BU7030 Managing Innovation Assignment Sample
1. Introduction
Managing innovation has become the first and foremost requirement for the business organisation. Innovative processes and technology have provided business firms in the food industry to align their organisational objective with the changing environment in the global market.
The study investigates the innovative process of “Crepe and Waffles” through a detailed analysis of the company’s background and challenges. The innovation in action has informed the necessity of proper leadership and positive organisational culture in managing the financial resources to facilitate innovation and success.
2. Organizational context
2.1. Organisational background
“Crepe and Waffles” is a restaurant chain in Columbia that mainly catered to the requirements of the upper class previously. In recent years, the restaurant has reduced the prices of the food significantly to avail the “lower segment” of the consumers.
It has resulted in a wider growth of the food business and the firm has acquired a wide range of consumers by offering competitive pricing in the country (Gómez Montoya, 2018). http://BU7030 Managing Innovation Assignment SampleThe “high-quality food” ingredients and the lower price have increased the popularity of the restaurant in the country.
The firm is mainly popular for its variety of desserts, soups, ice creams and many more (Lee & Trimi, 2021).http://BU7030 Managing Innovation Assignment Sample The revenue of the company has increased by 10.2% annually and has reached 4.9 million in 2021.
Figure 1: Revenue of the firm
(Source: Crepe and waffles, 2022)
The revenue from the net sales has increased by nearly 3.8% in 2019. However, the rapid growth of COVID-19 has hindered the growth of the company as its “net sale revenue” depreciated in 2020 by 11.6%. In 2021, the firm has regained its marketplace in the global countries by increasing its revenue by nearly 34.9%.
The firm has nearly 84 restaurants and 69 ice-cream shops in the native country. It has expanded its business in Peru with 1 “ice-cream” shop and 4 restaurants to further increase its net profits.
The revenue of the firm is increasing gradually by 34.9%, indicates that management can expand their business in other international countries to get good competitive edge (Crepe and waffles, 2022). http://BU7030 Managing Innovation Assignment SampleThe net profit margin is also increasing rapidly in 2021 in comparing with 2020 financial year.
2.2. Industrial context of Crepes & Waffles
In Columbia, the C&W is working towards providing employment to women by collaborating with the rural communities and farmers. The food industry of the global market has been growing at the rate of a CAGR of 9.7% annually.
The food and beverage industry has reached approximately $6,383.49 billion in growth in 2021. The firm’s initiatives in providing organic ingredients can capture the attention of the consumers who are inclined toward healthy alternatives after the impact of COVID-19 (Ratten, 2022).http://BU7030 Managing Innovation Assignment Sample
The enterprise has been working with the farmers to find a unique and “climate-resilient” farming strategy to empower food production. C&W has renewed its membership in “Business Call to Action” and it has made a commitment to provide financial skills to the 50 “low segment earners” (Crepe and waffles, 2022). http://BU7030 Managing Innovation Assignment SampleThe enterprise has been taking action to develop the communities of Columbia by providing jobs in the market and facilitating women’s participation in the business process.
Figure 2: Market size of the restaurant
(Source: Grandview research, 2020)
C&W has created over 3,482 “full-time jobs” and supported nearly 14 other SMEs by creating sustainable projects in the country. It has focused on collaborating with the local farmers and “community-owned” enterprises (Siltaloppi, 2020).http://BU7030 Managing Innovation Assignment Sample
The firm believes in the sustainable practice of food production and the improvement of the climatic impact of the production process. The food industry represents nearly 33% of the GDP of Columbia in terms of manufacturing. The country has the second “largest export market” for food products due to the high demand in the external market and “public investment” (Bodenstein et al. 2022).http://BU7030 Managing Innovation Assignment Sample
In the aftermath of the pandemic, the Columbian economy has experienced a strong rebound that has facilitated the import of “consumer-oriented products” by 24% has resulted in a $2.4 billion profit. As a result, the native environment provides an assertive situation for the firm to expand its operational activities.
