BSS057-6 Corporate Innovation and Entrepreneurship Assignment Sample
Module code and Title: BSS057-6 Corporate Innovation and Entrepreneurship Assignment Sample
Introduction
Research identifies and collects a series of patches on corporate entrepreneurship that is related to crises. Internal and external that can lead to entrepreneurial responses are discussed in the report. Reports have applied theory that draws major theoretical contributions. In the analysis section practitioner sources and relevant academic sources are used analysis section.
The conclusion is discussed that derives depth analysis and reflection on theoretical contributions. The recommendation is also mentioned in reports that provide a cooperative innovation lab. Therefore, a team can show creativity in their work and easily find an alternate solution for their issues. The recommendation also suggested proper investing in resource support for their startup business.
Background
TUI is one of the world’s leading tourism groups that mainly consist of tour operators with about 1,600 travel agencies, five airlines with around 150 aircraft, and over 400 hotels within the major holiday destinations all over the world (tuigroup.com, 2022). The company mainly offers high-quality and end-to-end customer experiences with the help of an integrated tourist business.
Along with this, the company holds the vision, value, and customer propositions in terms, of committed actions and sustainable manners. Furthermore, the company has been operating for more than 70 years as Preussag AG with the acquisitions of one of the leading tourism companies in Germany. Besides this, in 2007, TUI merged its travel division with British tour operator “First choice” which held with about a 55% stake in the new company (tuigroup.com, 2022).
Figure 1: Vision and Value of TUI Groups (Source: tuigroup.com, 2022)
The key feature within the incorporated culture of the company involves global responsibility within economics, environmental and social sustainability with more than 20 years of commitment (tuigroup.com, 2022). Besides this, the company’s share has been listed within the FTSE 250 index, London Stock Exchanges, and regulated the market of Hanover Stock Exchanges.
The TUI group’s hotel portfolio includes well-known brands such as Riu, TUI Blue as well as Robinson Clubs. In addition, the five airlines of the company operating within 150 mediums that including TUI Airways, TUI fly, TUI Fly Netherlands, TUI Fly Belgium, and TUI Fly Nordic that have been serving in more than 180 destinations place worldwide (tuigroup.com, 2022).
Figure 2: Revenue of TUI AG worldwide (Source: statista.com, 2022)
The above statistics illustrate the revenue of TUI has experienced a significant drop during 2021 due to the COVID-19 pandemic, with the amount of total revenue of 1.7 Billion U.S. dollars (statista.com, 2022). However, the company is focused on the following transformation and restructuring the business environment by reducing the drawdown of public loans. Along with this, the company has been working within more digital and effective processes to set the standard within tourism in terms of quality, innovations, and sustainability.
The company has been identifying an effective way to produce creativity and innovation to operate a business in an effective way. In terms of that, the company has been committed to laws and acting with integrity through the Code of Conduct and lawful guidelines. The company mainly offers the training and communication awareness that supports compliance policies and guidelines for managers, employees, and staff.
Critical Analysis
The corporate enterprises series refers to corporate venturing, entrepreneur, organizational transformation, and industry rule bending. Moreover, Tui adapts mentioned series for support to understanding appropriate entrepreneurship in business management. Along with this, it is considering various accommodations that are applied for the enhancement of business criteria (Nadkarni and Prügl, 2021). In this regard, innovation within the start-up of businesses is necessary to implement various rules and regulations for the improvement of business within the market.
Moreover, innovation researcher identifies various challenges of business that is important for innovative business within the market. Entrepreneurship is a process that creates a new business within a market that is supported to improve business. Furthermore, organizations generate every skill and acknowledgment of business of the company. In this regard, it considers the management process of the company, which is considered the work practice of employees (Lundberg and Rehnfors, 2018). Along with this, an appropriate approach can consider various growth aspects of business management.
Figure 3: Number of Business in Travel Agency (Source: statista.com, 2022)
The travel agency spread its business around the globe and is improves its business stability for the profitability of financial aspects. In this regard, there are 4879 companies sharing their business with travel agencies during 2020. Along with this, forecast is to increase to 4,867 during 2022 (statista.com, 2022). The business management of this concerned company provides an appropriate service to tourists that are necessary to stabilize a business within the market. In this regard, it supports change in vision that is important for implementing business within the market.
