Business Management Report: Innovation and Technology on Business
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AI Summary
This report investigates the financial impact of innovation and technology usage on business management, focusing on Pfizer as a case study. The research explores various aspects, including strategy innovation, business innovation (revenue, enterprise, and industry models), and technology innovation. It examines the impact of technological changes on business management, such as identifying accurate solutions, attaining competitive advantages, satisfying stakeholders, formulating new product lines, and increasing productivity. The methodology includes primary data collection, quantitative and qualitative data analysis, and regression analysis to test the hypothesis that innovation and technological changes significantly impact business economy. The report analyzes survey data from Pfizer employees and managers, providing descriptive and interview analysis. Key findings are linked to research objectives, and recommendations are provided for better adoption of innovation and technology in business management, aiming to enhance financial growth and competitive advantage.
Running head: BUSINESS MANAGEMENT
Business Management
Financial Impact of Innovation and Technology Usage on Business Management
Name of the Student
Name of the University
Author Note
Business Management
Financial Impact of Innovation and Technology Usage on Business Management
Name of the Student
Name of the University
Author Note
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Acknowledgement
By this research, I have experienced best possible learning of my life. By conducting this
research I have learnt various concepts, models and theories.
I first thank to the almighty God.
After that I want to thank my principal Mr./Mrs.____________________________________ to
give me the opportunity to being part of the university _______________________________
I would like to thank my supervisor ______________ who is my friend, philosopher and guide.
I also thank my parents for being supportive and accommodative for completing this research. I
want to thank my friends for giving me the moral support while conducting this research.
Acknowledgement
By this research, I have experienced best possible learning of my life. By conducting this
research I have learnt various concepts, models and theories.
I first thank to the almighty God.
After that I want to thank my principal Mr./Mrs.____________________________________ to
give me the opportunity to being part of the university _______________________________
I would like to thank my supervisor ______________ who is my friend, philosopher and guide.
I also thank my parents for being supportive and accommodative for completing this research. I
want to thank my friends for giving me the moral support while conducting this research.
2BUSINESS MANAGEMENT
Executive Summary
The main aim of the research project is to find out the financial impact of innovation and
technology usage on business management. Business innovation is a process of incorporating
new ideas, methodologies, products and services in the business process and businesspeople
firmly believes that business innovation is a surviving skill. Thus, every business should adopt
innovation to develop their working competency and quality of the work. The objectives of the
research are to critically evaluate the use of innovation and technology on business management
that refers to the financial growth of the organization, to analyze the impact of innovation and
technology usage on business management, to investigate the ability of the organization to adopt
innovation and technology and to recommend strategies for better adoption of innovation and
technology for business management. The hypothesis that is considered in this research study is
“Innovation and technological changes does not have any impact on the business management
process for economic growth”, which is null hypothesis and is analyzed through regression
analysis. The research process adopts the method of primary data collection that is analyzed
through both quantitative and qualitative data analysis. Total of 73 respondents are taken into
consideration among which 70 research respondents are the employees of Pfizer; while 3 are the
managers of the same organization. The impact that is found on the business management due to
the technology usage and innovation are ability to identify accurate solutions that ensures
organization growth, attainment of greater competitive advantage, satisfied stakeholders, ability
to formulate new product line, increased productivity through innovation.
Executive Summary
The main aim of the research project is to find out the financial impact of innovation and
technology usage on business management. Business innovation is a process of incorporating
new ideas, methodologies, products and services in the business process and businesspeople
firmly believes that business innovation is a surviving skill. Thus, every business should adopt
innovation to develop their working competency and quality of the work. The objectives of the
research are to critically evaluate the use of innovation and technology on business management
that refers to the financial growth of the organization, to analyze the impact of innovation and
technology usage on business management, to investigate the ability of the organization to adopt
innovation and technology and to recommend strategies for better adoption of innovation and
technology for business management. The hypothesis that is considered in this research study is
“Innovation and technological changes does not have any impact on the business management
process for economic growth”, which is null hypothesis and is analyzed through regression
analysis. The research process adopts the method of primary data collection that is analyzed
through both quantitative and qualitative data analysis. Total of 73 respondents are taken into
consideration among which 70 research respondents are the employees of Pfizer; while 3 are the
managers of the same organization. The impact that is found on the business management due to
the technology usage and innovation are ability to identify accurate solutions that ensures
organization growth, attainment of greater competitive advantage, satisfied stakeholders, ability
to formulate new product line, increased productivity through innovation.
3BUSINESS MANAGEMENT
Table of Contents
Chapter 1: Introduction....................................................................................................................9
1.1 Introduction............................................................................................................................9
1.2 Background of the study........................................................................................................9
1.2.1 Background of the company.............................................................................................10
1.3 Rationale of the study..........................................................................................................11
1.4 Research Hypothesis............................................................................................................12
1.5 Research Aim.......................................................................................................................12
1.6 Research Objectives.............................................................................................................12
1.7 Research Questions..............................................................................................................13
1.8 Research Structure...............................................................................................................13
Chapter 2: literature Review..........................................................................................................14
2.1 Introduction..........................................................................................................................14
2.2 Strategy Innovation..............................................................................................................14
2.3 Business Innovation.............................................................................................................15
2.3.1 Revenue model innovation...........................................................................................16
2.3.2 Enterprise model innovation.........................................................................................16
2.3.3 Industry model innovation............................................................................................17
2.4 Technology Innovation........................................................................................................17
Table of Contents
Chapter 1: Introduction....................................................................................................................9
1.1 Introduction............................................................................................................................9
1.2 Background of the study........................................................................................................9
1.2.1 Background of the company.............................................................................................10
1.3 Rationale of the study..........................................................................................................11
1.4 Research Hypothesis............................................................................................................12
1.5 Research Aim.......................................................................................................................12
1.6 Research Objectives.............................................................................................................12
1.7 Research Questions..............................................................................................................13
1.8 Research Structure...............................................................................................................13
Chapter 2: literature Review..........................................................................................................14
2.1 Introduction..........................................................................................................................14
2.2 Strategy Innovation..............................................................................................................14
2.3 Business Innovation.............................................................................................................15
2.3.1 Revenue model innovation...........................................................................................16
2.3.2 Enterprise model innovation.........................................................................................16
2.3.3 Industry model innovation............................................................................................17
2.4 Technology Innovation........................................................................................................17
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2.5 Growth and Innovation........................................................................................................20
2.6 Impact of Technological changes on Business Management..............................................24
2.6.1 Ability to identify accurate solutions that ensures organization’s economy growth....24
2.6.2 Attainment of greater competitive advantage that allow more financial growth.........25
2.6.3 Satisfied stakeholders...................................................................................................26
2.6.4 Ability to formulate new product line that contributes in economy growth.................27
2.6.5 Increased Productivity through innovation that indicates greater growth in business
economy.................................................................................................................................27
2.7 Conceptual Framework........................................................................................................28
Chapter 3: Research Methodology................................................................................................30
3.1 Research Philosophy............................................................................................................30
3.1.1 Justification for chosen Research Philosophy..............................................................30
3.2 Research Approach..............................................................................................................31
3.2.1 Justification for chosen Research Approach.................................................................31
3.3 Research Purpose.................................................................................................................31
3.3.1 Justification for chosen Research Purpose...................................................................31
3.4 Data collection.....................................................................................................................32
3.5 Data analysis........................................................................................................................32
3.6 Sampling techniques............................................................................................................32
3.6.1 Sample Size..................................................................................................................33
2.5 Growth and Innovation........................................................................................................20
2.6 Impact of Technological changes on Business Management..............................................24
2.6.1 Ability to identify accurate solutions that ensures organization’s economy growth....24
2.6.2 Attainment of greater competitive advantage that allow more financial growth.........25
2.6.3 Satisfied stakeholders...................................................................................................26
2.6.4 Ability to formulate new product line that contributes in economy growth.................27
2.6.5 Increased Productivity through innovation that indicates greater growth in business
economy.................................................................................................................................27
2.7 Conceptual Framework........................................................................................................28
Chapter 3: Research Methodology................................................................................................30
3.1 Research Philosophy............................................................................................................30
3.1.1 Justification for chosen Research Philosophy..............................................................30
3.2 Research Approach..............................................................................................................31
3.2.1 Justification for chosen Research Approach.................................................................31
3.3 Research Purpose.................................................................................................................31
3.3.1 Justification for chosen Research Purpose...................................................................31
3.4 Data collection.....................................................................................................................32
3.5 Data analysis........................................................................................................................32
3.6 Sampling techniques............................................................................................................32
3.6.1 Sample Size..................................................................................................................33
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3.7 Ethical Consideration...........................................................................................................33
3.8 Research Limitation.............................................................................................................33
3.9 Research Timeframe............................................................................................................34
Chapter 4: Result and Analysis......................................................................................................35
4.1 Questionnaire Analysis........................................................................................................35
4.2 Descriptive analysis:............................................................................................................50
4.3 Interview analysis................................................................................................................53
Chapter 5: Conclusion and Recommendations..............................................................................57
5.1 Summary of the Key Aspects..............................................................................................57
5.2 Key Results- Linking with research objectives...................................................................57
5.3 Recommendations................................................................................................................59
6.0 Reference List..........................................................................................................................61
7.0 Appendix..................................................................................................................................68
3.7 Ethical Consideration...........................................................................................................33
3.8 Research Limitation.............................................................................................................33
3.9 Research Timeframe............................................................................................................34
Chapter 4: Result and Analysis......................................................................................................35
4.1 Questionnaire Analysis........................................................................................................35
4.2 Descriptive analysis:............................................................................................................50
4.3 Interview analysis................................................................................................................53
Chapter 5: Conclusion and Recommendations..............................................................................57
5.1 Summary of the Key Aspects..............................................................................................57
5.2 Key Results- Linking with research objectives...................................................................57
5.3 Recommendations................................................................................................................59
6.0 Reference List..........................................................................................................................61
7.0 Appendix..................................................................................................................................68
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Table of Images
Image 1: Annual revenue of Pfizer from 2006 to 2016.................................................................11
Image 2: Structure of the research.................................................................................................13
Image 3: Four phases of incorporating innovation in business process........................................19
Image 4: S-Curve for Innovation...................................................................................................21
Image 5: Customer Empathy Map.................................................................................................22
Image 6: Porter’s five forces..........................................................................................................23
Image 7: Innovation Landscape Map............................................................................................26
Image 8: Conceptual Framework...................................................................................................29
Image 9: Innovation is important in present economic condition of Pfizer..................................36
Image 10: Organizational versus technological innovation can improve business management
process of Pfizer............................................................................................................................37
Image 11: Innovation and organizational growth is correlated with each other............................38
Image 12: Impact of technological changes have created positive impact on the business
management process of Pfizer.......................................................................................................40
Image 13: Different approach is required for successful innovation procedure............................41
Image 14: Systematic approach is important to improve innovation procedure...........................43
Image 15: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer......................................................................................................................44
Image 16: Pfizer practices about innovation are appropriate in present business management
context............................................................................................................................................46
Image 17: Innovation changes the overall job description process within business management 47
Table of Images
Image 1: Annual revenue of Pfizer from 2006 to 2016.................................................................11
Image 2: Structure of the research.................................................................................................13
Image 3: Four phases of incorporating innovation in business process........................................19
Image 4: S-Curve for Innovation...................................................................................................21
Image 5: Customer Empathy Map.................................................................................................22
Image 6: Porter’s five forces..........................................................................................................23
Image 7: Innovation Landscape Map............................................................................................26
Image 8: Conceptual Framework...................................................................................................29
Image 9: Innovation is important in present economic condition of Pfizer..................................36
Image 10: Organizational versus technological innovation can improve business management
process of Pfizer............................................................................................................................37
Image 11: Innovation and organizational growth is correlated with each other............................38
Image 12: Impact of technological changes have created positive impact on the business
management process of Pfizer.......................................................................................................40
Image 13: Different approach is required for successful innovation procedure............................41
Image 14: Systematic approach is important to improve innovation procedure...........................43
Image 15: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer......................................................................................................................44
Image 16: Pfizer practices about innovation are appropriate in present business management
context............................................................................................................................................46
Image 17: Innovation changes the overall job description process within business management 47
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Image 18: Innovation and technological changes have reshaped the overall business process of
Pfizer..............................................................................................................................................49
Image 18: Innovation and technological changes have reshaped the overall business process of
Pfizer..............................................................................................................................................49
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Table of Tables
Table 1: Time Frame for the Research..........................................................................................34
Table 2: Innovation is important in present economic condition of Pfizer...................................35
Table 3: Organizational versus technological innovation can improve business management
process of Pfizer............................................................................................................................36
Table 4: Innovation and organizational growth is correlated with each other..............................38
Table 5: Impact of technological changes have created positive impact on the business
management process of Pfizer.......................................................................................................39
Table 6: Different approach is required for successful innovation procedure...............................41
Table 7: Systematic approach is important to improve innovation procedure..............................42
Table 8: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer......................................................................................................................44
Table 9: Pfizer practices about innovation are appropriate in present business management
context............................................................................................................................................45
Table 10: Innovation changes the overall job description process within business management.47
Table 11: Innovation and technological changes have reshaped the overall business process of
Pfizer..............................................................................................................................................48
Table 12: Regression analysis between Innovation and Business Management...........................51
Table of Tables
Table 1: Time Frame for the Research..........................................................................................34
Table 2: Innovation is important in present economic condition of Pfizer...................................35
Table 3: Organizational versus technological innovation can improve business management
process of Pfizer............................................................................................................................36
Table 4: Innovation and organizational growth is correlated with each other..............................38
Table 5: Impact of technological changes have created positive impact on the business
management process of Pfizer.......................................................................................................39
Table 6: Different approach is required for successful innovation procedure...............................41
Table 7: Systematic approach is important to improve innovation procedure..............................42
Table 8: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer......................................................................................................................44
Table 9: Pfizer practices about innovation are appropriate in present business management
context............................................................................................................................................45
Table 10: Innovation changes the overall job description process within business management.47
Table 11: Innovation and technological changes have reshaped the overall business process of
Pfizer..............................................................................................................................................48
Table 12: Regression analysis between Innovation and Business Management...........................51
9BUSINESS MANAGEMENT
Chapter 1: Introduction
1.1 Introduction
Weber and Rohracher (2012) stated that business innovation is a process of incorporating
new ideas, methodologies, products and services in the business process. The prime intention to
adopt technological innovation is to attain more profitability that enhances the economic
condition to the organization. Schiederig et al. (2012) furthermore portrays that innovation leads
to the success of the business and provide competitive advantage with respect to other
organization in the market. This research study emphasizes on the innovation and its impact on
business management that drives the economic growth of the company. This chapter comprises
of a brief background of the study, rationale of the study, significance of the research along with
the research aim, objectives and question followed by the structure of the research study.
