Mgt 497 Week One - 1204 Words

Week One Of all the aspects of MTI, innovation strategy is the most challenging. Firms can be very good at the various activities involved in MTI, such as R amp; D or operations, but this count for little unless it is supported by a well-grounded innovation strategy that guides ï ¬ rms’ choices, prioritizations, and sequences. There is little value in being highly eï ¬Æ'cient at developing or delivering new products and services if they are the wrong products and services for the ï ¬ rm and its markets. Well-chosen new products and services deliver value, build the technological base of the ï ¬ rm, develop its capabilities, improve its processes, and add to its reputation and brands. An innovation strategy helps ï ¬ rms decide, in a cumulative and†¦show more content†¦A ï ¬ rm that identiï ¬ es innovation as a strategic activity is more likely to attract creative workers in search of exciting opportunities in the ‘war over talent’ A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE) emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge. Business sustainability, which originally was viewed as a question of corporate governance, has now emerged as a central, multifaceted theme of the twenty- first century. It is now the responsibility of corporate boards and managers to focus on business sustainability by creating enduring value for shareholders and managing the interests of other stakeholders, including creditors, employers, suppliers, government, and society at large.Show MoreRelatedZara Fashion3014 Words   |  13 Pagesnow takes about 6 weeks. Spending short period of collection preparation, Zara takes about 15 days start from market research to sales. More than 300 designers constantly follow the market events, fashion trends and customer tastes in designing 12000 unique products in one year that compares to 2000 or 4000 products designed by rivals. Therefore the entire design, production, distribution and sales respond quickly to shifts in consumer tastes, each style is no longer than 4 weeks. This leads ZaraRe ad MoreIntroduction to Materials Management169665 Words   |  679 Pagesbut those who continue to transform the raw material will gain more and usually far greater wealth. Japan is a prime example of this. It has very few natural resources and buys most of the raw materials it needs. However, the Japanese have developed one of the wealthiest economies in the world by transforming the raw materials they purchase and adding value to them through manufacturing. 1 From the Library of Girro@qq.com 2 Chapter 1 Manufacturing companies are in the business of converting