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Strategy, Enterprise & Innovation Assignment Solved

   

Added on  2020-10-22

14 Pages4144 Words250 Views
Strategy Enterpriseand Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1P1 Evaluating key drivers of innovation contributing success of Lego.................................1P2 Evaluate 4 P's of innovation mix in respect of Lego.........................................................3P3 Evaluating Ansoff Matrix on Lego ..................................................................................5P4 Evaluating Porter’s generic on Lego.................................................................................6P5 Blue ocean strategy to compare two other competitors of Lego ......................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONThis report is going to identify and analyses key drivers of innovation that arecontributing successful in business of Lego. Along with 4p's of innovation with Ansoffframeworks its evaluation and analysing best out come from it that is beneficial for anorganisation. Moreover, implementing Blue Ocean graph comparing with other competitors toknow its competitive position in same product line of business.Strategy innovation is an organisation process of reinventing or redesigning its corporatestrategy to drive business growth, generate value for a particular company and its customers. Itrequires to bring changes new value proposition, services and production process. In other wordsit can define as a plan made by an organisation to encourage advancements in technology orproduct and services (Lambert and Davidson, 2013). It usually help in investing research anddevelopment activities that are essential for an organisation. In this report the organisationchosen is Lego, a line of plastic construction toys that are manufactured by The Lego Group. Itwas founded in 1932 and has become famous carpenter's workshop to modern and globalenterprise that is now one of world's largest manufacture of toys. P1 Evaluating key drivers of innovation contributing success of LegoLego is one of largest manufactures of wooden toys. Its open innovation is a trendy andbuzzword in business of toy industry sector. There are plenty of sources that are important andfundamental need to attain success in business. In organisation Lego innovation enablessuccessful for their business but with practical implementation it will be less effective to attaincompetitive edge. Whereas innovation aims to achieve idea and innovation in companies byusing both external and internal sources of knowledge. The key drivers of innovationcontributing success for Lego are determined below:Clear goals: Clear goals are most effective when things are clear in an organisation.Innovation need to be strong part of company culture and strategy (Dodgson, 2018). Manyexperts of Lego emphasize important part knowing their goals towards open innovation both oncorporate and project of bringing innovation in toys. On the other hand on higher levels,innovation process and goals should be well define to its employees so that they work towards it1

to achieve its motive. Moreover, attractive innovation will also help managers of Lego to bumpsup collaboration and attain competitive organisation.Facilitating collaboration: Facilitating collaboration plays a vital part in success ofinnovation. Lego are utilising its connection open for collaboration in different countries and itcreate expansion in their business and trust between parties of collaboration (Johnston and Bate,2013). It is helpful for Lego managers to expand their business in many countries, it is helping togain more market share and remain competitive in market of toy industry.Transparency: Transparency must be there in an organisation to bring innovation andbecome successful in a competitive market. Lego managers are providing transparency to itsstakeholder as well as to their customer. It is manifested in nature and valuable to bringinnovation in their product and services to their potential customers. Moreover, it boostinnovation and generates economic scale and promotes collaboration and problem solving acrosscompany function.Right channels: Selecting right mode of action is good to start face to face interactionwith right customers. It is initial for an organisation to choose right mode of distribution channelso that they are able to meet customer's requirement easily and satisfy them in efficient manner.Lego managers are choosing right mode of distribution channel in order to meet customerrequirements and solving out any queries if occur. From this mode Lego are able to attain moremarket share in different countries and gaining competitive advantage in market of toy industryCommitment: Commitment is the essential for an organisation. Lego are committing totheir customer to provide better quality of product and services that meet up to expectation ofcustomer. Building trust and working on ideas from the collaboration naturally take times. Legoare building collaboration steady, allocate enough resources and commit to come up withinnovation in their product and providing premium quality of service to their customers(Huybrechts, 2012). Moreover, commitment are also increase chances of bringing innovationpractices and results more collaboration online and announce innovation initiatives on regularbasic.Above discussed points are the key drivers of Lego organisation in achieving successfrom last consecutive years. They are coming up with various strategic innovation in theirproducts and services according to their potential customers needs and demand. Moreover, there2

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