Woodworker's Gym Case Study

One risk is that with each customer you take a risk, if you mess up, people

Usually, the most common risk management strategies can be subdivided into multi-stage approach in order to obtain a better impression of the underlying risks and thus to increase the probability of mitigating the firm’s risks properly and successfully. Also General Motors Corporation has developed various rules and guidelines to help manage minimize the risks associated with their business and investment operations.

According to study of Hill and Jones (2013), value creation frontier refers to the maximum amount of value that the products of different companies within an industry can provide to customers at any one time using the different business models. To reach the value creation frontier, the company must pursue one or more of the four building blocks of competitive advantage, which are innovation, quality, customer responsiveness and efficiency. The concept provide four basic ways to

18 100% 19 20 21 creative Ingredients for enhancing innovation at work and approaches to innovation Obstacles to corporate innovation Barriers to effective decision making Concept: Areas in which people are creative Mastery 100% Questions 1 2 3 1. Ramona, a member of the innovation team at Buzzer Co., a beer manufacturing company, suggests that the company use the spent grain generated through the process of beer manufacturing to create commercial products.

Gather information about its potential and current customers, this helps to understand the customer, improve their services and make more informed decisions hence reducing risk.

The determined risks as the most significant based on the industry as well as the current events that impacted the business results of the company. Similarly to the competition presents a looming danger, as it can greatly impact the retention of customers and

Obviously, the wood yard employees in the class are convinced that they will lose their jobs as a result of the reengineering program. There is some logic to their argument, in that most recent changes have resulted in reductions in the mill work force. What is needed is for David to immediately address all of the wood yard employees about the process, honestly answering all of their questions. Jim Dixon will not be able to successfully complete the training sessions until these workers’ issues are dealt with. It appears that the changes were either poorly explained or not explained sufficiently to the wood yard staff. They have seen multiple waves of layoffs and know that the mill is under constant pressure to increase productivity and

* Accidents could very likely be the biggest threat they have. People being too scared or something fatal happening that could destroy your business.

As business progresses into the 21st century, it is becoming more important than ever to create work environments that foster creativity and challenge the status quo. This is essential for businesses looking to develop new ideas that cater to the public demand. Marc Sparks, CEO of Timber Capital, has done just that. With the new office environment, Timber Creek Capital can now host three different businesses in its office space. This increases the company's ability to foster success for aspiring entrepreneurs. Furthermore, Marc Sparks ensures that the office design will encourage teamwork leading to increased productivity. Finally, the new office space will have increased window views for employees which will change employee emotion and motive

Nour planned on what she was going to make before she started on the wood workshop. Nour said that she was going to make a phone holder. When she planned it linked to How Does Learning Happen because she was developing well being by making a choice and focused on making her phone holder. Also, Nour was demonstrating engagement because she was so engaged in making her phone holder, where she took the time to cut the wood and glue the thin cylinder wood, tree slices and rocks. Nour was also demonstrating expression because she had a huge smile when she was gluing her rocks. I saw Nour demonstrated belonging because she knew where everything was that she was confident using the tools in her class environment.

The case has interest learning point of how environmental factors can trigger dramatic innovation in the mature industries and its impact on new type of competitive advantages. To start off, Tennant is a company that holds history of more than one-hundred years in selling equipment for floor-cleaning business. However, Chris Killingstad made radical changes in the company’s value proposition. Broadened value proposition includes safety, health and environmental values. In other words, traditional value only accounted for tangible outcomes, but they have broadened their value spectrum to engage in holistic value creation with intangible outcomes.

Applying our knowledge about Economics of Strategy, we know that there are different ways to create additional value:

Value innovation balances both value and innovation. Value that lacks innovation will focus on value creation i.e. improving value insufficiently to let you stand out in the market place. Innovation which lacks value will be, as Kim and Mauborgne put it (page 13), technology-driven, market pioneering or futuristic rising above what the buyers will be ready to accept and pay for.

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.