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Faculty of management - Essay Example

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The article, ‘Hunger for innovation and global expansion will fuel Canada’s competitiveness: GE Canada CEO, Elyse Allen’ is highly pertinent in the current times because it raises critical issue of various factors that significantly influence expansion of business across…
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Faculty of management
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Faculty of management

Download file to see previous pages... According to her, Canadian businesses have stagnant growth because they not only lack resources but they have also not enough motivation for growth. Canadian Banks have conservative notions about businesses that discourage people to be creative. She nevertheless thinks that some of the government initiatives like Canada Export Development and Sustainable development Technologies have encouraged businesses to exploit new opportunities of growth in emerging economies. I agree with Allen that businesses must innovate to compete and expand. But at the same time, government must create facilitating environment for growth.
In the current environment of advancing technology and globalization, business has become highly competitive. Moreover, process of globalization has changed the dynamics of global business. Emerging markets of South East Asia, Middle East and BRIC countries offer huge potential for businesses. They are high growth markets with high income where demand for new product can be easily created (Hook, 2001). This is a very important factor that must be exploited by the business community. Growth of business contributes to the growth and development of nations. Thus, it becomes imperative that businesses must constantly make efforts to expand and grow. R&D facilities promote innovation of ideas, new product development and innovation in business processes for greater productivity. Furthermore, innovative approach and resource based strategy provide the firms with unique value creating capabilities that give them distinct advantage against their rivals. As such, they emerge as critical elements that facilitate businesses to compete successfully and grow even in adverse circumstances (Coombe and Georghiou, 2002).
Indeed, government initiatives are major incentives for businesses to look for new opportunities and motivate them for diversifying their interests. But unless and until they are backed by conducive environment of growth, ...Download file to see next pagesRead More
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