Innovative and Entrepreneurial Approach, Strategic Formulation and Implementation - Essay Example

Strategy Management Question Over a period of time a number of researchers have offered different views about innovation and its importance and implication on the changing entrepreneurial strategies. According to Damanpour and Schneider, (2006), innovation incorporates the aspects of discovery or creativity as well as the utilization or diffusion. Drucker, (2014) has offered an extensive view of innovation in relation to the entrepreneurial strategies. As per Drucker, (2014), innovation can be seen as an important tool for entrepreneurs to utilize internal and external environmental changes as opportunities of future growth. According to the author innovation is a discipline that can be learned and practices through different levels and strategic movement of an organisation. Drucker (2014), has evaluated that entrepreneurial strategies are the practices and policies of organisations to establish as well as re-establish the fundamental relationship with the external organisational environment. The author has illustrated that innovation in entrepreneurial strategies assist organisation to adopt changing economic characteristics of market, product, process and industry. It also enables entrepreneurs to search and occupy specialized as well as ecological niche (Drucker, 2014). Druker (2014), has evaluated the importance of innovation in the entrepreneurial approach towards the formulation and implementation of organisational strategies. The analysis of the role of innovation and entrepreneurial approach in the organisational strategies has illustrated various important attributes which as aimed to lower down the barriers towards changes that often discouraged by top management. The author has explained that innovation and entrepreneurial approach has allowed organisations to reform their strategies to secure the leadership position by introducing new products, processes and services. This approach influences the organisations to become more risk-averse while offering greater rewards upon success. The innovative approaches of the business strategy of Blackberry can serve as an important example in this context (Drucker, 2014). Their undeniably captivating and irresistible mobile e-mail facility innovation has assisted the marketers to gain a rapid popularity within global market. Their market strategy to become first-to-market has neutralized the effects of their premium pricing strategy. Hence, the incorporation of innovation and entrepreneurial approach has assisted the organisation to secure leadership position in the market. Alternatively, the gradual complexity of organisational structure has increased the risk-averse tendency of the company. This situation has hampered the innovative approaches of the implementing and formulating the organisational strategy. Therefore, it has narrowed the organisation’s position in the competitive landscape (Drucker, 2014). Druker (2014), has also elaborated that the innovative and entrepreneurial approach in the strategy making process allow firm’s to exploit the success of other organisations. This strategic implementation of creative imitation enables organisations to improvise the product and processes of other organisations as per the preference and demand of new market. Therefore, it provides them the added advantages that the creator failed to offer to the new market segment (Drucker, 2014). As per example, the innovative strategic approach of Apple Inc. to improvise the mobile phone system by creating a cross between laptop computer and mobile phones has revolutionised the matured and saturated market. The introduction of iPhone has assisted the organisation to reform the mobile phone market while securing the leading position within global competitive landscape (Allen, 2015). The innovation and entrepreneurial approach towards the strategic formulation and implementation not only enable organisations to introduce innovative and improvised products, it also assists them to aim for leadership and market dominance by utilizing the strengths of market leaders as their weaknesses. This innovative strategic approach assists entrepreneurs to design products or services for different market segments which are undefended by the market leaders (Allen, 2015). As per example, this innovative approach in strategic formulation and implementation has enabled a number of Japanese organisations to secure the market leadership position in the US market. High profitability of various American organisations has assisted the marketers to focus on the high-end consumers. Various Japanese organisations have utilizes this opportunity to introduce low-cost and minimum functioned products for the other section of the market. This strategy has enabled them to capture the leadership position in the market due to low resistance from US organisations (Allen, 2015). The innovative and entrepreneurial approach on organisational strategy also allows marketers to change economic characteristics of industry, products and market. This innovative strategic approach enables firms to create customer utility, customer’s reality while delivering value for products and pricing (Drucker, 2014). As per instance, the introduction of free internet access by Yahoo had created a revaluation in the internet usage facility of consumers. This facility introduced by Yahoo had initiated the usage of sponsorship and advertisement for the financial gain of the different internet service providing organisations (Schaltegger and Wagner, 2011). Though the innovative approaches provide various advantages in terms of organisational strategic implementation, it also causes various risks for businesses to secure desired financial and competitive position. Innovation only confers competitive advantage only if the competitors are not replicating it in their own businesses (Schaltegger and Wagner, 2011). The