Challenges face established firms in regards to innovative technology. Three challenges include 1) working on existing...

Challenges face established firms in regards to innovative technology. Three challenges include 1) working on existing opportunities; 2) pursuing future opportunities; and 3) optimally balancing the firm’s resources to work on the existing while pursing the future opportunities.

Questions

Describe how your firm allots and distributes resources for innovative technology opportunities. Link their actions to corporate strategy and corporate planning.

How does your firm allot resources to grasp existing opportunities?

How does your firm allot resources to pursue future opportunities?

Is the allotment of resources optimal?

Expert Solution

Each and every organization needs to analyze the strengths and weakness of the organization which will also give them the knowledge about the organization's opportunities to penetrate the market and that is possible only when the organization is pointing out their opportunities that they possess and making use of the opportunities. The or that I have been working in has a huge scope for innovation and they generally encourage innovation in each and every sphere of business. They believe that in order to be successful they need to do something different and only then they can stand out in the crowd and innovating ideas that are linked with corporate strategy and planning should be feasible and working for the business. I believe that the organizations should understand the way they should link these processes and how these processes will be successful.

existing opportunities are something that the organization is already working on and there are dedicated teams that take care of such things and the focus should be quite effective and important because by working on existing opportunities it is possible to create new opportunities that will help the organization in future. I believe that to understand the future opportunities innovations are important and organizations should be capable enough to innovate and make the opportunities feasible for the organization. I believe that the theory that my employer uses is optimal for the same which helps the organization in making the opportunities work and they have been quite successful in their venture.

keosha answered 5 months ago

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