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Business Innovation & Stakeholder Relation For 2Degrees

University: REGENT COLLEGE LONDON

  • Unit No: 7
  • Level: Undergraduate/College
  • Pages: 22 / Words 3000
  • Paper Type: Assignment
  • Course Code:

    JNB522

  • Downloads: 833
Question :

Innovation plays an important role in the growth of the company as it helps in staying one step ahead of the competitors. The company for this report is a 2degree which is a telecommunication provider in New Zealand. The report has the following points to be considered-

  • Practices and principles of accounting, sales, operations, HR in order to support effectiveness and efficiency of company.
  • Innovation and the organisational change which contribute in operations of company.
  • Maintain and develop the operational business relationship with the stakeholders.
  • Manage own and others performance and learning for effective performance of company.
Answer :

INTRODUCTION

In order to achieve high degree of success in the competitive business environment, a company is needed to make some effective changes in the existing products and services. With help of bring innovation and development company can easily improve productivity and performance. The current report is based on the impact of innovation and development on the stakeholder relationship with respect of 2degree company. It is a telecommunication provider that operates its business in New Zealand.CASE SCENARIO

Innovation and development within the organisation is one of the significant aspects that helps company in improving business growth and effectiveness. By bringing creativity and innovation along with products and services, an organisation can easily develop competitive advantages and improve business growth.

With the help of innovation and development, a company can improve stakeholder relationship that aids in improving business efficiency and effectiveness. Stakeholder plays a very criteria role in the corporation who is directly or indirectly gets affected by all decisions. While business entity takes any decision regarding policies, procedures, practices, structure, prices of commodity and others then it is very important to communicate stakeholders about the same. With the help of innovation in business, a company can easily maintain good relationship with stakeholders such as customers, employees, government, suppliers and investors (Fischer and Qaim, 2012). The current study is based on the significance of innovation and changes in the business improvement as well as stakeholders relationship with respect to 2-degree company. It is a telecommunication provider that operates its business in New Zealand. It mobile network launched on 4 august 2009 after nine year of planning. It delivers high quality of products and services to its customers as it has effective positions in the market. Its network works with GSM-900, UMTS-900 and UMTS-2100 mobiles as Vodafone have in business.

Research Title

Innovation and development of positive stakeholder relations for improving business efficiency and effectiveness.

Research Aim

To study the significance of innovation and development upon positive stakeholder relationship that helps in improving business efficiency and effectiveness: A case study on 2degree company

Research Objectives

To assess the significance of positive stakeholder relationship within organisation

To analyse the impact of innovation and development on positive stakeholder relationship

To determine the significance of innovation and development in the business efficiency and effectiveness

Ethical consent

At the time of selecting the research subject, there are various factors affected researcher choice and preference. The major reason for selecting this subject for investigation is researcher interests as scholar desires to investigate on how innovation that changes and help company in improving stakeholder’s relationship and overall performance. Another major reason is that 2 Degree company is facing issues related to poor stakeholders’ relationship thus researcher has conducted investigation for finding out strategies to improve stakeholder relations and business performance.

Research Questions

What is the meaning if innovation and development in an organisation?

What is significance of stakeholder relationship in business efficiency and growth?

What is the impact of innovation and development on positive stakeholder relationship?

week

 Research activities

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Select Business

 

 

 

 

 

 

 

 

 

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 Define problem Address ethics

 

 

 

 

 

 

 

 

 

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Secondary data

 

 

 

 

 

 

 

 

 

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Submit proposal

 

 

 

 

 

 

 

 

 

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Collect data

 

 

 

 

 

 

 

 

 

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Analysis of data

 

 

 

 

 

 

 

 

 

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Write draft report

 

 

 

 

 

 

 

 

 

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Submit report

 

 

 

 

 

 

 

 

 

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Oral presentation

 

 

 

 

 

 

 

 

 

RESEARCH METHODOLOGY

Research Methodology plays a very significant part in the investigation. It allows researcher to conduct investigation in right manner and find out solutions to research issues and problems. It is a systematic procedure of collecting, analysing, assessing and interpreting information so as right solution of research problem can obtain. There are several methods of research methodology such as data collection, sampling, design, research approach, and research philosophies (Cooper, Seiford and Zhu, 2011). By selecting right and appropriate methods of research, solution can easily find out buy investigator. In the present study, for conducting study on significance of innovation and development upon positive stakeholder relationship that helps in improving business efficiency and effectiveness with respect to 2degree company, researcher will use following methods-

