The change that is being undertaken by the organizations is based on the advancement of the technology that is affecting the market structure. On the other hand, the change in the requirements of the customers has also affected the transition that is undertaken by the organization. The innovations that are undertaken by the organization are based on the company’s objective of enhancing the productivity and the sustenance of the same in the markets.
The discussion includes two specific parts where on the first two companies are introduced which are undertaking change in the technology. The second part of the discussion is aimed at evaluating the chief works of Kaplan, Palmer and Mazzucato for enhancing the understanding of the change that is undertaken by the organizations.
The changes that are being undertaken by the organizations are based on the technological advancements in the market and the company’s objective of making its progress and maintaining its sustenance in the markets accordingly (Hervás-Oliver and Peris-Ortiz 2014). The company that is considered for the understanding of the different aspects of the change in this discussion is Amazon. The company is considered as the most innovative company that has consistently brought in changes based on the change in the demand of the customers. The changes that are being implemented by the organization are based on the various aspects of understanding the requirements of the customers. The chief initiatives that are undertaken by the company are the Prime, which is the company’s $99/ year membership program. It has helped the company in retaining the loyalty of the customers of the organization.
On the other hand, the company has enumerated steps in acquiring the brick and mortar stores in the physical world. It has helped the organization in maintaining a stable earning through the proper functioning of the retail market. The company has also taken steps for improving the productivity through the inclusion of high-tech robots along with the human work force. It has helped the organization in bringing forth improvements in the efficiency of its functioning and the quality of the services that are rendered by the organization.
According to Jeff Bezos, the CEO of the organization, innovation that is being undertaken by the organization is something that was never thought by the other companies and their competitors. This mindset of the organization has helped in scaling up its situation in the markets. According to a report, some 40 to 50 million US users are using the Prime services that are provided by the organization that is estimated to spend some $2,500 annually on Prime. It has helped in retaining the loyalty of the customers. On the other hand, the inclusion of the high-tech robots has helped in enhancing the efficiency of the different functions undertaken by the organization in the market. It has also helped the organization in maintaining the quality standard of the goods and the services provided by the organization.
The introduction of Amazon Go in the year 2017 has helped the company in reaching out to the majority of the customers. It acts magically when a shopper swipes a code through a device and chooses a product, which is automatically paid through the shopper’s existing account. It has helped in the proper understanding of the concept of the change that is being undertaken by the organization (Radu 2012).
Regeneron Pharmaceutical has taken steps in order to bring in changes in the systems and the undertakings in order to make its progress in the highly competitive market of biotechnology industry (Dawson and Andriopoulos 2014). The company has taken steps for innovating processes for making their own way into the genetic engineering. The proper understanding of the needs of the customers through a thorough research on the market capabilities and the demand has helped the organization in understanding the improvements (Hasan and Ui 2016). The company has taken steps to introduce Eylea (aflibercept) Injection which has helped the organization in bringing forth innovation in the biotechnology industry. The company has also gained the approval of the FDA for introducing its new medicine Praluent (alirocumab) Injection that is aimed at helping patients to treat cholesterol (Narula 2014). It has helped in the progression of the company in the market and its wide acceptance in the pharmaceutical industry. Schleifer believed that the involvement of the qualified workforce and the mission of the organization of improving the lives of the people through the reasonable application of science have helped the organization in its growth.
The changes that are being undertaken by the companies are based on the requirements of the same in order to make its progress and thereby ensure the sustainability of the same in the markets (Ljung and Bengtson 2012). The changes in the technology and the innovation that is being undertaken by the organizations are specifically dependent on the factors of the research that is undertaken by the organization. After the completion of the research and the changes are noticed, the companies take steps for understanding the change and thereby undertake processes for inventing new ideas for the change (Brown and Osborne 2012). It helps the organizations in taking the new step of bringing in the change, which is innovation. The innovation helps the organization in developing the ideas that were formulated in the invention stage. It helps in the proper development of the ideas and thereby helps the organizations in undertaking steps for undertaking the processes undertaken by them in a completely new manner (Bon and Mustafa 2013). The diffusion stage includes the marketing of the new product or the services that is prepared by the organization. It helps in the distribution of the product and its placement in the market, which helps in maintaining the availability of the product in the market (Doroshenko, Somina and Leonova 2016).
