Encouraging Innovation And Entrepreneurial Behavior

Market share is defined as companies sales as a percentage of total sales volume in a specific industry, market or product area.

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

This paper will refer to two audit exercises from Chapter three and Chapter four of the textbook. The first one will refer to demand for product, competitive response, level of novelty of the innovation, factor that could block the good outcome of an innovation, and other factors. The second audit exercise will involve the assimilation of a checklist for innovation with respect to the considered organization. It will also determine the readiness of the organization to implement an innovation strategy.

The setting of a business compels most when there is a viable opportunity for the firm, organization or venture to succeed. It is in this pursuit for success that most firms are seeking the service off establishing and determining the performance of the firms. Measuring firm performance has several means of doing, however, the most commonly used one is the Return on Assets (Rumelt, 2011). Return on assets is a measurement methodology that assesses various factors and matrices in the line of action. However, most firms focus on the financial side of the venture, diverting their attention from the most compelling basis of the metric method. Return on assets is a tool that requires a critical and careful selection of the base criteria for measuring the success of the firm or company. However, focusing on the financial side only leaves the investors happy but the firm stagnating.

In the case of Assessing a Company’s Future Financial Health, the case concentration is on SciTronics, a medical device company, performance measures based on the organization’s three primary financial data sources in Exhibit 1 & 2. Utilizing the 9 steps of corporate financial system, I will be able to analyze the financial health of the company to assess whether it will remain balance over the ensuing 3-5 years. The measures are grouped by focusing on “Financial Ratios” such as: 1.) profitability measures, 2) activity measures, and 3) leverage and liquidity measures. Using the financial data sources, I would be able to make recommendations regarding SciTronics 126 million loan request.

There are many financial ratios used in evaluation of a healthcare organization’s performance but for purpose of this study, it will be limited to activity, leverage investment, liquidity and profitability.

Ecton Inc, as an innovator in the field of medical imaging is caught in a familiar dilemma that many startup companies face once they are in the final stages of a product development cycle- whether to continue with product rollout, forcing a change in the scale of operations requiring substantial capital input, OR, to get acquired by a larger organization which has the expertise and resources to ensure production, sales and distribution for the same product. In this essay, we will discuss Ecton 's proposed business model, why Ecton qualifies as a disruptive innovator, and analyse and recommend alternatives that it can take to chart out its future

The first responsibility of marketing is to identify and enable the organization to acquire customers. Without customers, there is no revenue and without revenue, there is no business. Acquisition enables the company to increase its market share. There are four key performance indicators that enable the companies to address market share: Customer Growth Rate; Share of Preference; Share of Voice and Share of Distribution.

Let’s be clear about one thing: you sell to customers and not a market. Knowing "market share" is a useful metric in determining the relative effectiveness of a sales organization or product. It provides a snap-shot of where a vendor stands in comparison to competitors with regards to the universe of a defined range of products or services sold into that marketplace. Market share, simply put, a measurement of past performance. It can be used as a benchmark for the determination of future successes, but it cannot provide reliable input to future needs or trends. While we often talk about what the “market” demands, no such “market” anywhere ever wrote out a check for

Innovative companies provide forums for employees to pursue opportunities. For example, 3M Corporation. This company was awarded the US government’s highest award for innovation, the National Medal of Technology. Over a 20-year period, 3M’s gross margin averaged 51% and the company’s return on assets averaged 29%. 3M has consistently been highly ranked,

Effect of employees Organizational citizenship behavior, Job satisfaction and Emotional Intelligence all are linked together in the organization.

“As more and more companies see innovation at the heart of their growth strategy, it is not surprising that more and more companies also seek to identify ways to measure the impact of their innovation activity. The critical questions are, what to measure and how?” (Stamm, 2003,

3) Chiesa, V., Coughlan, P. and Voss, C., (1996). Development of technical innovation audit. Journal of Product Innovation Management, 13 (2), 105

The business world today is overstretched on what it is supposed to offer to the market. Today, an organization that does not embrace involution and technological changes in its operations is as well doomed to fail. There is no choice left other than that of deeply venturing in innovation and technological changes. Clients, in this century, are on the lookout for that organization, which is offering more than just a product to satisfy their needs. The client needs have evolved and other preferences, which include elements of modernism, are redefining what customers are looking for once the go out for shopping. Therefore, if an organization wants to survive the hostile business environment, it cannot underscore the importance of change. With this understanding, business organizations have ensued on measures that position them on the right track to achieve innovation and embrace changes on the products they offer to the market. Today, these organizations are setting aside large amounts of cash to fund research and development activities that will ensure they are up-to-date technologically. However, the chief goal of this paper is to explore and critically analyze the correlation between expenditure on R & D and the state of innovation level. The main question is to whether investing heavily on R & D activities really makes a company to be very innovative or whether it is worth it. Alongside this, the paper also examines other elements

During a recent talent alignment seminar Gregg, a Kenyan of British origin shared some interesting experiences. The non-governmental organizational executive had proceeded abroad on a month’s business trip. Alongside, he temporarily delegated his responsibilities to Monica, his wife, who is also a colleague at work. But upon his return, Gregg was disturbed that operations had not been as smooth as he could have expected.