constant creative imitation by different organisation easily reduces the effect of innovative strategies of organisation. Implication of innovative strategies requires huge investment from organisations. On the other hand, the high uncertainty and risks regarding innovative strategic implementation can cause loss of finances for organisation (Schaltegger and Wagner, 2011). The application of innovation and entrepreneurial approach to organisational strategies will continue to expand across border in the future due to the existence of various circumstances such as entrepreneurial mindset, shifting environment of business, entrepreneurial collaboration and growth in environmental and sustainable engineering technologies. Entrepreneur’s ability to use insight, think differently and envision the future growth evolves the usage of innovation in the entrepreneurial strategic programs. The environment of businesses is shifting to accommodate the requirement of rapidly changing market players. Simultaneously, innovation and entrepreneurship are starting to flourish around the globe and will likely take the form of much smaller and bolder companies (Allen, 2015). To conclude the discussion it can be said that innovation and entrepreneurial approach in the formulation and implementation of organisation’s strategy is an important attribute of local as well as global businesses to ensure market leadership and sustainability. The innovative strategic approach of organisations assists the management to explore different market segments and create niche market. Innovative entrepreneurial strategy not only influences organisations to introduce new products and processes, it also assists them to aim for market dominance and leadership. Though the application of innovation in organisational strategies is evolving due to changes in business environment and growth in technologies, the potential risks of strategic failure and financial losses also restrict organisations from utilizing innovative approaches. Question: 2 Hill, et al., (2014) have explained that the strategic change management provides a structured approach towards the application and incorporation of changes in a planned and systematic manner to effectively implement new processes and methods within the ongoing functions of organisations. The authors have also mentioned that the goals of the strategic change management are to prepare workforce for the ongoing transformation of market, increase the knowledge of management to face changes in the dynamic market environment and prepare the organisation to embrace the changes. Herrmann and Nadkarni (2014) have explained that the strategic changes within an organization can range from minor restructuring of staff to merger and acquisition of other companies. According to the researchers, managers need to streamline the essential future changes with the current operations of the organization. The successful implementation of the procedure required proper planning, control and communication from management of organizations. A number of factors can restrict the effective approach of managers to implement strategic changes in organization. These factors include lack of communication and planning. The barriers also include employee resistance and lack of consensus. The lack of communicational channels and inadequate initiatives to communicate the application of changes with the workforce can generate rumour and fear within the workplace. The ignorance or inability of management to communicate the reasons and effectiveness of all the organisational changes affects the performances and job satisfaction of employees (Fiss, et al., 2006). As per example, downsizing of Burberry Plc. has caused the sharp decline in the overall organisational performance. The inadequate communication of management has created fear and sense of rejection within the workforce. Therefore, it has created stress within the existing workforce which subsequently affected their job performance and loyalty (Fiss, et al., 2006). The absence of step-by-step planning of the management can cause failure of the incorporation of change within organisational culture and function. The management need to properly evaluate the changes and their applicability in the organisational system. For example, the failure of management to assess the need for new technological system and its compatibility with the old systems of the organisation can cause huge financial setback for the organisation (Naranjo-Gil and Hartmann, 2007). As per instance, during 2013 Avon Product Inc. has demonstrated massive failure in terms of implementing SAP program. The management decided to implement SAP program to streamline the marketing and operational processes of the organisation. The improper integration of the current organisational operations with the advanced SAP program has caused huge disruption within the regular functions of the organisation. The absence of step-by-step planning has increased the difficulty of the usage of SAP program by the representatives of Avon (Kepes, 2013). The resistance of employees to the changes can be considered as one of the major barrier towards the application of strategic change management within organisation. The major changes tend to disrupt the familiarity of the employees which subsequently reduces their level of performances. The inefficiency of management to properly train the employees as per the applied changes in the organisational work process and culture can cause failure of organisational functions. As per example, an article of Brettel, et al., (2012) has mentioned that most of the almost 50% of quality improvement programs and 30% of process reengineering provide unsuccessful results due to employee resistance and improper handling of the management. As per instance, the Eastman Kodak Company has demonstrated huge failure due to its resistance to the change. The organization has strongly believed that their strength