Managing Change and Innovation Essay Example | Topics and Well Written Essays - 1500 words

Managing Change and Innovation - Essay Example But then again, are these measures sufficient? True enough, money, skilled workers, viable product and an aggressive marketing campaign will make a business (Henry & Mayle 2002). Combined with healthy competition, the result is a thriving conglomerate. Mixing this recipe a thousand times over results in several thriving conglomerates each vying for the top. What then is the missing ingredient that may bolster any business into longevity and resilience when pitted against several others like it? One businessman may claim that for a company to be able to keep abreast of the fast change in the market, it is important that the company keep close to the customer by creating a culture of openness and adopting a mindset of flexibility and inquiry (Brynteson 2010). Another argument is that technology must be taken full advantage of as it plays a key role in enabling radical new options and the implementation of bright new ideas (Tidd & Bessant 2009). â€Å"The only thing that does not chang e is change itself.† This phrase is true and that as a matter of fact, change is the only event not marred by its predilection to either occur or not. It is certain to ensue. By itself, one must then be vigilant and though complete preparation cannot be undertaken, it must still be carried on. Utmost diligence and keen foresight may be the only weapons that could hold off the crippling effects of constant evolution. Innovation as Catalyst for Corporate Dominance In business, this evolution is referred to as development or advancement or what is more commonly called â€Å"progress.† This is characterized as the continued instigation of ideas translated into product, process or theory. Often, this development is manipulated and taken advantage of by venture capitalists such that these inventions become their ticket in entering the global trading pool. Corporate officers  use management tools to dramatically increase the payoff from  innovation investments (Davila, Eps tein, & Shelton 2005). But in order to stay in the game, entrepreneurs cannot rely solely on the initial stance of their offer. It must be reinvented, upgraded and further developed so as to maximize its full potential. An outline of the guiding techniques for planning and implementation must be performed by enterprises to ascertain their performance vis-a-vis their goals (Carnall 2007). But then again, a particular object can only take on so much and time will come when it would eventually bow down to a more novel concept. As such, businessmen must employ any and all means necessary to make the most out of their offer. This is where marketing strategies and advertising campaign come to play. But a new advent in business management has emerged, such that promotional tactics and selling techniques have seemingly taken an abrupt exit, in the guise of innovation management (Trott 2008). Innovation Defined Innovation, from a business perspective, is defined by Mayle (2006) as a vehicle of growth. Innovation is the strategy necessary to remain an active player in the global market by continually revolutionizing the economic structure, creating new products and enhancing current business processes. Schumpeter (1943), in his work, has maintained that in order to stay in the economic playing field, entrepreneurs must constantly search for better ways to satisfy their patrons by offering the best quality in the lowest cost possible. In another, it is claimed that the primal objective of a corporate entity