The company has taken the definite initiative to regenerate the dry forests of Columbia and advanced conservation techniques for water (Hedman et al. 2021).http://BU7030 Managing Innovation Assignment Sample It has helped the firm in providing organic food and sustainable practices that have acquired popularity among consumers due to its CSR activities regarding food security and the resilience of the firms.
2.3. Evaluation of challenges
Limited level of education
C&W has been providing employment for rural communities and empowering women to participate in private companies. However, the lower level of education has delivered significant constraints to the firm in acquiring adequate work from the employees.
Additionally, the firm has been trying to develop financial skills in the employees that are restricted due to the educational context (Chesbrough, 2020). http://BU7030 Managing Innovation Assignment SampleDuring the pandemic in 2020, the firm has to lay off a large number of employees to reduce costs. As a result, the enterprise lay off nearly 500 employees to retain sustainable profit in the global market (Sund et al. 2021).http://BU7030 Managing Innovation Assignment Sample
In 2020, the rate of unemployment among women has reached 60.6% in Columbia that has an adverse impact on the growth of the firm. The firm is facing a major issue in acquiring skilled employees to provide significant service to the consumers aligning with their aim to help the rural communities.
Lack of innovative technology
C&W has been focused on creating food security and sustainable farming; however, they have been struggling to expand their reach due to the inadequacy of technology. In the aftermath of the lockdown, the firm has failed to assess the market change and it has resulted in a loss in revenue (Lütjen et al. 2019).http://BU7030 Managing Innovation Assignment Sample
On the other hand, the production process of the firm is completely based on the manual skills of the employees. As a result, the high unemployment rate has affected the efficiencies of the enterprise that has raised consumer dissatisfaction (Ceci & Masciarelli, 2020). http://BU7030 Managing Innovation Assignment Sample
Furthermore, the firm has not been able to provide online services for the consumer by founding an online website and securing a transaction mode for the consumers. It has depreciated the base of the consumers during the pandemic in 2020.
Electricity issues
In urban and industrial areas, electricity is readily available in Columbia; however, in rural areas electricity is the biggest issue for business firms.
The installation of the framework takes excessive time nearly 106 days that constrains the activity of business start-ups (Caka, 2022).http://BU7030 Managing Innovation Assignment Sample Additionally, the cost of installing electricity is also 13% higher than the global market standard.
Taxation
In Columbia, taxation has emerged as the most complicated affair for the corporate sectors and various businesses due to its complex tax payment system that can take 240 hours of time annually.
The “Corporate income tax” of the country takes approximately 86 hours that has a “flat rate” of 33% in 2018. Additionally, the Columbian government charges an additional 4% charge on income over “COP 800.000.000”. In fact, the municipality tax system can further complicate the matter for business firms (Hamrouni & Alter, 2022).http://BU7030 Managing Innovation Assignment Sample
The VAT rates and “occasional profits” are taxed at 0-19% and 10% respectively. Moreover, COP, $4 is added over the transaction of every thousand for bank withdrawal (de Wit et al. 2022).http://BU7030 Managing Innovation Assignment Sample As a result, taxation in the country can make up for a substantial amount of effort of the employees.
Legal system
The legal system of Columbia has not developed adequately compared to the global standard that increases challenges in the business environment.
“Resolving insolvency” in the country takes nearly “1.7 years” to complete, the recovery rate is better compared to the “Caribbean”, and “Latin American” neighbours (Issac et al. 2022).http://BU7030 Managing Innovation Assignment Sample On the other hand, enforcing a contract generally takes 4 years due to the vast number of procedures that need to be completed by the organisations.
Judicial procedures can take several years depending on the nature of the cases and “Filing and service” requires over 2 months (Jha et al. 2022).http://BU7030 Managing Innovation Assignment Sample The legal system of Columbia poses a significant threat to the restaurant business as it can require adequate employees to regulate the procedure and maintain the financial captivity of the restaurants’ chains properly.
There are several issues regarding legislation, high taxation rate, electricity issues that affect performance of the firm. The legal system of Columbia is not developed yet now that also negatively affect the performance of this form to increase their market growth and implement all operational strategies. The complex tax structure of Columbia also directly affects the profitability of this organization.
