Marketing assignment essay on: Globalization & competition
Introduction
Twenty first century is the era of globalization and competition among corporations to gain maximum profit and get a significant market share in the industry. Today, the corporate world is dynamic and it is difficult to thrive in such dynamic environment if organizations do not put in efforts for addressing the challenges they face in continuously changing global market environment, culture and technology. It involves focusing on innovation and transforming the organization into a learning organization. It requires good planning and strategic management to focus on innovation and learning (Farrell 2000).
More strategic planning and more innovation lead to better performance of the firm in the market. As mature organizations are finding themselves in new competitive field, they need to emphasize on action learning and strategic innovation so as to develop a set of cognitive capabilities, strategic and divergent thinking, conceptual capacity and sense making. Innovation is considered as an important and crucial source for growth and most of the time, it is a key determinant of the competitive advantage of many companies in the corporate world (Payne 2005).
In order to successfully utilize new technologies and resources, it is imperative for organizations to build on a very good planning for action learning, and managing knowledge and innovation. The essay discusses concepts of innovation, learning and change management for transforming the organization into a suitably competitive organization of the modern world.
Significance of innovation and learning in organizations
Competitive environment of 21st century presents various challenges for managers of modern and mature organizations, such as global competition, new entrants in the industry, evolving needs of customers and so on. Facing these challenges, senior level management of organizations is continuously asking for increase in action learning programs and to think differently so as to conceptualize new sources of value for customers.
Today, there is need of strategic innovation which is the fusion of strategy and innovation. The traditional model of business growth i.e. development of innovative product, expansion of global market, and harvesting profit as long as possible, can only get incremental revenue. However, it does not lead to sustainable development and growth of the company (Reid and Hinkley 2007).
Whenever there is introduction of new technology out of innovation, it presents complex challenges as well as opportunities for organizations. It leads to significant and required changes in managerial practices and emergence of new and unique organizational forms. An innovative enterprise has an essence that the skill base of the organization is integrated and it can well engage in cumulative and collective learning (Kuhn and Marsick 2005).
Good planning leads to translation of individual insights and knowledge base of the organization into collective knowledge and adding on to organizational capability. Collective knowledge of the organization is present in the form of routines, rules, procedures, and shared norms, which provides guidance to the problem solving activities and interaction patterns among the members of the organization. Organizational knowledge creation is the outcome of shared cognition and collective learning among members of the organization. It is desirable to plan an effective knowledge management strategy so as to create a pool of knowledge which is unique to the organization (Kuhn and Marsick 2005).
Communities of practice is a new organizational model which enables the organizations to take care of existing structures and enhance knowledge sharing, change and learning. There is sharing of experience and knowledge in a free flowing way that creates ways for fostering new and innovative approaches to problem solving. The model is significant to the company in terms of helping in driving the strategy, starting of new lines of business, transfer of best practices, retaining of top talent, development of professional skills, and so on(Morgan and Spicer 2009).
Strategic planning is significant in terms of identification of future opportunities and setting the business resources by growth or acquisitions so that the business can be positioned in such a way so as to take advantage of the strengths that the organization possesses in the light of changing market situations. Effective and good planning enables the organizations to thrive and sustain in global competition of 21st century.
If you want Marketing Assignment Help study samples to help you write professional custom essay’s and essay writing help.
Receive assured help from our talented and expert writers! Did you buy assignment and assignment writing services from our experts in a very affordable price.
To get more information, please contact us or visit www.myassignmenthelp.Com
