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Nnovation and Change: Leadership - Coursework Example

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Name Institution Course Instructor Date Innovation and Change Introduction Viability of a business depends on its ability to respond to the demand of its operating environment. In most cases, business owners look for appropriate methods of responding to market demand as well as employees demand in order to achieve the objective the business…
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Nnovation and Change: Leadership
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Download file to see previous pages Firms display various responses depending on the ability of the leadership. Able leadership creates strategies, which projects organization’s performance in the future. Hence, the notion leadership of the firm would influence innovation. This paper evaluates the above claim by identifying key areas in leadership that influence innovation in an organization. What is innovation? Management theorists accept innovation definition to mean an organization ability to introduce a new idea (Galavan, et. al. 2008:123). The above definition explores various areas that an organization can engage into innovation. First, is the product innovation and second is the process innovation. The areas, which would illustrate instances of chances in business enterprise routine, include successful exploitation of a new idea in an organization through embracing a start up (Crawford, 2001:3). Replacement or improvement of business processes with an aim of increasing organization’s productivity or efficiency, or quality improvement of the existing products. A firm can demonstrate new ideas by introducing a new product into the market. Some firms can also demonstrate innovation through enhancing their ability to differentiate the market with a view of changing the existing market competition (King, and Anderson, 2002:146). Concisely, innovation must introduce creativity in the organization that would influence the outside business environment and the inside business environment. Drivers of change include short life of a commodity, existing regulations, consumer behaviour, competition, and financial pressure, changes in economy, future expectation, and state of technology among other factors. Importance of innovation in a business Entrepreneurs’ interest is to observe a competitive business. The competition in the market influences the ability of an enterprise to survive. This challenge dictates that the business must introduce new techniques in the market with a view of influencing its customers to buy its product. Changes in economy influence the buying behaviour of the consumers. For instance, during the economic depression, many consumers shifted buying patterns. The depression left many businesses grappling in loses. Markets are rapidly forming and changing fast thereby making the pre existing services and goods less attractive to the consumers (Baker, 2002:12). The advent of new technology makes the pre-existing technology obsolete. For example, digital technology influenced the consumption of the analogue technology. Short life of goods presented in the market makes innovation a viable option for the business because consumers will no longer show any interest in the goods. For example, clothing apparels should respond to the existing fashion, failure of a business to introduce the current fashion means that the business is not appealing to the consumers. Management critics believe that response of a business enterprise towards economic trends in the market would determine the viability of the organization (Ceserani, 2003:142). The competency of the organization in designing effective innovative strategies would defines the business potential in the market. Management consultants contend that innovation is the major factor that dictates business existence in the market (Susman, et. al. 2006:6). The ...Download file to see next pagesRead More
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