Innovation & Technology Management Essay Example | Topics and Well Written Essays - 2750 words

Innovation & Technology Management - Essay Example Innovation done in a cost effective manner can lead to greater competitive advantage for business. Companies that fail to innovative themselves can suffer and face huge losses. Rapid innovation in a cost effective manner is needed for all the companies that intends to sustain in the market in the long run (Baregheh, Hemsworth and Rowley, 2014, pp. 147-158). Marketing, incremental, radical and technological innovations are primarily four types of innovation which can be a beneficial to a company. Marketing innovation refers to the innovation in the research, strategy, communication, analysis and operations of a business (Amores-Salvadà ³, Castro and Navas-Là ³pez, 2014, pp. 32). Innovation in marketing can take the form of development of new products or applying fresh advertising strategies that can result into the increase in the sales of a product. Incremental innovation refers to measures taken by company to reduce the cost of the products or innovating the goods and services offered to the consumers. Incremental innovation can be carried out through suitable improvements in the existing technology or business frameworks. Radical innovation on the other hand relates to the exploration of fresh technologies. The game changing new innovations can bring in more growth and launch a company in new market as compared to the improvements in the existing business technologies. Radical innovations lead to greater performance and cost saving in a business. Technological innovations relates to the constant invention, innovation and up-gradation in business technologies to increase the margins of profit, competitiveness, value from consumers and decrease excess cost. Technological innovations can be carried out radically or incrementally by a company to earn maximum benefit in the long run. The successful companies like Google, Apple, Samsung, IBM, Microsoft and Toyota understood the need for innovation

First of all i would like you to choose for me the name of famouse Essay

First of all i would like you to choose for me the name of famouse companies has crisis such BP just example i would like to ch - Essay Example It will provide all information regarding the problems faced by the company. The problems were more internal than external due to which a company that was claimed to be the world leader sometimes was been seen with an eye of doubt by its stakeholders and the consumers. The report will also highlight the major issues the company had with its products and the steps taken by the company to rise from this set back. The company gives a good example of how any organization needs stability and consistent approach of quality in its products. Also, it highlights that the work of its employees is not only on the functioning of the processes but also there is a responsibility they hold towards their own customers and stakeholders who wants to know a clear picture of the company. They are the ones who need more communication and to build this picture in front of them, it is recommended to work constantly in this direction. Overview of the company and the issues faced Mattel is considered once th e leader in the toy company in the whole world. Mattel was introduced as a garage workshop. It origins in 1945 in Southern California. The products is brought in early 80’s include match box, custom motors, Polly, barbie, casketball queen, battle force and monster high, and game consoles. It also found its space in the list of 500 largest industrial companies (Torget, 2002) Mattel won the title of being in the first 100 of "100 Best Corporate Citizens" Mattel is currently operating in more than fourty three nations with a huge work force of 31,000 people which is also and approximation with its headquarter in EL Segundo in California, United states of America. It is very great to hear that it is selling globally in more than 150 countries and since then expanding. Mattel claims many crowns due to the innovative work. One of them is "World's Most Ethical Companies." (Mattel, 2011). It is now a world leader due to the huge success and innovative ideas it has bring with it. With the introduction and success of Barbie in the year 1980’s it conquered the world leadership. Like various leaders in the world market, Mattel has attracted media due to its high growth and influence on the market. It also somewhere led to consumer distrust. Further, Mattel came into highlights when it started outsourcing its processes which also means loss of hundreds of American jobs to Asian nations due to cost. It also led to the moment of human rights organizations to take action against Mattel. But Mattel was consistent in telling the outside world, the investors and stakeholders that is it growing and there are no problems with its functioning but the inside story was something else which was highlighted to the outside world in the early years of 1994 (Morgenson, 1999). Next decision which turned down the trust of investors was turning to mergers and acquisitions for growth. The buying of Companies named Tyco Toys Inc, Pleasant Company, Bluebird Toys PLC maker of Polly Pocket and Learning Company. All the companies were bought at unusual high prices then the company‘s annual sales (Morgenson, 1999). In 2000’s, in view of taking the recovery actions towards transparency and corporate social Responsibility, Mattel started taking moves in the direction of regaining the trust and confidence among its consumers and investors. With that the operations team was also working judiciously to manage and bring up the