Innovation and Competitive Advantage: Changing Environments
Resource: managing Innovation and Entrepreneurship.
Competitive advantage according to Hisrich and Kearney (2014) requires organizations to engage in six processes to maintain innovation. Organizations like Google™, Amazon, Apple®, Android, Facebook®, Siri®, Virgin Group®, Microsoft®, and eBay® have done this successfully.
Select an organization other than those listed above (Google™, Amazon, Apple®, Android, Facebook®, Siri®, Virgin Group®, Microsoft®, and eBay®) to explore competitive advantage and the six processes to maintain innovation discussed in Hisrich and Kearney (2014).
Write a 700- to 1,050-word paper in which you analyze how the selected organization is meeting the concepts of Competitive Advantages as outlined in Hisrich and Kearney (2014). Be sure to include information about the following:
- The organizational leadership philosophy on innovation.
- Activities the organization is actively engaged in to sustain competitive advantage within its industry.
- R&D initiatives the organization is involved in for long-term competitive advantage.
Format your paper consistent with APA guidelines.
Innovation and Competitive Advantage: Changing Environments
Competitive advantages are or circumstances or conditions that often place organizations in favorable positions over their competitors. According to Hisrich and Kearney, there are six major factors that can contribute towards enhance competitive advantages. They include being customer driven or focused, ability to adapt to external environmental changes, being flexible, exceeding the needs of the customers, engaging in research and development, and ability to quickly respond to various changes in the market. Organizations that are able to develop these competitive advantages often remain competitive in any market or industry and can easily expand into the global market. Examples of companies that have over time created such exceptional advantages include Amazon, Google, Apple, Android, and Facebook.