1.2 Background of the study
The importance of business innovation is that it allows companies to implement new
strategies, ideas and technology in the business so that the profitability and productivity of the
organization can be maximized (Narula 2014). Johnston and Marshall (2016) stated that there are
two ways to enhance the output of the economy- increase the workforce that increases the
productivity and innovate new approaches and ways through which the business functions can
be performed. In addition to that, businesspeople think that business innovation is a surviving
skills and it is positively impacts the customer’s expectations. Thus, every business should adopt
innovation to develop their working competency and quality of the work. In this way, many
customers can rely on the business that they are taking continuous effort to grow their
organization for the betterment of their stakeholders. Thus, this research the impact of innovation
Chapter 1: Introduction
1.1 Introduction
Weber and Rohracher (2012) stated that business innovation is a process of incorporating
new ideas, methodologies, products and services in the business process. The prime intention to
adopt technological innovation is to attain more profitability that enhances the economic
condition to the organization. Schiederig et al. (2012) furthermore portrays that innovation leads
to the success of the business and provide competitive advantage with respect to other
organization in the market. This research study emphasizes on the innovation and its impact on
business management that drives the economic growth of the company. This chapter comprises
of a brief background of the study, rationale of the study, significance of the research along with
the research aim, objectives and question followed by the structure of the research study.
1.2 Background of the study
The importance of business innovation is that it allows companies to implement new
strategies, ideas and technology in the business so that the profitability and productivity of the
organization can be maximized (Narula 2014). Johnston and Marshall (2016) stated that there are
two ways to enhance the output of the economy- increase the workforce that increases the
productivity and innovate new approaches and ways through which the business functions can
be performed. In addition to that, businesspeople think that business innovation is a surviving
skills and it is positively impacts the customer’s expectations. Thus, every business should adopt
innovation to develop their working competency and quality of the work. In this way, many
customers can rely on the business that they are taking continuous effort to grow their
organization for the betterment of their stakeholders. Thus, this research the impact of innovation
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both in terms of technological innovations and business innovations is highlighted that allow
organization in business management.
1.2.1 Background of the company
Pfizer Inc. established in 1849 is an American pharmaceutical corporation (Pfizer.com
2017). The company is liable to develop and formulate vaccine and medicines for a wide range
of disease like- oncology, cardiology, neurology, endocrinology and immunology. The annual
revenue that is attained by Pfizer was $52,824 million for the year 2016 and $48,851 million for
the year 2015 (Statista 2017). The company had incurred great profitability in the year 2010 and
2011 compared to the previous years. However, continuous loss has been witnessed in their
annual revenue from 2012 to 2015 due to poor business management (Statista 2017). However,
in the year 2016, Pfizer was able to attain great financial growth again by adapting innovation
and technology in their business process.
both in terms of technological innovations and business innovations is highlighted that allow
organization in business management.
1.2.1 Background of the company
Pfizer Inc. established in 1849 is an American pharmaceutical corporation (Pfizer.com
2017). The company is liable to develop and formulate vaccine and medicines for a wide range
of disease like- oncology, cardiology, neurology, endocrinology and immunology. The annual
revenue that is attained by Pfizer was $52,824 million for the year 2016 and $48,851 million for
the year 2015 (Statista 2017). The company had incurred great profitability in the year 2010 and
2011 compared to the previous years. However, continuous loss has been witnessed in their
annual revenue from 2012 to 2015 due to poor business management (Statista 2017). However,
in the year 2016, Pfizer was able to attain great financial growth again by adapting innovation
and technology in their business process.
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Image 1: Annual revenue of Pfizer from 2006 to 2016
(Source: Statista 2017)
1.3 Rationale of the study
Johnston and Marshall (2016) stated that lack of business innovation results in
diminished profitability of the organization. This also affects the brand’s reputation. Thus,
adopting technologies and innovation influences the working ability of the organization, the
managers of the organization are also able to adopt new business procedure through which their
business goals can be attained. In this research study, the Pfizer is an organization that is taken
into consideration. It can be said that if innovation is not implemented in this company, their
business process of developing drugs from biotechnology will be affected. Thus, this research
Image 1: Annual revenue of Pfizer from 2006 to 2016
(Source: Statista 2017)
1.3 Rationale of the study
Johnston and Marshall (2016) stated that lack of business innovation results in
diminished profitability of the organization. This also affects the brand’s reputation. Thus,
adopting technologies and innovation influences the working ability of the organization, the
managers of the organization are also able to adopt new business procedure through which their
business goals can be attained. In this research study, the Pfizer is an organization that is taken
into consideration. It can be said that if innovation is not implemented in this company, their
business process of developing drugs from biotechnology will be affected. Thus, this research
12BUSINESS MANAGEMENT
highlights the necessary things that are required for this organization to innovate so that they can
improve their business efficiency.
1.4 Research Hypothesis
H0: Innovation and technological changes does not have any significant impact on business
economy
H1: Innovation and technological changes have significant impact on the business economy
1.5 Research Aim
The main aim of this research is to present the impact of the innovation in business
management for a biopharmaceutical company. The organization that is taken into consideration
is Pfizer. Their innovative approach to make drug for the betterment of the patients and taking
effective business decision that can results to immense financial growth is also highlighted in this
research study. In addition to that to explore innovative strategies that are effective for
pharmaceutical company, formulation of the competitive growth strategies that can experience
growth in the business environment is also the aim of this research study.
1.6 Research Objectives
To formulate competitive growth strategies and analyze the impact of innovation and
technology usage on business economy
To investigate the ability of the organization to adopt innovation and technology for
profitability of the organization
To analyze the impact of changing technology and innovation on business management
that indicates the economic growth of the organization
To recommend strategies for better adoption of innovation and technology for business
management
highlights the necessary things that are required for this organization to innovate so that they can
improve their business efficiency.
1.4 Research Hypothesis
H0: Innovation and technological changes does not have any significant impact on business
economy
H1: Innovation and technological changes have significant impact on the business economy
1.5 Research Aim
The main aim of this research is to present the impact of the innovation in business
management for a biopharmaceutical company. The organization that is taken into consideration
is Pfizer. Their innovative approach to make drug for the betterment of the patients and taking
effective business decision that can results to immense financial growth is also highlighted in this
research study. In addition to that to explore innovative strategies that are effective for
pharmaceutical company, formulation of the competitive growth strategies that can experience
growth in the business environment is also the aim of this research study.
1.6 Research Objectives
To formulate competitive growth strategies and analyze the impact of innovation and
technology usage on business economy
To investigate the ability of the organization to adopt innovation and technology for
profitability of the organization
To analyze the impact of changing technology and innovation on business management
that indicates the economic growth of the organization
To recommend strategies for better adoption of innovation and technology for business
management
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Chapter 1: Introduction
Chapter 2: Literature Review
Chapter 3: research Methodology
Chapter 4: Results and Analysis
Chapter 5: Conclusion and Recommendations
1.7 Research Questions
What is the use of innovation and technology on business management?
What is the impact of innovation and technology usage on business economy?
What are the ability of Pfizer to adopt innovation and technology for their business
management?
1.8 Research Structure
Image 2: Structure of the research
(Source: Created by Author)
Chapter 1: Introduction
Chapter 2: Literature Review
Chapter 3: research Methodology
Chapter 4: Results and Analysis
Chapter 5: Conclusion and Recommendations
1.7 Research Questions
What is the use of innovation and technology on business management?
What is the impact of innovation and technology usage on business economy?
What are the ability of Pfizer to adopt innovation and technology for their business
management?
1.8 Research Structure
Image 2: Structure of the research
(Source: Created by Author)
14BUSINESS MANAGEMENT
Chapter 2: literature Review
2.1 Introduction
This chapter comprises of different concepts and theories related to business innovation
and its impact on the business management. The chapter highlights all the required ideas that are
required for strategy innovation, business innovation and technological innovation. Moreover,
the details of organization compared to innovation and the business economy is also discussed in
this chapter. A conceptual framework is illustrated at the end of this chapter to represent the link
between the two research variable that is innovation and technology usage and business
management.
2.2 Strategy Innovation
Pisano (2015) stated that the term strategic innovation refers to a situation in which the
company redesign and reinvented their corporate strategy to encourage their business growth and
generate profitability. These strategies are taken for attaining effective competitive advantage
and develop values for their company. However, Di Stefano et al. (2012) stated that this type of
innovation is required only when the organizations have to adopt the rapid change in technology
and align their business objectives with that of the changing technology. Another reason for
adopting innovation or new technology is to attain more financial growth that on the other hand
enhances the performance of the business and management competencies. Nambisan (2013) on
the other hand depicted that companies who intends to implement strategy innovation have to
undertake some consideration like- what kind of products and services need to be reinvented or
need innovation that enhances the profitability, what are the new market segments and expand
customer base is suitable for further business expansion so that more financial growth can be
obtained, which processes allow the strategy optimization that saves cost from usual business
Chapter 2: literature Review
2.1 Introduction
This chapter comprises of different concepts and theories related to business innovation
and its impact on the business management. The chapter highlights all the required ideas that are
required for strategy innovation, business innovation and technological innovation. Moreover,
the details of organization compared to innovation and the business economy is also discussed in
this chapter. A conceptual framework is illustrated at the end of this chapter to represent the link
between the two research variable that is innovation and technology usage and business
management.
2.2 Strategy Innovation
Pisano (2015) stated that the term strategic innovation refers to a situation in which the
company redesign and reinvented their corporate strategy to encourage their business growth and
generate profitability. These strategies are taken for attaining effective competitive advantage
and develop values for their company. However, Di Stefano et al. (2012) stated that this type of
innovation is required only when the organizations have to adopt the rapid change in technology
and align their business objectives with that of the changing technology. Another reason for
adopting innovation or new technology is to attain more financial growth that on the other hand
enhances the performance of the business and management competencies. Nambisan (2013) on
the other hand depicted that companies who intends to implement strategy innovation have to
undertake some consideration like- what kind of products and services need to be reinvented or
need innovation that enhances the profitability, what are the new market segments and expand
customer base is suitable for further business expansion so that more financial growth can be
obtained, which processes allow the strategy optimization that saves cost from usual business
15BUSINESS MANAGEMENT
procedure and contribute more in annual revenue. Reinventing the business process of supply
chain and value chain is also included in the strategy innovation.
Some of the successful examples for strategic innovation in the organization are- Apple
Inc. that had taken strategic business decision of expanding the use of computers for individual
that enhances their sales which on the other hand drives their financial growth Chesbrough et al.
(2014). IBM on the other hand, expanded their business by selling hardware along with their
software solutions so that they can diversify their products range and their existing customer base
can purchase new products offered by them (Rindos 2012).
2.3 Business Innovation
Iles and Martin (2013) stated that business innovation makes companies different from
others companies. There are some measuring terms through which the business innovation of an
organization is assessed like- the business process for attaining organizational goals, how
effective the performance of the entire organization and the procedure to exploit new ideas.
Sahut and Peris-Ortiz (2014) furthermore stated that business innovation also resembles to a
situation where the different business idea taken by an organization is considered. Taken for
instance, if an pharmaceutical selling shop is selling only medicines of other companies and
started formulating medicines of same chemical formula but under their sole brand it is known as
business innovation. Qian and Haynes (2014) portrays other instance, where there an
organization only sells medicines for life-threatening and chronicle diseases like- neurological
disorders, cardio-vascular disease, dialysis and chemotherapy and the organization has taken
initiative to formulate medicine for common diseases, this can also be referred as business
innovation. In addition to that, formulating medicated consumer beauty products can also be
considered as business innovation and people will purchase more of such products that enhance
procedure and contribute more in annual revenue. Reinventing the business process of supply
chain and value chain is also included in the strategy innovation.
Some of the successful examples for strategic innovation in the organization are- Apple
Inc. that had taken strategic business decision of expanding the use of computers for individual
that enhances their sales which on the other hand drives their financial growth Chesbrough et al.
(2014). IBM on the other hand, expanded their business by selling hardware along with their
software solutions so that they can diversify their products range and their existing customer base
can purchase new products offered by them (Rindos 2012).
2.3 Business Innovation
Iles and Martin (2013) stated that business innovation makes companies different from
others companies. There are some measuring terms through which the business innovation of an
organization is assessed like- the business process for attaining organizational goals, how
effective the performance of the entire organization and the procedure to exploit new ideas.
Sahut and Peris-Ortiz (2014) furthermore stated that business innovation also resembles to a
situation where the different business idea taken by an organization is considered. Taken for
instance, if an pharmaceutical selling shop is selling only medicines of other companies and
started formulating medicines of same chemical formula but under their sole brand it is known as
business innovation. Qian and Haynes (2014) portrays other instance, where there an
organization only sells medicines for life-threatening and chronicle diseases like- neurological
disorders, cardio-vascular disease, dialysis and chemotherapy and the organization has taken
initiative to formulate medicine for common diseases, this can also be referred as business
innovation. In addition to that, formulating medicated consumer beauty products can also be
considered as business innovation and people will purchase more of such products that enhance
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the overall profitability of the organization. Yu-bing (2012) thus depicted that the major aim of
business innovation is to attract more customers and enhance their customer base. There are
three different types of business innovation model- revenue model innovation, enterprise model
innovation and industry model innovation.
2.3.1 Revenue model innovation
In this model, the products and services of the organization is re-configured along with
the pricing strategy of the same product that indicates the business economy. Amit and Zott
(2012) depicted that in this business model, businesspeople use different pricing models and
implement only those that provides the best result to their organization. Richter (2013)
highlighted that some organization use competitive pricing strategy; while some uses the concept
of skimming price and both represents effective business management. However, in
pharmaceutical organization competitive pricing strategy only occurs when similar kind of
medicines are formulated. Companies, who are liable to develop medicine by using
nanotechnology and 3-D printing, should charge high fir their new technology and effort to
provide accurate solution. This will help pharmaceutical companies to incur more profitability
from their customer base.
2.3.2 Enterprise model innovation
This is a model that is used by the business personnel for reinventing the connections of
the business (Lambert and Davidson 2013). Schneider and Spieth (2013) moreover stated that,
changing the internal and external processes is also adopted in this model. This innovation model
is dependent on the partners who are connected with the organization and adopts the same
technology so that business objectives can be attained with the partnership.
the overall profitability of the organization. Yu-bing (2012) thus depicted that the major aim of
business innovation is to attract more customers and enhance their customer base. There are
three different types of business innovation model- revenue model innovation, enterprise model
innovation and industry model innovation.
