Innovation is a fundamental idea in an organization because it shapes corporate life and assists the management in reflecting earlier unconsidered strategic options. By being innovative, a firm can enter new markets deeper and faster since the company will develop competitive products that will make inroads into emerging markets (Rostami, 2015). This essay involves an intense analysis of the innovation of a Coca-Cola company as to how they practice innovation. I interviewed the senior marketer to understand several aspects concerning innovation and the structure of questions enabled me to scrutinize the subject extensively.
Summary of The Questions
The first and more important I enquired is what efforts the top management had put in place to support innovation in the company. The marketer said that the administration had set innovation as an integral value in the firm to create a conducive environment that nurtures creativity. Additionally, they fund creative training programs and reward creative talent among its employees. Regarding cooperation of all the staff in devoting part of their daily attention to enhance their business model, the marketer said that majority of their team work in unity except few individuals. The companys policy requires every associate to contribute to overall success through providing ideas on how to use the invention to reach broader markets. Besides, their firm experiences fierce competition from competitors such as Pepsi hence they require their staff to mainly focus on innovative marketing strategies that are unique in the market.
Additionally, I asked about the clarity of the companys intention to innovate to all the staff, and I was informed that they have communicated that innovation is part of their mission thus every personnel are aware. Moreover, the company provides a strategic plan for each department that insists on change but is mainly directed to product developers. Another exciting question I asked was, does creativity or officialdom crowd out innovation? The marketer responded that it does not affect innovation because they have been balancing the two aspects with the aid of organismic environment. Although there are some strict rules, the company enhances creativity by organizing competitions where employees submit their ideas about the products.
Regarding the reasons why innovation is less effective, he said that innovation is a process and requires time. It may not be effective the way he wishes to be since it always steps ahead of practical activities. Furthermore, I enquired about their companys efforts to leverage internal talent and access to external talent. I found that Coca-Cola company takes seriously doing a better job both internally and externally. The marketer said that they recruit experienced personnel in every department thus benefitting the firm in the long run. Another thrilling question concerned effects of performance measures and rewards on innovation. The marketer alleged that rewards motivate workers to be more creative in product development while performance measures make them meet their innovation goals thus enhancing creativity.
Furthermore, I enquired about the barriers to innovation, and I was informed that innovation is affected by less desire of change. Some people are resistant to change because of lack of understanding of consumers demand. In addition to change, the management lack support on innovation and they do not provide incentives for innovation. Concerning leveraging various outside constituencies in innovation, the company takes into account the tastes and preferences of customers or consumers while developing their products. Other questions concerned future innovations in the business and I was informed that they are planning to change their branding and packaging. Likewise, I asked about how they respond to the innovation of their competitors, and he told me they are currently carrying out marketing research concerning the subject.
Analysis of The Responses
According to the answers, it is clear the firm conforms with best practices of innovation in the industry. Coca-Cola company has let every employee play a designer role with the aim of developing a competitive product. Additionally, they have provided staff with free time to think about the best way to improve a product and encouraged risk-taking in product formation. Besides, a firm should motivate the employees with rewards and compensation if they come up with creative ideas that ensure the development of the productive product (Razek & Alsanad, 2014).
Furthermore, the marketer talked of the practice of conducting innovation seminars and competitions. This method is critical in giving audience to employees who may have helpful ideas but have not found a stage to express them. They are allocated time for the invention without being restricted to certain procedures. The company as well is doing great in leveraging external talent to source talented and skillful individuals who are innovators. To be competitive, a firm has to develop high-quality products that are unique in the market (Kahn, Barczak, Nicholas, Ledwith & Perks, 2012. This is some of the efforts Coca-Cola company has taken as explained by the senior marketer.
I first recommend the company to fasten the marketing research that is being carried out. This will make them understand how their competitors innovate their products thus enabling them to be more creative. Secondly, they should conduct training for their staff to enhance the culture of innovations in the firm. Lastly, they should hire well-skilled individuals who will bring the philosophy of inventions to the company.
Rostami, N. A. (2015). Examining the relationship between marketing capability and innovation. International Journal of Management, Accounting & Economics, 2(1), 64-72.
Kahn, K. B., Barczak, G., Nicholas, J., Ledwith, A., & Perks, H. (2012). An examination of new product development best practice. Journal of product innovation management, 29(2), 180-192.
Abdel-Razek, R. H., & Alsanad, D. S. (2014). Auditing and comparing innovation management in organizations.
If you are the original author of this essay and no longer wish to have it published on the collegeessaywriter.net website, please click below to request its removal:
- Multi-Step Income Statement - Report Example
- Personal Development Portfolio: Your Action Plan - Paper Example
- Essay on How Financial Management Decisions Impact the Organization
- The Role of Managerial Accounting in Contemporary Business - An Essay Example
- Management Paper Example: Balanced Scorecards
- Methods to Ask for Support in a Letter - Paper Example
- A Multiple-Item Scale for Measuring Consumer Perceptions of Service Quality - Paper Example