MEM510 HW2: Innovation and Entrepreneurship Assignment - Analysis

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Homework Assignment
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This assignment solution addresses key aspects of innovation and entrepreneurship, focusing on the strategies of 3M and Corning Glass. It analyzes how these companies foster creativity and build their core knowledge base. The solution also delves into case studies, including James Dayson, ZARA, Ford's Model T, and Alibaba, proposing additional innovative approaches for each. The assignment covers topics such as identifying and creating opportunities, serving existing markets, growing new markets, and rethinking service models. It provides a detailed examination of each case, offering practical solutions and insights for students studying innovation and entrepreneurial strategies. The assignment is based on the MEM510 course and its homework 2 requirements.
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Running head: INNOVATION AND ENTREPRENEURSHIP
INNOVATION AND ENTREPRENEURSHIP
Name of the Student
Name of the University
Author Note
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2INNOVATION AND ENTREPRENEURSHIP
Company Three Examples of creativity strengths
3M Strong product development abilities along with deep and thorough
technological competence in the overall innovation strategy, where the
resources will be allocated as slack, which will involve both time and space
Preparing an organization innovative by providing reward and recognition,
where efforts are highly appreciated than achievements throughout the whole
company
Providing power to the employees to perform something creative which will
help to counter the age old bureaucratic procedures (Anon, 2020)
Corning Non-stop support from the management to follow the innovative ways
through generation and application of knowledge, which will help the
organization to reinvent themselves and move forward to compete in this
global modern competitive world
Continuous support from the management in terms of providing financial
backup n the field of research and development, which is treated as one of
the most vital pillars of providing of innovative approaches to the business
environment where the organization performs their business operations
Involvement of the company in different joint ventures of high scales, which
has helped them to follow and apply various innovative ways and
approaches through their offerings to the society (Anon, 2020)
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3INNOVATION AND ENTREPRENEURSHIP
Innovation case Another way you suggest
Identifying or creating opportunities:
Suggest another way for: James Dayson
case study to identify and create
opportunity
Innovative approaches need to be efficiently used
by the organization efficiently and effectively
through the offerings of this organization. New
market places can be identified with proper
segmentation, targeting and positioning of the
products that are invented through strong
research and development processes. This will
also help to create fresh opportunities to provide
something new in the old market places as well,
or a new product as a whole can be invented,
which will help to meet the expectations of
people across the global market place
New ways for serving existing market:
Suggest another way for ZARA to
service existing markets
Being the biggest clothing retailer in the world,
fresh and innovative approaches need to be
followed by the management of Zara, so that the
offerings will always look new and the people
will be attracted enough towards them and avail
the wide range of clothing that will be offered by
them. Happy Hours approach can be
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4INNOVATION AND ENTREPRENEURSHIP
implemented which can be selected on random
basis daily, where the in-store customers will be
provided with attractive discounts on purchase of
a fixed number of clothes within the given time
Growing new market:
Suggest another way for Model T of Ford
to grow a new market
As this Model T is a pioneer model of the
organization of Ford, it needs to be made
attractive and look innovative through changing
some parts of the car with keeping the base of the
model unchanged. For example, the seats can be
used according to the tastes and preferences of
the people of a particular region where the model
will be sold. Apart from this, the design of the
wheels may also can be made different along
with the color of the car, so that it will attract the
people from different parts of the world to
purchase this car (HuangFu, 2014)
Rethinking Service:
Suggest another way for Alibaba to
rethink its service
Innovative approaches, like alarming the
customers in the time of arrival of new and fresh
offerings by sending a welcome message can be
used by Alibaba. Proper and ethical details along
with the images need to be provided with
customer reviews on bold also needs to be done,
along with providing instant discounts and
providing flash sales at a particular time of the
day (Li, 2019)
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Reference
Anon, (2020). [ebook] Available at:
http://www.innovation-portal.info/wp-content/uploads/Corning-Glass.pdf [Accessed
20 Jan. 2020].
Anon, (2020). [ebook] Available at:
http://www.innovation-portal.info/wp-content/uploads/3M.pdf [Accessed 20 Jan.
2020].
HuangFu, J. (2014). Organizational communication and the natural environment: A case
study of the ford motor company. Southern Illinois University at Carbondale.
Li, F. (2019). Cloud-native database systems at Alibaba: opportunities and
challenges. Proceedings of the VLDB Endowment, 12(12), 2263-2272.
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