2.3.1 Revenue model innovation
In this model, the products and services of the organization is re-configured along with
the pricing strategy of the same product that indicates the business economy. Amit and Zott
(2012) depicted that in this business model, businesspeople use different pricing models and
implement only those that provides the best result to their organization. Richter (2013)
highlighted that some organization use competitive pricing strategy; while some uses the concept
of skimming price and both represents effective business management. However, in
pharmaceutical organization competitive pricing strategy only occurs when similar kind of
medicines are formulated. Companies, who are liable to develop medicine by using
nanotechnology and 3-D printing, should charge high fir their new technology and effort to
provide accurate solution. This will help pharmaceutical companies to incur more profitability
from their customer base.
2.3.2 Enterprise model innovation
This is a model that is used by the business personnel for reinventing the connections of
the business (Lambert and Davidson 2013). Schneider and Spieth (2013) moreover stated that,
changing the internal and external processes is also adopted in this model. This innovation model
is dependent on the partners who are connected with the organization and adopts the same
technology so that business objectives can be attained with the partnership.
17BUSINESS MANAGEMENT
2.3.3 Industry model innovation
This innovation model refers to the ability of an organization, where they can enter into a
new market so that more customers can experience different products of their brand and purchase
the same according to their requirement (Casadesus‐Masanell and Zhu 2013). Bucherer et al.
(2012) highlighted the example of Google. Google is an organization that organizes the world's
information; however, they have entered into new industry through developing self-driving cars
and smart phone named “Pixel” (Steiber and Alange 2013). This kind of innovation expands the
competencies of organization and helps the company to attain monopoly in the market, which on
the other hand enhances the financial growth of the organization. It is also genera tendency of
people to experience new products from their trusted brand. As Google is famous for their
technology, people have a trust that their technological innovation worth financial resources.
2.4 Technology Innovation
Priem et al. (2012) stated that the process of implementing new products and processes or
brining new technological advances and change in the existing technology of the business is
known as technological innovation. Many organizations develop a Research and development
centre within their organization for developing the technology to improvise their existing
products or produce different product line is also another aspect of technological innovation.
Tang and Tan (2013) furthermore depicts that technological changes is adopted by business
people for improving the organizational productivity and adding values to customer. In addition
to that, it can be said that the formulation of e-commerce of every business can be considered as
a technological innovation. Customers also visit the online site according to their convenience
and do not have to wait in longer queues. Moreover, organization now intends to develop a
mobile application under their brand name for further convenience. The business management
2.3.3 Industry model innovation
This innovation model refers to the ability of an organization, where they can enter into a
new market so that more customers can experience different products of their brand and purchase
the same according to their requirement (Casadesus‐Masanell and Zhu 2013). Bucherer et al.
(2012) highlighted the example of Google. Google is an organization that organizes the world's
information; however, they have entered into new industry through developing self-driving cars
and smart phone named “Pixel” (Steiber and Alange 2013). This kind of innovation expands the
competencies of organization and helps the company to attain monopoly in the market, which on
the other hand enhances the financial growth of the organization. It is also genera tendency of
people to experience new products from their trusted brand. As Google is famous for their
technology, people have a trust that their technological innovation worth financial resources.
2.4 Technology Innovation
Priem et al. (2012) stated that the process of implementing new products and processes or
brining new technological advances and change in the existing technology of the business is
known as technological innovation. Many organizations develop a Research and development
centre within their organization for developing the technology to improvise their existing
products or produce different product line is also another aspect of technological innovation.
Tang and Tan (2013) furthermore depicts that technological changes is adopted by business
people for improving the organizational productivity and adding values to customer. In addition
to that, it can be said that the formulation of e-commerce of every business can be considered as
a technological innovation. Customers also visit the online site according to their convenience
and do not have to wait in longer queues. Moreover, organization now intends to develop a
mobile application under their brand name for further convenience. The business management
18BUSINESS MANAGEMENT
can be witnessed from the available discount to attract maximum customers that furthermore
impacts positively on the business economy. Gallagher et al. (2012) also highlight that every
sector adopts the technological advancement of cloud technology and big data concept so as to
manipulate the details of customers. These changes in technology are known as technological
innovation.
The technology and innovation in biopharmaceutical organization is better witnessed
through their manufacturing line. Lubrano (2013) stated that biological science have reached to a
new height by unlocking different technological advancement and pathways to provide health
solution to human disease. Sclove (2012) on the other hand specifically highlighted that
manufacturing equipment and material technology along with the development of supply chain
are the examples of technological innovation in biopharmaceutical industry. This also redefines
the business management decision for curing human health by delivering the required medicine
within time. Leminen et al. (2012) portrays that many pharmaceutical companies defined
technological management in their supply chain process so that final products can be reach to the
end-customers without any delay and productivity can be increased that automatically indicates
higer profitability of the organization. Riedl (2013) also affirms that these innovative changes
can be better achieved of the entire process is divided into some steps that can be separately
handled like the supply chain innovation can be broken into four phases- observe, align, decide
and implement.
can be witnessed from the available discount to attract maximum customers that furthermore
impacts positively on the business economy. Gallagher et al. (2012) also highlight that every
sector adopts the technological advancement of cloud technology and big data concept so as to
manipulate the details of customers. These changes in technology are known as technological
innovation.
The technology and innovation in biopharmaceutical organization is better witnessed
through their manufacturing line. Lubrano (2013) stated that biological science have reached to a
new height by unlocking different technological advancement and pathways to provide health
solution to human disease. Sclove (2012) on the other hand specifically highlighted that
manufacturing equipment and material technology along with the development of supply chain
are the examples of technological innovation in biopharmaceutical industry. This also redefines
the business management decision for curing human health by delivering the required medicine
within time. Leminen et al. (2012) portrays that many pharmaceutical companies defined
technological management in their supply chain process so that final products can be reach to the
end-customers without any delay and productivity can be increased that automatically indicates
higer profitability of the organization. Riedl (2013) also affirms that these innovative changes
can be better achieved of the entire process is divided into some steps that can be separately
handled like the supply chain innovation can be broken into four phases- observe, align, decide
and implement.
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19BUSINESS MANAGEMENT
nal data are gathered from the managing authorities, responsible employees through feedback; while, the external data are gathered from
hen aligned with the available internal technology objectives. This process is known as “Market intelligence” that provide input for strateg
ntify the required technologies that are new but at the same time possess the ability to provide competitive advantage. The ability of these
Implement: After assessing all the necessary innovation best suited for the organization, this phase focuses on implementing new
Image 3: Four phases of incorporating innovation in business process
(Source: Created by Author)
nal data are gathered from the managing authorities, responsible employees through feedback; while, the external data are gathered from
hen aligned with the available internal technology objectives. This process is known as “Market intelligence” that provide input for strateg
ntify the required technologies that are new but at the same time possess the ability to provide competitive advantage. The ability of these
Implement: After assessing all the necessary innovation best suited for the organization, this phase focuses on implementing new
Image 3: Four phases of incorporating innovation in business process
(Source: Created by Author)
20BUSINESS MANAGEMENT
2.5 Growth and Innovation
Business economy growth is directly related to innovation as greater the successful
innovation is implemented by an organization, greater the growth in business witnessed by that
organization (Audretsch et al. 2014). According to the research of McKinsey, it is highlighted
that not all growth opportunities are equally strong; however, growth of an organization is still
considered as critical driver for organizational performance (Fagerberg et al. 2013). Gordon
(2012) furthermore highlighted another aspect that maximum executives agrees on the fact that
innovation is important for business growth but these respondents also showed their
dissatisfaction on the lack jog clarity of the developed technology that can lead to poor
performance of the organization.
Radjou et al. (2012) portrays that successful organization adopts four best practices to
ensure the growth of the organization. The four steps are evaluating next s-curve, intention to
lean on customers, ability to think like a designer and lead by example. Acemoglu et al. (2013)
depicted that no strategy grows forever and all kind of business practices and models go through
a predictable cycle of growth. This procedure can represent through the innovation window.
Kogan et al. (2017) stated that whenever a new product emerges, most customers gets attracted
by the products and in this time businesspeople usually take the strategy to diminishes the
pricing of the products so that other target group can also be attracted for greater increase in the
sale. In this time, the product loses its luster. Thus, the best time to innovate next products or
services is when the curve hits the inflation point.
2.5 Growth and Innovation
Business economy growth is directly related to innovation as greater the successful
innovation is implemented by an organization, greater the growth in business witnessed by that
organization (Audretsch et al. 2014). According to the research of McKinsey, it is highlighted
that not all growth opportunities are equally strong; however, growth of an organization is still
considered as critical driver for organizational performance (Fagerberg et al. 2013). Gordon
(2012) furthermore highlighted another aspect that maximum executives agrees on the fact that
innovation is important for business growth but these respondents also showed their
dissatisfaction on the lack jog clarity of the developed technology that can lead to poor
performance of the organization.
Radjou et al. (2012) portrays that successful organization adopts four best practices to
ensure the growth of the organization. The four steps are evaluating next s-curve, intention to
lean on customers, ability to think like a designer and lead by example. Acemoglu et al. (2013)
depicted that no strategy grows forever and all kind of business practices and models go through
a predictable cycle of growth. This procedure can represent through the innovation window.
Kogan et al. (2017) stated that whenever a new product emerges, most customers gets attracted
by the products and in this time businesspeople usually take the strategy to diminishes the
pricing of the products so that other target group can also be attracted for greater increase in the
sale. In this time, the product loses its luster. Thus, the best time to innovate next products or
services is when the curve hits the inflation point.
21BUSINESS MANAGEMENT
Image 4: S-Curve for Innovation
(Source: Radjou et al. 2012)
In the second phase, the successful companies uses the concept of rely on customers. Ion
and Cristina (2014) stated that some organization utilizes the concept of survey so that the
accurate demand of the customer can be identified. This allow the organization to incorporate
only those changes that they actually need and thus customer gets attracted through their
products which also ensures the company’s growth and greater sale of products that on the other
hand impacts the economic growth of the business effectively. Moreover, some companies also
use customer empathy map to discover new opportunities to create values.
Image 4: S-Curve for Innovation
(Source: Radjou et al. 2012)
In the second phase, the successful companies uses the concept of rely on customers. Ion
and Cristina (2014) stated that some organization utilizes the concept of survey so that the
accurate demand of the customer can be identified. This allow the organization to incorporate
only those changes that they actually need and thus customer gets attracted through their
products which also ensures the company’s growth and greater sale of products that on the other
hand impacts the economic growth of the business effectively. Moreover, some companies also
use customer empathy map to discover new opportunities to create values.
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22BUSINESS MANAGEMENT
Image 5: Customer Empathy Map
(Source: Ion and Cristina 2014)
The prime objective of this model is to highlight the thoughts of the customers that
develop the competency of the organization to develop new things. The second aspect is the
feelings that refer to user’s emotional state whether or not they are getting the accurate solution
or not. The third aspect is action, which signifies user’s behaviors that they attain after getting a
specific solution.
In the third phase, the emphasis is more on the designers and not on the managers. The
prime reason for this logic is managers are tends to make choices out of many but designers are
liable to develop new option that is best suitable for the betterment of the organization (Ion and
Cristina 2014). Acemoglu et al. (2012) also affirms the above argument by stating that some
organization uses the concept of Porter’s five forces to evaluate the mater conditions and
develop well-defined boundaries along with the competitors ability to grab their market share. In
Image 5: Customer Empathy Map
(Source: Ion and Cristina 2014)
The prime objective of this model is to highlight the thoughts of the customers that
develop the competency of the organization to develop new things. The second aspect is the
feelings that refer to user’s emotional state whether or not they are getting the accurate solution
or not. The third aspect is action, which signifies user’s behaviors that they attain after getting a
specific solution.
In the third phase, the emphasis is more on the designers and not on the managers. The
prime reason for this logic is managers are tends to make choices out of many but designers are
liable to develop new option that is best suitable for the betterment of the organization (Ion and
Cristina 2014). Acemoglu et al. (2012) also affirms the above argument by stating that some
organization uses the concept of Porter’s five forces to evaluate the mater conditions and
develop well-defined boundaries along with the competitors ability to grab their market share. In
23BUSINESS MANAGEMENT
this phase, models like Blue-Ocean Strategy and Business Model Canvas is also utilized by
businesspeople.
Image 6: Porter’s five forces
(Source: Sutherland 2014)
In the fourth and last phase, the business management initiates if only the CEO of an
organization supports the innovation. Sutherland (2014) portrays that reason that innovation is
always a risk taking decision but unless an organization takes risk to innovate, attaining
maximum profitability and growth for the organization is difficult. Take for instance, Google
allow all their employees to spend one day in a week to innovate or find new ideas.
Taken for instance, in the traditional days, pharmaceutical companies develop medicine
that can cure the disease but not completely. However, the chronicle disease like Tuberculosis
and caner does not have any solutions for medicinal treatments. However, at today’s era,
innovation like “precision medicine”, that is a combination of clinical and molecular information
that is use to identify the accurate basis of disease. This helps the business to management their
this phase, models like Blue-Ocean Strategy and Business Model Canvas is also utilized by
businesspeople.
Image 6: Porter’s five forces
(Source: Sutherland 2014)
In the fourth and last phase, the business management initiates if only the CEO of an
organization supports the innovation. Sutherland (2014) portrays that reason that innovation is
always a risk taking decision but unless an organization takes risk to innovate, attaining
maximum profitability and growth for the organization is difficult. Take for instance, Google
allow all their employees to spend one day in a week to innovate or find new ideas.
Taken for instance, in the traditional days, pharmaceutical companies develop medicine
that can cure the disease but not completely. However, the chronicle disease like Tuberculosis
and caner does not have any solutions for medicinal treatments. However, at today’s era,
innovation like “precision medicine”, that is a combination of clinical and molecular information
that is use to identify the accurate basis of disease. This helps the business to management their
24BUSINESS MANAGEMENT
treatment procedure effectively. The information is collected from the DNA of human and
proper solution according to their disease is provided to the patient (Evens and Kaitin 2014). In
this case, targeted therapies are tailored based on the patient’s requirement through genetic
makeup by using the process of genomic testing. This helps the doctors to find out the
relationship between the drug and patient’s gene so that right drug can be provided to the them
However, Cockburn and Long (2015) highlight a challenge that only those companies, who are
able to attain high annual revenue can implement these innovation in their business management.
