Strategy, Enterprise and Innovation - Desklib

This report focuses on the importance of Strategy, Enterprise and Innovation for organizations, with a systematic and effective focus on Cranbrook Hotel. It includes analysis of internal resources and capabilities, major factors of change in the external environment, and Porter's five forces model. The report provides access to study material and solved assignments on Desklib.

Strategy,
Enterprise and
Innovation

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY..................................................................................................................................................3
CONCLUSION...............................................................................................................................................8
REFERENCES................................................................................................................................................9

INTRODUCTION
Strategy, Enterprise and Innovation are quite important and are required to be considered
by the managers of the organizations so that they are able to take decisions accordingly (Ahn,
2020). Therefore, this can be analyzed that the management is required to take precious decisions
so that the achievement of the goals can be done in a well efficient manner. This will be helpful
in the fulfillment of wants and demands and will be useful in ensuring that the enhancement in
the different operations and functions related to business can be done. This report will focus n
Cranbrook Hotel. It is a hotel which provides a wide scope of services to the users in the
marketplace. In this report, a systematic and effective focus will be made on the Strategy,
Enterprise and Innovation.
MAIN BODY
Analysis of internal resources and capabilities-
It is important that this should be done so that the best decisions can be taken which will
be helpful for the organizations (Dileo and Pini, 2021). For Cranbrook Hotel, it is therefore quite
necessary that it takes the right decisions which will help it a lot. For this purpose, the use of
VRIO analysis will be made. The explanation of the VRIO analysis can be made as follows-
VRIO analysis
Resources Valuable Rare Inimitable Organized
IT System    
Advanced
Technical
System
  
Customer Base  
Funds of the
company

Valuable resources- IT System is valuable because it is required for the particular
purpose of managing the information of the company. Advanced Technical System is valuable
because through making its use the development of the technical wants can be carried out.
Customer Base is valuable because the customers are the ones who help in enhancing revenues
and profitability of the company. Funds of the company are valuable because they are required
for ensuring that the organization runs in a smooth manner.
Rare resources- IT system is rare because it is not easy to use it within an organization.
Advanced Technical System is rare because it is not easy to ensure that its use is made within the

organization. Customer Base is rare because it is not easy to create such a strong customer base.
Funds of the company are not rate because they are present with every company.
Inimitable resources- IT system is inimitable because it is not easy to create its copy.
Advanced Technical System is inimitable because it is not easy to copy such a system. Customer
Base is not inimitable because other organizations have customers. Funds of the Company are
not imitable because other organizations also have funds.
Organized resources- IT system is organized because it is systematically managed.
Advanced Technical System is not organized because it not systematically managed. Funds of
the Company are not organized because the company can incur higher expenses and spend its
funds which can reduce them.
Therefore, it can be stated that the resources which are there in the VRIO analysis are
quite good and it can be said that through making the use of these resources the targets of a
company can be achieved in a systematic manner in a proper and appropriate sense. Also, it can
be stated that the managers of Cranbrook Hotel are required to ensure that they are able to use
this analysis deliberately which will be helpful in the management of the needs in a major and
appropriate way. The business entity will be able to make sure that it can attain the desired
competitive advantage effectively and efficiently in this way which will therefore help it a lot in
managing its needs and requirements quite properly and appropriately.
Major factors of change in the external environment-
There are various key factors related to change in the external environment and therefore
it is essential that the different types of decisions can be taken accordingly which will therefore
create an impact on the organizations. For an organization like Cranbrook Hotel, it is required
that the identification of the key drivers of change in the macro environment can be done so that
the right decisions can be taken (Jiang and Cao, 2020). These are explained as follows-
 Political forces- These are the forces which definitely create an impact on the
organization and its strategic and tactical decision-making (Men and et.al., 2021). This is
so because the political conditions in a country can keep on changing and therefore the
decisions are required to be taken accordingly which will help the organization a lot.
Cranbrook Hotel is therefore impacted by the influence which is created by these forces
which impact it a lot.
 Market conditions- These are also important forces which should be considered by an
organization for the particular purpose of taking of strategic decisions. In the context of
Cranbrook Hotel, it can be stated that it can be said that its managers are required to
develop operations and functions in an effective manner and they are able to take the
right decisions after considering the needs and requirements.

 Social changes- These are also important factors which are required to be given proper
and appropriate consideration which will be supportive in managing the desired changes
For Cranbrook Hotel, it is essential that it is able to take the best decisions which will
therefore be quite helpful for it and will help it a lot.
 Changes in Managerial Personnel- It is quite vital that the assessment of these changes
can be carried out so that the company can make compulsory that it can properly and
appropriately manage the needs and requirements (Salike and et.al., 2021). Cranbrook
Hotel is therefore required to make sure that it can take the best decisions effectively and
efficiently.
 Changes in Operative Personnel- It is also important to ensure that these changes are
also assessed so that the business entity is able to take a consideration that the adjustment
with the change can be done which will therefore help it a lot in the planning(Shao and
et.al., 2020). For an organization like Cranbrook Hotel, it is therefore desired that it is
able to manage its different types of needs and requirements in this way.
 Deficiencies in the Existing Structure- It is necessary for the managers that they can
judge in order to make it a pledge that they are able to take the best strategic and tactical
decisions which will help them a lot in the future (Stoyka and et.al., 2020). Cranbrook
Hotel is therefore required to consider that it can judge them so that it is able to take the
best decisions which will help it a lot.
Thus, it can be stated that the identification of these external drivers of change becomes
great necessity in the company because in this way the organizations will be able to make
sure that they can deal with the impact which has been created by them. This will be
useful in ensuring that the best decisions can be taken in the organization in this way
which will support them in a precise manner make the right progress in the future quite
effectively and efficiently.
Porter’ five forces model-
This is a universally adopted model which is implemented by the organizations for
ensuring that the assessment of the external factors which can create an impact can be
done (Wang, 2021). Therefore, it can be stated that it is very much considerable for a
business firm that the right strategic and tactical decisions can be taken through the help
of this framework. Cranbrook Hotel is therefore required to develop a good approach that
it is able to make its use for taking proper and appropriate decisions which will help it a
lot. The major Five Forces in this modelare as follows-

