Answer to Question #244483 in Management for Stupid

Question

1. Evaluate and explain the importance of innovation to the success of a business or business organization of your choice

2. How leaders can use OD to assist with strategies to include and promote a culture of innovation?

Provide at least one example from PICs to explain each of the above questions.

Answer 1

Modern businesses grow and succeed for a multitude of reasons in today's business environment. Some businesses are known for their products, while others are known for their services, and yet others are known for less obvious qualities such as strong brand loyalty or captivating marketing campaigns. However, if you look at the companies that actually stand out today as industry leaders, you'll notice that they all value innovation. Apple, a relatively young company that challenged the status quo by changing processes at the core of their industry, is among these ingenious CEOs. A company cannot expect to maintain a competitive advantage if innovation is not part of its overall business strategy, regardless of industry or current position. As a concept, innovation refers to the process through which a person or company creates new products, processes, or ideas, or approaches existing products, processes, and ideas in new ways. Apple is an excellent example of a firm that has effectively embraced innovation throughout its existence. In the 1990s, for example, the company was on the verge of bankruptcy but was able to avert it by striking a collaboration with Microsoft, a competitor at the time. This decision shaped Apple's entire corporate strategy and cleared the path for the iMac's debut, which marked the company's overall turning point. Apple's ability to develop and keep the brand current, as well as differentiate themselves from competition, has been aided through innovation.