Report on Strategy, Enterprise and Innovation

Report on Strategy,
Enterprise and Innovation

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Critical evaluation of internal as well as external sources for assessing competitive advantage
of a given organisation.................................................................................................................1
Identification of key drivers of change present in extrinsic environment and evaluating their
impact on entrepreneurial activities.............................................................................................1
Evaluation of the impact of main competitive forces that can impact on entrepreneurial
operations of a chosen company..................................................................................................2
CONCLUSION................................................................................................................................2
REFRENCES...................................................................................................................................3

INTRODUCTION
An innovative strategy can be understood as a plan which is used by organisations for
encouraging advancements in technology (Amara, Hong and Hafeez, 2019). It is usually
performed by investing monetary resources for development activities. Innovative strategy is
considered as significant for organisations for securing competitive advantage. Effective
innovative strategy have to be inspiring and motivating so that it can add some unique value to
product or service. For better understanding of innovative strategy, H&M have been taken into
consideration. H&M is a Swedish based multinational company which essentially focuses on
clothing for men, women and children. It was established in 1947 and has its headquarters at
Sweden, Stockholm.
This report highlights the understanding of external and internal environmental factors
which can influence organisational operations. This project report also demonstrates an
understanding regarding entrepreneurial recognition in respect to innovative and creative tasks
for taking full use of varied market opportunities.
MAIN BODY
Critical evaluation of internal as well as external sources for assessing competitive advantage of
a given organisation.
VRIO framework can be understood as a strategic analysis tool which is used by
organisations to determine which resources they want to hold or dissolve (Bespalova and
Kadyrova, 2018). It is beneficial for organisational managers to formulate their strategies in
order to sustain competitive advantage. It is used by managers of H&M for evaluating varied
threats and identify their valuable resources in order to make their brand image differentiated.
Varied elements of VRIO analysis in relevance with H&M are as follows:
Resource or
capability
Valuable Rarity Costly to
Imitate
Exploited
organisation
Competitive
implication
Customer
services
Yes No Competitive
parity
E-commerce Yes Yes No Temporary
competitive
advantage
1