The paper "Developing Innovation Capabilities" is a great example of management coursework. Innovation capability entails the ability to come up with the best strategies that can help organizations achieve competitive advantages. Organizations are looking for innovative strategies that they can employ in the process of achieving competitive advantages in the market. It is through the innovation capability that organizations can deliver products that can compete well in the market. Innovativeness in designing products helped in developing unique products that can meet the needs of the customers in the market (Lin, 2007). Large organizations are making use of the innovation to redesign their products in the process of keeping pace with the market changes.
Innovation provides a significant opportunity to make organizations able to take advantage of the market gaps existing through providing the necessary products and services that can help in meeting the unmet needs. The increasing competition in the industry is making the organization develop its innovation capabilities with the aim of making sure they are competitive. For instance, some multinational companies like Walmart are using their innovative capabilities to differentiate their products in the market.
The adoption of a differentiation strategy helps in eliminating the possibility of substitution in the market as there are many firms that offer similar products (Ç akar and Ertü rk, 2010). Besides, organizations are making use of innovation capabilities in the process of responding to the changes in the business environment. This essay evaluates how innovation capabilities are developed within large corporations while making use of the appropriate examples. Innovation capabilities Innovation capabilities are important in any organization in the process of integrating the organizational resources, skills, and competencies to ensure they match the environmental changes.
The organizations can renew the competencies through being innovative in their operations hence can make the necessary adjustments to fit in the changing business environment (Kennard, 2014). The change management process has been improved by making sure that the company is innovative to accommodate the possible changes in the needs and tastes of the customers.
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