is on their brand reputation and marketing tactics. Therefore, the employees and management of t he organization resisted the change towards digital age. This failure has hugely affected the market reputation as well as brand value of the organization (Mui, 2012). The implementation of change management need to be initiated from the top management level of any organization and it should be properly integrated all the levels of management of the organization. The lack of consensus of all the levels of management and absence of proper understanding regarding the effectiveness of the changes can certainly cause failure to the proper implementation of the strategic change management (Fiss, et al., 2006). For example, Lumber Liquidators has experienced failure in implementing the new Enterprise Resource Planning (ERP) program due to the lack of integration of all the managerial levels. Insufficient attention of the top level management, improper training programs and inadequate assessment of program application has caused failure in the change management process within Lumber Liquidators (Fiss, et al., 2006). In spite of the proper administration of the entire necessary steps organisation may face failure in terms of applying strategic changes within organisation. The rapid changes in organisational and social culture can restrict the entire well-throughout plans of organisation. The dissimilarities of changes with the systems of organisation can also cause huge financial loss for organisations (Naranjo-Gil and Hartmann, 2007). Effectively managing the changes within organization requires proper movement of current state of organization towards the future desired state by incurring minimum cost and efforts. According to Paton and McCalman, (2008), management needs to diagnose the current state of the organization and design the desired future state of the organization in order to successfully implement the changes across the organisation. According to the discussion it can be conclude that the inefficient planning, improper workforce management and absence of proper communicational channel can restrict efficient and effective execution of change management in organisation. The lack of consensus and proper management to employee resistance to adopt can also cause failure to the application of strategic change management. It can also be said that the efficient planning and proper communication plan can also fail due to the changing organisational environment and incompatibility of the organisation with the desired changes. Question: 3 The concept of corporate culture has been evaluated and illustrated by various researchers over a period of time. Guiso et al., (2014), have described that corporate culture generally represents and unspoken communicational code within the members of organisations. Erhard et al., (2007) has defined that corporate culture is a set of values and behaviour which contribute in creating a unique social as well as psychological environment within an organisation. Eccles, et al., (2012) have explained that the successful corporate culture of organisations is composed of various elements such as organisational structure, methods of decision making, internal communication pattern, employee loyalty and motivation and operational style. Well-defined and well-established corporate culture is an important ingredient for the success and competitive advantages of any organisation. Healthy corporate culture assists organisations to accept and appreciate diversity, provide equal opportunities to each employee, respect every employee and their contribution to the organisation and generate open communication within organisation in terms of policies and corporate issues (ODonovan, 2007). Establishing healthy corporate culture is essential to retain valuable employees of organisation. The healthy culture of organisation assists management to value their employees in terms of their contribution towards the business. This practice influences the experience of positive attitude and high morale of employees towards the organisation. Therefore, it generates employee loyalty and reduces employee turnover (Fiordelisi and Ricci, 2014). As per instance, the spirit of innovation and participation has been considered as an important element in Nokia’s corporate culture. The organisation has codified their entrepreneurial behaviour which ensures the continuous learning of employees as well as respect for individual within the organisation. These practices assist the organisation to generate the loyalty of employees while achieving a competitive position in the market (Fiordelisi and Ricci, 2014). Healthy corporate culture also assists organisations to improve the overall productivity and stability. Increased productivity ensures the efficiency and effectiveness within organisation due to improvement of communication and development of employee’s mental, personal, emotional and creative aspects. The mission statement of Starbucks can be used as an instance of healthy corporate culture (ODonovan, 2007). The mission of the organisation elaborates their target to provide great work atmosphere to the employees that combines unique benefits for employees and innovative work program. This mission of the organisation initiates strong communication within all hierarchy of the business while developing the overall organisational performance. Hence, these practices positively impact the overall productivity of the entire organisation (Fiordelisi and Ricci, 2014). Healthy corporate culture also enables the employees to deliver quality products and services. This process also enhances the reputation of the organisation within the operated market. Corporate culture with the value of highest standards assists organisations to create an atmosphere for employees to deliver products and services which meets those highest standards. It also enables organisations to enhance their market reputation by delivering