The complex tax structure charge additional 4% on the net income of the company that can reduce organizational profitability in a significant manner. Limited level of knowledge and education also create risk for the business form to develop organizational infrastructure and implement advance technology. Therefore, lack of employee education directly affects business innovation process.
2.4. Requirement of innovation
The implementation of AI is required in order to provide the consumers of the C&W with online delivery services. During the lockdown, consumers have shown greater interest in the online orders and home delivery of the food.
However, the firm has failed to avail of this opportunity to grow its business due to a lack of proper technology (Erdogan et al. 2020).http://BU7030 Managing Innovation Assignment Sample On the other hand, the inclusion of ML can help the firm optimise its process of production. It can help in reducing the challenges of inadequate employee skills.
Additionally, AI and ML can help in providing appropriate training sessions to the existing employees by assessing their skills. The implementation of a “Secure Socket Layer” is necessary to support the online website of the firm in providing the consumers with secure and proper online transaction channels.
Figure 3: Overview of “Secure Socket Layer”
(Source: Erdogan et al. 2020)
The use of AI can also help in increasing teamwork among the employees that can enhance organisational performance. Additionally, integrating ML in the educational process can analyse the appraisal session for enhancing primary education among the rural communities of Columbia.
Furthermore, the use of advanced technology can help the leaders in making an “informed decision” that can help in synchronising the market change with the organisational objective.
ML can help in providing the leaders adequate information on the employee performance that in turn facilitates proper guidance for the employees. The implementation of AI technology in the C&W helps to collect a wide range of customer information and product information to track products, deliver good quality ice-cream on online.
The implementation of advance technology like AI and ML also give advantages for the management to give effective training season for employees and manage a large number of data (Erdogan et al. 2020).http://BU7030 Managing Innovation Assignment Sample On the other hand, management may give better advantage by implementing “Secure Socket Layer” to provide better security in development of the company’s websites. It helps to protect customer information, product information by reducing data vulnerability in the business firm.
3. Innovation in action
3.1. Innovation area to improve performance in the company
The C&W Company has a lesser hold on the technological development factor in the business. This company is considered a small-scale business in Colombia in the food industry, which has a lower technological implementation along with poor decision-making ability in the business of developing the company.
Hence, this result in a loss of revenue generation, as the company was able to collect less than 5 million from the global market (Antonio & Flávia, 2022). http://BU7030 Managing Innovation Assignment SampleThe company has a poor facility regarding the online delivery and payment system for the people, although it is developing not up to the mark.
The people in Colombia are much more developed and industrialized. They prefer to pay even more for the best services and quality of food for their better health. Moreover, the company also has a lack of technological facilities for taking orders online that are computers or notepads (Natário & Couto, 2022). http://BU7030 Managing Innovation Assignment Sample
Therefore, after the pandemic outbreak, the C&W Company is using 20 active technologies, whereas other companies are using even more than 30 active technologies for developing their business at a rapid rate. Therefore, the sales of food items have decreased since the year 2019 (Escandon-Barbosa et al. 2022).http://BU7030 Managing Innovation Assignment Sample The company has just started to accept online payments from customers, and thus sometimes their websites lag as well, in case a huge number of customers start using the company website.
The company needs to serve the best experience to the customers in regard to gaining a competitive advantage in the market. This is because in Colombia there are various food companies that have the advantageous factors to compete with the C&W Company in the market.
Technologies that C&W needs to use
The company needs to implement “machine learning” technology to develop and enhance the payment system for the ease of the customers. Further, the company can also use the “Secure Socket Layer” system to secure the online payment method for the safety of the customers’ payment facility.
Thus, these technologies can bring revolutionary innovation to the company in regard to delivering advanced technological implementation in the drawback factors of the company (Davila et al. 2012).http://BU7030 Managing Innovation Assignment Sample
This will mitigate the issues and challenges faced by the C&W Company to sustain the business in the competitive market. This can further benefit the company to enhance the working ability and the productivity of the employees with the help of technologies and can reduce the possibility of human errors.
