a) The invention refers to a concept for a product or a procedure that has not already been produced. It is fabrication of a new service or product. It is based on an original idea and its functions. The only skills required for invention are scientific skills which are required for understanding the intricacies of the new product. This can only occur if the innovator has scientific mind. The activities of invention are limited to research and development department.
On the other hand, when the invention idea is implemented for the very first time is known as innovation. It involves adding value to the existing product or services. It is about implementation of a new idea practically. It is essential for the individual to have skills pertaining to marketing, strategy, and technicalities. It is usually seen when there is a need for improvement of the product. The entire organizational processes are involved in the innovation process.
b) A company can innovate in different ways. Some forms are mentioned below:
c) Innovation may proceed sequentially and logically but sooner or later it may follow pattern. Thus, it can be said that innovation is not a linear process rather it is based on scenarios in the business environment such as needs of the market or the customer, the features of the product or services, and the capabilities of the business.
Thus, for innovations to be successful it is important for it to meet the market demands and needs with a suitable product and service with appropriate features to lead resolve the demand gap, all of which can be completed with the help of the company’s capabilities. The need of innovation can come up with the need to meet the demands of the changing market conditions, to meet the demand gap, or from using a new technology in a new market segment.
Thus, it can be concluded that innovation is not a linear process, and rather is a step in the progress of the business operations which can take its turn when required.
a) Technological capabilities are a concept which involves the business structure, technical processes, expertise and knowledge bases, managerial education and award programs and principles that are of special importance to a company or organization. Under theory, businesses must be able to manage, retain, adjust and assimilate the transferred technologies under order to withstand the emerging industrial environment. The activities and strategies are two core aspects of technical capabilities. In terms of patenting, product releases and problem solving activities, the research and development efforts should be taken into consideration, whereas the approach would be focused on technical sources.
Social capability is about inventions which involve innovative methods of reacting to common needs that are vital to sustain urban existence, foster public engagement for social problems that help to create a sense of self-government. social developments are important.
Many people clearly describe innovation can be defined in way in which profit can be achieved only if it is synergistically incorporated and goes outside the borders of a particular organization. The word systematic therefore applies to a structured network of innovation. Systematic innovation is a mechanism of evaluating and addressing the issues methodically with the primary goal to determine the right question to be addressed.
b) Trade regulations are very important for economic development because, if there are trade barriers then the business will not be able to operate efficiently. Favourable business regulations and social capital help the businesses to develop financially. Economic development cannot be achieved for a country if all these factors are not in favour of the business operations.
Developing countries must improve the capacities of local businesses in order to build a more sustainable innovation environment. Removal of obstacles to competition and the development of channels will contribute to an efficient society of production by the participation of smaller companies. In the developing country contexts, it is also important to develop appropriate innovation trajectories to be different. Developing countries can profit from a development strategy that would pursue revolutionary technologies inside the boundaries, while being behind the technological limit. It is more beneficial than relying on replicating what has already been achieved to enable small companies to utilize technology in addressing challenges.
c) In low, emerging or developed nations, the position of education is very critical because education loss triggers insecurity and a country's slower economic growth. Education enriches the perception of the universe and of oneself in the world. It increases the quality of your life and offers people and community wide social benefits. This therefore plays a very significant part in promoting economic and social growth and fair allocation of wealth.
In country, the education costs are also to be considered as revenue, as are expenditures in physical infrastructure, since it raises labour efficiency that leads to the development of the country's natural income. Skilled employees earn better pay, which favour society as a whole and not just the employee. Education allows individuals to strive to avoid hardship or, in other words, wealth. It is also education that will bring an individual to wealth from misery.
a) An organization working concurrently in several foreign countries is known as multinational company. In at least one other region than its own, a multinational company (MNC) has facilities and other properties. For addition, a multinational organization has headquarters and/or warehouses for various countries and is located globally where corporate procurement is organized. Multinational companies are said to have best practices, state of art technological and organisational knowledge because they generally do intensive research for entering new markets, and ensure that the products and services have those features which would meet the demands of the customers in the new market. Hence, they adopt different and innovative techniques to flourish in the new geographical market.
b) Strategies of partnering successfully with the MNCs are:
c) Some strategies for competing with the MNC for being competitive in the market are:
d) Policies that can be implemented for the MNCs for ensuring their technological advancements and ease of operations could be:
a) Corporate governance includes the administration and engagement of public corporations and owners. Market-based corporate governance is one of the strategies to ensuring that shareholders' and company conformity with current laws are covered. Investors tend to exert control over the business management in a market-based corporate governance scheme. This program is focused on capital markets to control the management of companies. The main benefit of a corporate governance structure focused on the market is the flexibility to adapt to developments dynamically. Market-based governance structures risk short-termism and index funds' capacity to weaken transparency. The main benefit of a corporate governance structure focused on the market is the flexibility to adapt to developments dynamically. Throughout the long term, the complexity of a regulatory structure centred on the competition encourages the growth of innovative business strategies.
b) Modular governance happens where a company allows the entities in a network to conduct complicated and fairly conveniently codified transactions. Suppliers typically manufacture goods or offer services according to the consumer preferences in dynamic supply chains. Modular governance promotes versatility and flexibility in sustainable transformations through an emphasis on consensus-building and functional learning.
Modular governance is more competent and rational, while the market-based governance is based on the market expectations. Market-based governance is simpler as compared to modular governance. Market-based governance is based on product information while the modular governance is based on company strengths and ensuring that the company is efficient and effective in their operations.
c) Relational governance applies to the inter-firm interactions that comprise big partnerships, together with a high level of inter-organization trust which are reflected in both the inter-organisational partnership framework which mechanism. Relational governance in the B2B sector becomes more robust and efficient. Relational administration will also minimize manufacturing costs and acquisition costs by turning improved relationships into secure and committed policy relationships. Relational governance influences the creativity of goods and modification of the frameworks of legal and technical adequacy.
d) Small vendors depend on a few customers and also use more power and leverage, that is when captive type governance is required. Sometimes such networks are distinguished by the lead company's strong degree of control and supervision. If competent suppliers are not found for meeting buyer’s demands, then captive-type governance is needed. Technological knowledge transfer happens when the needed personnel are hired for meeting the technological gap.
e) Hierarchical government identifies networks marked by vertical management and influence across a range of leading firms, which in-house produces and manufactures goods. It is typically not necessary to codifies design requirements, specialized goods or extremely qualified manufacturers. This model of governance is defined by vertical integration (i.e. activities exist in a single company). Management regulation is the primary method of government.
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