ThesisStatement:Innovation streams, promotion of innovation and future planningboosts business prospects.
Innovationand the development of new products are very crucial foundation ofcompetitive advantage. A firm reinvents innovation after downsizing,cost cutting, and re-engineering. For example, Goodyear seeks togenerate sustained competitive advantage. It will implementcontinuous streams of incremental discontinuous innovation andarchitectural ways. Innovation streams are those patterns that canchange a sustainable competitive advantage over time. Innovationstreams always direct managerial attentions from a particularinnovation towards a stream of contrasting innovation. The streamcalls for maintenance of core products subsystems. Similarly,architectural innovations and technological evolutions tend to shapeinnovations management. The company will also seek to promoteinnovations systems. These promotion activities will includemotivation of staff, training staff and defining of new strategies.The company will initiate future planning for its prospects. The planaims at boosting the sustainability and accountability of a business.Goodyear adopts strategies for planning of its future targets andgoals. The prospects tend to create a foundation for any futuresuccesses in a business.
Goodyearrealized a 49 percent of revenues in 1995 as compared to the 11% ofother performers such as Deschamps Inc. Companies tend to implementthe use of technology in re-creating its market (Williams, 2011).Creation of streams of innovation facilitates sustainability ofcompetitive advantage and shapes technological cycles. Innovationstreams include competence-enhancing, incremental, innovation andarchitectural innovation (Tushman,Smith, Wood, Westerman & O’Reilly, 2010).
Goodyearplans to manage its innovations streams. When they are properlymanaged then the company realizes appreciative changes. Managinginnovation streams entails three main steps: controlling sources ofinnovation, managing during discontinuous change and managing duringthe incremental change. Therefore, the company will manage sources ofinnovation. Similarly, the company should manage incremental anddiscontinuous innovation changes. The company should also supportcreative works. Innovation, usually, begins with creativity (Tushmanet al., 2010).Acreative environment provides an environment for encouragingdevelopment of ideas and thoughts. The environment also provideschallenging pieces. They include work supervisory and encouragements.These aspects build freedom and eliminate impediments in anorganization.
Companiesshould try to succeed in discontinuous change. A discontinuous changefollows an experiential approach towards innovation. The approachalways guides innovation process. It consists of frequent design,iterations, regular milestones, periodic testing, and creation ofmultifunction teams (Williams,2011).In managing innovation streams, companies also need compressionapproach. The approach creates assumptions that the innovation can beplanned through various steps. The approach has five aspects:planning, shortening time of individual actions, supplierinvolvement, overlapping steps, and team malfunctioning (Tushman,et al., 2010).
Companies’manage innovation streams by implementing additional changes.Therefore, Goodyear will ensure it adopts these changes. Incrementalchanges entail compression approach and generational change.Compression approaches consist of assumptions on innovation as apredictable process that is planned in steps. A generational changebases on incremental improvements by designing and achieving backwardcompatibility with older technology.
Goodyearwill promote innovation through various processes. The methodsinclude fostering a culture of innovation and creativity (Johnson,2013).Secondly, motivation and focusing on its staff will be of immensehelp to the company. The company will value staff’s ideas. Trainingof staff will also be considered to avoid insufficiencies in theorganization innovations. The company will also introduce mentoringsystems. The mentoring of staff will lead to improved staffperformance and development skills (Bates & Kiko, 2010). Inaddition, the changing environment will be supported and encouragedcreatively. Staff rewards will gain encouragement. Finally, failingideas will face dismissal.
TheGoodyear has plans for its future prospects. Developing a successiveplan facilitates development risk management and growth strategy ofthe company (Johnson,2013).A successive plan enables establishment that the equity builds up inthe business. It helps a business to clarify its decision-making andauthority. Plan also maintains accountability and stability of thebusiness. Future planning maximizes the value of Goodyear and allowsit to meet future prospects. The program also allows handling ofshort-term emergencies such as in case a staff member leaves.
Thecompany will include determining its strategies. It will alsobenchmark its business plans. In additions, the following plans willbe initiated: risk analysis, options analysis, ownership, andstructure. Planning also involves implementation and mentoring ofsupport strategies (Johnson,2013).
Goodyearadopts and manages innovation steam. It involves supportinginnovation, leading sources of innovation, managing duringdiscontinuous change and managing during the incremental change.These aspects are meant to manage innovation streams. Goodyear willalso promote innovation through various processes. The methodsinclude fostering a culture of innovation and creativity and othersdiscuss in the body. A successive plan enables establishment that theequity builds up in the business. Goodyear planning will also help inclarifying its decision-making and authority. Plan also maintainsaccountability and stability of the business. Finally, planning forfuture, promoting, and managing innovation streams tends to boostGoodyear strategies.
Bates,D.E & Kiko, S. (2010). Goodyear.New York: ArcadiaPublishing.
Johnson,L. K. (2013). Promotions And The Bottom Line. NewYork: Barons Press.
Organizationaldesigns and innovation streams. Industrialand Corporate Change,19(5), 1331-1366.
Tushman,M., Smith, W. K., Wood, R. C., Westerman, G., & O’Reilly, C.(2010).
Williams,C. (2011). Effectivemanagement.New Jersey: Cengage Learning.