Thus, it is necessary to apart latest business enterprises for the improvement of business within the market. Along with this, it provides an understanding of appropriate aspects of business management of a company. Furthermore, various key aspects support improving business within the market (Zinkernagel et al. 2018). Moreover, it is important to implement business criteria that are important for implementing business within the market.
Entrepreneurial architecture support improving business within a market with help of an appropriate framework. Along with this, it is considered various accommodations that can identify large firms of business of tourism. Furthermore, entrepreneurial culture support understanding culyure of business and place that is necessary to stabilization of business within different places. In this regard, adaptation to different cultures is important that is necessary to get the innovative skill of business.
Furthermore, it supports advertising its business within the market, which is necessary for the implementation of financial aspects of the business (Arshi and Burns, 2018.). Moreover, different innovative things are supported to improve the business of tourism and it is supported to overcome a crisis of company (Bazan et al. 2022). In this regard, it is necessary to adopt the latest technology to improve business within aspects. Thus, it is necessary to conduct entrepreneurial activities. An appropriate framework support to improvement of business activity that is necessary to enhance financial aspects.
Figure 4: Enterprises in Travel Agency (Source: statista.com, 2022)
The travel agencies spread its business within market by its size and skill, therefore, 8.7 thousand tourism sector enterprises operating within UK during 2021. The travel and tourism sector enterprises are 40 companies across UK during 2021 (statista.com, 2022). Along with this, customer discovery is a process in the tourism industry that targets an appropriate market for the stabilization of business.
In this regard, it is necessary to know about the need of the customer that is supported to improve businesses within the market. The target customer can be an enterprise business that is supportive fir implements various criteria of management skills. Furthermore, the major purpose of different patches during crises is to conflict business processes within a market (Hampel et al. 2020).
Along with this, for repairing a vulnerability and adapt the latest software for the improvement of business enterprises. Moreover, internal and external patches factors support the recovery crises within the market. In this regard, fundamental consideration is to allow a comprehensive shape to be discussed within the firm while accessing value consideration.
Figure 5: Revenue of Tourism Market (Source: statista.com, 2022)
Different companies face various crises during the stabilization of business within the market and it is necessary to overcome these concerns and challenges. Along with this, it is necessary to identify various competitors within a market that is important for improvement of a business. In this regard, financial crisis personnel crisis is a barrier to enhancing business within market. The revenue of tourism sector within market is 4.95 billion during 2020 and 6.47 billion during 2021.
Moreover, during 2022, its revenue growth is 17.42 billion, and provides appropriate service to customers. Furthermore, forecast of this concern agency is 22.26 billion by 2026 (statista.com, 2022). Along with this, it is appropriate to effectively develop a technological crisis that is considered abilities and approaches for development of business within market. In this regard, it supports promoting and sustaining creativity of innovation, which is necessary to maintain a process of business management.
Sustainability is exceeding various process of business management that is supportive of improvement of tourism business. Along with this, it is necessary to adapt the latest technology for the implementation of management skills. In this regard, establishing various visions that is considered appropriate approaches for business is important for implementing effective ideas that support improving business. Along with this, reward and creativity is an appropriate approach is to support and improve business within market. Furthermore, demographic changes are necessary to compare with other business aspects of a company (Porru et al. 2020).
Moreover, artificial intelligence is an appropriate approach that considers various accommodations of businesses within market. In this regard, it is necessary to maintain an approach that can implement a framework of business learning tools for enhancement of financial aspects of a business. According to AI implementation tourism industry, apply various accommodations of business aspects that are necessary to maintain an appropriate dignity of business (Canhoto and Clear, 2020). In this regard, it creates a valuable market for stabilization of business within market.
Theories related to the corporate entrepreneurship.
There are various theories that help to do corporate and entrepreneurship effectively and efficiently. There are various models and theories which are available that help to mitigate the various challenges in the field of corporate and entrepreneurship. There are various examples like Economic entrepreneurship theory, Sociological entrepreneurship theory, Physiological entrepreneurship theory and so on that help to do corporate entrepreneurship effectively. The Tui, UK uses various theories and models to manage the change process in their corporate entrepreneurship and allows the business growth of the company.