  • Data collection- This is very important method by which information can gather by scholar. There are major two methods of data collection that is primary and secondary. While information collects from survey, interview, observation then it is known as primary data collection. On the other hand, information gathers from books, journals, blog, magazines then it is known as secondary data collection. In the present study, researcher will collect data from survey method.
  •  researcher in understanding the research in effective manner. It provides a systematic path for carry out investigation. Exploratory research design will use in the present study for conduct study on significance of innovation and development upon positive stakeholders’ relationship that helps in improving business efficiency and effectiveness in 2degree company.
  • Research approach- Research approach allows scholar in conducting study by use of several theories, models and concepts. Inductive and deductive are major two approaches. In the present study, scholar will use deductive research approach to study on significance of innovation and development upon positive stakeholders relationship that helps in improving business efficiency and effectiveness in the 2degree company (Datta, Jessup and Reed, 2011).
  • Sampling- Sampling helps scholar in selecting some group of people from large group. In the present study, scholar will select 15 employees and 15 customers for analyse the impact of innovation on stakeholders relationship in  2degree company in Newzeland.

SECONDARY DATA

According to the view of Aarikka-Stenroos and Sandberg, (2012) Innovation is a process of transforming new ideas and methods in the creation. As per the business point of view, advancement is an orderly procedure of applying new thoughts, techniques and equations in business tasks through which innovativeness can created in the organization. Advancement and commercialisation is a procedure by which administration can help up its productivity and offers of item and administrations.

With the help of development, a firm can recharge or rebuild its items and administrations by imagination and new thoughts. This will pull clients and empower them for procurement. In straightforward terms, one might say that advancement and commercialisation helps an organization through which it can create extraordinary and powerful brand picture in the market and increment adaptability.

An advancement is any improvement that makes a few changes in the business preparing and generation. It could be as large as a stream motor or as little as a minor change to creation line forms. Advancement is a synonymous with hazard taking and associations that make progressive items or advances go out on a limb since they make new market. Development has progressed toward becoming maybe the most essential wellspring of upper hand in cutting edge economies.

 In the opinion of Anokhin, Wincent and Frishammar, (2011) stakeholder plays a crucial role in an organisation who directly and indirectly get affected by business decisions. Customers, employees, suppliers, investors and government are major players of an organisation who is directly and indirectly affected by company’s decisions and they are interested in the business practices and decisions. While company takes any business decisions then it is very important to take participation and consider them. While a company makes changes in policies, practices strategies, system, structure then it directly influences stakeholder’s decisions. For improving company’s performance and business growth, effective and healthy relationship with stakeholders is very important. By developing healthy relationship with stakeholder, a company can easily improve business growth and efficiency.

In the opinion of Bogers and West, (2012) for improve relationship with stakeholders in the company, effective innovation and development is another strategy through which trust and loyalty can easily be improved among stakeholders like customers, employees, suppliers, investors etc. Once company brings innovation and creativity within the product, services and businesses then it will directly affect growth and profitability of business.

With help of innovation and development, a company can easily improve revenue through which employees’ salary and wages can also be improved. Employees are major stakeholders for an organisation and its salary and incentives are directly linked with organisation’s revenue and profitability.

By implementing innovation and creativity in the business, a company can improve working conditions, wages, salary etc. for personnel’s. In contradicting view by Buenstorf and Geissler, (2012) who stated that customers can majorly beneficial by innovation and creativity within the business enterprise. Once company brings innovation and development in products and services then it directly affects customer satisfaction level. By innovative and creative products and services, corporation can improve customer satisfaction. Buyers are able to purchase high quality and creative commodity from company. In the opinion of Caniëls and van den Bosch, (2011) suppliers are also largely beneficial by innovation and development of the company. While company introduces new products and bring innovation then it requires good quality and quantity of raw materials from supplies. Thus, it can be said that with help of innovation and development, suppliers’ revenue can also increase.

In the opinion of Clark, (2010) business changes and development have significant relationships with stakeholders. While any changes bring in the company then it will directly affect relationship with customer, employees, and suppliers. It is very important for the management of company to consider participation of stakeholders in business decision making. It is responsibility of manager to focus on the stakeholders and analyse the impact of changes on their activities and functioning. By help of effective change management and innovation management, the company can easily develop smooth and healthy relationship with them. Innovation and technology development is existing around the boards to maintain the relationship between stakeholder and projects. As the introduction of new technology and development, stakeholder condition is in favour or harm as the implementation of product and services. In the world where everyone is ready to kick you out the development is necessary. The innovative projects can steal the eye of stakeholder to your project i.e. stakeholder influence by your projects. Innovation and development in any business can take a business to high or with the beneficial ideas both (entrepreneur and stakeholder) can measuring the success.