Figure 4: SSL system in developing the business
(Source: Davila et al. 2012)
The company has poor collaboration among the employees, which restricts the development and increases the possibility of clashes among them in the workplace. The company mainly hires women, who are from poor families, which might sometimes lead to disruption in balancing, as every business needs the balance of both genders, and this sometimes shows bias on the gender basis.
Additionally, the company does not hire on a qualification basis, this creates issues while functioning any technological usage in the business, as most of the employees are illiterate (Gamberini et al. 2022).http://BU7030 Managing Innovation Assignment Sample
Thus, this is making the possibility of a lack of technological development in the business to meet the standards of the market. The company should not only run on an emotional basis, but the market is also evolving and developing at its rapid speed, as most companies as well.
This can make the lesser engagement of the customers towards the C&W Company which will ultimately cause the loss and the failure of those employees as well. According to data, 56% of the employees have primary educational qualifications as their highest education level (business call to action.org, 2022). http://BU7030 Managing Innovation Assignment Sample
The company is required to provide advanced and adequate training to their employees to handle the business at the developed level to sustain the business in the global market.
3.2. Innovation theory model
T&B model
C&W needs to implement the “Tidd & Bessant Innovation” theory in order to improve the organisation’s performance in the global market. The firm needs to create a proper strategy to acquire eligible employees in order to empower their process (Kornbluth et al. 2022). http://BU7030 Managing Innovation Assignment Sample
The enterprise can provide training sessions for the new recruits that can lessen the issues of the workforce. A proper training process can ensure the optimisation of the process and helps the restaurant chains in maintaining their standard in the global market.
The structure of the organisation can be improved to increase employee engagement that can influence the employees to become self-regulated and enhance their existing skills (Moyer et al. 2022).http://BU7030 Managing Innovation Assignment Sample Additionally, the enterprise needs to increase communication with the existing workers to optimise labour forces.
The implementation of “Machine Learning or ML” can help the firm in streamlining its operational activities resulting in better recognition of the requirements in the work process. It can also provide the employees with information that can facilitate learning of the operational management process (Nguyen et al. 2022). http://BU7030 Managing Innovation Assignment SampleIn fact, the application of
“Artificial intelligence” in the consumer service process can help the firm in expanding its networking activities and highlight the patterns of consumer requirements.
AI can aid the firm in managing the common issues of the consumers and assist the firm in applying the appropriate measure to solve the concerns of the customers (Wang et al. 2022). http://BU7030 Managing Innovation Assignment SampleThe application of this framework can help the enterprise in attaining benefits in the native market by solving consumer issues and providing relevant products to attract consumers.
“Tidd & Bessant Innovation” theory refers to the presentation of 5 constructs models of innovation consisting of “strategy, organization, process, learning, and networking”. This is an idea based on the tangible matter that makes an invention as it brings the conceptions out of the conceptual field and joins them into the physical realm (Ferdy et al. 2022). http://BU7030 Managing Innovation Assignment Sample
The theory can improve the productivity of the business, and the rate of innovation from 6% to 10%, in the business. Therefore, continuous innovation in the company has been part of the “total quality management” movement in the workplace. Innovation can also create possibilities in the workplace, by combining technological development and enhancing the productivity of the employees (Tidd & Bessant, 2020). http://BU7030 Managing Innovation Assignment Sample
The company can also create flexibility in the production process as well, by improving the privacy support and the website interactivity. Moreover, the theory can also consist of the faster introduction of the latest products and the possible rate of success.
Thus, this model can also help the C&W Company to create the latest business model according to the changing market (Maha Mohamed et al. 2022).http://BU7030 Managing Innovation Assignment Sample The appropriate management can also foster consumer satisfaction and the engagement of employees.
Figure 5: Tidd & Bessant Innovation
(Source: Tidd & Bessant, 2020)
Innovation management is one of the critical factors to having a sustainable company because it allows the company to look forward to the future market and introduce creative ideas and products to compete with the opponent companies to gain a competitive advantage.
