Competitive Strategy Researchers and Marketers

Question: Describe about the Competitive Strategy for Researchers and Marketers. Answer: Business Model Innovation It is very important to understand the meaning of the term innovation exactly by the researchers and marketers of any company to improve the quality of their service and products. Innovation is essentially needed for operating a business process successfully within an organization through all over the world. In the recent days, through all over the global market areas, innovation became the new trend. Some of the times the vision and mission of any organization also affect the innovation of their products of that particular organization (Massa and Tucci, 2013). This innovation basically affects the process of carrying out the business of that organization within the area of the target market. In the recent days, innovative works became the latest trend for continuous growth within the organization. This innovative works also helps the organization to sustain within the market for long-term (Gobble, 2014). Actually, innovation is the process through which an organization decides to mo dify or change their products and services better and can able to increase the sale rate of that product. Due to this, the organization can able to earn more profitability. In general, innovation means a new idea or perspective about the service and products which are launched throughout the global market, will have the ability to attract the customers from different segments of the market (Amit and Zott, 2012). Actually, these innovative ideas help the organization to reduce their production cost and also can able to get a large number of customers. Nowadays, Apple is one of the leading organizations who adopt the concept of innovation within their business process and products to increase the rate of sale of their products within the different segments of the market through all over the world. By the help of this innovation concept Apple can able to increase their stock level into the stock market. By implementing, the concept of innovation the Apple Company can able to enhance th e level of global customers without reducing the cost of the mobile phones. It also becomes more important for any organization to understand the importance of innovation within their organization through which they can able to increase the rate of growth and development of their organizations. Moreover, Dell is another company who manufacture laptops, personal computers, etc. They have manufactured an awesome product by implementing innovation within it. They modify the features of their products according to the customers requirements and also reduce the cost of their products which help them to grab a large number of customers within the global market segment. There are most important three points through which anybody can able to determine the characteristics of innovation. These points are 1) the uniqueness of the idea that is nobody has to think like that before, 2) have superior knowledge about technologies and 3) success comes with bigger ideas by keeping the superior compa nies away from the market line. In the recent days, the companies implement various types of advanced marketing strategies to transform themselves into big companies. Just taking the example of Nokia, it can see that they do not change their strategies according to new trend within the market whereas Samsung has changed their strategies according to the new market trends and always keep their focus on customer need and demands. For this reason, Samsung can able to earn a high-level profitability for their organization and can able to beat the market of Nokia easily. The business which absolutely depends on innovation should always keep their focus on implementation, integration, ideation and initiation of the idea. For example, IKEA is a company who manufacture furniture products or items, also adopt the concept of innovation within their business. IKEA basically supply stylish and latest design of furniture and want to capture a vast area of the market segments. For this reason, IKEA adapt the innovation concept within their organization and also want to increase the rate of profitability of their organization. Adoption of the innovative ideas will able to enhance the growth of the selected organization. Pankaj Ghemawat: CAGE framework Pankaj Ghemawat has developed the desired framework that is the CAGE framework which is basically based on the opportunities related to economic trade within various international countries. This CAGE framework is basically formed of four dimensions i.e. C for Cultural, A for Administrative, G for Geographic and E for Economic (Ghemawat, 2013). The general idea behind these four dimensions is to reveal the different types of interactions which take place during trading between various international countries. This process can also become better along with the similarities which take place within these dimensions (Ghemawat, 2015). If there have a company who think about the international trade then two countries should always have a common border and similar income per capita then both companies are able to trade for many times. By the help of this framework, anybody can able to evaluate the need and effectiveness of trade between the countries (Ghemawat and Altman, 2016). There are s o many dimensions which help to understand the fact that why still Canada is a bilateral trading partner of US. Throughout the world, it is the 10th economies who follow the CAGE framework and can able to evaluate the need and effectiveness of trade between these two countries. There are different countries following this framework and it is important to understand the factors highlighted in the CAGE framework as it helps in developing the effectiveness of the trading practices. Canada and U.S are supposed to be two of the vital countries following these practices; they share the common border and have suitable climatic and geographical conditions as per the needs of the trade practices. These two of the countries can enhance the effectiveness of the trade practices as these have the same cultural differences and similarities and thus, it becomes easy to understand the needs of both the countries in an effective way (Ghemawat and Altman, 2016). The economic development of any of the country creates the enormous impact on the execution of the trade practices and therefore in order to improve the execution of the trade practices between these two countries these factors of economic and geographical situations needs to be evaluated. Moreover, the role of each of the dimensions evaluated in the CAGE framework should be properly analyzed to bring out the desired positive outcomes from the trading practices between the countries concerned. References Amit, R. and Zott, C., 2012. Creating value through business model innovation.MIT Sloan Management Review,53(3), p.41. Ghemawat, P. and Altman, S.A., 2016. 6 The distance at the Industry and Company Levels.The Laws of Globalization and Business Applications, p.159. Ghemawat, P. and Altman, S.A., 2016. 7 Distance and International Business Research.The Laws of Globalization and Business Applications, p.200. Ghemawat, P., 2013.Redefining global strategy: Crossing borders in a world where differences still matter. Harvard Business Press. Ghemawat, P., 2015. From International Business to Intranational Business. InEmerging Economies and Multinational Enterprises(pp. 5-28). Emerald Group Publishing Limited. Gobble, M.M., 2014. Business model innovation.Research-Technology Management,57(6), pp.58-61. Massa, L. and Tucci, C.L., 2013. Business model innovation.The Oxford Handbook of Innovation Management, pp.420-441. Taran, Y., 2012. Business model innovation.