Strategic Innovation in Lenovo - Report
19 Pages5853 Words135 Views
Added on 2020-01-28
Strategic Innovation in Lenovo - Report
Added on 2020-01-28
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EXECUTIVE SUMMARYStrategy is often framed by the business organization to attain competitive advantage inthe ever-changing environment through configuring various resources. The devised strategymust be framed for accomplishing the short term as well as long term goals. If an organizationhas to compete in the contemporary competitive market, then it has to design an innovativeproduct so that they can gain competitive advantage over their competitors. It has also focuses on assessing the internal as well as external environment throughfocusing on various tools and techniques such as PESTLE, SWOT, value chain analysis etc.External factors can have positive and negative impact on the firm. PESTEL factors are likepolitical, economic, social, technological, environmental and legal which are described as belowwith reference to Lenovo. Along with the help of conducting SWOT analysis company caneasily measures their internal environment as well as internal operations that assists indetermining their strength areas as well as weak areas. Along with this, SWOT tool also supportthe organization in analysing the opportunities as well as threat that exists in the externalenvironment. 2
TABLE OF CONTENTSEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................4TASKS.............................................................................................................................................4Analysis of organization's external environment.........................................................................4Analysis of internal environment................................................................................................7How the organization currently addresses innovation strategy...................................................9Strategic Recommendations......................................................................................................12Implications for stakeholders summary.....................................................................................14CONCLUSION ............................................................................................................................15REFERENCES..............................................................................................................................16APPENDIX...................................................................................................................................183
INTRODUCTIONStrategy is defined as the plan of action that supports the overall business in directingtowards attaining the long term as well as short term goals (Aaker, 2001). Main purpose ofenabling strategy is to attain competitive advantage in the ever-changing environment throughconfiguring various resources. If an organization has to compete in the contemporarycompetitive market, then it has to design an innovative product so that they can gain competitiveadvantage over their competitors. In the highly advanced market, only innovative and creativeproducts sustain their positions in the long run to gain profit. It is important for the organizationto focus on design and innovation of product as the current market trends and customers areattracted towards the unique and innovative product. Presently, report focuses on assessing the strategic innovation challenge that is faced byorganization that is Lenovo. It is the leader in global market that deals in serving PC, laptops,etc. to customers and to their clients. Company is also dealing in providing the range oftechnological products and services like notebook computer, desktop computers, computeraccessories, etc. Currently, firm has introduced new design of their innovative product in themarket that is Think Pad. Primarily, the report focuses on carrying out analysis of challenges thatare faced by the organization while introducing its new product. Along with this, report will alsogain insight knowledge regarding the way in which innovation can be better used as the sourceof sustained competitive advantage. Further, certain recommendations to improve their strategicposition with the help of innovation will be given in the study. TASKSAnalysis of organization's external environmentPESTEL AnalysisPESTEL analysis is a strategic tool which has been utilised by strategists and marketersto analysis the external factors of organisation (Gilligan and Hird, 2012). External factors canhave positive and negative impact on the firm. PESTEL factors are like political, economic,social, technological, environmental and legal which are described as below with reference toLenovo:Political factor4
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