Innovation helps the company to grow the business which can result in the growth of profit margin and currently the C&W Company is facing a loss in revenue generation from the global market (Haffar et al. 2022).http://BU7030 Managing Innovation Assignment Sample This innovation theory can help the company to achieve success in achieving higher revenue from the market.
The management of C&W can adopt the Tidd & Bessant Innovation model in their business to improve the process of business operation effectively (Tidd & Bessant, 2020). http://BU7030 Managing Innovation Assignment SampleBased on this mode, of innovation, management needs to implement organizational strategies for business innovation, organize all the employees, gives better learning opportunities for employees to increase their skills, knowledge to bring innovation process.
Management of C&W needs to offer organizational training for all employees to implement the innovation process and develop organizational growth in the positive direction.
3.3. Importance of leadership
Porter’s five forces
Porter’s five forces can help in analysing the internal and external factors of C&W to recognise its challenges to implement proper leadership style. “Threat of new entrants” is high in the Columbian market as the food industry is continuously growing and has a significant contribution to the business industry of the country.
As a result, the “threat of substitution” is also increased and the firm needs to improve its services to the consumers through online delivery services to attract consumers with a unique process (Nguyen et al. 2022). http://BU7030 Managing Innovation Assignment SampleThe “Bargaining power of the buyers” is high as there are several restaurant chains in the country. The firm needs to adapt to an “affordable pricing strategy” to reduce consumer conversion.
Figure 6: Porter’s five forces
(Source: Nguyen et al. 2022)
The “bargaining power of the suppliers” is low, as the firm has acquired several international and local suppliers to maintain its restaurants adequately. On the other hand, the ‘rivalry’ in the global market is intense, as various restaurant chains have been expanding their business through online services to attract consumers during the pandemic period.
The business enterprises has been providing online transaction method for the consumers and home delivery that has attracted the consumers in acquiring their products. Similarly, C&W needs to integrate online services to acquire the benefits of the online services that can increase the revenue of the firm even more in the native market.
Leadership is considered the ability of a person to influence other employees to achieve the organizational goals in regard to developing the productivity of the company. Leadership is very essential and important in every company, as each company in the market is competing with each other to gain a competitive advantage.
The C&W Company has adopted this Transformational Leadership theory to enhance the importance of managers in the business more effectively (Purwanto et al. 2019). http://BU7030 Managing Innovation Assignment SampleThus, this theory can help the leaders of the company to carry out their plans in an effective way to achieve their goals and purposes to develop the workplace and the ability of the employees.
Figure 7: Importance of leadership
(Source: Self-created)
Provides guidance
Leaders should have the ability to deliver impactful guidance to employees that can help them to work effectively in the company. Managers also deliver the jobs or tasks to the employees according to their ability to create the best result out of productivity.
Thus, this can improve the ability of the employees as well to achieve the target in the organization, and it can also foster them to develop their productivity level (Ciulla, 2020).http://BU7030 Managing Innovation Assignment Sample Moreover, the leaders can also support the employees to make them develop and grow in their careers. Thus, the transformational leadership theory also helps to create strong relationships with the employees in regard to providing better guidance to them.
Initiate action
Leaders in the company initiate action by making plans for the way employees will perform tasks and when the task will be completed. Thus, this needs better communication between the employees and managers in the workplace. Therefore, the theory adopted by the company helps the managers to enhance communication along with relationships in the work area.
This can also make the stronger managerial factors of the company gain a competitive advantage in the global market along with a better hold in technological implementation (Amankwaa et al. 2022). http://BU7030 Managing Innovation Assignment Sample Moreover, the leaders also initiate action first in the process to mitigate any challenges faced by the company in the technology and workplace developmental process.
Collaborates employee requirements and company needs
One of the most important factors and functions of leaders is to manage the cooperation of the employees’ abilities and needs with the organizational requirements and to develop and encourage the ability to achieve the goals of the company effectively (Gaviria-Rivera & López-Zapata, 2019). http://BU7030 Managing Innovation Assignment Sample
Thus, the transformational leadership theory fosters the employees toward creativity to improve their ability in the workplace. However, the C&W Company is facing difficulties to meet the standards of the global market in terms of various factors.
