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Innovation Management Assignment: Factors Influencing Increased Global Demand

Question

Task: You are asked to write and submit a stiort. scholady essay, using an academic essay format, on the following topic:

Outline the reasons why changing global markets require organisations to focus on meeting customers perceived value expectations. Include a discussion about what an organisation needs to do in order to meet these customer expectations.

The purpose of this assignment is to help you gain a deeper understanding of the nature and implications of an important contemporary challenge that organisations face in the 21 Century You are expected to draw on a minimum of six (6) academic journal articles and texts to underpin your arguments presented in this essay.

Answer

Introduction
This innovation management assignment identifies areas of innovation management that are associated to the growing and fundamental significance of introducing certain strategic and analytical tools for handling organisational operations. Innovation management is directly linked to creativity of the employees and thus, stimulating innovation make organisations secure from the probabilities of risk. The innovation management assignment effectively puts forth the reasons for every organisation to meet the needs and preferences of the customers. Strategic importance of customer value along with customer orientation and customer engagement has also been a major concern in this innovation management assignment. Significance of meeting customers’ wants aligning it with different models have added authenticity to the findings of the study.

Discussion
Outline the reasons why the innovation management assignment require organisations to focus on meeting customers’ perceived value expectations, including what an organisation needs to do in order to meet these customer expectations Strategic importance of customer value

In recent years, it has been observed that technological advancements have been a major and crucial aspect for attracting customers and making them inclined towards seeking for services and products of an organisation. Thus, it is cleared that product uniqueness, cost effectiveness and appropriate pricing strategies adds up in gaining loyal customer base for an organisation. As analysed by Noe et al., (2017), the concept of customer value can be created with the help of strategic creation of the products and services through proper combination of service, quality, and brand recognition and price determinants. This can effectively be achieved with the implementation of SQIP Approach, customer value can be properly summarised through the assistance of this approach. On this innovation management assignment Customer value is effective for enhancing the weightage of the products and services offered to the customers. Underlaid are the components of the afore-mentioned approach that have been considered:

SQIP Approach

Approaches

Description

Services or

Products

Services or products are the physical evidence through customer satisfaction is facilitated and thus, in turn the company is also able to drive profit from the delivery of products and services. Higher the appropriateness of the services and products, the higher the profitability rate and brand recognition.

Quality

With delivery of every product or service, it is necessary to ensure that the requirement has been passed through quality test. It is the core responsibility of the quality management department of an organisation to ensure the quality standard through implementing ISO 9001: 2015 (principle of quality standard). The consistency and authenticity of the products and services are required to be focused on (Frow et al., 2015)

Image

Brand recognition or image of the company plays a great role in attracting customers and making a loyal base out of it. Existing customers possess the power to attract new customers. For this, it is necessary to ensure about good reputation of the concerned organisations.

Price

Among different pricing strategies like pricing at premium, economic pricing, price skimming, bundle pricing, market penetration or psychological pricing, in case of a start-up, it might be beneficial to follow market penetration pricing strategy. This can assist the company with more customers as compared to its competitors.

Table 1: SQIP Approach
(Source: Created by Author)

global market innovation management

Figure 1: SQIP Approach
(Source: Created by Author)

Customer value and customer orientation in global market
In the business world, a lot of focus is required to underpin the customer expectations and respond to customer orientation. Globalisation can be considered as a wider and greater opportunity for organisations to expand and also transfer their products and services to customers. This concept also supports the emergence of global customers on global platform. It is also necessary for organisations to ensure that there is a reduction in the cost inefficiencies and lessening in duplicity of efforts among national and international subsidiaries. There must be improved linkage among different marketing infrastructure that can lead to better service and product delivery to the customers (Lasserre, 2017). As per the three different principles of marketing, principle of customer value, principle of competitive advantage and principles of concentration towards customers’ needs are useful for mobilising the efforts for maintaining the operations of an organisation. In global market, foremost function of an organisation is to ensure that it has skilful and creative employees who are inclined towards facilitating innovation. Ability of technological embracement is also one of the crucial concerns for companies.

For instance, smart phones, tablet computers or automated cabinets are certain different technologically advanced gadgets. Evapolar USB portable mini air conditioners are also a great technological advancement.

Such afore-mentioned advancements are useful for attracting customers and ensuring about higher profit maximisation. This can also be useful for facilitating innovation management within the organisation. Innovation can play a significant role in attracting customers and creating loyal base (Wu & Huarng, 2015).

Significance of meeting customers’ expectations in respect to changing global market
In response to changing global market, apart from meeting the needs and preferences of the customers, it is necessary to first identify the ways through which the expectations can be met. Proper market analysis can be helpful as a strategic analytical tool for identification of the expectations of the customers. Under laid are certain ways through which necessity of identification of the preferences of the customers can be deciphered:

Getting to know the customers: Before understanding the needs of the customers, it is necessary to get them know and their wants, this makes easier for the management of an organisation to deliver appropriate services and products to customers (Frynas & Mellahi, 2015).

