want to do things that are established as a triumph…
This report studies and analyses Chevron Corporation’s preparedness and response to the changing external environment, driven by forces of globalization and emergence of knowledge-based economy. With respect to that, the report analyses if Chevron is aware of this changing environment, adaptive to the change, generating value and improving its capabilities in a cost-effective manner.
The innovative standards of telecommunication industry are: GSM, GPRS, CDMA, 3G, LITE, etc. In a technological world change is vital to run the industry (Malerba 2004). The innovations in mobile communication industry have great impacts on it, in terms of increase of mobile users.
The London is also home to the capitals leading air ambulance. The Royal London hospital was founded in 1740 and initially named The London infirmary (Barts Health 2013). It was founded on by seven men who were businessmen, professional and some philanthropist’s like any other charities it was purposely to intend to provide medical services to the sick poor.in 1748 the royal London hospital name changed to The London hospital (Banks 2013).
Both researchers as well as business managers deem innovation as “life-and-death matter for a firm” (Weiss, 2013). The extreme threat of competition and continued need to fight for survival fosters organizations to bring innovation into their system. Researchers from the field of business and management have found that organizations which have the capacity to innovate can respond at a much faster pace to the challenges of the environment than companies which lacks innovative capacities.
Older product are available at much cheaper price. (Thompon, 88-119)
Innovation i the key to future buine ucce. In a highly competitive environment when emerging problem need new and more efficient olution and where new competitor are alway in the competition, companie that do not ee invetment in innovation a important are at rik.
This paper will highlight the roles played by innovation and partnership, and how they can generate mutual benefits for the firms involved. It will also seek to illustrate how the innovative creation of partnerships can improve the development of business, tourism and other regions or sectors.
According to BCG, a company's corporate strategy must have a detailed layout of how it can integrate its resources and capabilities to create superior value for its investors and nowadays, even for its stakeholders (Missing Link, 2008).
Today, definition of value creation has changed to a considerable extent from those of traditional methods in a business firm.
One path led to science being used to develop knowledge which can be used to improve or predict technologies. In this case , the flow of information is from science being translated to technology. In the second path, there is a reversal of information flow, from technology to science.
Innovation iѕ the key to future buѕineѕѕ ѕucceѕѕ. In a highly competitive environment when emerging problemѕ need new and more efficient ѕolutionѕ and where new competitorѕ are alwayѕ in the competition, companieѕ that do not ѕee inveѕtment in innovation aѕ important are at riѕk.
From this research, it is clear that the innovations are not benefiting all, as in the market there is a solid confusion between the terms creativity and innovation. However, companies with right knowledge are able to discover something new and totally innovative, thus some companies emphasize much on the existing products and try to make it as creative as they can to satisfy the customer’s demands.
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