Figure 1: Linear model of invention, innovation and diffusion
(Source: Goetsch and Davis 2014)
The concerned companies have taken steps in order to follow the linear model for undertaking the various technological innovations that boosted the growth and expansion of the organizations. The research that is being undertaken by Amazon has helped the organization in understanding the diverse needs of the customers (Keupp, Palmié and Gassmann 2012). On the other hand, Regeneron Pharmaceutical has taken the research as a tool for understanding the healthcare need of the people. The research has helped the company in inventing and innovating the new drugs in the market. Amazon has simply taken steps for enhancing the customer experience through the utilization of the new technologies based on the requirements of the customers (Johnson, House and London 2013).
The tendency of the organizations to grow economically is vividly expressed in terms of financialization and globalization. The international markets are affected by the turns that are being undertaken by the organizations based on the innovations and the change in the market. The demand of the consumers has helped the organizations in bringing forth the change in the structure and the functioning of the same in the international markets. The major aspects of the change that is being undertaken by the organizations are based on the customer debt that the organization faces. According to Mazzucato (2014), the organizations balance the financialization and the consumer debt through the change and the innovation that is planned by the same. The organization therefore takes the initiative of undertaking the change that helps in sustaining their venture in the market and thereby make its progress. “A mission-oriented approach to building the entrepreneurial state” by Mazzucato helps in the better understanding of the organizational need to bring in innovation and change in the systems for maintaining the sustenance in the markets. The report helps in considering the decision making of the organizations, which is required for undertaking the change. The change that is being considered by the companies is based on the resourcefulness and the requirements of the customers. The change that is being undertaken helps in determining the balance in the debts and the financialization that has affected the markets (Mazzucato 2015).
On the other hand, “A Framework for Strategic Innovation” by Palmer and Kaplan (2007) has helped in the proper understanding of the different competencies and the resourcefulness of the organizations that are to be considered while undertaking the change. The major aspects of the change that is being undertaken by the organizations are based on their requirement of sustaining in the markets. The industrial foresight helps in determining the proper management of the innovation that is being planned in order to determine the applicability of the change in the market structure. On the other hand, the innovation that is required by the organization should be backed by the resourcefulness of the organization. It helps in determining the various aspects that the company might face while undertaking the change (Nayebi and Ruhe 2014).
The definite action for the change that is being planned by the organization helps in determining the expansion and sustenance of the same in the competitive market situation. The chief competencies that are being faced by the organization is based on the enumeration of the risk and the proper management of the same (Palmer and Kaplan 2007). Sustainable innovation that is considered by the organizations helps ion determining the competitiveness of the same and the proper allocation and distribution of the functions in the organization. Palmer and Kaplan stated in the article that the proper utilization of the resources and the management of the same based on aligning the resources helps the organization in bringing forth the change in the organization (Mazzucato 2015).
Mazzucato, Palmer and Kaplan prescribed the the theories of innovation and change that were evident by the changes that were facilitated by the cases discussed in the first section of the analysis. Amazon has taken the technological advancements in order to cope up with the trends in the market. On the other hand, the Regeneron has taken steps to keep up their innovation in their industry in order to make the organization and the services sustainable in the market. The technological advancements and the understanding of the demands of the customers have helped the organizations in undertaking the change in the systems and the functioning. It has helped in improving the structure and the situation of the companies in the markets.
The competencies that are being faced by the companies while undertaking the change in the structure is also being discussed in the reports by the authors. It has helped in the proper understanding of the competencies that might be faced by the companies in the market. The assessment of risk is again an important part of the change management that is being undertaken by the organizations (Palmer and Kaplan 2007). It helps the companies in avoiding the situations and thereby prioritizes the actions based on the requirements of the clients and the customers. Profitability is the major concern for the companies and so in order to maintain the profitability of the same, the companies have taken steps in order to bring in changes based on meeting the demands of the customers. The innovation that is being undertaken by Amazon and Regeneron is facilitated by the proper adherence to the requirements of the clients based on the change in the taste and the trends of the market (Pavie and Egal 2014).
Conclusion
Therefore, from the above analysis it can be stated that organizations are required to take steps for maintaining the sustenance of the organization through innovations. Change that is being taken by the organizations is based on the understanding of the demand and the determination of the trends that are affecting the markets of the company. The evolution of the market trends has made it mandatory for the organizations to undertake the change in order to sustain themselves. On the other hand, the technological advancements and the expectations of the buyers have helped in the proper understanding of the rationale behind the change that is being undertaken by the organizations. The first part of the assessment is based on the understanding of the change that is undertaken by the companies Amazon and Regeneron. The technological advancement and the market trends depending on the demands of the customers is to be assessed by the organizations in order to determine the level and the intensity of the change that is required to be undertaken by the organization.
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