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Innovation and Change - Research Paper Example

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Literature Review: Innovation and Change Abstract Innovation is necessary for modern organizations to survive in the heavily competitive and globalized business world. Innovation provides market leadership to organizations. It is difficult for followers to survive in the ever changing international markets…
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Download file to see previous pages Change is often taking place in an organization based on the innovations in product, process or strategy. Radical and incremental innovations are usually taking place in the organizational world. Both radical and incremental innovations have the ability to cause huge changes in the organizational world. This paper analyses the importance of innovations and changes in the corporate world. Introduction According to Bordia, et al (2005), “Innovation is the ability to define and develop new products and services and deliver them to market. It is the fundamental source of value creation in companies and an important enabler of competitive advantage”(Bordia, et al, 2005, p.1). On the other hand Anjani, & Dhanapal (2011) defined organizational Change as a multifaceted process which is much more complex than human behavior. In their opinion, individuals are prone to organizational changes and have a normal inclination to react in the same way towards the type of organizational changes (Anjani, & Dhanapal, 2011, p.103). In any case it is a fact that change is inevitable in business or organizational world since science and technology are advancing rapidly. Traditional business principles have given way for innovative business strategies as competition is growing day by day in the business sectors. In fact the whole concept of business has been changed from domestic circles to international circles as a result of globalization and liberalization. It is impossible for a prominent organization to think about doing business only in the domestic circles and survive in the market. As the market is getting increasingly globalized, competition from external players is growing day by day. Changes in business strategies become inevitable under the above context. Innovation triggers many changes in organizations. Many of the traditional business principles have given way for modern business strategies as a result of the innovations in the organizational world. Structural, functional, managerial, cultural and strategic changes are taking place in modern organizations because of the rapid growth of innovation taking place in and around the organizations. Findings According to Susman et al., (2006) Innovation usually takes place based on products, processes and markets (e.g., new ways to serve customers (Susman et al., 2006, p.16). many people have the illusion that innovation means the development of new products alone. In fact the development of new processes and new business strategies are examples of innovation. Innovations based on products The story of Apple Company is the most relevant example to learn more about how well innovative products change the fortunes of a sick organization. In the 80’s and 90’s Apple struggled to survive in the market because of the heavy competition from arch rival Microsoft. However, during at the beginning of 2000, Apple bounced back from the verge of destruction with the help of its innovative “I” series products such as ipod, iphones, ipad, imac, itouch, itunes etc. All these products provided new experiences to the consumers all over the world and many people started to visualize Apple as the most important technological company in the world. Pfizer is another company which used innovative products for the sustainment of their growth. For example, Viagra is a revolutionary product introduced by Pfizer to cater the needs of sexually impotent people. Pfizer ...Download file to see next pagesRead More
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