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Innovation and Entrepreneurship in Corporate Strategy Research Paper

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Updated: Jun 8th, 2021

Introduction

Innovation is a critical driver of a company’s progress and efficiency in a market of its choice. The urgency to adopt an innovation-based corporate framework intensifies as a company enters the environment of the global market and starts competing with organizations that have a pre-established presence in it. Therefore, strategies allowing for the unceasing monitoring of the key processes affecting a company’s performance, including both external and internal influences, are needed. For the company to meet the new requirements and participate in unceasing economic progress, one will need to integrate the principles of innovation-driven management and the tools such as force field analysis, stakeholder analysis, and Kotter’s change model.

Ongoing Environmental Monitoring

The introduction of tools for controlling the impact that the company has on the environment is crucial since the specified aspect of the firm’s performance affects the entire global community. While seemingly innocent in the short term, the outcomes of the continuous waste mismanagement and neglect of essential environmental standards are bound to have deleterious consequences, causing the quality of life and the levels of public health to deteriorate. Therefore, it is the ethical obligation of the firm to incorporate tools for continuous environmental monitoring into its system of organizational management. Waste management should also become an important corporate policy and an integral aspect of its sustainability policy.

An Entrepreneurial Climate

Apart from external issues, the management of the concerns that occur within the firm will also have to be regarded as critical. In order to keep staff members satisfied and motivated, the company will have to introduce the framework for keeping the number and intensity of workplace conflict to a minimum, addressing the emergent issues objectively. For this purpose, the principles of collaboration-based and compromise-oriented strategies will have to be integrated into the company’s context.

Encouragement of Entrepreneurial Behavior

Innovativeness should be integrated into the system of the firm not only on the level of decision-making but also on a smaller scope of individual performance and input. Each and every staff member needs to be encouraged to contribute to the improvement of the company’s performance by suggesting innovative ideas and opportunities for improvement. The described goals may be implemented in the form of financial incentives for proposing and completing innovation-oriented projects.

For this reason, the principles of entrepreneurial philosophy will have to be established within the organization. Defined by de Jong as “identification and exploitation of opportunities by individual workers to (also) advance their organization, which is generally characterized by employees’ innovation, proactive and risk-taking behaviors,” the concept of intrapreneurship should become an intrinsic aspect of the corporate philosophy. Based on the notion of innovation, intrapreneurial management will invite staff members to participate in the process of improving the company’s performance and shaping its philosophy (Shalley, ‎Hitt, & Zhou, 2015). In addition, managers will have to offer incentives for innovative solutions to problems faced within the organization.

In order to establish the principles of intrapreneurial thinking within the company, one will need a well-thought-out framework for building innovations. Three phases will be distilled in the process of integrating innovations with the help of intrapreneurship. These will include opportunity recognition, assessment, and exploitation (Kuratko, Goldsby, & Hornsby, 2018). The specified steps will be needed to ensure that the proposed innovation will be used actively by the company, will cover the expenses needed for its implementation, and be institutionalized within the corporate context. During the first stage, employees will generate ideas to proceed to champion the key goals and then to taking charge to implement the necessary steps and address any obstacles that may emerge on the way to completing the objectives.

A Strong Customer/Stakeholder Focus

Last but not least, the strategy that will allow satisfying the needs of all stakeholders associated with the organization will have to be integrated into the corporate context. Noticing key trends in customers’ demands and behaviors is paramount to the firm’s successful performance and the development of its competitive advantage. For this reason, introducing the tools for monitoring the target market and ensuring that the latest trends in customer demand are identified and met should be regarded as an absolute necessity for the organization at present. Surveys and questionnaires, along with additional opportunities for buyers to send their feedback, will have to be integrated into the firm’s communication approach.

Moreover, training courses that will help employees to provide customer service of the required quality will be needed. Staff members will be instructed on the approaches that should be used in customer communication, including negotiation and compromise, as well as other tools for effective conflict management (Wood, ‎Logsdon, Lewellyn, & Davenport, 2015). Furthermore, approaches toward customer retention will be utilized in the organization. Specifically, a customer program providing buyers with discounts and other options for saving money will be integrated into the framework for the firm’s pricing strategy.

Moreover, the needs of other stakeholders will have to be taken into account. Specifically, shareholders and the participants of the company’s supply chain, including its suppliers, distributors, investors, and other parties, have to become the focus of the firm’s decision-making. For this purpose, the organization will develop a large communication channel with the help of which it will receive feedback and critical information from its partners and provide prompt responses. The described approach will allow meeting the needs of the stakeholders instantly and establishing the principles of reciprocity and trust in the organization. As a result, the organization will be able to transfer critical information fast and locate any signs of possible discomfort among any of its stakeholders to introduce immediate measures for counteracting the emergent problems.

Conclusion

The incorporation of tools for implementing and monitoring innovation-driven changes will allow the organization to succeed in creating its competitive advantage and meeting customers’ quality expectations. As a result, the firm will be able to control external and internal influences that define its performance. The principles of innovation should be promoted at the organizational level within the firm so that staff members could accept them as the basis for the decision-making process and utilize them when addressing corporate issues. As a result, staff members will follow the principles that will make it possible for all stakeholders to benefit and have their needs satisfied. The opportunities for talent management and acquisition of new competencies, which an innovation-driven approach will introduce to the company, will cause the competitive advantage of the firm to rise. In turn, the management of the needs of other stakeholders will contribute to building a stronger and more effective supply chain. Finally, the promotion of an innovation-based management framework will help the firm to remain relevant in the fast-changing realm of the global market. Thus, the principles of incremental innovation have to be recognized as critical to the organization’s functioning in the global market.

References

de Jong, J. P. (2016). Entrepreneurial behavior by employees in organizations. Utrecht, Netherlands: Utrecht University School of Economics.

Kuratko, D. F., Goldsby, M. G., & Hornsby, J. S. (2018). Corporate innovation: Disruptive thinking in organizations. New York, NY: Routledge.

Shalley, ‎C. E., Hitt, N. A., & Zhou, J. (2015). The Oxford handbook of creativity, innovation, and entrepreneurship. Oxford, UK: Oxford University Press.

Wood, D. J., ‎Logsdon, J. M., Lewellyn, P., & Davenport, K. S. (2015). Global business citizenship: A transformative framework for ethics and sustainable capitalism. New York, NY: Routledge.

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IvyPanda. (2021, June 8). Innovation and Entrepreneurship in Corporate Strategy. Retrieved from https://ivypanda.com/essays/innovation-and-entrepreneurship-in-corporate-strategy/

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"Innovation and Entrepreneurship in Corporate Strategy." IvyPanda, 8 June 2021, ivypanda.com/essays/innovation-and-entrepreneurship-in-corporate-strategy/.

1. IvyPanda. "Innovation and Entrepreneurship in Corporate Strategy." June 8, 2021. https://ivypanda.com/essays/innovation-and-entrepreneurship-in-corporate-strategy/.


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IvyPanda. "Innovation and Entrepreneurship in Corporate Strategy." June 8, 2021. https://ivypanda.com/essays/innovation-and-entrepreneurship-in-corporate-strategy/.

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IvyPanda. 2021. "Innovation and Entrepreneurship in Corporate Strategy." June 8, 2021. https://ivypanda.com/essays/innovation-and-entrepreneurship-in-corporate-strategy/.

References

IvyPanda. (2021) 'Innovation and Entrepreneurship in Corporate Strategy'. 8 June.

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