values to consumers (ODonovan, 2007). As per example, the corporate culture of Mattle Inc. follows a highest standard for their product innovation and production facility. Their organisational culture also influences the employees to meet the pre-defined standard of product and services. This culture has enabled the organisation to create a unique brand value for their Barbie Doll products across the globe (Fiordelisi and Ricci, 2014). Strong corporate culture is advantageous and desirable by organisations in a number of situations. Organisations require strong corporate culture to ensure proper customer services. It also advantageous for organisation in terms of incorporating innovative and creative attitude within the day to day work programs of the employees. The strong corporate culture is essential for organisation to achieve the competitive edge within their desired market and consumer segment. The adoption of strong corporate culture is advantageous for organisations which require great team cohesiveness and high employee morale to reduce employee turnover. Strong corporate culture is also advantageous for organisations to maintain the consistency of employee’s efficiency and performance while aligning towards the achievement of future goals. The strong corporate culture assists organisations to improve employer-employee relationship through the improvement of trust and persistence (Eccles, et al., 2012). The strong corporate culture of Southwest Airlines has enabled the management to maintain the consistency of the performance of their employees by enhancing the bond between the employer and employees. The employees are valued by acknowledging their personal life, achievements and contributions. This strong corporate culture has been proven to be advantageous for the organisation to reduce the turnover rate while elevating the overall performances (Eccles, et al., 2012). Though strong corporate culture is desirable by organisations, it also possesses a number of disadvantages. The strong corporate culture generally institutionalizes different behavioural norms within employees. The “herd mentality” within organisational culture can discourage the innovative approaches as well as individual initiatives of employees. Strong organisational culture sometimes also displays ignorance towards the adaptability of changes in the society and market. Therefore, it can be disadvantageous for organisations to secure a competitive position within an ever changing and advancing market. The rigidness of strong culture may demonstrate low acceptance towards the changes brought by new recruits, employees or business partners. This rigidness of culture hampers the relationship of organisations within their stakeholders. It also reduces the innovative and creative approaches of the employees (Fiordelisi and Ricci, 2014). As per conclusion it can be said that the adoption of strong and unique organisational culture provides a wide range of advantaged and benefits to organisations such as employee retention, innovation, higher productivity and competitive edge. The corporate culture needs to be flexible and adoptive towards the changes in terms of market, technologies, social and cultural values. The rigidness and low adaptability of corporate culture may damage the employee-employer relationship. It can also reduce the competitive advantage of organisation. Question: 4 According to Weber, (2009) the power in organization can be defined as the probability that influences the workforce of organisation to carry out their own will despite any resistance. As per the author power provides the ability to create and monitor organisational practices in a different direction. As per Pfeffer, (2013) organisational politics involves activities that influence the management to acquire, develop and utilize power to obtain preferred outcomes in difficult situations. Power and politics play a huge role in organisational strategic development which varies from governing the decision making to initiating employee interaction. The role of power and politics in the development of organisational strategies depends on whether employees are utilizing it positively or negatively. Organisational politics directly influence the power of employees in terms of determining whether the overall culture of the organisation encourages strategic development (Pettigrew, 2014). The positive power within any organisation involves the enhancement of productivity. This process includes empowering employees to make decisions, appointing employees in terms of supervising power and rewarding employees in terms of strong performance. Positive power enable organisation to fulfil their strategic movement in terms of motivating the employees to work harder to achieve the desired organisational goal. Proper distribution of power within the all level of hierarchy also assists the organisations to enhance the confidence of workforce. The adequate and efficient distribution of power within the employees of organisation assists management to achieve their strategic goal to reduce the turnover rate (Pennings, et al., 2014). Reward power, expert power and legitimate power are the examples of positive distribution of power within any organisation. Reward power assists the management to motivate the employees by offering rewards, raise and promotions. This kind of power enables the management to ensure the satisfaction and loyalty of the employees. It also influences the workforce to implement their best to the organisational work culture. Expert power demonstrates the expertise, skills and competence of a person. The proper usage of this power assists the leader to gain respect from the subordinates. It also assists them to effectively direct the employees to achieve the organisational goal. Legitimate power comes with the position of the authority. The proper usage of the higher position, efficient resource distribution and equals treatment of all the