Essay on "Business Change"

Essay 3 pages (1301 words) Sources: 3

[EXCERPT] . . . .

Business Change

What do the terms business development and innovation means? The two terms are both part of the strategic management process within a business organization. Business development is a number of specific techniques and responsibilities that directly aim at increasing the customer base, penetrating existing markets, and growing the business. These techniques include, but are not limited to; market assessment and target marketing, intelligence gathering, new model design, and reworking of a strategic planning process that focuses on growth. Business innovation, however, it taking a product or process and improving it in a way that significantly affects sales and/or marketing. Ideally, business innovation is thinking outside the box, providing new solutions, and taking the organization in a new and different direction based on a solution-based template (Annacchino, 2007).

What challenges do today's organizations face and how does the new "Competitive landscape" look like? To be a viable market, most economists believe there should be appropriate competition. There are several conditions that must occur, however, to reach this market goal: 1) Quantity of businesses -- there should a number of firms in the market, ideally at a similar sales level; 2) Entry and exit into and out of the market should be relatively easy; 3) Products should be homogenous; 4) Information should be forthcoming to all stakeholders (price, quality, production, ethics, etc.); 5) Price elasticity should be fairly even between competitors. The contemporary competitive landscape is nothing like the past -- it is global, virtual, and all-encompassing. This forces businesses to rethink the niche they wish to fill (Tyson, 1997).

What differences exist between the pursuits of business development in an industrial organization vs. drive business in a pure knowledge organization? An industrial organization is based on the older paradigm of production. Workers are trained to produce a product in the most efficient manner; sales and marketing to market a specific product with a very specific goal. A pure knowledge organization, probably theoretical only, is looking at the workforce as a valued resource in their ability to interpret information and advance the product or service through their intellect. This model also presupposes that the role of the product or service has changed from being primarily mechanized to more technological (Frappaolo, 2006).

What are the reasons that drive incremental business development vs. innovative business? Incremental business development is typically slower, planned, and based on a clear process. It is part of a solid organization's strategic plan -- knowing that movement is necessary for success. Often innovative business development is less structured, and usually more reactive. For example, a new competitor or product enters the market -- innovation is quickly called for to define and retain market share and growth. Innovation is also often untried and a process from idea to product not always carefully thought out. However, at times, it is a necessary business paradigm, although a combination of the two is more ideal (Menke, 1994).

Should we have a business-driven IT development or IT-driven business? It is dependent upon the type of product or service whether IT should drive or the market. For instance, in a technological market -- say PDAs, a combination is necessary because the technological development occurs at such a fast rate that it would be impossible to adequately sell each innovation prior to the next one being released. In other instances, the market will tell IT what it needs (GPS in automobiles, for instance); while in other examples, IT will push new product and sales development simply because it is able to provide solutions that were previously impossible (medical, biotech, genetics, etc.) (Bradley, 2003).

Describe the course theoretical framework in terms of the three dimensions. Range of Change, Change Character, Change in Approach. Within the principles of change management there are various stages and approaches. Range of change is the structural map of the direction, or breadth of change. The Character of Change is more specific,… READ MORE

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