Assignment on Key Drivers of Innovation Effects Business Strategy

Added on - 06 Jun 2020

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Strategy and Innovation
TABLE OF CONTENTSINTRODUCTION.........................................................................................................................1QUESTION A..................................................................................................................................11) Key drivers of innovation.......................................................................................................12) Factors affecting Ryanair to do things differently..................................................................3QUESTION B..................................................................................................................................31) Strategy framework of cost leadership and market penetration.............................................32) 4 P's of innovation..................................................................................................................4QUESTION C..................................................................................................................................51) Explain blue ocean..................................................................................................................52) Various tools that was used by Ryanair to become successful in blue ocean........................6CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONBusiness strategy and innovation are direly related to each other. They both affect the operationsof business and its objectives in different manner. Business strategies are made to bringinnovation in products or markets. It helps in developing products for customers by identifyingtheir needs. It is impossible to sustain in market without innovation because people’s taste andpreference changes with time. In this assignment, the key drivers of innovation are described thataffects business strategies. Further, strategy frame work related to cost and market penetration isdescribed. Along with it, 4 P's of innovation is described that brings changes. In the end, the blueocean strategy and strategy canvas with 4 action frame work is described.For undertaking this case study, present organisation selected is Ryanair. The cited firmbelongs to airline industry and operates globally. The existence of the company on such a greatlevel requires effective business strategies and innovation. Thus, this case study will help indeveloping a relevant one for the cited establishment.QUESTION A1) Key drivers of innovationInnovating strategies helps in facing critical situations in an effective manner. There are certaindrivers that forces firms to focus on innovating things like process, product, etc. that will help insurviving in long run. These drivers bring or create innovation in industry and increasescompetition. They are as follows: -Nurturing talent:- Everyone has the ability to think differently. It helps in creating ideas anddoing things in different manner. This talent is based upon the thinking level and experience ofperson.It helps staff to create different ideas to complete the task and helps in improving theirperformance(Klingebiel and Rammer, 2014).Product innovation-It starts with identifying customers’ needs. It is done to create value forproduct that is completely different from others. Customer’s taste changes frequently so businesshas to identify them and develop product. It is the factor that allows organisation to remaincompetitive in the market. It shows the people about the novel feature that business has
incorporated and it is the right product for their demand. Lack of product innovation will create adifficult situation in which a company will not be able to sustain.Portfolio management-It allows firm to allocate resources to achieve its goals and objectives.A balanced management will allow firm to complete activities in specific time period andincreasing the performance of overall organisation. It focuses on bringing innovation by doingresearch in the market and focusing on every area. This boosts up the firm’s confidence if thereare new techniques of systems and procedures are adopted. It states that which activities are mostimportant and how these activities will help in accomplishing tasks. It allots resources on thebasis of short and long-term goals (Johnson, 2017). Portfolio management brings changes incompany by utilising resources in an efficient manner.Building relationships-Employees and managers are the main pillars of every organisation.They perform task in order to achieve business objectives and goals. Stronger relationshipbetween them will help in bringing together their ideas on a table. Several ideas brought togetherhelps in completing a task in an innovative way. It also enhances employee’s performance andproductivity. Further, it encourages them to take own decision to complete a task. It will bringcreativity in working environment and improving overall business culture.Building Effective teams-It is the second key for innovation in business. Individual working isnot as effective as working in teams. Teams represent different people from different segmentsfocus on achieving a single task. This brings them together and several ideas and knowledge isshared. It creates creativity in each individual and they perform accordingly. Also, problems andissues are solved among them that encourages them to work hard. It helps in adopting changeand cooperation.Systematic process-A process must be developed in systematic manner that frequentlyencourage innovation to occur (Rudzinski and Uerz,, 2014). For example: six sigma, total qualitymanagement and business process engineering can be implemented in order to bring changes inprocess or systems.These methods applied will transform the operations of business andimproves productivity.If it is repetitively applied it will identify gaps and improve them.Apply tools and techniques- It can be applied to create continuous innovation in business.These tools and techniques used allows firm to measure their performance and identify areas of
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