employees assists the management to improve their legitimate power. Legitimate usage of power allows the management to gain respect of the subordinate (Haslam, et al., 2013). The reward and incentive program of Google can be utilized as an example for positive power distribution within the employees. The organisation believes in rewarding the innovative and creative employees to influence the healthy competition n within the organisation. The legitimate utilisation of power allows the management to provide a healthy work Atmosphere for the employees. Therefore, it enhances the employee engagement which subsequently results in high productivity and brand value (Steiber and Alänge, 2013). Huczynski and Buchanan, (2013) have argued the limitations of power within organisation which subsequently hamper the development of organisational strategies. Improper distribution and unethical utilization of power cause reputational and financial damage to organisations. Improper utilization of power influences favouritism as well as threatening in the practices of organisational functions. Hence, it adversely affects the job satisfaction as well as the morale of employees. This situation can hugely affect the organisational strategic development by increasing the employee turnover and reducing the productivity (Pennings, et al., 2014). As per example, unethical utilization and distribution of power had generated sexual harassment within the factory workforces of Mitsubishi within 1992. Various complaints of the female workers had been ignored by the management during that phase of time. Hence, this negative power play had affected the organisational strategy to create harmony and increase productivity. The Equal Employment Opportunity Commission has d charged $150 million as a compensation for the negative power distribution of the organisation. Therefore, the improper utilization of power had affected the organisational strategy of Mitsubishi to retain employee satisfaction as well as achieving desired financial gain (Pennings, et al., 2014). The easily understandable political culture and positive workplace politics assists organisations to encourage productivity within workforce. Establishing clear political functions and culture within organisation assists the employees to easily adopt the organisational work processes (Cummings and Worley, 2014). It also enables the management to motivate the employees to spend more time on producing quality work. A political climate that is focused on equal and collaborative treatment assists the management to prevent conflict. These practices of organisational politics assist businesses to establish strategic development in terms of enhancing employee-employer relationship and organisational productivity (Huczynski and Buchanan, 2013). Negative application of organizational politics generates the tendency of conflict within the workforces of any organization. It encourages employees to engage in unethical and dishonest behaviour that influences favoritism. Hence, these practices result in demotivation and job dissatisfaction within the employees. This process also affects the organizational strategic development by reducing the productivity as well as influencing the unethical practices. Organizations without clear policies lead to employees spending more time searching for answers and attempting to fix problems than actually completing quality work (Cummings and Worley, 2014). Lobbying can be considered as an unhealthy politics utilized by organizations to manipulate the decisions of government or other higher authorities. Lobbying activities affects various small and medium companies that have limited resources to lobby. This activity also affects large organizations that voluntarily refrain from lobbying by adopting different negative procedures. As per instance, during 2010 General Electric has spent $39 million dollars on lobbying to avoid tax of $4.7 billion. This practice of various leading organization restricts the tax related income of the country. It also affects the development of small and medium business within the market (Mathur, et al., 2013). The discussion can be concluded by illustrating that the role of power and politics can provide positive as well as negative effects on the development of organisational strategies. The effect of power and politics is hugely depended on its positive and negative application within the organisational culture and work procedure. The positive application can assist organisation to achieve their desired goal in terms of employee retention and financial gain while the negative implementation can provoke lower productivity and loss of resources. Question: 5 Due to the increased demand of the dynamic and competitive environment, the challenges are getting higher to understand strategic issues faced by organisation to develop and establish long-term competitive advantages. According to Marchi et al., (2013) and Porter (2008), there are generally two bases of Competitive advantages such as cost advantage or cost leadership and differentiation advantage. The five force framework of Porter can be considered as one of the major tools to establish the bases of competitive advantage within organisations. Porter (2008), offered five competitive force framework that assist organisations to determine their strength and weaknesses. This analysis also enables organisations to evaluate the competitive advantages in the present as well as the future market. According to Porter (2008) the five force framework includes the analysis of the threat of new entrants, evaluating the bargaining power of the customer and suppliers, assessing the intensity of rivalry and determining the strength of substitutes. Porters five force framework provides simple approach towards the analysis of industry structure. Analysis of the strength and capabilities of new entrants assists organisations to evaluate their market entrance as well as business