Economic entrepreneurship theory
The economic entrepreneurship theory is a theory that carries the illustration regarding the pedigree of entrepreneurship. The theory is divided into 3 parts in which the classical theories, neo-classical theories, and the Austrian market process are included. These theories provide different approaches regarding entrepreneurship and help to take the strategic change process in the company. According to classical theories, the role of entrepreneurship between the producer and distributor of products and services is prescribed.
The theory mainly helps the Tui UK to take focus on the virtues of trade, specialization, and competition (Méndez-Picazo et al. 2021). The company makes several changes in its corporate entrepreneurship in which they are urged to change the typical processes of the trade and business operations. The economy helps to provide the importance of the role of the particular person who mainly speculates all the conducted changes. Moreover, this theory also allows the company to make major changes in the production and the selling process of the company.
The company is known for its traveling and tourism-related transportation service. This economic theory supports the changing process by allowing the creation of new products or services and adopting new production methods. Moreover, this theory allows the company to open up a net strategic market that may help to improve its business and attract more and more customers to its services. After allowing the company to open up a new market that theory allows the company to create a new source of supply.
The open up of a new supply allows the company to create different opportunities that grind the change process in its business and manage operations (Patriotta and Siegel, 2019). On the other hand, the economic entrepreneurship theory also allows the company to open new organizations in the travel and tourism industry to divide the business force of the company and promote new business opportunities.
Physiological Entrepreneurship Theory
The theory of Action regulation and Rotter’s locus is identified as two of the prominent theories related to physiological entrepreneurship. Along with this, the concerned organization needs to implement this theory while deriving its benefits within the organizational critical situation. Furthermore, the external along with the internal actions belonging to the entrepreneurship are liable to derive focus from the theory derived by Rotters.
However, the actions are credentials for the performance while deriving its impact on it is derived from the regulation theory of action. In the context of the derived theory, the Rotters’ locus is derived as “High internal locus of control” and “High external locus of control.” In this regard, internal locus control is derived from individual perception as the actions as well as fortunes are under their control. They are liable to derive their events as per their conduct and steps.
The physiological entrepreneurship theory also prescribes that the implementation of the new measures may be helpful for the TUI, UK to improve the motivation level of the staff and employees. Moreover, the improved staff motivation allows the company to achieve new achievements in their business and development (O’Donnell et al. 2021). Moreover, this theory also shades light upon the stable characteristic of entrepreneurship where dynamic market conditions allow the change in entrepreneurial behaviour and make it profitable for the company.
The Physiological Entrepreneurship Theory also allows the company to make the change in the sequence of the business operations that highlights the path that is taken from the feedback and goals of the businesses. Therefore, it reflects that the change in the business path is considered with the help of this theory, and the approaches taken are based on the goals and feedback of the business operations of TUI, UK.
This theory also allows the company to extend its business activities, the extended business activity allows the company to open more and more services for tier customers and establishes an effective corporate entrepreneurship in their traveling and tourism business. Furthermore, this theory also allows the company to do the changes in the structure of the business actions.
This allows the company to outline the various level of actions their which the company does the different regulatory business approaches. The understndidng of the physiological entrepreneurship theory allows the help the TUI, UK to make change in the psychological perspective and establish corporate entrepreneurship in the company.
Sociological entrepreneurship theory
The sociological theory of the entrepreneurship mainly focuses on the sociological context, and they also focus on the sociological development of the company. This theory allows the company ot makes changes in the sociological context like staff motivation, employee engagement, workplace culture, and so on. This theory helps to make changes in the attitude of a person toward their profession. Moreover, it is one of the most important things for any kind of business to understand the priority of their profession in the business (Lounsbury et al. 2019).
The societal role and expectations allow the company to make a change in the strategies regarding their staff and employees. The company trains their employees to bring learning in the particle situations or real-time problematic situations. With the help of this theory, the company makes changes in their staff training program and allows them to be more creative with their sociological thinking. This change is done by the company with the help of the sociological entrepreneurship theory.
Synthesis analysis
The overall analysis of synthesis capability is to promote creativity, and innovation, and enhance organizational performance. Together with this, the company needs to align with the marketing as well as a promotional activity to be performed under the various integration related to the capabilities of firms. In this context, it can be stimulated with an open work environment to be considered on multiple levels within the management. Along with this, it can be accessed by motivating the team, encouraging them, and providing the proper tools to be creating a relevant opportunity for the management (Cai et al. 2020, p. 2).
