BMW: Strategic Innovation. Management. Research Paper (Research Paper Sample)

BMW: STRATEGIC INNOVATION
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CONTENTS
1. Introduction………………………………………………..………..……...…. 3
2. Methodology …….....……………………………………….…….…..………. 5
3. Discussion………………………………………….…….…..….……………. 5
4. Findings…………..………………….……………...….….…..….……………. 8
5. Conclusion……………………………………….……………….……………...10
6. Recommendations…………………………………………………………………11
References ……………..………...……………..…………………………………. 13
Strategic Innovation
1. INTRODUCTION
Success in present, global market conditions require much more agility and responsiveness to client needs. As organizational structures of global companies respond more swiftly to market conditions and client needs, conventional management practices become not only irrelevant but also constitute serious challenges to any strategic advantage a company could attain in a highly competitive market (Baden-Fuller, 2005). Further, a significant feature in organizational structure is emerging in company management which has redefined how internal and external components in a company's business ecosystem are at interplay. By approaching companies as open systems, better insights are gained by linking internal, organizational components and external, market factors (Nadler & Tushman, 1997). To unlock new markets or reinvent new market segment in old markets, moreover, companies adopt strategic innovation as an effective management resource. That is, by tapping into organizational potentials and exploiting market opportunities companies optimize resource usage and management. According to a conception of resource management, strategic innovation can be referred to as "purposeful orchestration of organizational knowledge development and application" (Pitt & Clarke, 2010).
Strategic innovation for established players can be attained in underdeveloped markets by reinventing existing resources which can be attained, in turn, by product acceptability, affordability, availability and awareness (Anderson & Markides, 2007). Companies differentiate in capacity for product and/or service reinvention by ability to reinvent business models and creating new customer value (Berghman et al. 2013). Conversely, a company's capacity for learning enables her to enact strategic innovation successfully (Gebauer, Worch & Truffer 2012).