development strategies. The five force framework analysis assists organisations to identify and determine the attractiveness of the industry as well as the source of competition. According to Johnson, et al., (2008) the five force framework assists organizations to reveal insights about profitability in the current and new market. Moreover the framework allows organizations to compare the effects of the competitive forces with its impacts on the competitors. Competitors may possess different resources and competence to react to the changes in competitive forces. The analysis of new and existing competitor’s strengths and capabilities can allow management to assess the structure of whole industry. Hence, it enables organizations to allocate potential market and introduce new strategies to achieve the cost leadership within the selected market (Chen, and Miller, 2014). The improper usage of five force framework by Coca-Cola Company can be utilized as an example here to demonstrate the importance of the framework to assess the competitive position of new and existing competitors as well as the substitutes. The improper utilization of Porter’s five force framework has only assisted Coca-Cola Company to analyze the existing soft drink market. On the other hand, the organization had neglected the new entrants such as fruit juice companies and coffee houses. Therefore, this organization has faced a huge competition from the increased number of coffee bars and fruit juice brands. The proper analysis of substitutes and new market entrants has assisted the organization to increase their product line to different fruit juice brands such as Tropicana and Minute Maid. The timely and efficient analysis may also assist the organization to enter in the market of coffee and tea beverage selling (Porter, 2008). Johnson, et al., (2008) has mentioned that five force framework can be used to develop strategic options to improve performance and influence relative position in industry. Strategic choices of organisations need to take account of the external environment of the operating industry. The proper analysis of five forces framework assists organisations to determine the evaluation and strength of substitute products which may result from the advancement of technological as well as the entrance of potential competitors in market (Dobbs, 2014). The analysis of five forces also illustrates the changing demands, preferences and buying power of the potential consumers. Therefore, it assists organizations to strengthen their competitive advantages by differentiating their product, service and cost strategies in terms of competitor’s product, substitute products and market demands (Healy, et al., 2014). As per examples, the leading manufacturer of vacuum tube, PM Components Ltd, has faced threat due to the increased supply and new market entrant of new semiconductors and silicon chips. The proper analysis through the five force framework has assisted the organisation to differentiate their product and service line as per the changing technology and preferences of the market. This product differentiation can certainly assist the organisation to achieve desired competitive advantage in the market (Healy, et al., 2014). The capability to properly assess threats and opportunities within the current and future market can be considered as another important contribution of five force framework. The analysis of strong competitors force through the five force framework can be viewed as a threat. The activities of competitors prohibit organisations to achieve their desired competitive position in terms of profit generation (Wagner and Hollenbeck, 2014). On the contrary, the weak competitive forces indicate opportunities for organisations to gain desired profit. Proper assessment of this kind of circumstances can enable organisations to formulate appropriate strategies to utilize the opportunities while neutralising the effects of potential threats (Cummings and Worley, 2014). As per example, Apple Inc. is utilizing the opportunities regarding the market demands for high end technological products. On the other hand, they are restructuring and tightening their environmental policies to minimize the threats regarding the pollution generation through manufacturing process (Wagner and Hollenbeck, 2014). Hamel and Prahalad (2013) have evaluated various limitations of the applications of five forces model. According to the authors, the five forces framework provides relatively static structure of the market. They have also evaluated that the framework provides details about relatively stable market condition. Therefore, this framework has less capability to analyse new business model and dynamic market changes. Hamel and Prahalad (2013) have also illustrated that the five force framework hardly considers issues regarding the implementation of changes to reposition for strategic advantage. According to the analysis it can be concluded that the proper illustration of five forces model can provide huge support to organisations in terms of assessing the competitor products, strategies and services. It also enables organisations to possess clear view regarding new technological advances and substitute products. Hence, it can assist organisations to design their product and pricing strategies to create a differentiation within the targeted market. These strategies can assist organisations to establish competitive advantage in their desired market. On the other hand, the inability to assess complex market structure and dynamic market changes can restrict the desired outcome of the five force analysis. Reference List Allen, K. R., 2015. Launching new ventures: an entrepreneurial approach. Connecticut: Cengage Learning. Baregheh, A., Rowley, J. and Sambrook, S., 2009. Towards a multidisciplinary definition of innovation. Management decision, 47(8), pp. 1323-1339. Bloodgood, J. 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