Subject 23 may 2012. “Organizations need to be innovative in order to stay competitive”. Discuss what organizations are doing to take the competitive lead and how they are doing it. Title: Analysis of innovative strategies adopted by McDonald, Apple and Microsoft to stay competitive in the market Introduction: Companies should adopt their innovation processes to maintain competitive advantage “in business…
“The result of the innovation process is innovation – a creation that has significant value” (Cingula & Veselica). Innovation strategy is the manner by which organizations respond to challenges in market by way of research and development, product or process innovation, and by the use of technology or market forces; Analysis: 1) McDonald: McDonald’s Corporation operates its chain of business in a challenging market segment, and it employs an efficient competitive strategy against its competitors. To offer efficient service to those whom they cater, the company provides standardized training processes for employees. McDonald’s also competes by offering low price for high quality products. It necessitates efficient processes for the entire organization. The introduction of “Made for you” system offered standard food items that are not kept in a bin until they get sold. Later they realized that even if the new system offered fresh food, it was not time effective. Still, McDonald’s continues with the system, by adding new options to help the system work quickly. McDonald’s has planned to increase profits by increasing sales in its existing restaurants. They developed a “new taste menu,” where they offered a new type of sandwich for one week to offer a variety of options to satisfy customer’s desire. But, the new taste menu proved to be inefficient as customers were annoyed at the fact that they couldn’t purchase their new favorite sandwich again. Later they realized that people are more conscious regarding their health and they responded to this trend by adding salads and further lighter choice to their menu. McDonald’s has paid significant concentration to children who help them to build a stable business, by encouraging the entire family to visit McDonald’s. McDonald’s strategy to develop brand loyalty in children has turned out to be a great success. 2) Apple: Apple exerts a combination of Bottom-Up and Top Down innovation strategy to generate new innovations. The innovation culture of Apple is closely attached with that of its leadership. “Innovation comes from saying no to 1,000 things, to make sure we don’t get on the wrong track or try to do too much” (A Leadership that Understands Innovation para. 2). The innovation process is facilitated by five leadership roles which include Institutional Leader, Entrepreneur, Critic, Mentor and Sponsor. The institutional leader produces organizational infrastructure needed for innovation. The critic confronts investments and goals. The entrepreneur controls innovative units. The sponsor procures and advocates, while the mentor counsels and advises. To maintain strategy of product differentiation, Apple has used these the five roles of leadership. The Innovation Factory which is the new build up of Apple, is the one that harnesses unrestrained creativity for its customers, enterprising new ideas & stimulating bold, steps, and being successful in innovations. Apple leverages its employees ecosystem, suppliers, customers, global networks and partners, proving the process of innovation, the idea that winning culture doesn't agree to second place, and to grab the new marketplace opportunities for the business to glow. 3. Microsoft: “ ...
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(Management Research Paper Example | Topics and Well Written Essays - 750 Words)
“Management Research Paper Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/other/9740-management.
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