Managing Innovation and Entrepreneurship.

by | Sep 2, 2021 | Uncategorized | 0 comments

Assignment Content Reference pp. 87-88 in Ch. 4 of Managing Innovation and Entrepreneurship. Competitive advantage, according to Hisrich and Kearney (2014), requires organizations to engage in six processes to maintain innovation. Organizations like Google™, Amazon, Apple®, Android, Facebook®, Siri®, Virgin Group®, Microsoft®, and eBay® have done this successfully. Select an organization other than those listed above (Google™, Amazon, Apple®, Android, Facebook®, Siri®, Virgin Group®, Microsoft®, and eBay®) to explore competitive advantage and the six processes to maintain innovation discussed in Hisrich and Kearney (2014). Write a 700- to 1,050-word paper in which you analyze how the selected organization is meeting the concepts of competitive advantages as outlined in Hisrich and Kearney (2014), on pp. 87-88. Be sure to include information about the following: The organizational leadership philosophy on innovation Activities the organization is actively engaged in to sustain competitive advantage within its industry R&D initiatives the organization is involved in for long-term competitive advantage Format your paper consistent with APA guidelines. Submit your assignment. Resources Center for Writing Excellence Reference and Citation Generator Grammar Assistance pp 87-88 below In today’s environment, to sustain competitive advantage, organizations need to recognize that customer groupings are more differentiated and competition has intensified. Change in one area such as technological advancement and development has resulted in changes in other areas such as more intensified competition as customers have access to a much broader and diverse group of companies to buy goods. For example, originally Google was a search engine; currently it has the world’s leading mobile platform in Android and provides a strong alternative to Facebook in Google+. Amazon originally sold books; now it sells services competing with Apple iOS devices and Android. Apple originally sold computers and MP3 players; now it sells phones and tablets, dominating the market with the iPhone and the launch of the iPhone 4S, which introduced a new approach to search technology with Siri, its voice-activated search and task-completion service built in. Apple’s iPhone 4S Siri voice search has intensified competition for Google. More recently, Apple launched the iPhone 5 and iPad mini, which emphasizes the significant pace of innovation necessary in the technology industry to stay competitive. Facebook provided the most disruptive web platform since Google’s search engine. With 1.06 billion active users and growing, Facebook is rapidly extending its tendrils into the web at large; this competes with Android, Apple, and Google. To be successful, organizations must continually reduce costs, improve quality, enhance customer service, exceed customer expectations, and offer products and services that are innovative and have what customers value. These improvements are the very basic requirement to retain some market share. Being competitive is very different than achieving sustainable competitive advantage. Achieving competitive advantage needs to be a core part of strategy and instilled within the management philosophy so that the organization will continually be innovative and entrepreneurial and this strategy is the foundation of the organizational culture. Competitive advantage requires organizations to do the following: Adapt to external environmental changes Be customer driven and focused Have flexible strategies and processes that can meet the needs and diverse requirements of customers, suppliers, distributors, regulators, and stakeholders Be able to quickly respond to the fast pace of change in the environment by recognizing and taking advantage of opportunities that emergeProactively meet and exceed the needs of customers in light of existing competitionActively engage in R & D to continuously prioritize the development of new products, services, processes, markets, and technologiesOrganizations that are more adaptable, focused, flexible, responsive, proactive, and engaged in R & D are in a more favorable position not only to adapt to the complex, dynamic external environment but to generate change within that environment and sustain competiveness. Innovation and entrepreneurship are the key sources of sustainable competitive advantage as evident from leading entrepreneurs such as Richard Branson (Virgin Group), Bill Gates (Microsoft), Pierre Omidyar (eBay), and Mark Zuckerberg (Facebook). Continuous innovation, entrepreneurial activity, and an ability to bring about positive changes are the key success factors (KSFs) that define corporate performance in the dynamic, complex, knowledge economy of the 21st century.The Role of Innovation, Entrepreneurship, and Strategy in Achieving Sustainable Competitive AdvantageInnovative and entrepreneurial organizations develop a strategy that can effectively lead to the commercialization of the new and novel products or services in the marketplace with a sustainable competitive advantage. Strategic management and entrepreneurship are dynamic processes that are intended to enhance organizational performance (Kuratko & Audretsch, 2009).Strategic management focuses on how competitive positioning can create advantages for organizations that, in turn, enhance performance (Porter, 1980, 1996) and achieve sustained competitive advantage. Strategic planning requires top management to focus beyond the current external environment and envisage the organization’s market position in the short, medium, and long term. It necessitates the ability to evaluate the resources and core competencies in terms of how they can be utilized to create new sources of value. Innovation and entrepreneurship are the key to successfully developing competitive advantages. The challenge is to develop innovation and entrepreneurship as a core competence of the organization. In a global competitive economy, the most successful strategies are those that are integrated with innovative and entrepreneurial activities that offer superior value and create wealth. Strategy and strategic management define the direction of the organization and how well it is achieved. Management needs to develop a strategy that focuses on the best ways for the organization to create and sustain a competitive advantage while simultaneously identifying and developing new opportunities. Innovation and entrepreneurship are focused on searching for new opportunities that will create value for the organization, customers, and stakeholders. Strategy is focused on sustaining competitive advantage and achieving above-average returns. Simultaneously embracing entrepreneurial philosophies, an entrepreneurial climate, and entrepreneurial strategic behaviors increases the likelihood an organization will identify and use its unique capabilities as a pathway to increasing its performance (Ireland, Covin, & Kuratko, 2009). Therefore, the integration of innovation and entrepreneurship for opportunity identification and development and a strategy for sustaining competitive advantage are necessary for value and wealth creation. Organizations that can develop competitive advantages today, while using innovation and entrepreneurship to cultivate tomorrow’s advantages, increase the chance of survival and growth in the long term.

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