Conclusion

From this entire discussion, it has been analysed and summarised that innovation and development in the corporation helps in improving stakeholders relationship. Customers are largely beneficial by innovation because they can get high quality and innovative products by changes in business. It is also concluded that it is very important for the management of company to consider participation of stakeholder in business decision making. By help of effective change management and innovation management, this company easily developed smooth and healthy relationship with them.

PART 2 Executive summary

This section includes collected primary and secondary information regarding innovation and development and its significance in stakeholders’ relationship. Researcher have conducted survey from 15 employees and 15 customers of 2 degree company. With help of these stakeholders, company can effectively collect information regarding operational environment and improve its performance.

Population – Researcher has conducted survey from 15 employees and 15 customers of 2 degree company. With help of this stakeholders’, primary information regarding the company can easily collect.

Validity and reliability- The used information in the survey is reliable and valid for the objective of investigation.

Benefits of research- With help of this research, scholar has effective various views, opinions and information regarding operations of 2degree company and impact of innovation on stakeholders relationship.Analysis of data

1 Do you understand the meaning of innovation and development changes in business?

  • Yes
  • No

2 Does 2degree company have maintained effective relationship with its stakeholders?

  • Yes
  • No

3 After implemented innovation and creativity with product and services, you are beneficial?

  • Satisfied
  • Can't say
  • Dissatisfy

4 Do you agree that innovation and changes helps in improving stakeholder relationship?

  • Strongly agree
  • Agree
  • Disagree
  • Strongly disagree

5 Do you agree that innovative product and services helps in improve business profitability and growth?

  • Strongly agree
  • Agree
  • Disagree
  • Strongly disagree

6. Recommend strategies to improve stakeholder relationship by innovation and development in product and services

Theme 1: Employees and customers meaning of innovation and development changes in business

Do you understand the meaning of innovation and development changes in business?

Customers

Employees

Yes

13

14

No

2

1

Interpretation: From this above table, it has been analysed that majority of employees and customers of 2degree company are well aware about the meaning of concept of innovation and development. Thus, from this data, it has been analysed that company effectively implement innovation and development with its product and services.

Theme 2: Company have maintained effective relationship with its stakeholders

Does 2degree company have maintained effective relationship with its stakeholders ?

Customers

Employees

Yes

12

13

No

3

2

Interpretation:  From this table, it has been analysed that 2degree company have effectively maintained relationship with employees and customers. From 30 respondents’, majority stakeholders said that cited venture effectively maintain relationship with its stakeholders.

Theme 3: After implemented innovation and creativity with products and services, customers and employees are beneficial

After implemented innovation and creativity with products and services, you are beneficial?

Customers

Employees

Satisfied

13

11

Can't say

1

2

Dissatisfy

1

2

Interpretation: From this table it has been analysed that customers and employees are beneficial after implemented innovation and development with its product and services. Majority of stakeholders in the 2degree company said that After implemented innovation and creativity with product and services, you are beneficial.

Theme 4: Innovation and changes helps in improving stakeholder relationship

Do you agree that innovation and changes help in improving stakeholder relationship ?

Customers

Employees

Strongly agree

10

11

Agree

3

3

Disagree

1

1

Strongly disagree

1

1

Interpretation: From this table and graph, it has been shown that innovation and changes help in improving stakeholders’ relationship. Majority of employees and customers in the survey said that with help of innovation and development, they are beneficial and their relationship with employer also improved.

Theme 5: Innovative products and services help in improving business profitability and growth.

Do you agree that innovative products and services help in improving business profitability and growth ?

Customers

Employees

Strongly agree

10

12

Agree

3

1

Disagree

1

1

Strongly disagree

1

1

Interpretation: From this table, it has been analysed that innovative products and services help in improving business profitability and growth. From all respondents in the survey, it has been found that majority of employees and customers said that innovative products and services help in improving business profitability and growth.

Discussion of information and data using management concept relevant to innovation issues.

Management is an activity, which works as to get things done through others. In this, it is essential to properly manage the entire things so longer profitability and productivity and can be maintained. Management is the terms which helps to create sustainable position in market.  This concept will be inclusive of the following points as are-

Stakeholder theory- The stakeholder theory is the activity, which manages the duty to maximise the interest of shareholders in the way which is permitted by law and social values. Thus, stakeholders to an enterprise must be inclusive of customers, suppliers, employees, communities and shareholders (Karlsson, Larsson and Öhrwall Rönnbäck, 2018.). In this, any group or an individual who can affect affected by achievement of organisational objectives. They play the main role in terms to bring innovation to an enterprise. The general idea of stakeholders concept is to redefine organisation.