The key phenomenon to be discussed under the capabilities of an innovative organization is to create “Abrasion, Agility, and resolution.” Additionally, it is linked with the successive consideration to be analyzed as a potential framework for management. The concerning capabilities to be promoted as supportive as providing the essential toolkit for the entire management.
The important factors are providing flexibility to develop the value that is being optimized within the firms through innovative and organizational performance. Apart from this, it helps to improve creativity within an exclusive team environment as well as promoting through a creative working design. In order to sustain the valuable orientation for the team, it is necessary to provide freedom as well as flexibility to team members (MUAFI 2020, p. 3).
It is the fundamental consideration to allow a comprehensive shape to be discussed within the firm while accessing value consideration. It is important to share and adapt the knowledge to be performed under key considerations such as creative “Risk-taking, Self-Reflection, and Supporting employees” with high altitudes. Apart from this, it can be allowed with specific consideration that provides organization techniques to share knowledge and ideas.
The “Development, Acquisition, Transformation, and exploitation of new knowledge” will help in enhancing the innovative techniques within the firms. Moreover, it helps in creating values by putting common insights towards the team as well as management. Enholm et al. (2021, p. 1) opined that innovative accessibility needs to be provided to analyze the performance as well as a demarcation to be performed under the management. In order to foster a three-dimensional framework such as “Activities, Conditions, and Intangibles” the innovation can be sustained through a highly modified form.
More or less, it can be easily analyzed with the synthesis analysis of activity based on creating values and integration. Innovation is really considered as an important source of the overall growth and it is also considered a crucial key in order to make competitive in the potential market. In addition to this, achieving innovation in the organization really requires the overall effort of the coordination of many different elements as well as the integration of the essential activities in the crucial business functions. The given organization is generally considered as one of the largest tourism groups in the UK.
In addition to this, the organization’s overall facilities are really run by the local brands that are generally located in the holiday-making regions (Aburumman et al. 2020, p. 10). Along with this, it is mainly considered by the organization that both digitalization, as well as innovation, is really considered as the key elements for the overall future growth of the organization. However, in order to expand its business as well as implement new products and services, the company really needs it in order to adopt the innovative strategies within its entire value chain (Zeiss et al. 2021, p. 4).
In addition to this, in order to implement the innovative technologies in the organization the company also works in order to establish a partnership with the innovative tech startups that mainly work is in order to provide effective solutions such as helping in order to enhance the process of booking by utilizing the innovative approaches. Apart from this, the tourism business all over the globe is really looking forward to the essential solutions that are generally based on the technology of the blockchain (tuigroup.com, 2022).
This really works is in order to provide the necessary security to the customers as well as help in order to manage the overall inventory of the hotel in a more effective way. In addition to this, it is mainly observed that the important creation of the organization is mainly observed as a crucial process of leading innovation. Along with this the overall ability of the specific organization in order to innovate is really analyzed as an essential process in order to make a perfect utilization of the various essential innovative resources as well as new technologies (Cai et al. 2020, p. 12).
However, the introduction of the innovative technologies really creates both complex opportunities as well as significant challenges for the given organization. This mainly enforces the organization in order to make some important changes in the overall managerial process and also leads to the emergence of the new organizational structure.
Recommendation
Creative thinking brings opportunities for an organization and creative thinking techniques bring challenges to individuals to identify an alternate solution for their work. Management can encourage creativity in workplace to boost their business and thinking and develop individuals to develop ideas to complete their work (Ribeiro et al. 2020). Tui manager can encourage their employees to experiment with their work and supports employees to enhance productivity in workspace.
Implementation of CPS approaches within organization supports employees to stay informed related to their job. In case, employees were not pre-informed related to their job then employees are not able to identify problems in their job and can complete their job (Puspitasari et al. 2018). Furthermore, information received from employees provides support to employees in their decision making and employees can make good decisions in their work.
Conclusion
The report summarized CIE in current research and critically analyzed on theory used in the report. Crisis-driven innovation is mentioned in a report that addresses societal needs during straits. Crisis boosts innovation within an organization because organization focuses on single challenges due to real urgency. Therefore, organizations can relocate their resource and requirements and make strategies to deal with issues.
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