Innovation Management Assignment 2022

Innovation Management 1
INNOVATION MANAGEMENT
by Student’s Name
Class/Course/Code
Professor’s Name
University/School
City, State
Date

Innovation Management 2
How Forces (Trends) in the Business Environment Require Organizations/Companies to be
Innovative
There are a variety of significant factors pushing change across the globe today.
Designing an effective plan for innovation allows the company to recognize and practice all
of these. Providing strategic direction for the business cycle is critical but beneficial.
Following are the driving factors:
Commoditization
This is the relentless tension that pushes declining costs, which remains a powerful
competitive power. Wal-Mart had defeated Sears in 1992 to develop into the number one
store in the country. Why did Sears permit that to occur? First, Sears endured the
aloof presumption that it was impassable, and then its executives badly underestimated the
market’s core competitive forces (which I relate to as the attitude issue) and enabled Wal-
Mart to out-innovate them in three crucial areas of performance: product cost, logistics cost,
and selling. Essentially, Wal-Mart perfected one of the main factors behind the market,
commoditization.
The Digital Revolution
The digital revolution immediately targeted the manufacturers of computers, pushing
I.B.M. into a transformation that cost the organization 200,000 employment (Oppong, 2018).
So the influence of ever inexpensive technology went on to strike other businesses, too. This
is also a vital tool for peasants who plow and irrigate their crops because they know from
satellites, and it also informs them how, when, and how well they will market their goods. It
is just as valid in Nebraska’s corn belt as in rural India, coastal China, and central Brazil.
There is no part of the culture that digitization does not significantly impact.
Globalization
Globalization has pulled each country into one common economic structure, and many of
us are now engaging in a centralized social network via social networking. Consequently, the