I need 4 responses to my classmates posts and each post needs to be 150 words min with references. Please keep in order. I have to submit my paper through Turnitin, and I need a Plagiarism free paper with references. include in text citations for all references please make sure grammar is correct.
1.Lydia- I would have to say my biggest learning from analyzing my organizations strategy is that the industry that they compete in requires the strategy to be evaluated constantly. My organization cannot sit at a standstill or they may miss out on an opportunity. The fact that there are so many entities that influence the healthcare industry and which way the market will go, tells me that these entities are the main element behind the change of the strategy. The example of how Netflix gained an advantage over Blockbuster by use of eliminating the activities in the values chain was the one that most resonated with me. The reason being is we are living in a society where everything is instant. I would have to say that this frame of mind for instantaneous results evolved from technology. Technology is an important part of business activities and is advancing every day. This advancement has been good and bad. Good because it has eliminated activities in the value chain which has increased profit for businesses. Bad because it has eliminated jobs for many and replaced them with technology. Furthermore, this tells me just how important it is for a firm to embrace innovative thinking as innovation is the foundation of elimination of unnecessary functions. The example of Blockbuster showed that. To tie into that Roku got a share in the market by eliminating the process of mailing the Netflix videos. In addition, Roku now has apps that you can see movies and television sitcoms for a small monthly fee such as HBO, Showtime, and Cinemax; eliminating the need for purchasing cable TV. I am anxious to see what comes next.
2.Jamie- In chapter 12, there was one small section that really stuck out as similar to my organization. “Creating value for internal innovation” is something my organization does well at. If you have heard of HNB I am sure that you have heard of 24 hour grace. This was not only a radical innovation, but it came from in internal idea. An employee said something like, ‘if we are always trying to do whats best for our customers, why don’t we give them a 24 hour window to pay back an overdraft without a fee because people make mistakes’. From that came 24 hour grace. It is a registered trademark of the bank and HNB is the only bank in the nation doing it. Other banks think we are crazy for not charging a fee when we legally have the right to. Fees are how banks make money! However, by offering people a way to save money on fees, we are rapidly increasing the amount of deposit accounts at the bank. This gives us a very large customer base with continues opportunity to do more business with the customers we have. I personally think it is awesome.
From the video this week, I really enjoyed thinking about all the concepts that contributed to radical innovation. My favorite was “design the value chain for mass customization”. This concept seemed a little more challenging to think about who did this type of radical innovation. I was able to think about how Coke created the popular campaign that has names on the bottles. It took 2 years for me to find my name on a bottle and I was so excited when I finally found it. In addition, they branched this process out to make more revenue by spreading it to more of their brands, making customization available online as well as having a mobile table system that is located at special events across the country to print you label on the spot.
3.Robert- After completing the Professional Application Project it wasn’t necessarily about what I learned but how I realized that the strategy for PepsiCo/Frito-Lay is a strategy that is very complex and extremely large. What I found the most rewarding and what I learned the most is that what I talked about is what is relevant to my current position and nobody else.
Strategic entrepreneurship – What I find to contribute to our corporate advantage and strategic entrepreneurship is the ability to take our new products and sell for thematical displays to position the new product in a way that satisfies our consumer and customer in the market.
Innovation – Innovation is by far one of the biggest corporate advantages that Frito-Lay possesses in their corporate advantage. This year alone Frito-Lay has introduced over 20 new innovative items to the market. Along with our innovative products, we have a contest called Do Us a Flavor where we allow the consumers to create an innovative product and that in turn is entrepreneurial.
What resonated the most with me in the video was the tactic of eliminating activities in the value chain. Frito-Lay has started to do something like this with our Route Sales Reps and the way that we deliver our product. What they eliminated was the need for our Route Sales Reps to deliver the product to our customers. Frito-Lay in some parts of the country is producing our products and direct shipping the product to our customers. With this process, Frito-Lay is taking valuable assets “trucks” off the road to downsize our fleet and to save money.
4.Karen-
I learned most about my organization by reading through our 2016 annual report. There is a wealth of information in this type of organizational document, 147 pages worth of information to be exact. As part of the leadership team, we are updated regularly with strategic direction, initiatives, financial information and so on; however, only once per year do we get to see the whole big picture wrapped up into one document. And although I had heard much of these details throughout the year as the events were occurring, it was very cool to look back and see our organization’s success in a neat and tidy summary. In 2016, my organization successfully launched 33 new customer programs across multiple product lines, segments and customers; increased business bookings from order to launch by 2 billion US dollars; solidified engagement with key global customers to jointly develop automated driving component functionality; and received industry recognition for multiple accomplishments. Based on these successes in 2016, it is apparent that our strategy was successful and focus continues to be on delivering profitable growth. These efforts will be achieved through objectives that are aligned with strengthening technology leadership, expanding and diversifying revenue base, capitalizing on product development as a key enabler for automated driving systems, targeting China and emerging markets growth, optimizing cost structure, and pursuing select acquisitions and alliances.
“Innovation is the process of creating a commercial product from an invention… an innovation brings something new into use” (Hosskisson, Hitt, Ireland, Harrison, 2013, p. 353). My organization’s resources and capabilities that are core competencies are technology, innovation, high-quality safety-critical product designs, and rapid-to-market product development. These competitive advantages are achieved by having our own innovation division, which is a dedicated, cross-functional, advanced technology group using a fast and iterative design approach. We develop highly integrated product systems as fully customizable solutions to customer needs through software and product development that lead the industry in safety. Our products are tailored, fuel-efficient, low-mass solutions with seamless vehicle integration to our customer’s assembly processes. Our customers continue to come to us as the leader in continuing to advance and enhance driver experience.
The video this week resonated with me with the example of Cirque du Soleil in the category of “Create new markets by targeting non-consumption” (Kryscynski, 2015). With each of the concepts in this class, my mind tends to jump to product examples rather than service examples (such as entertainment provided by Cirque du Soleil). For example, I could think of many products in this category, like the refrigerator example; however, a service never would have entered my mind without the example.
Reference:
Hoskisson, R., Hitt, M., Ireland, R., & Harrison, J. (2013). Competing for Advantage (3rd ed.). Australia: South-Western Cengage Learning.
Kryscynski, D. (January 5, 2015). Radical Innovation Strategies. Youtube. Retrieved 30 April 2017, from https://www.youtube.com/watch?v=KBMZjX5TLmQ