Strategies for Innovation and Business Development: A Detailed Report

This report analyzes innovation and business development strategies, focusing on how established firms can innovate their activities. It uses Chateau Yaldara Wines as a case study to recommend strategies for intrinsic innovation, business strategy rebuilding, and fostering an innovation culture. The report emphasizes the importance of recognizing intrapreneurs, planning for externalities, determining priorities, and ensuring the right employees. It recommends proper monitoring of organizational performance using a Lean Startup approach. The report also highlights the need for a macro, globalized vision to enhance trends and innovative ideas, ultimately aiming to improve overall business performance and sustainability. The report provides recommendations for managers to review goals regularly, plan time frames, and budget for strategy implementation. This report from Desklib offers insights and recommendations for improving business development and innovation.

RUNNING HEAD: INNONATION AND BUSINESS DEVELOPMENT 1
Innovation and business development
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Introduction
Despite the explosive rate of innovation transforming many nations, how established
firms and organizations innovate their activities is significant. In order for defunct organizations
such as Chateau Yaldara Wines to be successful, strategies to attempt intrinsic innovation must
be recommended. The real economy comprises mostly of various established firms to realize
type real potential of organization-wide innovation (Perdomo et al, Pg.1141). Investing in a
business-wide innovation capability is important since the organization becomes a sustainable
innovation incubator. Therefore, product and service based innovation are significant.
Recommendations to build innovation capability
Rebuilding a business strategy
There exist various approaches to developing a clear level business strategy are being
discovered in the current world of technological advancement, globalization, shifting customer
needs and innovation (Darnall 2008, Pg.364). Enabling that a high-level business strategy stays
relevant when issued with innovation and change is key.
Build an innovation culture
In an organization employees involved in the development of innovative ideas should be
heartened and their ideas acknowledged, valued and assessed. Innovation strategies may fail if
the staffing of employees is based on a casual contract. Chateau Yaldara Wines should define
and measure strategic management competencies for innovation. It should also develop
innovation processes which are transparent and inclusive.
Recognition of Intrapreneurs

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These are individuals who operate within a large organization to ensure value is driven
by internal innovation. It should not rely on a job responsibility but should rely on an intrinsic
firm capability. This organization should ensure explicit executive protection to the intrapreneurs
significant to lead to an attempt at innovative ideas (Håkansson 2007 et al, Pg.322). Innovation
requires high team acceptance and incorporation of day to day practices. The Winery should rely
on breakthrough innovations to gain a competitive merit and a new sustainability. An innovation
team that requires management, metrics, trials, and error should be enacted to improve
operations.
Recommendations to improve business performance
Plan externalities in future
Having a macro, globalized vision will help Chateau Yaldara managers to enhance the
trends and new innovative ideas that can increase any time. Looking clearly outside the
organization enables it to plan and design a business model ensuring that performance is on par
with the competition and with other market sectors.
Determination of priorities
Researchers recommend that choosing several clear and objective driven goals and pursuing
with a certainty that it is possible to achieve them. This recommendation for improving business
performance is based on a choice of priorities.
Ensuring the right employees for the right strategies and operations

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At this point, the culture enhanced by Chateau Wines can be a determinant as a strategy
for improving business performance. It is significant to have a culture of organizational
teamwork. This is done with individuals who have such type of profile.
Proper monitoring of organizational performance
The organization should start executing and performing the operations that were initially
planned. Chateau Yaldara should aim to be a large company in its activities in order for it to be
prepared to face difficulties in competently evaluating its plans. The Winery should start a Lean
Startup approach that is aimed at designing with small features to please a customer base and
moving in the marketplace fast (Darnall 2008, Pg.368). Applying this approach to business
improvement brings interesting dimensions and methodologies as elements to improve its
performance. Goals should be reviewed regularly by the managers to improve changing trends in
any situation. Also, a time frame and a list of the budget required to complete a given task should
be planned in order to implement the strategies.

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References
Perdomo-Ortiz, J., González-Benito, J. and Galende, J., 2006. Total quality management as a
forerunner of business innovation capability. Technovation, 26(10), pp.1170-1185.
Håkansson, H. and Waluszewski, A. eds., 2007. Knowledge and innovation in business and
industry: The importance of using others. Routledge.
Hoerl, R. and Snee, R.D., 2012. Statistical thinking: Improving business performance (Vol. 48).
John Wiley & Sons.
Darnall, N., Henriques, I. and Sadorsky, P., 2008. Do management improve business
performance an international setting? Journal of International Management, 14(4), pp.364-376.