This allows the patients to attract towards the pharmaceutical organization that utilizes these
procedures as every patient desire to be completely cured and this furthermore enhances the
growth of the medicinal company. Another example that can be taken is the development of 3D
printing in biopharmaceutical companies. Technology is incorporated to formulate high dose
medicine that is previously harder and expensive to produce. Mittra and Tait (2012) thus stated
that in this way, patients suffering from severe disease can get medicines for their disease. In
addition to that, other pharmaceutical companies, selling medicines can also contact these
biopharma for creating a strategic partnership for more profitability.
2.6 Impact of Technological changes on Business Management
2.6.1 Ability to identify accurate solutions that ensures organization’s economy growth
Innovation shows the ability of an organization to develop their products and services
according to the customer’s needs and demand (Christensen 2013.). In addition to that Boons and
Lüdeke-Freund (2013) also depicted that innovation can only be possible of the organization
understand that every products have a specified timeline to survive and it must be change and
reinvented in order to attract customers. In biopharmaceutical industry, innovation of
nanotechnology, 3-D printing technologyibility and fincail and precise medicine allow the
treatment procedure effectively. The information is collected from the DNA of human and
proper solution according to their disease is provided to the patient (Evens and Kaitin 2014). In
this case, targeted therapies are tailored based on the patient’s requirement through genetic
makeup by using the process of genomic testing. This helps the doctors to find out the
relationship between the drug and patient’s gene so that right drug can be provided to the them
However, Cockburn and Long (2015) highlight a challenge that only those companies, who are
able to attain high annual revenue can implement these innovation in their business management.
This allows the patients to attract towards the pharmaceutical organization that utilizes these
procedures as every patient desire to be completely cured and this furthermore enhances the
growth of the medicinal company. Another example that can be taken is the development of 3D
printing in biopharmaceutical companies. Technology is incorporated to formulate high dose
medicine that is previously harder and expensive to produce. Mittra and Tait (2012) thus stated
that in this way, patients suffering from severe disease can get medicines for their disease. In
addition to that, other pharmaceutical companies, selling medicines can also contact these
biopharma for creating a strategic partnership for more profitability.
2.6 Impact of Technological changes on Business Management
2.6.1 Ability to identify accurate solutions that ensures organization’s economy growth
Innovation shows the ability of an organization to develop their products and services
according to the customer’s needs and demand (Christensen 2013.). In addition to that Boons and
Lüdeke-Freund (2013) also depicted that innovation can only be possible of the organization
understand that every products have a specified timeline to survive and it must be change and
reinvented in order to attract customers. In biopharmaceutical industry, innovation of
nanotechnology, 3-D printing technologyibility and fincail and precise medicine allow the
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25BUSINESS MANAGEMENT
organization to provide accurate medicinal solution. Thus, it will boost the profit of the
organization and help in further development of the business.
2.6.2 Attainment of greater competitive advantage that allow more financial growth
Purce (2014) stated that a critical ingredient for preceding other organization is
innovation. Innovation in an organization provides broad perspectives, flexibility and develops
new theories and models and all these aspects offer competitive advantage to an organization. In
addition to that, employees should always be encouraged to identify new ideas that also develop
their ability to develop creativity and problem-solving skills (Baker 2012). New ideas and new
technology makes one organization different from others and creates a monopoly in the market,
which on the other hand is a greater business management decision that is obtained from
innovation. In this way, chances for obtaining more profit from sale and services are higer for the
concerned organization. The efficiency of the business management can also be seen through the
tactics that an organization follow when adopts innovation and technology like- how much to
focus on technological innovation and how much financial resources are required to spend in
business model innovation. Businesspeople uses innovation landscape map to assess the accurate
technology that they need to develop as different sector need different innovation technology.
organization to provide accurate medicinal solution. Thus, it will boost the profit of the
organization and help in further development of the business.
2.6.2 Attainment of greater competitive advantage that allow more financial growth
Purce (2014) stated that a critical ingredient for preceding other organization is
innovation. Innovation in an organization provides broad perspectives, flexibility and develops
new theories and models and all these aspects offer competitive advantage to an organization. In
addition to that, employees should always be encouraged to identify new ideas that also develop
their ability to develop creativity and problem-solving skills (Baker 2012). New ideas and new
technology makes one organization different from others and creates a monopoly in the market,
which on the other hand is a greater business management decision that is obtained from
innovation. In this way, chances for obtaining more profit from sale and services are higer for the
concerned organization. The efficiency of the business management can also be seen through the
tactics that an organization follow when adopts innovation and technology like- how much to
focus on technological innovation and how much financial resources are required to spend in
business model innovation. Businesspeople uses innovation landscape map to assess the accurate
technology that they need to develop as different sector need different innovation technology.
26BUSINESS MANAGEMENT
Image 7: Innovation Landscape Map
(Source: Baker 2012)
2.6.3 Satisfied stakeholders
Johnston and Marshall (2016) depicted that innovation leads to discovery of new business
approaches and business strategies through which all the demands of the customers can be
fulfilled. Moreover, incorporating innovation in business approaches attract employee towards
the organization as they can utilize their skills to develop new things and products. In this way,
the satisfaction of the internal stakeholders can be attained. On the other hand, technological
innovation and business innovation fulfills the needs of the customers. In some aspects, concept
of customization is also used so that people can exact solution that they required. In
pharmaceutical industry, this customization can be attained through technological advancement.
Moreover, suppliers and contractors association with such organization also get opportunity to
Image 7: Innovation Landscape Map
(Source: Baker 2012)
2.6.3 Satisfied stakeholders
Johnston and Marshall (2016) depicted that innovation leads to discovery of new business
approaches and business strategies through which all the demands of the customers can be
fulfilled. Moreover, incorporating innovation in business approaches attract employee towards
the organization as they can utilize their skills to develop new things and products. In this way,
the satisfaction of the internal stakeholders can be attained. On the other hand, technological
innovation and business innovation fulfills the needs of the customers. In some aspects, concept
of customization is also used so that people can exact solution that they required. In
pharmaceutical industry, this customization can be attained through technological advancement.
Moreover, suppliers and contractors association with such organization also get opportunity to
27BUSINESS MANAGEMENT
develop their company and learn something from the strategic partnership. Thus, in this way, the
satisfaction of external stakeholder can also be attained.
2.6.4 Ability to formulate new product line that contributes in economy growth
Innovation signifies the ability to change their business procedure to reinvent their
products or develop new products line. The effectiveness of the business management in this
aspect can be witnessed through the fact that in this way, company can optimizes their overall
expense so that more revenue can be collected at the end of every financial year. The prime
reason is that development of new products line, allow them to save finical resources that is
earlier required in supplier management for delivering the raw material.
2.6.5 Increased Productivity through innovation that indicates greater growth in business
economy
Rosenzweig (2014) stated that the main aim of the business is to enhance their
productivity so that they can attain maximum financial growth for the organization. However, in
traditional days, managing authority encourages people to increase their productivity but in this
process the problem of stress occur. Hammer (2015) thus stated that innovation of business
procedure allows the organization to find areas where time can be spend less but the result
provide the better outcome.
develop their company and learn something from the strategic partnership. Thus, in this way, the
satisfaction of external stakeholder can also be attained.
2.6.4 Ability to formulate new product line that contributes in economy growth
Innovation signifies the ability to change their business procedure to reinvent their
products or develop new products line. The effectiveness of the business management in this
aspect can be witnessed through the fact that in this way, company can optimizes their overall
expense so that more revenue can be collected at the end of every financial year. The prime
reason is that development of new products line, allow them to save finical resources that is
earlier required in supplier management for delivering the raw material.
2.6.5 Increased Productivity through innovation that indicates greater growth in business
economy
Rosenzweig (2014) stated that the main aim of the business is to enhance their
productivity so that they can attain maximum financial growth for the organization. However, in
traditional days, managing authority encourages people to increase their productivity but in this
process the problem of stress occur. Hammer (2015) thus stated that innovation of business
procedure allows the organization to find areas where time can be spend less but the result
provide the better outcome.
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28BUSINESS MANAGEMENT
Innovation Business
management
Suitable economic condition
Leadership support
Stakeholder involvement
Resources and financial support
New Technologies
Internal Business Management
External Business Management
Cost Control Operation
Human Resource Management
Strength and Capability Analysis
Stakeholder Management
Chain Management
Market Dynamics
Identification of accurate solutions that attracts more customers
Attaining greater competitive advantage in terms of profitability
Satisfied stakeholders that also enhances the financial growth
Ability to formulate new product line for more profit
Overall Increase in Profitability
2.7 Conceptual Framework
Innovation Business
management
Suitable economic condition
Leadership support
Stakeholder involvement
Resources and financial support
New Technologies
Internal Business Management
External Business Management
Cost Control Operation
Human Resource Management
Strength and Capability Analysis
Stakeholder Management
Chain Management
Market Dynamics
Identification of accurate solutions that attracts more customers
Attaining greater competitive advantage in terms of profitability
Satisfied stakeholders that also enhances the financial growth
Ability to formulate new product line for more profit
Overall Increase in Profitability
2.7 Conceptual Framework
29BUSINESS MANAGEMENT
Image 8: Conceptual Framework
(Source: Created by Author)
Image 8: Conceptual Framework
(Source: Created by Author)
30BUSINESS MANAGEMENT
Chapter 3: Research Methodology
This chapter represents the details of the research methods to obtain the desired research
aim and objectives. Research methodology describes the proper structure of the research.
Mackey and Gass (2015) represent the significance of this chapter that is to illustrate the
systematic way to attain research outcome. This chapter comprises of the utilized research
philosophy, research approach and research and research purpose along with valid justification.
The process of data collection and data analysis technique used in the research is also discussed
in this chapter. In addition to that, the sampling technique followed by the ample size and ethical
consideration is presented.
3.1 Research Philosophy
Converse (2012) stated that in order to attain proper dimension and knowledge of the
research topic, research philosophy is used. There are three types of research philosophy-
positivism, interpretivism and realism. Coleman (2013) stated that positivism research
philosophy is highly structured and comprises of large number of samples. Another advantage of
this philosophy is that this philosophy can be utilized for both quantitative and qualitative
measurements. On the other hand, the intrepretivism philosophy is used when few research
samples are taken into consideration and the investigation mostly follows the qualitative
analysis. Smith (2013) portrays that, realism is the combination of both the positivism and
intrepretivism philosophies. In this research, positivism research philosophy is utilized.
3.1.1 Justification for chosen Research Philosophy
Positivism philosophy is used because it helps in cross checking the find data with the
research aim and objectives. Moreover, the data obtained previously can be analysed properly so
that any gap lying two researches regarding the research topic can be effectively analyzed.
Chapter 3: Research Methodology
This chapter represents the details of the research methods to obtain the desired research
aim and objectives. Research methodology describes the proper structure of the research.
Mackey and Gass (2015) represent the significance of this chapter that is to illustrate the
systematic way to attain research outcome. This chapter comprises of the utilized research
philosophy, research approach and research and research purpose along with valid justification.
The process of data collection and data analysis technique used in the research is also discussed
in this chapter. In addition to that, the sampling technique followed by the ample size and ethical
consideration is presented.
3.1 Research Philosophy
Converse (2012) stated that in order to attain proper dimension and knowledge of the
research topic, research philosophy is used. There are three types of research philosophy-
positivism, interpretivism and realism. Coleman (2013) stated that positivism research
philosophy is highly structured and comprises of large number of samples. Another advantage of
this philosophy is that this philosophy can be utilized for both quantitative and qualitative
measurements. On the other hand, the intrepretivism philosophy is used when few research
samples are taken into consideration and the investigation mostly follows the qualitative
analysis. Smith (2013) portrays that, realism is the combination of both the positivism and
intrepretivism philosophies. In this research, positivism research philosophy is utilized.
3.1.1 Justification for chosen Research Philosophy
Positivism philosophy is used because it helps in cross checking the find data with the
research aim and objectives. Moreover, the data obtained previously can be analysed properly so
that any gap lying two researches regarding the research topic can be effectively analyzed.
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31BUSINESS MANAGEMENT
3.2 Research Approach
Bryman (2015) stated that there are two types of research approaches- inductive and
deductive research approach. Bryman and Bell (2015) furthermore explains that in inductive
research approach, the major focus is on developing new theories and models to obtain the
desired research result. On the other hand, the deductive research approach signifies the case
where previous theories and models have to be tested. In this research project, the deductive
approach is utilized.
3.2.1 Justification for chosen Research Approach
The primary reason for selecting deductive research approach is that no new theory and
models are developed to obtain the result. Moreover, through deductive research, theoretical
support from other research papers can be utilized.
3.3 Research Purpose
Sekaran and Bougie (2016) stated that there are three types of research purpose-
explanatory, explanatory and descriptive. According to Ormston et al. (2014), explanatory
research purpose helps to gather several ideas and concept and then link it with the prepared
literature for the research. Exploratory research purpose on the other hand, is used when the
research will be conducted for longer time and this purpose is used mainly with inductive
approach as new direction in research is aimed. Lastly, Cohen (2013) mentioned that descriptive
research purpose describes all the aspect of the research variable and then allow linking the
theory with the research objectives. In this research project, deductive research purpose is used.
3.3.1 Justification for chosen Research Purpose
The descriptive purpose is selected so that the considered research variables can be
descried with additional information on how innovation helps in shaping the business strategy.
3.2 Research Approach
Bryman (2015) stated that there are two types of research approaches- inductive and
deductive research approach. Bryman and Bell (2015) furthermore explains that in inductive
research approach, the major focus is on developing new theories and models to obtain the
desired research result. On the other hand, the deductive research approach signifies the case
where previous theories and models have to be tested. In this research project, the deductive
approach is utilized.
3.2.1 Justification for chosen Research Approach
The primary reason for selecting deductive research approach is that no new theory and
models are developed to obtain the result. Moreover, through deductive research, theoretical
support from other research papers can be utilized.
3.3 Research Purpose
Sekaran and Bougie (2016) stated that there are three types of research purpose-
explanatory, explanatory and descriptive. According to Ormston et al. (2014), explanatory
research purpose helps to gather several ideas and concept and then link it with the prepared
literature for the research. Exploratory research purpose on the other hand, is used when the
research will be conducted for longer time and this purpose is used mainly with inductive
approach as new direction in research is aimed. Lastly, Cohen (2013) mentioned that descriptive
research purpose describes all the aspect of the research variable and then allow linking the
theory with the research objectives. In this research project, deductive research purpose is used.
