Assignment on Innovation Strategy Case Study Help
Introduction
The questions are chosen to answer related to innovation processes and innovation failure, and how they can be applied to improve innovation practices within an organization or entrepreneurial/innovation practice. These questions are chosen because innovation is crucial for staying competitive and relevant in a rapidly evolving market, and understanding innovation processes and factors that contribute to innovation failure can help to inform and improve innovation practices.
By exploring the case studies of successful and unsuccessful innovation processes, as well as the underlying factors contributing to innovation failure, it presents that innovation is a key driver of growth and success for organizations across various industries. Therefore, the insights gained from answering these questions can be relevant to a broad range of businesses and individuals looking to enhance their innovation practices.
Innovation Failure: Blockbuster
Types of Innovations
Blockbuster Inc., the US-based company providing its DVD and video rental services since 1985 (Cohan, 2020) was at its peak in 2009 with estimated 7100 retail stores, 60000 employees, and additional 17 locations worldwide. The company had come near to the brink of bankruptcy in 2010 as Redbox and Netflix built a strong market position in video rental services causing blockbuster to face substantial revenue losses over the years.
Blockbuster Inc. failed to understand the threat of rising competition and the urge for innovation resulting in the bankruptcy of the company while Netflix has shown significant growth by assessing the importance of innovation and technological development. It is obvious from the case that Netflix has adopted Process Innovation and has gained a prominent status in the DVD rental business. Additionally, we can also evaluate from the case that they had also made some Product Innovations to meet the ultimate needs of their customers by offering its recommendation system and watch instantly features.
The magnitude of the Innovation
Process innovation is the application of new methods or technologies, by a company implements to certain operations that help the organization meet the customers’ demands and remain competitive in the market. The magnitude of the innovation, in this case, can be seen as a radical innovation in which Netflix has made vibrant and ultimate changes in its approaches to offering services. Netflix has become a game changer in the industry by indulging and exploiting the power of the internet.
Scope of the Innovation
Netflix has introduced some of the best features for its customers to experience rental videos according to their convenience and ease. The scope of the innovation can be seen in the rental video industry as Netflix has revolutionized the video rental business in the industry while on the other hand, Blockbuster could look over its business model and adopt significant innovation strategies as it had ample time to respond to the expected innovation and competitive transformations significantly.
Styles of Creative Thinking
By considering Blockbuster’s response to the emergence of the competition Netflix we assume that Blockbuster has a more adaptive style of creative thinking as it has shown less interest in innovation and technology whereas Netflix has a more innovative style of creative thinking as it has innovatively transformed its services.
Leadership Styles
The leadership style of an organization may change as it progresses through different stages of its life cycle. In general, the leadership style tends to evolve from a more entrepreneurial and visionary approach to a more corporate and management-focused approach. After the analysis of the decisions made by the authorities of Blockbuster in response to the emergence of competition and innovation, the leadership styles at the different stages of its cycle can be identified for Blockbuster from the visionary to more management focused while Netflix can be identified as more entrepreneurial and visionary over the time.
Entrepreneurial and Corporate Leadership
The two types of leadership styles differ in their approach to managing a business. Entrepreneurial leadership emphasizes innovation, risk-taking, and a willingness to embrace uncertainty, while corporate leadership emphasizes efficiency, structure, and stability. However, both approaches can be effective at different stages of an organization's life cycle.
An entrepreneurial approach may be more effective in the early stages of a company, and in the case of Netflix, it has proven to be valuable while a more corporate approach may be necessary as the company grows and becomes more complex. In the case of Blockbuster, the corporate approach did not seem to be appropriate. Ultimately, the most effective leaders can adjust their style to the explicit requirements of their organization and the stage of its life cycle.............
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