capsim report

Erie Corporation has been founded in 2011 with the mission is to provide both reliable products for low-technology customers including Traditional and Low End segments; and premium- technology oriented customers including High End, Performance and Size segments. This business plan is written so as to provide the board of directors a detailed picture about the company’s strategies as well as the direction how we can implement these strategies. The plan consists of three parts.

A second driver for strategy innovation lies at the firm level. An interesting feature of today’s business environment is that while some companies are pursuing innovative strategies that are redefining their

Innovation is defined as a method to doing or creating something different or new. Before starting the innovation process, it is imperative that the plans create opportunities to add growth to the company. When innovation

The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.Innovations do vary in many

An innovation strategy encourages development, improvement, and expansion of technologies, products, or services. There are two main strategies in innovation: sustaining innovation and disruptive innovation. These innovative strategies allow for growth and new opportunities that competitors don’t have. Innovation often involves research and development activities to create the competitive advantage. The strategy can allow new or smaller businesses to become a threat to larger corporations; it also allows for growth and expansion of a company.

There are three critical elements of disruption (these were first identified in the book, The Innovator’s Dilemma and are illustrated in the chart at right): ● A rate of improvement that customers can fully use or absorb. This is represented by the dotted line. ● A rate of improvement that goes beyond what customers can fully use or absorb. The pace of technological progress almost always outstrips the ability of customers in any given tier of the market to use it, in part because companies keep striving to make better products that they can sell for higher profit margins to their most demanding, high-end customers. This rate of improvement is shown by the two solid lines in the chart. ● A distinction between sustaining and disruptive innovation. A sustaining innovation targets those demanding, high-end customers with better performance than previously available, whether that performance is an incremental improvement or a breakFor Additional Information on how to know whether your idea has disruptive potential, go to: http://my.summary.com

Innovation can be defined as the introduction of a new product, process or market by an organization. According to Pearce & Robinson (2011), organizations are innovative when they succeed in turning ideas into revenues. However, Petkovska (2015), states that it takes more than ideas to be innovative, firms have to invest in their time, resources as well as technology in order to bring the ideas into fruition. Firms must decide which type of innovation to focus on as there are several types. The chosen innovation will determine if the firm would like to breakthrough the market with a new product, service or redesign existing product or services. This paper is going to analyze Alexander Mann Solution’s innovative strategy in relation to the competition.

Innovative companies can use technology Management as a set of guidelines or disciplines to allow their organizations to create a competitive advantage. (Burgelman 3). The technology the organization uses for creating a competitive advantage include knowledge, products, tools, methods, and processes used to create goods or provide services. (Christensen 45). Innovations are often viewed as disruptive and risky but a company has several marketable ways to innovate safely without over estimating or under estimating the market 's needs. (Narayanan 93).

There are three critical ingredients are important to a successful strategy. First of all, the conditions have to be including in the strategy in the competitive environment. Explicitly, the strategy need to get benefits from exiting or projected advantages and reduce the influences of main threats. Secondly, the strategy has to consider about the realistic situations of the business’s resources. In order words, the strategy have to considered about the existing external opportunities, and the benefits from the result from the firm’s main resources in order to chase the market opportunities. Finally, the strategy should be suspiciously achieved.

Incremental innovation is a series of small improvements to an existing product or product line that usually helps maintain or improve its competitive position over time. Radical innovation is an invention that destroys or supplants an existing business model. (BusinessDictionary.com, 2017)

Innovation refers to the act of creating new products or processes. There are two main types of innovation: product innovation and process innovation. Product innovation is developing something new with characteristics and attributes not known before. Examples are Intel’s invention of the microprocessor in the early 1970s, Cisco’s development of the router for routing data over the Internet in the mid-1980s, and Apple’s development of the iPod, iPhone, and iPad in the 2000s. Process innovation is the development of a new process for producing

There are a few difference between the innovation types. First, incremental innovation is the act of making small, simple changes to products, services or processes, whereas, breakthrough innovation is an out of the ordinary development that create a new product or market (Pearce & Robinson, 2011, p. 371). Typically, incremental

Having an innovative strategy in business is mostly accredited to those that make the investments within the market. Recently Apple Inc. invested over three billion dollars into SAP which is a German based company. SAP has been known for its innovative strategies in business much like Apple has need within the personal device and technology aspect. Though, innovations frequently seem to fail, there are those success stories such as SAP that have directly influenced out day to day lives weather we see it or not. SAP is committed to resolving the integration issues that arise during nominal business interactions. Their IT software has not only capitalized on the successful output of information within the global network. They too have created cloud based solutions that run off of

Innovation can be defined as a different and new manner of doing something away from the way it is usually done. In the current competitive global economy, managers have a responsibility of recognizing and seizing new opportunities to foster a competitive edge. From time to time, managers are expected to establish new techniques and methods of managing, distributing, marketing and promoting business. However, it is essential to note that such Innovations work only for a given period before they are overtaken by other innovations. The core aim of the paper is to elaborate how managers seize opportunities.

In order to remain innovative or to become more competitive, it is essential that leadership establish a strategic innovative process to guide them through the entire course of action. To begin with, they must choose what type of innovation process that is right for their business. A end goal of this process could include