 Competitive Rivalry- This refers to the level of competition which is present in
the market where the organization operates. It is therefore important that its
assessment can be done so that the strategies and tactics to be adopted for the
purpose of getting ahead of the competitors can be used properly which will
therefore help the organization a lot. In the context of Cranbrook Hotel, it can be
stated that this force has a high power because there are numerous hotels in the
market.
 Supplier Power- The supply power is created by the various kinds of suppliers in
the corporate world and therefore it can be stated that this can affect the
organizations a lot. This force has a low power because for Cranbrook Hotel
because suppliers have a low-level of impact in the Hospitality Industry.
 Buyer Power- This is considered as the power developed by the buyers in the
business world. For Cranbrook Hotel, it can be stated that this force has a high
power because the customers are quite important in the hospitality industry and
therefore it is quite essential that their needs and requirements can be fulfilled.
 Threat of Substitution- This refers to the approach which has been created by
the substitute products in the market. For an organization like Cranbrook Hotel, it
can be stated that this force creates a low power because in the hospitality
industry there are no substitute products.
 Threat of New Entry- This refers to the power created by the new players in the
market. Therefore, it can be stated that for Cranbrook Hotel, it is quite important
and necessary that this force creates a high power because in the hospitality
industry new players can enter into the market quite easily.
Justification- In a business organization 3 out of 5 forces creates a high power
and the remaining 2 forces create a low power. Therefore, it can be stated that an
organization like Cranbrook Hotel is required to identify the way in which it can
take strategic and tactical decisions which will help it a lot to attain a strategic and
competency edge over the competitors in the market.
There is an importance of making the use of Porter’s five forces model so that the
best decisions can be taken by the organizations for the particular purpose of
developing the different types of needs and requirements. Cranbrook Hotel is
therefore required to ensure that it uses this particular model in a right and
appropriate way which will help it a lot in taking of the important decisions quite
effectively and efficiently in a proper and appropriate manner.

This model is important because of the following reasons-
 Assessment of the market- The use of this model is supportive in making
crucial that the detailed assessment of the market can be done which will
be highly useful in ensuring that the management of the needs and
requirements can be done highly effectively and efficiently (Wu, Zhao and
Li, 2021).
 Identification of the important actions to be taken- This model the
recognition of the important decisions to be taken can be done which will
help the company a lot. In this way the business will be able to make sure
that it can attain a strategic and increase in the market (Yang, Qin and
Moulaert, 2021).
Therefore, it can be stated that the organizations like Cranbrook Hotel are
suggested that they can appropriately identify the way in which the use of
this model is required to be made so that the best strategic and tactical
decisions can be taken. The managers will be able to take the best
decisions in this way so that they are able to ensure that they can attain the
goals and objectives in quite a proper and appropriate manner.

CONCLUSION
From the above discussion, it can be concluded that Strategy, Enterprise and Innovation
is quite important to be considered from the point of view of the organizations so that the best
decisions can be taken by the organizations which will therefore help them a lot. Thus, it can be
stated that for the managers it is necessary that they are able to identify the trends and take the
actions accordingly so that the progress can be made in the right manner in the organizations.
The managers should therefore ensure that they assess the situation and take the actions
accordingly which can be helpful in ensuring that the organization is able to attain sustainable
level of success in the future. This will be useful for attaining a strategic and competitive edge in
the corporate world.

REFERENCES
Books and Journals:
Ahn, J. M., 2020. The hierarchical relationships between CEO characteristics, innovation
strategy and firm performance in open innovation. International Journal of Entrepreneurship
and Innovation Management. 24(1). pp.31-52.
Dileo, I. and Pini, M., 2021. The Quadruple Helix Partnerships for Enterprise Eco-Innovation in
Italian Macro-Regions Under the Lens of Smart Specialization Strategy. In Partnerships for
Regional Innovation and Development (pp. 193-217). Routledge.
Jiang, H. and Cao, Y., 2020, April. Research on enterprise quality innovation of VE and DMAIC
tool integrated application. In 2020 International Conference on E-Commerce and Internet
Technology (ECIT) (pp. 372-375). IEEE.
Meng, Q and et.al., 2021. Supply chain green innovation subsidy strategy considering consumer
heterogeneity. Journal of Cleaner Production. 281. p.125199.
Salike, N. and et.al., 2021. Making of an innovative economy: a study of diversity of Chinese
enterprise innovation. China Finance Review International.
Shao, S. and et.al., 2020. Environmental regulation and enterprise innovation: A
review. Business Strategy and the Environment. 29(3). pp.1465-1478.
Stoyka, A. and et.al., 2020. Features of application of innovative development strategies in
international enterprise.
Wang, L., 2021, March. Strategic Analysis on innovation of enterprise statistical management
under the new economic environment. In Journal of Physics: Conference Series (Vol. 1802, No.
2, p. 022033). IOP Publishing.
Wu, W., Zhao, K. and Li, L., 2021. Can government subsidy strategies and strategy
combinations effectively stimulate enterprise innovation? Theory and evidence. Economia
Politica. pp.1-24.
Yang, J., Qin, Y. and Moulaert, F., 2021. The influence of employee pressure on the
management cost of enterprise technological innovation using mental health education. Work,
(Preprint). pp.1-10.