3.4. Impact of organizational culture on managing the innovation process
Organizational culture has witnessed a strong impact on the innovation process in the company to develop the creativity level among the employees. Thus, better organizational culture can foster the employees to enhance their ability to achieve the tasks or jobs provided to them. Hence, to develop organizational innovation in an excellent way, culture plays an important role in the company.
However, if an employee will not feel motivated or secure in the workplace, he/she can never execute the task effectively (Abdi et al. 2018).http://BU7030 Managing Innovation Assignment Sample
Further, to obtain innovation in the business, the company needs to be more creative in their products or services provided to the customers, to keep the company unique and put it away from the competition race.
The importance of innovation in the company is not considerably focused on the cultural context. In fact, a company grows on its path, and that is the result of the organizational culture.
The C&W Company will also have to provide a higher level of satisfaction through its enhanced and high quality products and services to meet the requirements of the customers as well as the market to support innovation in the workplace (Alharbi et al. 2022). http://BU7030 Managing Innovation Assignment SampleTherefore, innovation can develop the human ability to develop as a result it can improve the profitability of the business. It also provides brand recognition along with value in the market.
Figure 8: Position of Crepe & Waffles in the market
(Source: Statista.com, 2022)
In addition to this, organizational culture adds fuel to the innovation process in the company by encouraging employees to work on it. Further, it also increases the ideas in the group with the help of better culture and better ability to adapt to the changes in the workplace.
However, the diverse culture helps the employees to gain the adaptability to work in different situations (Altay et al. 2018).http://BU7030 Managing Innovation Assignment Sample
Moreover, the organizational culture has depicted a strong impact on innovation by stimulating creativity in the organizational development process among the employees. Thus, it can benefit the C&W Company to attain rapid development through the advanced innovative process.
However, balanced teamwork allows individual abilities to endorse creativity and innovation successfully.
The team members need to be encouraged to deliver respect to each other in their separate viewpoints; this will reduce the possibility of clashes among the employees in the workplace (Hazem & Zehou, 2019). http://BU7030 Managing Innovation Assignment Sample
The most important factor of organizational culture is “generous behavior” which fosters innovation in the company by correcting all the errors and encourages new ideas to resolve all the conflicts. Thus, innovation provides a clear and precise mission to achieve to develop their professional career.
3.5. Evaluate the organization’s internal resources to ensure success
The resources in the company are “financial resources, human resources, information and technology, internal infrastructure, management, and entrepreneurship” (Damanpour et al. 2018). http://BU7030 Managing Innovation Assignment SampleThus, these factors and resources can help the company to achieve success in a better and more developed way in the market. Hence, these resources develop the working ability of the employees along with the productivity of the company.
Financial resources: This can help the company in buying the raw materials and other resources in regard to improving the organizational functions in the market. Further, this can also help the company to implement the technologies in their business to improve the working ability and the reduction of human errors to enhance the reputation of the C&W Company in the market (Chams & García-Blandón, 2019). http://BU7030 Managing Innovation Assignment Sample
Moreover, the financial resources can help the company to conduct advertisements regarding the business to attain more attention from the customers and the market. Thus, this can help the company to achieve success in the market effectively.
Human resources: Human resources can benefit the company to get the support of the employees, suppliers, stakeholders, investors, and even customers to develop and achieve success in the competitive market effectively.
Hence, this resource can ensure the success of the company by enhancing the satisfaction level of the employees and customers enhancing the productivity of the business. Further, this resource can also provide a clear vision to the company and a competitive advantage in the global market.
Information and technology: This factor is considered one of the most important and beneficial resources to provide success to the company in the harsh competitive market.