3.3.1 Justification for chosen Research Purpose
The descriptive purpose is selected so that the considered research variables can be
descried with additional information on how innovation helps in shaping the business strategy.
32BUSINESS MANAGEMENT
3.4 Data collection
Data can be collected through two methods- primary data collection and secondary data
collection. In primary data collection all the research data are collected directly from the research
respondents. On the other hand, in the secondary data collection methods, all the research data
are collected from sources like research papers, peer journals and other authentic sources
(Wahyuni 2012). In this research, primary data has been collected from the employee and
manager of Pfizer so that accurate scenario and initiative of business innovation taken by them
can be addressed. The primary data are collected from the employees and managers of the
concerned organization. A questionnaire of consisting of 10 question related to business
innovation is given to the employees of Pfizer and seven interview question is asked to the
managers of the same organization.
3.5 Data analysis
Smith (2015) depicts that data analysis can be done through two ways- quantitative data
analysis method and qualitative data analysis method. Quantitative data analysis method is used
when numerical data are analyzed; whereas, the qualitative data analysis method is used when
the analyzed of the data has to be done from theoretical information. In this research project,
both the quantitative and qualitative data analysis methods are used. The questionnaire provided
to the employees is analyzed through quantitative method and the interview information is
analyzed through qualitative method.
3.6 Sampling techniques
Fowler Jr (2013) stated that there are two types of sampling techniques- probability and
non-probability sampling technique. In probability sampling technique all the research
respondents get the same chances to participate in the research; whereas in the non-probability
3.4 Data collection
Data can be collected through two methods- primary data collection and secondary data
collection. In primary data collection all the research data are collected directly from the research
respondents. On the other hand, in the secondary data collection methods, all the research data
are collected from sources like research papers, peer journals and other authentic sources
(Wahyuni 2012). In this research, primary data has been collected from the employee and
manager of Pfizer so that accurate scenario and initiative of business innovation taken by them
can be addressed. The primary data are collected from the employees and managers of the
concerned organization. A questionnaire of consisting of 10 question related to business
innovation is given to the employees of Pfizer and seven interview question is asked to the
managers of the same organization.
3.5 Data analysis
Smith (2015) depicts that data analysis can be done through two ways- quantitative data
analysis method and qualitative data analysis method. Quantitative data analysis method is used
when numerical data are analyzed; whereas, the qualitative data analysis method is used when
the analyzed of the data has to be done from theoretical information. In this research project,
both the quantitative and qualitative data analysis methods are used. The questionnaire provided
to the employees is analyzed through quantitative method and the interview information is
analyzed through qualitative method.
3.6 Sampling techniques
Fowler Jr (2013) stated that there are two types of sampling techniques- probability and
non-probability sampling technique. In probability sampling technique all the research
respondents get the same chances to participate in the research; whereas in the non-probability
33BUSINESS MANAGEMENT
sampling technique not all research respondents get the similar chance to participate in the
research. In this research project, both the probability and the non-probability sampling
technique have been used. The selection of the employee is done through probability sampling
technique; whereas, the selection of the managers are done through non-probability sampling
technique.
3.6.1 Sample Size
The total number of research respondents participate in a research is known as sample
size. In this research, sample size is 73 in which 70 are the employees of the Pfizer and 3 are
managers, who are liable to handle the business innovation in the same company.
3.7 Ethical Consideration
Firstly, all the respondents are provided with a consent form, which is duly signed by
them (Miller et al. 2012). This shows that they are participating in the research willfully. All the
data collected from the respondents are protected following the legislation Data Protection Act
1998. Moreover, all the research data are utilized for the research purpose and not for any
business benefits. Anonymousness of the data is maintained properly that is no data given by a
respondent is disclosed to others. No respondents are influenced during the research.
3.8 Research Limitation
The research is based on only one organization, thus, the impact of innovation on
business management is discussed with respect to only one organization. Thus, considering
multiple companies especially from different sectors is the future opportunity of the research
through which actual effectiveness of business innovation on business management can be
assessed. In addition to that, in terms of qualitative analysis, only the interview process is
sampling technique not all research respondents get the similar chance to participate in the
research. In this research project, both the probability and the non-probability sampling
technique have been used. The selection of the employee is done through probability sampling
technique; whereas, the selection of the managers are done through non-probability sampling
technique.
3.6.1 Sample Size
The total number of research respondents participate in a research is known as sample
size. In this research, sample size is 73 in which 70 are the employees of the Pfizer and 3 are
managers, who are liable to handle the business innovation in the same company.
3.7 Ethical Consideration
Firstly, all the respondents are provided with a consent form, which is duly signed by
them (Miller et al. 2012). This shows that they are participating in the research willfully. All the
data collected from the respondents are protected following the legislation Data Protection Act
1998. Moreover, all the research data are utilized for the research purpose and not for any
business benefits. Anonymousness of the data is maintained properly that is no data given by a
respondent is disclosed to others. No respondents are influenced during the research.
3.8 Research Limitation
The research is based on only one organization, thus, the impact of innovation on
business management is discussed with respect to only one organization. Thus, considering
multiple companies especially from different sectors is the future opportunity of the research
through which actual effectiveness of business innovation on business management can be
assessed. In addition to that, in terms of qualitative analysis, only the interview process is
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34BUSINESS MANAGEMENT
considered, which another limitation of this research is. In this case, the future opportunity is that
a thematic analysis can also be performed in order to make the research work more authentic.
3.9 Research Timeframe
Main activities/ stages Week 1
and 2
Week 3
and 4
Week 5 Week 6
and 7
Week 8
and 10
Week 10
to 12
Topic Selection
Framing layout of the research
Literature review
Formation of the research
Plan
Selection of the Appropriate
Research Techniques
Primary data collection
Analysis & Interpretation of
Data Collection
Conclusion of the Study
Formation of Rough Draft
Submission of Final Work
Table 1: Time Frame for the Research
(Source: Created by Author)
considered, which another limitation of this research is. In this case, the future opportunity is that
a thematic analysis can also be performed in order to make the research work more authentic.
3.9 Research Timeframe
Main activities/ stages Week 1
and 2
Week 3
and 4
Week 5 Week 6
and 7
Week 8
and 10
Week 10
to 12
Topic Selection
Framing layout of the research
Literature review
Formation of the research
Plan
Selection of the Appropriate
Research Techniques
Primary data collection
Analysis & Interpretation of
Data Collection
Conclusion of the Study
Formation of Rough Draft
Submission of Final Work
Table 1: Time Frame for the Research
(Source: Created by Author)
35BUSINESS MANAGEMENT
Chapter 4: Result and Analysis
4.1 Questionnaire Analysis
Q1. How far do you agree that innovation is important in present economic condition of
Pfizer?
Row Labels Count of Respondents
Strongly agree 47
Agree 5
Indifferent 6
Disagree 6
Strongly disagree 6
Grand Total 70
Table 2: Innovation is important in present economic condition of Pfizer
(Source: Created By Author)
Chapter 4: Result and Analysis
4.1 Questionnaire Analysis
Q1. How far do you agree that innovation is important in present economic condition of
Pfizer?
Row Labels Count of Respondents
Strongly agree 47
Agree 5
Indifferent 6
Disagree 6
Strongly disagree 6
Grand Total 70
Table 2: Innovation is important in present economic condition of Pfizer
(Source: Created By Author)
36BUSINESS MANAGEMENT
Image 9: Innovation is important in present economic condition of Pfizer
(Source: Created By Author)
Discussion:
This question has focused on illustrating the significance of innovation in the present
economic condition. As mentioned earlier, Pfizer has always concentrated on different
innovative activities for staying ahead of all the competitors. For that reason, total 47
respondents have strongly agreed with the fact that innovation is very much essential in the
present economic condition. On the other hand, 6 respondents have mentioned that innovation is
not that much important for Pfizer for achieving sustainable growth in the market. Thus, the
analysis has highlighted the fact that proper utilization of innovation is critical for any business
activities.
Q2. How far do you agree that organizational versus technological innovation can improve
business management process of Pfizer?
Row Labels Count of Respondents
Strongly agree 49
Agree 6
Indifferent 4
Disagree 6
Strongly disagree 5
Grand Total 70
Table 3: Organizational versus technological innovation can improve business management
process of Pfizer
(Source: Created By Author)
Image 9: Innovation is important in present economic condition of Pfizer
(Source: Created By Author)
Discussion:
This question has focused on illustrating the significance of innovation in the present
economic condition. As mentioned earlier, Pfizer has always concentrated on different
innovative activities for staying ahead of all the competitors. For that reason, total 47
respondents have strongly agreed with the fact that innovation is very much essential in the
present economic condition. On the other hand, 6 respondents have mentioned that innovation is
not that much important for Pfizer for achieving sustainable growth in the market. Thus, the
analysis has highlighted the fact that proper utilization of innovation is critical for any business
activities.
Q2. How far do you agree that organizational versus technological innovation can improve
business management process of Pfizer?
Row Labels Count of Respondents
Strongly agree 49
Agree 6
Indifferent 4
Disagree 6
Strongly disagree 5
Grand Total 70
Table 3: Organizational versus technological innovation can improve business management
process of Pfizer
(Source: Created By Author)
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Image 10: Organizational versus technological innovation can improve business management
process of Pfizer
(Source: Created By Author)
Discussion:
This question has concentrated on the differentiation between organizational and
technological innovation. However, 49 respondents have strongly agreed with the fact that both
the innovation is critical for fulfilling all the business activities. On the contrary, only 5
respondents have strongly disagreed with the same statement. Therefore, the analysis has
highlighted that proper utilization of both organizational and technological innovation is critical
for handling all the market related challenges in an appropriate way. The outcome have
mentioned that Pfizer need to get involve in different innovative activities for achieving
sustainable growth in the market.
Q3. How far do you agree that innovation and organizational growth is correlated with each
other?
Row Labels Count of Respondents
Image 10: Organizational versus technological innovation can improve business management
process of Pfizer
(Source: Created By Author)
Discussion:
This question has concentrated on the differentiation between organizational and
technological innovation. However, 49 respondents have strongly agreed with the fact that both
the innovation is critical for fulfilling all the business activities. On the contrary, only 5
respondents have strongly disagreed with the same statement. Therefore, the analysis has
highlighted that proper utilization of both organizational and technological innovation is critical
for handling all the market related challenges in an appropriate way. The outcome have
mentioned that Pfizer need to get involve in different innovative activities for achieving
sustainable growth in the market.
Q3. How far do you agree that innovation and organizational growth is correlated with each
other?
Row Labels Count of Respondents
38BUSINESS MANAGEMENT
Strongly agree 46
Agree 6
Indifferent 6
Disagree 4
Strongly disagree 8
Grand Total 70
Table 4: Innovation and organizational growth is correlated with each other
(Source: Created By Author)
Image 11: Innovation and organizational growth is correlated with each other
(Source: Created By Author)
Discussion:
This question focuses on assessing the relationship between innovation and
organizational growth in the present competitive business environment. Presently, all the
Strongly agree 46
Agree 6
Indifferent 6
Disagree 4
Strongly disagree 8
Grand Total 70
Table 4: Innovation and organizational growth is correlated with each other
(Source: Created By Author)
Image 11: Innovation and organizational growth is correlated with each other
(Source: Created By Author)
Discussion:
This question focuses on assessing the relationship between innovation and
organizational growth in the present competitive business environment. Presently, all the
39BUSINESS MANAGEMENT
pharmaceutical companies are facing massive challenges in maintaining the overall profit level.
The analysis has highlighted that 46 respondents have strongly agreed with the fact that proper
utilization of innovation activities can help any business to grow at a rapid rate. On the other
hand, 8 respondents have strongly disagreed with the same statement. Thus, the analysis has
clearly shown positive correlation between innovation and organizational growth activities. For
that reason, Pfizer will have to continue its innovation process for maintaining its growth in the
competitive market.
Q4. How far do you agree that impact of technological changes have created positive impact
on the business management process of Pfizer?
Row Labels Count of Respondents
Strongly agree 48
Agree 5
Indifferent 4
Disagree 8
Strongly disagree 5
Grand Total 70
Table 5: Impact of technological changes have created positive impact on the business
management process of Pfizer
(Source: Created By Author)
pharmaceutical companies are facing massive challenges in maintaining the overall profit level.
The analysis has highlighted that 46 respondents have strongly agreed with the fact that proper
utilization of innovation activities can help any business to grow at a rapid rate. On the other
hand, 8 respondents have strongly disagreed with the same statement. Thus, the analysis has
clearly shown positive correlation between innovation and organizational growth activities. For
that reason, Pfizer will have to continue its innovation process for maintaining its growth in the
competitive market.
Q4. How far do you agree that impact of technological changes have created positive impact
on the business management process of Pfizer?
Row Labels Count of Respondents
Strongly agree 48
Agree 5
Indifferent 4
Disagree 8
Strongly disagree 5
Grand Total 70
Table 5: Impact of technological changes have created positive impact on the business
management process of Pfizer
(Source: Created By Author)
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Image 12: Impact of technological changes have created positive impact on the business
management process of Pfizer
(Source: Created By Author)
Discussion:
This question has concentrated on assessing the impact of technological changes in the
overall business management process of Pfizer. In this analysis, 48 respondents have strongly
agreed with the statement technological changes can have positive impact on the business
process. On the other hand, only 5 respondents have strongly disagreed with the fact that
technological changes can have positive impact on the business process. These respondents have
added that technological changes can only have positive impact on long-run. In short-run, they
have to face different challenges in keeping the overall efficiency of the business management
process. Still, heavy responses in favour of positive correlation between two factors have
highlighted the significance of technological changes.
Q5. How far do you agree that a different approach is required for successful innovation
procedure?
Image 12: Impact of technological changes have created positive impact on the business
management process of Pfizer
(Source: Created By Author)
Discussion:
This question has concentrated on assessing the impact of technological changes in the
overall business management process of Pfizer. In this analysis, 48 respondents have strongly
agreed with the statement technological changes can have positive impact on the business
process. On the other hand, only 5 respondents have strongly disagreed with the fact that
technological changes can have positive impact on the business process. These respondents have
added that technological changes can only have positive impact on long-run. In short-run, they
have to face different challenges in keeping the overall efficiency of the business management
process. Still, heavy responses in favour of positive correlation between two factors have
highlighted the significance of technological changes.
Q5. How far do you agree that a different approach is required for successful innovation
procedure?
