Strategic and planning management help in: Innovation at Wotif.com
Executive Summary
This report majorly highlights the innovation at Wotif.com. The report starts with the analysis of organization’s need for innovation. This section of the report talks about the general imperatives of innovation in Tourism Industry, how innovation has changed & the current levels of innovation at Wotif.com.
The second section of the report majorly covers the following aspects such as the vision & strategy for innovation for Wotif.com. This section covers the following issues such as the components of vision & the difference amongst the innovation & corporate strategy. The third section of the report covers the context, competencies & culture of innovation in the organization. This portion covers the necessity of innovation, aspect which the organization supports & the crucial factors which support innovation. The fourth part of the report keeps in mind the following aspects such as learning of innovation, avenues for learning and continuous innovation & change.
Introduction
Wotif.com refers to one of the leading websites which provides its visitors or customers a different service. The major service offered by this organization is to give reservation for one of the leading hotels of Australia, New Zealand, Canada, UK, Singapore etc at reasonable prices.
Wotif.com has been registered on the Australian Exchange in the year 2006. Wotif.com comes under top 15,000 websites over the internet. As compared to many travel related sites, this organization helps its visitors to book hotels for the next 3 months. The founder of this website i.e. Graeme Wood has been referred to as the CEO of the company.
Vision & Mission:
The vision statement or strategy refers to a belief of a particular organization. The main components which have been taken into consideration at Wotf.com would be to incorporate the organizational goals. It should also consist of a statement consisting of values, declaration of the outcomes & a component for planning of the strategies in the years to come (Shapiro, 2007).
The vision statement for Wotif.com could be defined as – “To attain sustainable levels of growth along with the establishment of goals to be fulfilled”.
Innovation in new product:
Innovation has played one of the most crucial aspects in case of any organization. This would help in order to have a sustainable competitive advantage as compared to the other enterprises in the same industry.
With the implementation of ICT, the tourism industry have also been broadcasting direct communication amongst the producers, customers & various other intermediaries involved in the same. With the help of ICT, various innovations as well as restructuring strategies have been used in the entire tourism industry (Stefan, 2010). The visitors or the ultimate consumers are quite familiar with the various technologies which are being used; therefore, use of ICT has played a very important role in the up gradation of the tourism industry. ICT has helped the entire industry in order to have flexible & products which are easily accessible & would be able to be communicated amongst the potential customers. Hence, the tourism industry being one of the most dynamic industries should opt various innovative strategies which would help in order to over perform the procedures (Paul, 2011). The ICT would help in order to provide advantages which would help in order to restructure the entire process. The internet technology would be able to provide one on one communication with its customers.
Improvements in innovation would help in order to push the firm as well as adopt various proactive measures which would help the industry to grow with an increase in the levels of economic growth. Positive attitude shall be adopted this would help in order to provide its customers with the best of the technology & help to grow (Stefan, 2010).
Evaluation of Innovation:
Innovation has been referred to as one of the crucial success factors for any of the industries. This helps the organization in order to maintain its position in the market. Innovation would help in order to improve its existing products which would help Wotif.com to attain sustainable competitive advantage over its competitors (Paul, 2011).
In case of the tourism industry, innovation would play one of the most important roles by accumulating all new ideas; provide better services to its customers. This would help in order to upgrade the value chain of the tourism industry as well as adopting various patterns which would help in order to encourage the various marketing strategies. In case of tourism as well as hospitality sector, innovation plays one of the most important roles as; this industry has been referred to as one of the most dynamic & an ever changing process (Shapiro, 2007).
How innovations have changed the business
Innovation has been referred to as one of the crucial success factors for any of the industries. This helps the organization in order to maintain its position in the market. Innovation would help in order to improve its existing products which would help Wotif.com to attain sustainable competitive advantage over its competitors (Stefan, 2010).
The necessity of innovation could be seen in the tourism industry due to the following reasons. The reason could be clubbed under the following sub headings such as Market, people, external forces as well as financials of the same.
| Market |
Þ The first reason as to why innovation should be practiced is to maintain a competitive position in the tourism industry (Kay, 2010).
Þ To sustain in the most effective as well as competitive environment.
Þ To improve the overall functioning of the tourism industry.
Þ To defend the overall market share of the tourism industry (Mayle, 2006).
Þ To possess sustainable competitive advantage amongst its competitors.
Þ Reposition the tourism industry as well as up lift the entire market share.
Þ To widen it scope of improvement, different avenues as well as have a limited potential (Shapiro, 2007).
Þ Uplift the position in the market.
External Forces
Þ To subsidize the level of competition
Þ To rely upon the various rules & regulations stated by the legislation (Paul, 2011).
Þ Influence the competitors by taking into consideration the various marketing strategies by the company i.e. Wotif.com.
People
Þ To attract more number of staff & people as compared to its competitors.
Þ Retain high range of people form varied backgrounds
Þ Kindle the members of the staff by providing them with the most challenging g work (Helen, 2009).
Þ Encourage the people working in the organization to accept the work load
Þ To practice high levels of stability within the organization
Þ Maintain healthy relations with the alliance or partners
Financials
Þ To increase the levels of the shareholder’s returns
Þ Increase productivity (Stefan, 2010).
Þ Increase the levels of margins
Þ To pursue high levels of funding
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