Overview Strategy is one of the great university courses and the key integrative course in your MBA. The connection of theory to practice is an essential component of learning about strategy and how...

STRATEGIC MANAGEMENT
Table of Contents
Introduction    3
a) Significance of Innovation for Firms and Different Types of Innovation Used    3
Importance    3
Different Types of Innovation    4
Process Innovation    4
Organisational Innovation    4
Marketing Innovation    4
Product Innovation    5
Example    5
b) Identifying a Great Innovation Success Story and a Great Innovation Failure, their Respective Corporation and Product    6
A Great Innovation Success Story    6
Product    6
A Great Innovation Failure    7
Product    7
c) Reflecting on the Perceived Future of Work and Anticipated Innovations in the Workplace in 2020’s and 2030’s    8
Conclusion    8
References    10
Introduction
Innovation is one of each organisation's most important issues and its position in business growth and coordination is inviolable. Innovation helps in growth, In order to address such challenges in the industry; the businesses require coming up with innovative responses. It faces obstacles at times, which do not seem to go anywhere. To come up with an answer they cannot come up with, they have to think beyond the box (Kreiss & McGregor, 2018). Innovation can thus produce a product, inventory levels and discover an innovative solution to boost the business. A significant proportion of experts and researchers worry that in the coming decade, any use of technology by citizens would mostly undermine key aspects of democracy and political representation.
a) Significance of Innovation for Firms and Different Types of Innovation Used
Innovation can be defined as a new or enhanced product or method (or a mixture thereof) that is substantially different from the previous processes and products of the unit and has already been made accessible to prospective customers (the item) or put into use by the unit (the method). From product creation, management practises, ways about doing business and so on, creativity in all human fields is relevant. As informed by Hossain (2017), changing or improving the method or product is prevalent in every term, which is used for innovation. Innovation is a process, which starts with a plan’s introduction to the plan and becomes a new feature, so it varies from development.
Importance
We have all heard the expression "change or die" and this is a common fact for organisations to achieve sustainability in today's day and age. Take, for instance, the massive development of technological developments over the past decade; corporations have been required to adjust and develop more than before because of this unprecedented growth. As mentioned by Khotamov and Avazov (2020), this growing need for change and growth also provides companies with a great deal of potential. Nearly half of companies believe that technological advancement has been the greatest change in existence over the past 60 years and as a result, businesses that adopt innovation have a huge advantage in eventually satisfying their consumer requirements.
Another importance of innovation is it enhances productivity, in industries, exploring new ideas is often preferred (Zhu et al. 2019). The mixture of concepts that come together to create productivity strategies and that enhance organisational performance will impress everyone. Next importance is competitive advantage, when business thinks innovatively, beating out competition, it becomes very straightforward. Business just has a little imagination to put forward and can quickly come up with some good order to identify products and engage with clients. In addition to this, as indicated by Kahn (2018), innovation will help organisation in finding the right marketing strategies to help develop your company. Last importance of innovation is it attracts expert talent.
There are a number of talented employees on the market, who are searching for the chance and the business is open to fresh ideas and developments. Moreover, it generates expert talent when the business itself is committed to embracing the elements of creativity and breaking the stagnant rut of traditional offerings. As supported by Hurmelinna-Laukkanen and Natti (2018), the young generation continues with all the new trends that rule the market and they seem to have a good idea of what the future will be. Therefore, in order to recruit knowledgeable and talented employees, it is very important for businesses to recognise the value of innovation.
Different Types of Innovation
There are majorly four types of innovation in an organisation
Process Innovation
Innovation in processes includes the introduction of a new or enhanced approach to development or distribution, including improvements in operating procedures, the strategies used and machinery or software. For example, the first businesses relying on SaaS (software as a service) technologies and utilising, such as, Talkdesk cloud contact centres, the manner their customer support procedures were structured changed (Bouncken, Kraus & Roig-Tierno, 2019).
Organisational Innovation
Organisational innovation corresponds to the creation of a new organisational strategy that would somehow alter the business practises of a corporation and even the organisation of its workforce and its link with stakeholder groups.
Marketing Innovation
Innovation in marketing involves creating a new marketing plan that creates improvements in the way a product is manufactured or packaged, for example and even other cost or reviewed regularly (Soni et al. 2019).
Product Innovation
Innovation of...