41BUSINESS MANAGEMENT
Row Labels Count of Respondents
Strongly agree 46
Agree 6
Indifferent 6
Disagree 7
Strongly disagree 5
Grand Total 70
Table 6: Different approach is required for successful innovation procedure
(Source: Created By Author)
Image 13: Different approach is required for successful innovation procedure
(Source: Created By Author)
Discussion:
This question has focused on assessing the importance of implementing different
innovation procedure for staying ahead of the rest. Here, the analysis has highlighted that total 46
Row Labels Count of Respondents
Strongly agree 46
Agree 6
Indifferent 6
Disagree 7
Strongly disagree 5
Grand Total 70
Table 6: Different approach is required for successful innovation procedure
(Source: Created By Author)
Image 13: Different approach is required for successful innovation procedure
(Source: Created By Author)
Discussion:
This question has focused on assessing the importance of implementing different
innovation procedure for staying ahead of the rest. Here, the analysis has highlighted that total 46
42BUSINESS MANAGEMENT
respondents have strongly agreed with the statement while 5 respondents strongly disagreed.
Therefore, the analysis has clearly emphasized on the importance of using mix techniques for
fulfilling innovation requirements. The study has analyzed the significance of implementing
systematic procedure for accomplishing all the goals and objectives. Still, organizations need to
think out of the box for maximizing the innovation impact on the business process.
Q6. How far do you agree that systematic approach is important to improve innovation
procedure?
Row Labels Count of Respondents
Strongly agree 48
Agree 5
Indifferent 5
Disagree 5
Strongly disagree 7
Grand Total 70
Table 7: Systematic approach is important to improve innovation procedure
(Source: Created By Author)
respondents have strongly agreed with the statement while 5 respondents strongly disagreed.
Therefore, the analysis has clearly emphasized on the importance of using mix techniques for
fulfilling innovation requirements. The study has analyzed the significance of implementing
systematic procedure for accomplishing all the goals and objectives. Still, organizations need to
think out of the box for maximizing the innovation impact on the business process.
Q6. How far do you agree that systematic approach is important to improve innovation
procedure?
Row Labels Count of Respondents
Strongly agree 48
Agree 5
Indifferent 5
Disagree 5
Strongly disagree 7
Grand Total 70
Table 7: Systematic approach is important to improve innovation procedure
(Source: Created By Author)
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Image 14: Systematic approach is important to improve innovation procedure
(Source: Created By Author)
Discussion:
This question has again focused on highlighting the importance of implementing
systematic procedure for fulfilling all the requirements of the operational procedure. Here, 48
respondents have strongly agreed and 5 respondents have agreed with the concept. On the
contrary, only 7 respondents have strongly disagreed with the same statement. Therefore, Pfizer
will have to use systematic procedure for fulfilling all the requirements of the innovative
activities.
Q7. How far do you agree that systematic approach as being the best option for effective
utilization of innovation process within Pfizer?
Row Labels Count of Respondents
Strongly agree 46
Agree 5
Indifferent 5
Image 14: Systematic approach is important to improve innovation procedure
(Source: Created By Author)
Discussion:
This question has again focused on highlighting the importance of implementing
systematic procedure for fulfilling all the requirements of the operational procedure. Here, 48
respondents have strongly agreed and 5 respondents have agreed with the concept. On the
contrary, only 7 respondents have strongly disagreed with the same statement. Therefore, Pfizer
will have to use systematic procedure for fulfilling all the requirements of the innovative
activities.
Q7. How far do you agree that systematic approach as being the best option for effective
utilization of innovation process within Pfizer?
Row Labels Count of Respondents
Strongly agree 46
Agree 5
Indifferent 5
44BUSINESS MANAGEMENT
Disagree 8
Strongly disagree 6
Grand Total 70
Table 8: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer
(Source: Created By Author)
Image 15: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer
(Source: Created By Author)
Discussion:
This research question has focused on assessing whether systematic fulfilment of all the
requirements is the best way for innovative activities. Now, 46 respondents have strongly agreed
with the fact that systematic process is the best way for fulfilling innovation requirements. On
Disagree 8
Strongly disagree 6
Grand Total 70
Table 8: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer
(Source: Created By Author)
Image 15: Systematic approach as being the best option for effective utilization of innovation
process within Pfizer
(Source: Created By Author)
Discussion:
This research question has focused on assessing whether systematic fulfilment of all the
requirements is the best way for innovative activities. Now, 46 respondents have strongly agreed
with the fact that systematic process is the best way for fulfilling innovation requirements. On
45BUSINESS MANAGEMENT
the other hand, 6 respondents have strongly disagreed with the fact that systematic process is
important. Therefore, the analysis again highlighted the necessity of using systematic procedure
as per the market needs and wants for fulfilling all the requirements of innovation. For that
reason, Pfizer will continue have to focus on utilizing different innovation process through the
effective utilization of systematic procedure.
Q8. How far do you agree that Pfizer practices about innovation are appropriate in present
business management context?
Row Labels Count of Respondents
Strongly agree 45
Agree 5
Indifferent 5
Disagree 7
Strongly disagree 8
Grand Total 70
Table 9: Pfizer practices about innovation are appropriate in present business management
context
(Source: Created By Author)
the other hand, 6 respondents have strongly disagreed with the fact that systematic process is
important. Therefore, the analysis again highlighted the necessity of using systematic procedure
as per the market needs and wants for fulfilling all the requirements of innovation. For that
reason, Pfizer will continue have to focus on utilizing different innovation process through the
effective utilization of systematic procedure.
Q8. How far do you agree that Pfizer practices about innovation are appropriate in present
business management context?
Row Labels Count of Respondents
Strongly agree 45
Agree 5
Indifferent 5
Disagree 7
Strongly disagree 8
Grand Total 70
Table 9: Pfizer practices about innovation are appropriate in present business management
context
(Source: Created By Author)
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Image 16: Pfizer practices about innovation are appropriate in present business management
context
(Source: Created By Author)
Discussion:
This question has focused on assessing the present innovation procedure initiated by
Pfizer for staying ahead of the competitors. Here, 45 respondents have mentioned that the present
initiated innovative activities are appropriate for the competitive business environment. On the
other hand, only 8 respondents have strongly disagreed with the same argument. As a result, the
analysis proved the fact that innovation process initiated Pfizer has allowed organization to
sustain its position in the competitive pharmaceutical market. In addition, effective use of
innovation process is likely to help Pfizer to handle all the future challenges in an effective way.
Q9. How far do you agree that innovation changes the overall job description process within
business management?
Row Labels Count of Respondents
Strongly agree 44
Image 16: Pfizer practices about innovation are appropriate in present business management
context
(Source: Created By Author)
Discussion:
This question has focused on assessing the present innovation procedure initiated by
Pfizer for staying ahead of the competitors. Here, 45 respondents have mentioned that the present
initiated innovative activities are appropriate for the competitive business environment. On the
other hand, only 8 respondents have strongly disagreed with the same argument. As a result, the
analysis proved the fact that innovation process initiated Pfizer has allowed organization to
sustain its position in the competitive pharmaceutical market. In addition, effective use of
innovation process is likely to help Pfizer to handle all the future challenges in an effective way.
Q9. How far do you agree that innovation changes the overall job description process within
business management?
Row Labels Count of Respondents
Strongly agree 44
47BUSINESS MANAGEMENT
Agree 5
Indifferent 6
Disagree 7
Strongly disagree 8
Grand Total 70
Table 10: Innovation changes the overall job description process within business management
(Source: Created By Author)
Image 17: Innovation changes the overall job description process within business
management
(Source: Created By Author)
Discussion:
This question has concentrated on assessing the kind of challenges employees of Pfizer
faced in performing their provided responsibilities. The analysis has mentioned that 44
Agree 5
Indifferent 6
Disagree 7
Strongly disagree 8
Grand Total 70
Table 10: Innovation changes the overall job description process within business management
(Source: Created By Author)
Image 17: Innovation changes the overall job description process within business
management
(Source: Created By Author)
Discussion:
This question has concentrated on assessing the kind of challenges employees of Pfizer
faced in performing their provided responsibilities. The analysis has mentioned that 44
48BUSINESS MANAGEMENT
respondents strongly agreed with the fact that innovation changes job description while 8
respondents have strongly disagreed with the same argument. It established the fact that
innovation directly induces businesses to made strong technological changes that eventually
alters the overall responsibilities of the employees. For that reason, it is critical for Pfizer to
provide proper level of training and development facilities to all the employees for covering all
the requirements of the operational process in an effective way.
Q10. How far do you agree that innovation and technological changes have reshaped the
overall business process of Pfizer?
Row Labels Count of Respondents
Strongly agree 42
Agree 6
Indifferent 5
Disagree 9
Strongly disagree 8
Grand Total 70
Table 11: Innovation and technological changes have reshaped the overall business process of
Pfizer
(Source: Created By Author)
respondents strongly agreed with the fact that innovation changes job description while 8
respondents have strongly disagreed with the same argument. It established the fact that
innovation directly induces businesses to made strong technological changes that eventually
alters the overall responsibilities of the employees. For that reason, it is critical for Pfizer to
provide proper level of training and development facilities to all the employees for covering all
the requirements of the operational process in an effective way.
Q10. How far do you agree that innovation and technological changes have reshaped the
overall business process of Pfizer?
Row Labels Count of Respondents
Strongly agree 42
Agree 6
Indifferent 5
Disagree 9
Strongly disagree 8
Grand Total 70
Table 11: Innovation and technological changes have reshaped the overall business process of
Pfizer
(Source: Created By Author)
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Image 18: Innovation and technological changes have reshaped the overall business process
of Pfizer
(Source: Created by Author)
Discussion
This question has focused on assessing the kind of impact innovation or technological
changes can have on the overall business process of Pfizer. Here, 42 respondents have strongly
agreed that technological changes or innovation completely reshaped the business process. On
the other hand, 8 respondents have strongly disagreed with the same statement. Therefore, it has
highlighted the fact that Pfizer will have to be extremely careful at the time of initiating different
innovative activities within the business process. The organization need to implement lot of
market research activities for maximizing the overall impact of innovation on the operational
procedure.
Image 18: Innovation and technological changes have reshaped the overall business process
of Pfizer
(Source: Created by Author)
Discussion
This question has focused on assessing the kind of impact innovation or technological
changes can have on the overall business process of Pfizer. Here, 42 respondents have strongly
agreed that technological changes or innovation completely reshaped the business process. On
the other hand, 8 respondents have strongly disagreed with the same statement. Therefore, it has
highlighted the fact that Pfizer will have to be extremely careful at the time of initiating different
innovative activities within the business process. The organization need to implement lot of
market research activities for maximizing the overall impact of innovation on the operational
procedure.
50BUSINESS MANAGEMENT
4.2 Descriptive analysis:
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.224064
R Square 0.050205
Adjusted
R Square 0.036237
Standard
Error 0.496415
Observatio
ns 70
ANOVA
df SS MS F
Significan
ce F
Regressio
n 1
0.8857
55
0.8857
55
3.5943
76 0.042226
Residual 68
16.757
1
0.2464
28
Total 69
17.642
86
Coefficie
nts
Standa
rd
t Stat P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
4.2 Descriptive analysis:
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.224064
R Square 0.050205
Adjusted
R Square 0.036237
Standard
Error 0.496415
Observatio
ns 70
ANOVA
df SS MS F
Significan
ce F
Regressio
n 1
0.8857
55
0.8857
55
3.5943
76 0.042226
Residual 68
16.757
1
0.2464
28
Total 69
17.642
86
Coefficie
nts
Standa
rd
t Stat P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
51BUSINESS MANAGEMENT
Error
Intercept 1.566288
0.1881
32
8.3254
66
5.62E-
12 1.190876 1.9417
1.1908
76 1.9417
X
Variable 1 0.170455
0.0899
08
1.8958
84
0.0622
26 -0.00895
0.3498
63
-
0.0089
5
0.3498
63
Table 12: Regression analysis between Innovation and Business Management
(Source: Created by Author)
Findings
The above table has described regression analysis between independent variable
innovation and technology changes with dependent variable business management. Statistical
tools like regression and ANOVA helps the study to represent correlation between two variables
in numeric terms. In order to assess the impact of innovation and technology changes on business
management, the estimated regression value is “0.042226”, which can be rounded off to “0.042”.
Moreover, the above analysis has estimated value of multiple R as “0.050205”.
Analysis
The use of regression analysis has allowed the research project to describe the
relationship between independent and dependent variable in numeric terms. Here, the calculated
regression value between innovation and business management has come up less than 0.05. Now,
the meaning of regression value less than 0.05 is that the developed null hypothesis is rejected.
Thus, the descriptive analysis has rejected the statement “Innovation and technological changes
does not have any impact on the business management process”. On the contrary, the descriptive
Error
Intercept 1.566288
0.1881
32
8.3254
66
5.62E-
12 1.190876 1.9417
1.1908
76 1.9417
X
Variable 1 0.170455
0.0899
08
1.8958
84
0.0622
26 -0.00895
0.3498
63
-
0.0089
5
0.3498
63
Table 12: Regression analysis between Innovation and Business Management
(Source: Created by Author)
Findings
The above table has described regression analysis between independent variable
innovation and technology changes with dependent variable business management. Statistical
tools like regression and ANOVA helps the study to represent correlation between two variables
in numeric terms. In order to assess the impact of innovation and technology changes on business
management, the estimated regression value is “0.042226”, which can be rounded off to “0.042”.
Moreover, the above analysis has estimated value of multiple R as “0.050205”.
Analysis
The use of regression analysis has allowed the research project to describe the
relationship between independent and dependent variable in numeric terms. Here, the calculated
regression value between innovation and business management has come up less than 0.05. Now,
the meaning of regression value less than 0.05 is that the developed null hypothesis is rejected.
Thus, the descriptive analysis has rejected the statement “Innovation and technological changes
does not have any impact on the business management process”. On the contrary, the descriptive
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52BUSINESS MANAGEMENT
analysis has accepted the alternative hypothesis that states, “Innovation and technological
changes does have significant impact on the business management process”.
Thus, both outcome of both quantitative and descriptive analysis has rejected the
developed null hypothesis statement. It reflects that Pfizer will have to be extremely careful with
its innovative and technological changing procedure for creating positive impact on the business
management process.
analysis has accepted the alternative hypothesis that states, “Innovation and technological
changes does have significant impact on the business management process”.
Thus, both outcome of both quantitative and descriptive analysis has rejected the
developed null hypothesis statement. It reflects that Pfizer will have to be extremely careful with
its innovative and technological changing procedure for creating positive impact on the business
management process.