This factor can bring development and innovation to the business along with the higher potential in the employees’ ability to achieve the target or goals of the company to make the business successful (Grover et al. 2018). http://BU7030 Managing Innovation Assignment Sample
Thus, this can further provide various information and data regarding the market behavior and the requirements of customers in the global market. Hence, this aspect can benefit the C&W Company and can also solve complex issues easily with the help of advanced technologies in the business developmental process.
Internal infrastructure: This can bring the overall productivity and connectivity level in the company that will be more dependent and advanced in the market to achieve the goals of the innovation process to achieve success (Alzoubi, 2022).http://BU7030 Managing Innovation Assignment Sample
Therefore, enhanced infrastructure can bring the best security policy for the employees and their data, along with a higher quality of food delivered to the customers. However, the C&W Company has not enhanced its infrastructure which sometimes portrays a bad image of the company in the market.
3.6. Evaluation of external challenges can impact the innovation
The company’s external environment includes factors that further the quick control of the organizational management system. These aspects create challenges for the company that impacts the innovation process.
Such factors consist of the actions of customers, suppliers, and competitors. This can also include the market, economic conditions, technological supply, and various types of knowledge.
Figure 9: External business environment
(Source: Stachová et al. 2019)
Location factors: This is connected with the location of the company and the proximity to services or products and employee markets. These aspects can impact awareness and costs of customer demands, and the ability to afford the price list of the items provided by the company.
For instance, Colombian people are able to pay a higher price to get good quality food, so this is an advantageous factor for the C&W Company without facing any challenges (Stachová et al. 2019). http://BU7030 Managing Innovation Assignment SampleOn the other hand, other developing countries cannot afford the much higher price of the product, so the company can face a lower profit margin.
Markets: This is regarded as the leading contextual aspect that shapes the company’s decision-making ability in the workplace. The appropriate information regarding the market positioning and behavior can benefit the company to take proper decisions to increase the profit margin; otherwise, the company can easily face a huge loss rate from the market.
Thus, it includes the supply of raw materials, transportation facilities, taxes imposed by the Government, and other policies to benefit the companies for innovation in the workplace. Thus, the relevant data regarding these factors can help the company to evaluate the accurate policies to deal with this; otherwise, it will become the greatest hurdle in the way of the innovation process of the companies.
Public policy: This factor can impact the activities of several companies in both direct and indirect forms. The enforcement and regulatory frameworks impact the companies to create appropriate results in their separate innovative efforts. The various relationships that a company creates in the market can affect the business actions costs (Devaux et al. 2018). http://BU7030 Managing Innovation Assignment Sample
Government can also impose the tax system and other laws to support the company with their innovative process. Similarly, the C&W Company has gotten support from the Colombian government regarding the relaxation in the tax policy. Further, to enhance the relationship with the government the company needs to fund or invest in their organizations or any other NGOs.
Social and environmental factors: This element deals with the country’s social and environmental factors that can affect the various business activities in the innovation process. Societal factors include the preference of the customers regarding the items provided by the C&W Company.
Additionally, the environmental factor can deal with climate change or the products used by the company in the whole process (Bogers et al. 2019).http://BU7030 Managing Innovation Assignment Sample However, the C&W Company uses eco-friendly products for packaging that creates sustainability in the environment. Thus, this helps the company to gain a competitive advantage in the market and the full support from the customers.
4. Conclusion
“Crepe and Waffles” is a business firm that has expanded its business successfully in Columbia. The firm has been integrating an “affordable pricing strategy” to expand its consumer base from high-end to lower-end consumers as it can help the firm in enhancing its market presence.
However, the firm has faced severe consequences of the COVID-19 pandemic due to decreased low consumer requirements and challenges in SCM. The transportation issues have increased the lack of ingredients that have resulted in dissatisfaction of the consumers due to the unavailability of food items. The challenges of the firms such as electricity issues in the rural areas and low education have been examined closely.
The firm has faced significant issues to establish its proper operational strategies in rural bread due to improper electrical installation.
The regulation of tax and other policies also delivers a few constraints that restrict the growth of the firms. As a result, the organisation needs to create a proper innovation strategy to include online transaction processes and online services to expand its business in the local and international markets.
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