Strategic Management and Business Innovation-Myassignmenthelp.Com

Question: What Are the Differences Strategic Management and Business Innovation? Answer: Introducation: From the e-learning activity of Week 3, it is extracted as the concept of strategy wanders around the tactics, goals, objectives and the description of thoughts. Most the people confuse the concept of strategy with various other things and thus it can be concluded that, the strategy is not a goal or any tactics of a person or any organization. The definition of strategy given by Suntzu is that, strategy is nothing but an art of war and a person needs to develop strategies to overcome the obstacles (Simons 2013). The modern day business can be considered as the war and the business executives needs to develop strategies to compete in the market with their rival organization. The strategies can be developed with the analysis of the competitors in the market, their strategies and approaches towards each market trends. However, the concept of strategy lies in 4 questions which are In this context, the example can be taken of the Australian biggest retailer Woolworths Limited. The company has successfully applied various strategies to achieve their business goals in the retailing business in Australia. The company has also grown various other businesses with the help of strategic development in the organization (Ausfoodnews.com.au, 2017). According to the news, the company has outlined their upcoming three years strategy in customer handling and the main purposed of the strategy development is to increase the market share of the Woolworths Group. The article states that, the company Woolworths has strategize the customer acquisition model of the company with new innovation of meeting the exact customers need of with their products. The company has also developed new pricing and promotion strategies for their supermarkets. Apart from that, the company has planned to extend their product ranges and the new product developments in their various other businesses along with the supermarket chains (Ausfoodnews.com.au, 2017). Business Model Innovation The e-learning material focuses on the concepts and the misconception among the business people about the innovation in business model. The study shows, a business can have sufficient resources, efficient workforce and extensive knowledge of the market in which they are operating, but there are some chances to loose in the competition of particular business fields. Henceforth, innovation in business is necessary for the business (Amit and Zott 2012). There are various misconception regarding the innovation in business such as, innovation need be based on an idea or concept which nobody has executed before and the success requires huge resources, along with that, innovation needs the background of fascinating technology (Casadesus?Masanell and Zhu 2013). There are 55 basic model or fields of business pattern which need to learned about and then the knowledge can be utilized for the innovation purposes. There are various firms which have innovated their ideas in similar way. There are four basic steps namely initiation, ideation, Integration and Implementation. The study initiate that, the innovation is an ongoing process and the achievement comes to them who not only focuses on the profit of the present day but growth of the future (Boons et al 2013). In the four steps of innovation, an organization can build their image in the particular industry by implementing new out of the box ideas in their business model. However, the innovation can help a company to get competitive advantages in any field and focus for sustainable growth for the future. The concept of the business model can be explained by an example of Facebook. The period when Facebook started their business, there were various other chatting community websites, but the company Facebook has innovated their business model and the structure of their website. The company has invented such strategies to connect and relate peoples minds according to the psychological behavior of the human being (Kindstrm and Kowalkowski 2014). However, they has a strong base of technological background, but technology was not the only thing, since every similar chat community was using the technology at that time. The study of the company Facebook can idealize the concept behind innovation in a business model. CAGE Framework of International trade According to the study by Novy, the concept of CAGE framework has been stated as the international trading depends on the characteristics of the countries among which the trading happens. The characteristics are Cultural, Administrative, Geographic and the Economic (CAGE). The inter-trading among various countries completely depends on the correlation of such characte4ristics of two countries and these also influences the business opportunities of the two countries (Novy 2013). The cultural context and the similarities in perception of the people of two countries contributes in the business of the global operators. Along with that, the Administrative services like government services supports the international businesses to minimized the cost of trading along with sustainability in the market. However, the Geographic characteristics and similarities help is achieving the better distribution chain in the country. The economic similarities like currency, product valuation and others ca n influence the ease of trading in two or more countries (Ghemawat 2015). According to studies, there are various barriers in the international trading which impacts in the business in large quantity and there are various limitations regarding the international trading purposes. Apart from that, there are four propositions which are used to diminish the geographic differences of two countries. For example, the Bega Cheese can be considered which operates in the country Australia along with New Zealand. However, both of the countries are neighbor countries and the company has acquired a good market share in the Diary market of both of the countries. Henceforth, it can be concluded that, the CAGE framework is effective for the multinational companies. References Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan Management Review, 53(3), p.41. Boons, F., Montalvo, C., Quist, J. and Wagner, M., 2013. Sustainable innovation, business models and economic performance: an overview. Journal of Cleaner Production, 45, pp.1-8. Casadesus?Masanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsor?based business models. Strategic management journal, 34(4), pp.464-482. Ghemawat, P., 2015. From International Business to Intranational Business. In Emerging Economies and Multinational Enterprises (pp. 5-28). Emerald Group Publishing Limited. Hernandez Barros, R., Vidal-Garcia, J., Vidal, M. and Martnez Torre-Enciso, M.I., 2016. New Evidence in the Definition of Strategy for Global Insurers. Kindstrm, D. and Kowalkowski, C., 2014. Service innovation in product-centric firms: A multidimensional business model perspective. Journal of Business Industrial Marketing, 29(2), pp.96-111. Martins, L.L., Rindova, V.P. and Greenbaum, B.E., 2015. Unlocking the hidden value of concepts: a cognitive approach to business model innovation. Strategic Entrepreneurship Journal, 9(1), pp.99-117. Novy, D., 2013. Gravity redux: measuring international trade costs with panel data. Economic inquiry, 51(1), pp.101-121. Simons, R., 2013.Performance Measurement and Control Systems for Implementing Strategy Text and Cases: Pearson New International Edition. Pearson Higher Ed.