53BUSINESS MANAGEMENT
4.3 Interview analysis
Q1. What is the significance of invention and innovation within business management
process?
In this qualitative question, the selected three managers of Pfizer were asked about the
significance of invention and innovation within business management process. To answer this
question, all the managers have highlighted strong competitive market for pharmaceutical
industry. It has also highlighted the kind of challenges pharmaceutical companies like Pfizer
have to face in order to achieve sustainable growth in the market. Therefore, changes in the
business procedure have become essential for maintaining consistent profitability in the market.
The first manager has highlighted that innovation or invention helps to increase the overall
efficiency of the operational procedure. On the other hand, second and third manager have
mentioned that proper utilization of innovation allowed Pfizer to reduce the overall cost of the
operational procedure in a significant way.
Q2. Is there any possibility of backfiring with the innovation process of Pfizer?
This question has aimed to assess all the possible drawbacks of innovation within the
business process of Pfizer. Here, second manager has mentioned that innovation required lot of
investment from the organization. In fact, organizations like Pfizer have already created separate
department for innovation activities. As a result, it has increased the overall budget of the
operational procedure. First manager have mentioned that innovation requires proper
understanding of the market needs and wants. Otherwise, the innovation activities might not able
to create desired impact on the market. Second managers have mentioned that every organization
is looking to utilize innovative technologies for fulfilling all the requirements of the operational
4.3 Interview analysis
Q1. What is the significance of invention and innovation within business management
process?
In this qualitative question, the selected three managers of Pfizer were asked about the
significance of invention and innovation within business management process. To answer this
question, all the managers have highlighted strong competitive market for pharmaceutical
industry. It has also highlighted the kind of challenges pharmaceutical companies like Pfizer
have to face in order to achieve sustainable growth in the market. Therefore, changes in the
business procedure have become essential for maintaining consistent profitability in the market.
The first manager has highlighted that innovation or invention helps to increase the overall
efficiency of the operational procedure. On the other hand, second and third manager have
mentioned that proper utilization of innovation allowed Pfizer to reduce the overall cost of the
operational procedure in a significant way.
Q2. Is there any possibility of backfiring with the innovation process of Pfizer?
This question has aimed to assess all the possible drawbacks of innovation within the
business process of Pfizer. Here, second manager has mentioned that innovation required lot of
investment from the organization. In fact, organizations like Pfizer have already created separate
department for innovation activities. As a result, it has increased the overall budget of the
operational procedure. First manager have mentioned that innovation requires proper
understanding of the market needs and wants. Otherwise, the innovation activities might not able
to create desired impact on the market. Second managers have mentioned that every organization
is looking to utilize innovative technologies for fulfilling all the requirements of the operational
54BUSINESS MANAGEMENT
procedure. Therefore, there is every possibility of certain technology or process becoming
obsolete, which increases the market related threat factor in a major way.
Q3. Do you think systematic approaches towards innovation are important in Pfizer?
This question has focused on assessing the importance of maintaining systematic
procedure for fulfilling all the requirements associated with the operational procedure. Here, the
managers have mentioned that systematic approaches can allow organizations to cover all the
areas associated with the innovation activities. As a result, it allowed Pfizer to distinguish itself
from the other prime competitors in the market. The managers have mentioned that systematic
approach also allows organization to understand the kind of innovative activities initiated by the
others for minimizing the cost associated with the operational procedure. Moreover, the
systematic approach can also help Pfizer to segregate innovation activities in two prime
categories including cost minimization related innovation and resource maximization related
innovation for performing all the responsibilities.
Q4. What is the degree of similarity associated with the innovation process of Pfizer?
To answer this question, the first manager has highlighted the fact that Pfizer always
made conscious effort to make sure the innovative process or technology is completely new in
the market. The manager added that without introduction of complete new things, it would be
extremely difficult for any organization to accomplish all the goals and objectives in an
appropriate manner. For that reason, second manager mentioned that Pfizer always look to
recruit people with maximum knowledge and skills for fulfilling innovative goals and objectives.
The third manager has mentioned that introduction of new process or technology can easily grab
the attention of the targeted customers. As a result, it can have greater positive impact on the
overall profit level in a major way. On the contrary, similar innovation does not really add value
procedure. Therefore, there is every possibility of certain technology or process becoming
obsolete, which increases the market related threat factor in a major way.
Q3. Do you think systematic approaches towards innovation are important in Pfizer?
This question has focused on assessing the importance of maintaining systematic
procedure for fulfilling all the requirements associated with the operational procedure. Here, the
managers have mentioned that systematic approaches can allow organizations to cover all the
areas associated with the innovation activities. As a result, it allowed Pfizer to distinguish itself
from the other prime competitors in the market. The managers have mentioned that systematic
approach also allows organization to understand the kind of innovative activities initiated by the
others for minimizing the cost associated with the operational procedure. Moreover, the
systematic approach can also help Pfizer to segregate innovation activities in two prime
categories including cost minimization related innovation and resource maximization related
innovation for performing all the responsibilities.
Q4. What is the degree of similarity associated with the innovation process of Pfizer?
To answer this question, the first manager has highlighted the fact that Pfizer always
made conscious effort to make sure the innovative process or technology is completely new in
the market. The manager added that without introduction of complete new things, it would be
extremely difficult for any organization to accomplish all the goals and objectives in an
appropriate manner. For that reason, second manager mentioned that Pfizer always look to
recruit people with maximum knowledge and skills for fulfilling innovative goals and objectives.
The third manager has mentioned that introduction of new process or technology can easily grab
the attention of the targeted customers. As a result, it can have greater positive impact on the
overall profit level in a major way. On the contrary, similar innovation does not really add value
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55BUSINESS MANAGEMENT
to the overall business management process. For that reason, it is critical for the organizations to
maintain lower degree of similarity for maximizing the impact on the business process.
Q5. Do you believe in the concept of incentive for innovation?
This question deals with assessing the significance of relatively new term incentive with
innovation. Thus, it focuses on assessing the ways added benefits or increment can induce
employees to get involved with different innovative activities. Here, the first manager has
mentioned that financial increment is key for encouraging employees to go beyond the targeted
activities. Financial increment can allow employees to remain in positive frame of mind over the
sustain period of time. As a result, it encourages organization to initiate different changes in the
business procedure for maximizing the profit. However, the second manager has highlighted that
financial benefits is not the only thing that guarantees high quality innovation activities within
the business process. In fact, there is combination of different factors that determines the overall
efficiency of the innovation procedure. Therefore, Pfizer need to focus on different areas for
accomplishing all the goals and objectives of business process in an appropriate manner.
Q6. Do you think proper utilization of brain storming process is important for innovation
activities within the business management?
To answer this question, the first manager has mentioned that brainstorming is one of the
important process for generating new ideas and concepts. The second manager has mentioned
that brain storming process allow employees to think out of the box for performing the given
responsibilities. Third manager has mentioned that brainstorming is the preliminary step of
generating new concepts and ideas. Therefore, the quality of the brainstorming process can
actually determines the quality of the eventual innovation. For that reason, Pfizer spend more
time and money for accomplishing in the brain storming process so that best idea for innovation
to the overall business management process. For that reason, it is critical for the organizations to
maintain lower degree of similarity for maximizing the impact on the business process.
Q5. Do you believe in the concept of incentive for innovation?
This question deals with assessing the significance of relatively new term incentive with
innovation. Thus, it focuses on assessing the ways added benefits or increment can induce
employees to get involved with different innovative activities. Here, the first manager has
mentioned that financial increment is key for encouraging employees to go beyond the targeted
activities. Financial increment can allow employees to remain in positive frame of mind over the
sustain period of time. As a result, it encourages organization to initiate different changes in the
business procedure for maximizing the profit. However, the second manager has highlighted that
financial benefits is not the only thing that guarantees high quality innovation activities within
the business process. In fact, there is combination of different factors that determines the overall
efficiency of the innovation procedure. Therefore, Pfizer need to focus on different areas for
accomplishing all the goals and objectives of business process in an appropriate manner.
Q6. Do you think proper utilization of brain storming process is important for innovation
activities within the business management?
To answer this question, the first manager has mentioned that brainstorming is one of the
important process for generating new ideas and concepts. The second manager has mentioned
that brain storming process allow employees to think out of the box for performing the given
responsibilities. Third manager has mentioned that brainstorming is the preliminary step of
generating new concepts and ideas. Therefore, the quality of the brainstorming process can
actually determines the quality of the eventual innovation. For that reason, Pfizer spend more
time and money for accomplishing in the brain storming process so that best idea for innovation
56BUSINESS MANAGEMENT
can be selected. However, all the managers have mentioned that quality of brainstorming ideas
heavily depends on circumstances in was conducted. Thus, it is critical to keep all the employees
in positive frame of mind for maximizing the efficiency of the brainstorming process.
Q7. What are the limitations associated with innovation and technology usage within the
business management process of Pfizer?
This question has concentrated on highlighting different drawbacks and limitations
associated with the innovation activities of Pfizer. Here, all the managers have mentioned that
with the innovation of any new technology, organization will have to change the entire process.
Therefore, it induces organizations to invest massive amount money on the overall business
management process. Moreover, organizations also have to provide proper training and
development facilities for the employees so that they can able to cope up with all the challenges.
As a result, any changes in the process directly creates different initial hick up in the business
processes. For that reason, it is critical for any organization to develop a pre plan to route to
handle all types of obstacles in an effective manner.
can be selected. However, all the managers have mentioned that quality of brainstorming ideas
heavily depends on circumstances in was conducted. Thus, it is critical to keep all the employees
in positive frame of mind for maximizing the efficiency of the brainstorming process.
Q7. What are the limitations associated with innovation and technology usage within the
business management process of Pfizer?
This question has concentrated on highlighting different drawbacks and limitations
associated with the innovation activities of Pfizer. Here, all the managers have mentioned that
with the innovation of any new technology, organization will have to change the entire process.
Therefore, it induces organizations to invest massive amount money on the overall business
management process. Moreover, organizations also have to provide proper training and
development facilities for the employees so that they can able to cope up with all the challenges.
As a result, any changes in the process directly creates different initial hick up in the business
processes. For that reason, it is critical for any organization to develop a pre plan to route to
handle all types of obstacles in an effective manner.
57BUSINESS MANAGEMENT
Chapter 5: Conclusion and Recommendations
5.1 Summary of the Key Aspects
Pfizer is the organization that is taken into consideration. The organization is a
biopharmaceutical organization liable for developing drug using innovative technology so that
human diseases can be overcome. It is found from the research that innovation positively impacts
the business management of an organization and in case of Pfizer; innovation enhances their
profitability and brand recognition. It is also found that business people uses different models
like Blue-Ocean model, Porter’s five forces model to assess the capability of the organization to
develop new things competitors do not have. The organization also uses s-curve of innovation to
assess whether or not the organization needs to innovate some of their products or develop a new
products line. Moreover, the main aim of the research is to find out other impact of technology
usage and innovation in business management. In this aspect, five impacts are found-
identification of accurate solutions, attainment of greater competitive advantage, satisfied
stakeholders, ability to formulate new product line, increased productivity. Furthermore, the
research analysis also shows that Pfizer will have to be extremely careful with its innovative and
technological changing procedure for creating positive impact on the business management
process as innovation drives the success of their organization.
5.2 Key Results- Linking with research objectives
Objective 1: To formulate competitive growth strategies and analyze the impact of innovation
and technology usage on business economy
There are mainly five impacts that have been found from the research and that are-
identification of accurate solutions by analyzing the required innovation according to the
Chapter 5: Conclusion and Recommendations
5.1 Summary of the Key Aspects
Pfizer is the organization that is taken into consideration. The organization is a
biopharmaceutical organization liable for developing drug using innovative technology so that
human diseases can be overcome. It is found from the research that innovation positively impacts
the business management of an organization and in case of Pfizer; innovation enhances their
profitability and brand recognition. It is also found that business people uses different models
like Blue-Ocean model, Porter’s five forces model to assess the capability of the organization to
develop new things competitors do not have. The organization also uses s-curve of innovation to
assess whether or not the organization needs to innovate some of their products or develop a new
products line. Moreover, the main aim of the research is to find out other impact of technology
usage and innovation in business management. In this aspect, five impacts are found-
identification of accurate solutions, attainment of greater competitive advantage, satisfied
stakeholders, ability to formulate new product line, increased productivity. Furthermore, the
research analysis also shows that Pfizer will have to be extremely careful with its innovative and
technological changing procedure for creating positive impact on the business management
process as innovation drives the success of their organization.
5.2 Key Results- Linking with research objectives
Objective 1: To formulate competitive growth strategies and analyze the impact of innovation
and technology usage on business economy
There are mainly five impacts that have been found from the research and that are-
identification of accurate solutions by analyzing the required innovation according to the
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58BUSINESS MANAGEMENT
business requirement. The prime reason is that not all business require same demand and thus
innovation model should be developed according to the origination’s objectives. Moreover,
attainment of greater competitive advantage and satisfaction of the stakeholders are the major
impact of the innovation. Innovating business strategy provides competitive advantage as it
makes the particular organization different from others. Innovation does not only allow the
internal stakeholder to learn new things that enhance their personal skills but also provide the
customers with accurate solutions and products that they demands. Thus, in this way, the
satisfaction of the stakeholder can be attained. Another impact from the research is ability to
formulate new product line and enhancement in productivity that on the other hand increases the
profitability of the organization. Innovation allows an organization to perform their business
objectives with accuracy and faster. It is also found from the literature review that people always
prefer an accurate solution to their health reacted problem and more people thus use their brand
compared to others. This allows the concerned organization to incur more profitability.
Objective 2: To investigate the ability of the organization to adopt innovation and technology
for profitability of the organization
In this research it is found that the manager should encourage innovation in the
organization. It is also found that in terms of innovation designer’s leads the managers as
managers are only liable to make choices out of many but the designers formulate new strategies
and ideas to reinvent products and services. In addition to that, organizations use different
models to identify the competency of their organization as well as competitor’s company to
identify what innovation moves is necessary. These models are Customer Empathy Model,
Porter’s Five Forces Model, Blue-Ocean Model and the S-Curve for innovation. Thus, necessary
business requirement. The prime reason is that not all business require same demand and thus
innovation model should be developed according to the origination’s objectives. Moreover,
attainment of greater competitive advantage and satisfaction of the stakeholders are the major
impact of the innovation. Innovating business strategy provides competitive advantage as it
makes the particular organization different from others. Innovation does not only allow the
internal stakeholder to learn new things that enhance their personal skills but also provide the
customers with accurate solutions and products that they demands. Thus, in this way, the
satisfaction of the stakeholder can be attained. Another impact from the research is ability to
formulate new product line and enhancement in productivity that on the other hand increases the
profitability of the organization. Innovation allows an organization to perform their business
objectives with accuracy and faster. It is also found from the literature review that people always
prefer an accurate solution to their health reacted problem and more people thus use their brand
compared to others. This allows the concerned organization to incur more profitability.