Leadership- The main principle of leadership is to hire the right people at the accurate place as it will be helpful in accomplishing projects on timely manner. Thus, behavioural theory offers new perspective, which focuses over behaviour of leaders as per mental, physical and various number of social characteristics. In this, research should evaluate causes and effect relationship of specific human behaviour. The effective individual to an enterprise should bring innovation so that entity can grow their business activities systemically.

Motivational theory- It is one of the effective theories, which works as a dual theory or motivation and it was developed by Herzberg Theory. In this, there are two factors, which can influence employee motivation and satisfaction.

It can be discussed in below context as follows-

  1. 1.      Motivational factors- There are number of factors, which leads to satisfaction and motivate employees to work harder.
  2. Hygiene factors- This is a factor, which leads to dissatisfaction and lack of motivation among employees.

Thus, it can be said that motivation procedure plays the main role at time of making innovation in an enterprise.

Principle of innovation planning- In this, it can be said that innovation planning is the procedure, which works to plan business activities systematically. With help of continuously launching new product and services will revolutionize the activities of the firm.  In this, most industries are enhanced in the services which will work as to bring innovation in market. In addition to this, managing dynamics of design skills will become the major challenge to do each things effectively (Janssen and Castaldi, 2018). In addition to this, it can be said that continuously launching of product and services will be beneficial for any 21st century company. I this, it can be said that innovation strategy guides business renewal and this all the things derive it from corporate strategy. In order to this, the capacity to take innovative procedure is one of main and essential pillar which works as to supports the performance of an enterprise.

Organising and planning- In this, planning is a process, which is helpful in terms to keep focus over deals and decide on steps. With help of effective planning, innovative result of an enterprise can be achieved. In this, planning is helpful in terms to develop skills and strategies so that there can be accomplishment of overall objectives of an enterprise.  In addition to this, organising means to organise each activity effectively and it is helpful to maintain crucial success to an enterprise.

Conclusion- Based on the above report, it can be concluded that innovation is the procedure, which helps to achieve desires objectives. It can be done with help of innovative procedures. The  modification in products and services will impact over all working of an enterprise. In addition to this, innovative procedure attracted customer's and working of an enterprise can be done in systemic mode.  Hence, there are number of activities which are  are covered  as are stakeholder analysis, principles of innovation planning, motivation and leadership theory. 

To conduct effective innovation, there is need to provide recommendations in the following context as follows-

  1. To maintain innovation in the firm, it is essential to frame each activity so that better process for execution of things can be done systematically.
  2. The innovation is systematic process which can attract customers to an enterprise.
  3.  Innovation skill of a person must be a combination of cognitive skills and it can be maintained with the help of behavioural skills, functional skills and technical skills

REFERENCES

  • Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
  • Anokhin, S., Wincent, J. and Frishammar, J., 2011. A conceptual framework for misfit technology commercialization. Technological Forecasting and Social Change. 78(6). pp.1060-1071.
  • Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open and user innovation. Creativity and innovation management. 21(1).  pp.61-75.
  • Buenstorf, G. and Geissler, M., 2012. Not invented here: technology licensing, knowledge transfer and innovation based on public research. Journal of Evolutionary Economics. 22(3). pp.481-511.
  • Caniëls, M.C. and van den Bosch, H., 2011. The role of higher education institutions in building regional innovation systems. Papers in Regional Science, 90(2). pp.271-286.
  • Clark, J., 2010. Coordinating a conscious geography: the role of research centers in multi-scalar innovation policy and economic development in the US and Canada. The journal of technology transfer. 35(5). pp.460-474.
  • Cooper, W.W., Seiford, L.M. and Zhu, J. eds., 2011. Handbook on data envelopment analysis . Springer Science & Business Media.
  • Datta, A., Jessup, L. and Reed, R., 2011. Corporate reputation and the commercialization of innovation: Does reputation match reality, and does innovation matter?. Technology and Investment. 2(4).  pp.256-272.
  • Fischer, E. and Qaim, M., 2012. Gender, agricultural commercialization, and collective action in Kenya. Food Security. 4(3). pp.441-453.
  • Janssen, M.J. and Castaldi, C., 2018. Services, innovation, capabilities, and policy: Toward a synthesis and beyond.Science and Public Policy.
  • Karlsson, A., Larsson, L. and Öhrwall Rönnbäck, A., 2018. Product-service system innovation capabilities: linkages between the fuzzy front end and subsequent development phases. International Journal of Production Research. 56(6). pp.2218-2232.
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