Innovation at the Boston Consulting Group Case Solution
Question 1
In every aspect, new ideas always contribute to the development of the economy, business, as well as society. The role of the consultant in developing new ideas is to examine the internal and external business processes, opportunities and threats which could help to formulate future plans in an appropriate manner. The need to consider such factors are the positive impact over the economic development within a country that can overcome the inflation rate, as well as currency fluctuations due to the growing phase of business and society. This can also help to increase the GDP as well as CPI of the country and to reduce the tax as well as interest element in order to increase the profitability of the companies. (Muratovski, 2015)
In the case of management consultancy, the purpose of the company is to establish plans which could maximize the wealth of shareholders as economic conditions are more uncertain and the consultant could use economic theories such as supply and demand and many more to establish future strategies. It is expected that market is still in a growing phase where only three players are enjoying the market shares and profits over the use of the products as well as services. Therefore, it is still expected that the market is still not efficient because these players are considered monopolistic competitors who set the prices and policies on their own terms. The fiscal policy indicates that the economy is not an established one, where the perfect competition is not playing its role. This means that this industry is not achieving the desired results as compared to other perfect competitive industries. Hence, the management consultancy could play his role towards achieving business and corporative objectives and to maximize the wealth of share holders by developing new ideas in the society, economy and business in order to formulate fiscal policy, monitory policy and business policy which will ultimately set new horizons for the businesses.
Question 2
As discussed in the case, most innovative ideas were provided from client work due to the practical implementations from different client’s services within a particular industry. Excluding the demand of clients work, the new sources of ideas would also be elaborated through different resources such as, hiring independent consultants to generate dozens of new ideas to improve brand image as well as reputation of the company. This would help to analyse the potential company’s success due to different results associated with each idea. (Kuusisto, 2008)
The second thing to consider for providing the ideas with different sources would be to allow every participant to involve in the company to conclude different proposals for implementing the company’s future success, instead of focusing on the structured clients work as well as forums.
This would allow to initiate the different mind-sets and to conclude with the most suitable nominee to implement the new idea. Under this plan, clients, employees,and outside consultants should participate in the meetings held every quarter in order to maintain the company’s reputation of strong culture as well as traditional innovative solutions.
Question 3
There were various strengths in the company’s ability to adopt the innovative culture.The first strength of the company was the formal centralized research lab contributed to the success of the company’s innovative culture. Second strengths of the company is its expansion and participation of various consultants as well as clients in the future performance of the company.....................
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