Objective 2: To investigate the ability of the organization to adopt innovation and technology
for profitability of the organization
In this research it is found that the manager should encourage innovation in the
organization. It is also found that in terms of innovation designer’s leads the managers as
managers are only liable to make choices out of many but the designers formulate new strategies
and ideas to reinvent products and services. In addition to that, organizations use different
models to identify the competency of their organization as well as competitor’s company to
identify what innovation moves is necessary. These models are Customer Empathy Model,
Porter’s Five Forces Model, Blue-Ocean Model and the S-Curve for innovation. Thus, necessary
59BUSINESS MANAGEMENT
changes can be incorporated so that accurate solution can be formulated that allows more
profitability for the organization.
Objective 3: To analyze the impact of changing technology and innovation on business
management that indicates the economic growth of the organization
It is found from the assessment that business management comprises of two categories
that is internal and external business management. Innovation improves the ability of the
organization to outperform along with the attainment of the betterment of the organization as
well as the customers. Innovation not only allows the employee, who want to prosper through
utilization of their knowledge but to also allow the company to provide accurate solution to the
customers and fulfills their demand. Innovation also allows the company to formulate their
production line that diminished the cost of overall operation. Thus also enhances the profitability
of the organization. It is also found from the research study that the leaders of the organization
should also encourage innovation so that the workforce management can be motivated and new
ideas can be implemented suggested by their designers. In addition to that, innovation also
provides the opportunity to develop strategic partnership with other organization and suppliers
and also give chance to become globalized. This overall enhances the business management.
5.3 Recommendations
Objective 4: To recommend strategies for better adoption of innovation and technology for
business management
The organization should value on customer survey so that people suffering from different
disease can be identified. The survey also allow organization to know about different symptoms
that is related to a particular kind of business so that the company can find relevant solution if
they have any or innovate medicines for these patients.
changes can be incorporated so that accurate solution can be formulated that allows more
profitability for the organization.
Objective 3: To analyze the impact of changing technology and innovation on business
management that indicates the economic growth of the organization
It is found from the assessment that business management comprises of two categories
that is internal and external business management. Innovation improves the ability of the
organization to outperform along with the attainment of the betterment of the organization as
well as the customers. Innovation not only allows the employee, who want to prosper through
utilization of their knowledge but to also allow the company to provide accurate solution to the
customers and fulfills their demand. Innovation also allows the company to formulate their
production line that diminished the cost of overall operation. Thus also enhances the profitability
of the organization. It is also found from the research study that the leaders of the organization
should also encourage innovation so that the workforce management can be motivated and new
ideas can be implemented suggested by their designers. In addition to that, innovation also
provides the opportunity to develop strategic partnership with other organization and suppliers
and also give chance to become globalized. This overall enhances the business management.
5.3 Recommendations
Objective 4: To recommend strategies for better adoption of innovation and technology for
business management
The organization should value on customer survey so that people suffering from different
disease can be identified. The survey also allow organization to know about different symptoms
that is related to a particular kind of business so that the company can find relevant solution if
they have any or innovate medicines for these patients.
60BUSINESS MANAGEMENT
The employees in the organization should be trained properly regarding the new
technology in pharmaceutical industry. The organization can also conduct a meeting or training
classes by leaders and professional in pharmaceutical industry. In this way, the employee also get
chance to know about technology and get the opportunity to learn how to utilize these
technology to accomplish their job roles and responsibilities.
The employees in the organization should be trained properly regarding the new
technology in pharmaceutical industry. The organization can also conduct a meeting or training
classes by leaders and professional in pharmaceutical industry. In this way, the employee also get
chance to know about technology and get the opportunity to learn how to utilize these
technology to accomplish their job roles and responsibilities.
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61BUSINESS MANAGEMENT
6.0 Reference List
Acemoglu, D., Akcigit, U., Bloom, N. and Kerr, W.R., 2013. Innovation, reallocation and
growth (No. w18993). National Bureau of Economic Research.
Acemoglu, D., Gancia, G. and Zilibotti, F., 2012. Competing engines of growth: Innovation and
standardization. Journal of Economic Theory, 147(2), pp.570-601.
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review, 53(3), p.41.
Audretsch, D.B., Coad, A. and Segarra, A., 2014. Firm growth and innovation. Small Business
Economics, 43(4), pp.743-749.
Baker, J., 2012. The technology–organization–environment framework. In Information systems
theory (pp. 231-245). Springer New York.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production, 45, pp.9-19.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Bryman, A., 2015. Social research methods. Oxford university press.
Bucherer, E., Eisert, U. and Gassmann, O., 2012. Towards systematic business model
innovation: lessons from product innovation management. Creativity and Innovation
Management, 21(2), pp.183-198.
Burns, L.R. ed., 2012. The business of healthcare innovation. Cambridge University Press.
Casadesus‐Masanell, R. and Zhu, F., 2013. Business model innovation and competitive
imitation: The case of sponsor‐based business models. Strategic management journal, 34(4),
pp.464-482.
6.0 Reference List
Acemoglu, D., Akcigit, U., Bloom, N. and Kerr, W.R., 2013. Innovation, reallocation and
growth (No. w18993). National Bureau of Economic Research.
Acemoglu, D., Gancia, G. and Zilibotti, F., 2012. Competing engines of growth: Innovation and
standardization. Journal of Economic Theory, 147(2), pp.570-601.
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan
Management Review, 53(3), p.41.
Audretsch, D.B., Coad, A. and Segarra, A., 2014. Firm growth and innovation. Small Business
Economics, 43(4), pp.743-749.
Baker, J., 2012. The technology–organization–environment framework. In Information systems
theory (pp. 231-245). Springer New York.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production, 45, pp.9-19.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Bryman, A., 2015. Social research methods. Oxford university press.
Bucherer, E., Eisert, U. and Gassmann, O., 2012. Towards systematic business model
innovation: lessons from product innovation management. Creativity and Innovation
Management, 21(2), pp.183-198.
Burns, L.R. ed., 2012. The business of healthcare innovation. Cambridge University Press.
Casadesus‐Masanell, R. and Zhu, F., 2013. Business model innovation and competitive
imitation: The case of sponsor‐based business models. Strategic management journal, 34(4),
pp.464-482.
62BUSINESS MANAGEMENT
Chesbrough, H., Di Minin, A. and Piccaluga, A., 2013. Business model innovation paths. In New
business models and value creation: A service science perspective (pp. 45-66). Springer Milan.
Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation.
Oup Oxford.
Christensen, C.M., 2013. The innovator's dilemma: when new technologies cause great firms to
fail. Harvard Business Review Press.
Cockburn, I. and Long, G., 2015. The importance of patents to innovation: updated cross-
industry comparisons with biopharmaceuticals.
Cohen, L., Manion, L. and Morrison, K., 2013. Research methods in education. Routledge.
Coleman, R. ed., 2013. Deleuze and research methodologies. Edinburgh University Press.
Converse, M., 2012. Philosophy of phenomenology: How understanding aids research. Nurse
researcher, 20(1), pp.28-32.
Di Stefano, G., Gambardella, A. and Verona, G., 2012. Technology push and demand pull
perspectives in innovation studies: Current findings and future research directions. Research
Policy, 41(8), pp.1283-1295.
Evens, R.P. and Kaitin, K.I., 2014. The Biotechnology Innovation Machine: A Source of
Intelligent Biopharmaceuticals for the Pharma Industry—Mapping Biotechnology's Success.
Clinical Pharmacology & Therapeutics, 95(5), pp.528-532.
Fagerberg, J., Martin, B.R. and Andersen, E.S. eds., 2013. Innovation studies: evolution and
future challenges. OUP Oxford.
Fowler Jr, F.J., 2013. Survey research methods. Sage publications.
Gallagher, K.S., Grübler, A., Kuhl, L., Nemet, G. and Wilson, C., 2012. The energy technology
innovation system. Annual Review of Environment and Resources, 37, pp.137-162.
Chesbrough, H., Di Minin, A. and Piccaluga, A., 2013. Business model innovation paths. In New
business models and value creation: A service science perspective (pp. 45-66). Springer Milan.
Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation.
Oup Oxford.
Christensen, C.M., 2013. The innovator's dilemma: when new technologies cause great firms to
fail. Harvard Business Review Press.
Cockburn, I. and Long, G., 2015. The importance of patents to innovation: updated cross-
industry comparisons with biopharmaceuticals.
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64BUSINESS MANAGEMENT
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68BUSINESS MANAGEMENT
7.0 Appendix
1. Student ID and name:
E-mail address:
2. Supervisor name: Paul Booth
E-mail address:
3. Working Project Title: Impact of Innovation and Technology Usage on Business
Management
4. Project Type (please specify course and give module number):
Undergraduate project
Module Code: PM302
5. Background to and rationale of proposed research:
It is evident that lack of business innovation results in diminished profitability of
the organization. This also affects the brand’s reputation. Thus, adopting
technologies and innovation influences the working ability of the organization, the
managers of the organization are also able to adopt new business procedure
through which their business goals can be attained. In this research study, the Pfizer
is an organization that is taken into consideration. It can be said that if innovation is
not implemented in this company, there business process of developing drugs from
biotechnology will be affected. Thus, this research highlights the necessary things
that are required for this organization to innovate so that they can improve their
business efficiency.
The significance of business innovation is that it allows companies to implement
new strategies, ideas and technology in the business so that the profitability and
7.0 Appendix
1. Student ID and name:
E-mail address:
2. Supervisor name: Paul Booth
E-mail address:
3. Working Project Title: Impact of Innovation and Technology Usage on Business
Management
4. Project Type (please specify course and give module number):
Undergraduate project
Module Code: PM302
5. Background to and rationale of proposed research:
It is evident that lack of business innovation results in diminished profitability of
the organization. This also affects the brand’s reputation. Thus, adopting
technologies and innovation influences the working ability of the organization, the
managers of the organization are also able to adopt new business procedure
through which their business goals can be attained. In this research study, the Pfizer
is an organization that is taken into consideration. It can be said that if innovation is
not implemented in this company, there business process of developing drugs from
biotechnology will be affected. Thus, this research highlights the necessary things
that are required for this organization to innovate so that they can improve their
business efficiency.
The significance of business innovation is that it allows companies to implement
new strategies, ideas and technology in the business so that the profitability and
69BUSINESS MANAGEMENT
productivity of the organization can be maximized (Narula 2014). In addition to
that, businesspeople think that business innovation is a surviving skills and it is
positively impacts the customer’s expectations. Thus, every business should adopt
innovation to develop their working competency and quality of the work. In this
way, many customers can rely on the business that they are taking continuous
effort to grow their organization for the betterment of their stakeholders. Thus, this
research the impact of innovation is highlighted that allow organization in business
management.
6. ‘Gatekeeper’ permission
Date: 8th September, 2017
GSM London, Plymouth University
Dear
My name is ______________ and I’m currently beginning a research project for
BSc (Honours).
Subject to approval by University of Plymouth Ethics this study will be using a
questionnaire to assess the impact of innovation and technology use in business
management.
I’m writing to ask your permission to be allowed access to your office campus at
Pfizer with a questionnaire to fill out. This should not take a large amount of time
and can be conducted at a convenient time and date to be arranged. All I will need
is to arrange a suitable time with you to come and provide the questionnaires to the
employees of the organization. I will also ask some interview question to the
productivity of the organization can be maximized (Narula 2014). In addition to
that, businesspeople think that business innovation is a surviving skills and it is
positively impacts the customer’s expectations. Thus, every business should adopt
innovation to develop their working competency and quality of the work. In this
way, many customers can rely on the business that they are taking continuous
effort to grow their organization for the betterment of their stakeholders. Thus, this
research the impact of innovation is highlighted that allow organization in business
management.
6. ‘Gatekeeper’ permission
Date: 8th September, 2017
GSM London, Plymouth University
Dear
My name is ______________ and I’m currently beginning a research project for
BSc (Honours).
Subject to approval by University of Plymouth Ethics this study will be using a
questionnaire to assess the impact of innovation and technology use in business
management.
I’m writing to ask your permission to be allowed access to your office campus at
Pfizer with a questionnaire to fill out. This should not take a large amount of time
and can be conducted at a convenient time and date to be arranged. All I will need
is to arrange a suitable time with you to come and provide the questionnaires to the
employees of the organization. I will also ask some interview question to the
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70BUSINESS MANAGEMENT
mangers regarding the research topic.
All answers and results from the questionnaires are kept strictly confidential and
the results will be reported in a research paper available to all participants on
completion.
If this is possible please could you E-mail me at (email address) to confirm that
you are willing to allow access to the employees and managers so that they can
participate in the research?
Yours sincerely
Name
7 Methods of data collection:
Survey Question to employees
Q1. How far do you agree that innovation is important in present economic
condition of Pfizer?
Q2. How far do you agree that organizational versus technological innovation can
improve business management process of Pfizer?
Q3. How far do you agree that innovation and organizational growth is correlated
with each other?
Q4. How far do you agree that impact of technological changes have created
positive impact on the business management process of Pfizer?
Q5. How far do you agree that a different approach is required for successful
innovation procedure?
Q6. How far do you agree that systematic approach is important to improve
mangers regarding the research topic.
All answers and results from the questionnaires are kept strictly confidential and
the results will be reported in a research paper available to all participants on
completion.
If this is possible please could you E-mail me at (email address) to confirm that
you are willing to allow access to the employees and managers so that they can
participate in the research?
Yours sincerely
Name
7 Methods of data collection:
Survey Question to employees
Q1. How far do you agree that innovation is important in present economic
condition of Pfizer?
Q2. How far do you agree that organizational versus technological innovation can
improve business management process of Pfizer?
Q3. How far do you agree that innovation and organizational growth is correlated
with each other?
Q4. How far do you agree that impact of technological changes have created
positive impact on the business management process of Pfizer?
Q5. How far do you agree that a different approach is required for successful
innovation procedure?
Q6. How far do you agree that systematic approach is important to improve
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