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Business

Role of Multinationals in Innovation in Emerging Markets

Emerging markets such as India are the next frontier for multinational corporations. India is enjoying a booming middle class and the markets for a significant number of products and services such as cars and smart phones is still in infancy in India as opposed to developed economies where they have saturated or enjoying low growth rates only. Even though there is no lack of management literature that stresses upon the need to take into account cultural differences as well as local needs, it is not uncommon for some international companies with strong brands to overestimate the universal appeal of their products or services. As a result, they adopt the same marketing strategies that may have worked at home or in other markets and hope locals will embrace the products or services. There is a reason why Apple still doesn’t have a significant presence in India as opposed to Samsung and Nokia.

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Business

Innovation in and for Emerging Markets

In today’s society, innovation is critical to the long-term success of organizations across different industries. A case study involving Chotokool addresses the importance of achieving success in emerging markets where there are significant challenges related to creativity and innovation.  Innovation must be explored in a new and exciting manner so that there are sufficient opportunities in place to influence outcomes and to reflect upon the opportunities that innovation provides to organizations in this manner (Simanis and Hart 79). By using the Bottom of the Pyramid (BOP) concept, this demonstrates the potential impact of a product that is both cost effective and useful to the largest group of consumers for which marketing of a product is relatively unexplored (Simanis and Hart).

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Business

Relationship Between Human Cultural Extensions, Creativity, and Innovation

Creativity is a quality that only human beings are able to achieve. It is the act of creating something from nothing. Merriam-Webster defines the word ‘create’ as “to bring into existence” or “to produce through imaginative skill” (create). Therefore, creativity can bring about the manifestation of things from the minds of people. According to Andriopoulous (2008), creativity is essential to society’s development, as it leads to the development of great works and great achievements in areas such as music, architecture, art, literature, science, medicine, or business. Creativity is also necessary for problem-solving and it usually follows along a creative process that includes four stages: (1) preparation, (2) incubation, (3) illumination, and (4) verification.

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Business

Innovation

One bright spot in an otherwise bleak business outlook for the newspaper industry has been the success that innovation, particularly digital innovation, has evidenced in raising revenues for individual newspaper companies.  Anthony Carranza’s article “Newspapers Discover Successful Business Models Through Innovation” (2013) examines four innovative newspapers that have attained positive results in the digital age. One of the provocative examples of successful innovation that is mentioned in the article is that of The (Salt Lake City) Deseret News. This newspaper, according to Carranza grew revenues at “ 40% a year since 2010, while daily and Sunday circulation jumped about 33% and 90% respectively from September 2011 to September 2012.” (Carranza, 2013).  Most the growth of the newspaper is attributable to a revamped and more tightly focused editorial vision for the paper and the launching of a digital company.  Obviously, the newspaper shows the positive benefit of successful innovation.

Categories
Management

Relationship between Human Cultural Extensions, Creativity, and Innovation

Outline

Organizations exist with the sole objective of achieving a particular goal. In an effort to accomplish this, most of these organizations have devised cultures that define their principles, ideologies, and rule of engagements. Nevertheless, the work environment is relatively dynamic and triggering the need for organization to periodically revise its culture by managing their cultural extensions. Edward Hall, an anthropologist, asserts that cultural extensions happen when human extensions exceed their current knowledge and come up with new cultural forms. This could be in form of social and/or technological transformation. This outline seeks to show that creativity and innovation in any organization is directly related to the human cultural extensions.