To do so requires a certain synergy between strategy and innovation Essay

To do so requires a certain synergy between strategy and innovation. Clarify the link between 'strategy' and 'innovation'. Also explain how a proper balance can be achieved between strategy and innovation - Essay Example This can also be considered as the prime barrier to sustainable value differentiation. This is also one of the prime objective as well as observation point of the current research study. Literature on innovation has claimed that innovation can be considered as one of the crucial success for the survival and growth of any firm. It has also been proportionally related to sustainable and competitive advantage to any company. Despite the presence of various definition and concepts on innovation, researchers have not been able to conclude one single definition for innovation. According to Vyas (2009), five different expression of innovation can be represented as follows; According to Therrien, et al. (2011), innovation can be described as a complex procedure related to processes and production functions. Here, companies try to build and acquire unique technological, strategic and marketing competence. These competencies can be acquired through resources and capabilities possessed by the organisation. Another important factor is transformation of these resources into distinctive innovation by innovation capabilities. At an organisational level, innovation represents the propensity and receptivity of the firm to establish and create new ideas leading to development as well as launch of new services and products. According to OECD and Eurostat (2005), Innovation is described as â€Å"implementation of a new or significantly improved product (good or service), process, a new marketing technique or a new organisational method in business practice, workplace organisation or external relations.† From the above definition it is clear that innovation in this contemporary business and economic environment is not confined to a simple change in the service or product or brand extension to a new market, but can spread across various facets of an organisation including operations, logistics, planning

ARNP Project Last Wk Essay Example | Topics and Well Written Essays - 250 words

ARNP Project Last Wk - Essay Example From the diagram, it would be noted that for ARNP to effectively market its services to Gen Y, it first has to review its goals and plans for the organization at large and the Gen Y to be specific. After this, the need to undertake external analysis on the Gen Y segment to come to terms with major demographic variables that pertains to the people. After this, an internal analysis will be needed to be sure if the organization has adequately put its house in ready to accommodate new customers that will be coming in. the internal analysis is often translated by a SWOT assessment, based on which strategies and objectives for the Gen Y group will be developed. The final stage will require the development and implementation of an action plan. Because ARNP is in the health sector, its action plan must focus on how the organization can present differentiated services to the Gen Y so that members within the Gen Y population would choose ARNP over other competitors for the mere fact that ARNP has different services that the others cannot