Reaching right buyers: There are customers who prefer window shopping and thus, might not be the right customers. Thus, it is necessary to identify the right customer and then make efforts to sustain them and make them their permanent buyers.

Innovative strategies and quality standards: Innovation and quality standards attracts more customers, thus, it becomes significant to deliver them services and products that are as per their preferences. Implementing certain regulation and legislation like ISO 9000 standards or statutory laws and principles is also important (Kuratko, Hornsby & Hayton, 2015).

Clear standards of team support: Collaboration among the team members is also a major factor for services delivery on this innovation management assignment. Creativity of the employees leads to innovation. This also leads to stimulation of transparency and consistent.

Significanceof meeting customers

Figure 2: Significance of meeting customers’ expectation
(Source: Created by Author)

Reasons for organisations to focus on meeting customers’ perceived value expectations
It is a great concern of every organisation to have its separate legal identity and brand recognition. For this, it is necessary for them to ensure that the quality of their services and products are maintained. Under accentuated are certain aspects associated to needs and preferences of the customers and thus, are necessary to be met.

Differentiation from competitors: Customer engagement and customer satisfaction must be the major concern of an organisation as this ensures about their separation from that of their competitors. Along with this, appropriate pricing strategies and quality standards also add up to the differentiation.

Creating loyal customer base: On this innovation management assignment existing customers are able to help organisations to attract new customers and when the customers get appropriate and satisfactory services from a single store, they have a tendency to return back to the same store. Loyalty here is potentially required for meeting the expectations of the customers (Goffin & Mitchell, 2016).

Word of mouth to be powerful: It is necessary to have a trustworthy relationship with the customers, where, word of mouth plays a significant role in customer engagement and customer orientation. However, word of mouth is considered to be the cheapest form of advertisement. In respect to global markets, there is a huge emergence of the customers

meeting customers in innovation management

Figure 3: Focus on meeting customers’ perceived value expectations
(Source: Created by Author)

IDIC Model
Through IDIC model, it becomes easier to understand the strategic significance of specialising the valuable customers in order to enhance and improvise the long-term organisational goals and competitiveness. This respective model is useful for understanding the concept of CRM relation with the company. Under laid are different stages of CRM implementation:

IDIC Model

Components

Implementation

Identify

In the identification stage, it is necessary to identify the needs and preferences of the customers. This can be done through conducting relevant information that can be effective for accomplishing organisational goals. In respect to global market, preferences of the customers are found to be fluctuating; thus, the management of the companies are required to conduct appropriate market analysis Cano-Kollmann, Hannigan & Mudambi, 2018.

Differentiate

This respective strategy is useful for understanding the difference of the concerned organisation as compared to other competitors. It is necessary for the companies to prioritise their customer relationship and sustain valuable clients.

Interact

Interacting with the customers with fluency in communication is also the next concern for the management of the organisations.

Customise

Proper documentation with customer interaction and is also helpful for pinpointing the expectations of the customers’ needs and preferences (Shabbir, 2015)

Table 2: IDIC Model
(Source: Created by Author)

Conclusion: From the above innovation management assignment, it can be concluded that it is necessary for the management of the organisations to ensure that their priority must be ensuring about customer engagement and customer orientation. Additionally, the study also puts forth about the support of models like IDIC Model in order to understand the wants and preferences of the customers. Along with this, it has also been evidenced about the role of organisations in meeting the expectations of the customers in respect to emerging global markets. Innovation management assignments are being prepared by our online management assignment help experts from top universities which let us to provide you a reliable best assignment help service.

References
Cano-Kollmann, M., Hannigan, T. J., & Mudambi, R. (2018). Global innovation networks–organizations and people. Journal of International Management, 24(2), 87-92.

Frow, P., Nenonen, S., Payne, A., & Storbacka, K. (2015). Managing co?creation design: A strategic approach to innovation. British Journal of Management, 26(3), 463-483.

Frynas, J. G., & Mellahi, K. (2015). Global strategic management. Oxford University Press, USA.

Goffin, K., & Mitchell, R. (2016). Innovation management: effective strategy and implementation. Macmillan International Higher Education.

Kuratko, D. F., Hornsby, J. S., & Hayton, J. (2015). Corporate entrepreneurship: the innovative challenge for a new global economic reality. Small Business Economics, 45(2), 245-253.

Lasserre, P. (2017). Global strategic management. Macmillan International Higher Education.

Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.

Shabbir, M. (2015). Innovation and competitiveness lead to industrial trade. Available at SSRN 2659847.

Wu, C. W., & Huarng, K. H. (2015). Global entrepreneurship and innovation in management.

Innovation Management Assignment


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