Dynamic Strategy That Encourage Organization Innovation
Task:You are required to review an organisation case study including information about the organisation’s internal structure, market research techniques, and R&D methodology.
The case study will also include information regarding relevant regulation and economic conditions affecting the organisation.
Assessment Description: You must then record a Disruptive Innovation Video Presentation reflecting on the organisation’s capacity to innovate from the following perspectives:
- Internal perspective: Prepare an analysis of the key internal structures impacting the organisation’s innovative capacity and offer recommendations.
- External perspective: Prepare an analysis of the key external factors impacting the organisation’s innovative capacity and offer recommendations.
- Marketing perspective: Prepare an analysis of the key marketing and customer related factors impacting the organisation’s innovative capacity and offer recommendations.
- Technology perspective: Prepare an analysis of the organisation’s innovative processes and whether they enhance the organisation’s innovative capacity and offer recommendations.
Innovation is the term that enables an organization to produce and offer new and enhanced products and services in the market. This is the process that is required to be adopted by management in order to gain competitive advantage in the market. Dynamic strategies as well as disruptive innovations lead to gain organization economic position in the market. Henceforth, dynamic strategies enabling the management to perform their functions in the most appropriate and systematic manner has been underpinned in response to Millennium Health Sciences (MHS).
- Internal perspective: The MHS Group is currently encompassed with two different businesses operating within itself. Neutrino has been manufacturing Vitamin supplements and Dermatech is the manufacturer of advanced skin care products. Each of the businesses is headed by General Managers and are thus, accountable to the Board of Directors and CEO of the company. The General Managers have autonomy and thus, are very dedicated towards managing the operations (Schoemaker, Heaton & Teece, 2018). The managerial structure of the company is top-down, this states that the decision making process comes from the top hierarchical level to the lower level of management. The General Managers and Senior Executive Team comprises of the lower level of management and thus, are dedicated towards the effectiveness of the decision making process. It has also been believed that the work culture and apprehension has been maintained due to the contribution of senior executives through ranks. This has also contributed towards the innovation capacity of the company through both the businesses operated in collaboration (Christensen et al., 2018).
- External perspective: MHS are consistently divided into certain shareholders from last 10 years that are engaged to the business even at the time of low profits. The company is required to build effective relationship with its shareholders, so that certain percentage of dividend can directed toward research and development projects with high long term potentials (Ramdani et al., 2018). Moreover, it has been a major concern to the executive committee and board of directors of the company to set status quo thinking that might be responsible to circulate the irrelevant information, implementing market shares price of company. It has been evaluated that the products are available over the counter, just in a manner doctors recommends the vitamins and products to their patients. Henceforth, the company is focused to its R&D factors that enable organizations to enhance its innovative capability.
Moreover, the company is required to adopt effective strategies that will lead to enhance the overall performance and productivity of the company. In addition, the doctors that are appointed must have experience of about 4 years in the field of dermatology, so that appropriate and effective results can be determined to the patients (Coccia, 2018).
- Marketing perspective:
The products of MHS are available at the counter and hence, skin professionals recommend skin care products and vitamin supplements as per the requirement of the patients. However, spas, skincare clinics and specialised beauticians also play a significant role in promoting the products of MHS. Neutrino has been known for its research and development department that plays a great role in performing market research and commercialisation. The management of the organisation has developed certain new products through administering the needs of skin and health requirements. With several years of research, Neutrino has researcher about seaweed that costed the company $12.0 million and the new range of product called Poseidon is expected to generate $350 million in a single year (Kachouie, Mavondo & Sands, 2018).
In respect to Dermatech, the research and development department is situated in Sydney, and as per research, it has been observed that the company operates in cosmetic dermatology and cosmeceutical domains. In the export market of the company that handles the distributors. The marketing manager has visited China and Indonesia and has driven profits from their export products. As per a senior executive of this business, it has been stated that export markets are good but it might not be effective if no expertise is available and the primary focus for Dermatech is Australia. The company is also found to be working in joint venture with the Asian market. It can be recommended that the R and D department can enhance their export if they appoint an expertise.
- Technology perspective: The company highly used advanced technologies in aspects to enhance its product and performance that can be established in Australian market as well as in Asian market. The company also gained to develop commercialization and also certain active ingredient has been developed on the basis of seaweed extract. There has been an overlapping incident that leads to unnecessary duplication in the research method. Thus, the company must use appropriate records of the research in order to eliminate such kind of unnecessary operations (Coccia, 2018).
Conclusion: From the above study, it can be concluded that research and development department has been playing a significant role in understanding the market condition and thus, this has also assisted the companies in performing their operations on a wider basis. This has also provided the companies a wide range of opportunities for supporting innovation in their advances skincare products and vitamin supplements. Additionally, the study has also put forth an in-depth focus on market research and development in terms of innovation. Dynamic strategy and disruptive innovation assignments are being prepared by our management assignment help experts from top universities which let us to provide you a reliable best assignment help service.
Christensen, C. M., McDonald, R., Altman, E. J., & Palmer, J. E. (2018). Disruptive Innovation: An Intellectual History and Directions for Future Research. Journal of Management Studies, 55(7), 1043-1078.
Coccia, M. (2018). Disruptive firms and industrial change. Journal of Economic and Social Thought, 4(4), 437-450.
Coccia, M. (2018). Disruptive firms and technological change. Quaderni IRCrES-CNR, 3(1), 3-18.
Kachouie, R., Mavondo, F., & Sands, S. (2018). Dynamic marketing capabilities view on creating market change. European Journal of Marketing, 52(5/6), 1007-1036
Ramdani, D., Primiana, I., Kaltum, U., & Azis, Y. (2018). Business Growth Strategy on Telco Indonesia through Dynamic Capability and Supply Chain Management with Competitive Strategy as Driver Factor. Academy of Strategic Management Journal.
Schoemaker, P. J., Heaton, S., & Teece, D. (2018). Innovation, dynamic capabilities, and leadership. California Management Review, 61(1), 15-42.