Assignment Title: Professional Presentation
Innovation in business enterprise is very important to maintain the business with the modern technology and to cope with the recent trends of fashion and customers’ expectations and tastes. This presentation aims to demonstrate the various tricks and techniques of developing personal innovation skills by the marketers in respect to McDonald’s.
Overview of MacDonald’s
McDonald’s Corporation is one of the largest food chains originated in American which was founded by Richard and Maurice McDonald in 1940 as a restaurant in San Bernardino, California, United States. The company serves over 69 million customers with their products like hamburgers, French fries, cheeseburgers etc. daily in over 100 countries (McDonald, 2020).
Overview of Innovation
According to Lowe and Marriott (2018), innovation refers to the process of ideas generation that comprises a practice, idea, or object that is perceived by the individual or the marketers as a new approach ever seen in the world. Innovation includes various actions related to the products, services, new ideas, and processes by which the business can grow better than the previous strategies and designs. The present business is changing with the inventions of various tools and technology that force the old-fashioned business to the new process of business operation like online business and website management. So, the business adopts several innovative actions and procedures to exist in the marketplace.
Several Types of Innovation
There are several types of innovation models. Amongst all the models the Doblin Framework is very popular which ten types of innovations comprised with Business model innovations: works on the basis of Profit model, Network, Structure, Process; Product innovations: works on the basis of Product performance, Product system; Making innovations: works on the basis of Channel, Service, Brand, Customer engagement (Jasieński, 2020). Besides these, McDonald Corporation usually applies both closed and open innovative models (McDonald, 2020). Wherein the managers carry out the operational functions through a self-contained environment is closed innovation and use external sources as open innovation within the workplace of McDonald (Keeley et al., 2019).
Importance of Developing Personal Innovation Skills in Organizations Like MacDonald’s
Keeley et al. (2019) stated that the workforce engaged in any business organization performs their best to attain the company’s goals and fill the targeted revenues up. They attempted to risk management and others skills to achieve the goals and establishment of the strategic plans by the company. And for these approaches, the personnel within the McDonald Corporation and business developed various skills so that they can satisfy their aspirations and hopes for the company they hold attitudes towards the business success of the company (McDonald, 2020). Innovation skills of creative people develop by the continuous betterment of the others characteristics and skills like analytical ability, marketing research ability, critical analysis, problem-solving, conflicts managements etc.
How to Develop Innovators Within Organizations Like MacDonald’s
An innovator within the business of McDonald’s performs as an earning force for the company’s developments and goals establishment and growth. For this, the innovators within the company do several duties (McDonald, 2020). They attempt to products promotions and grade development and thus they connect the newer customer at the newly segmented department and newly entered business marketplace like in new country or states. They dream largely along with the owners and shareholders of the company. The investors as well as the innovators discover the unknown and see behind what is visible (Wellner, 2017). An innovative leader creates an external focus on the business target, contains clear attitudes and thinking.
Impact of Innovation on MacDonald’s Business
Innovative idea management properly and necessarily helps the company to develop the business in several unknown situations and prepares the company for further strategic plan implementations by the managers and leaders is acting as the innovators for the company (Stuczynski, 2018). The authority by McDonald Corporation prioritize the innovative leaders and ideas creations for specific effectiveness that has huge impacts on the process operation of the business like saves time and money, increase workplace safety, technological innovation improves cross-communication, the right platform to actions by the managers helps to optimize return for the company etc. (McDonald, 2020).
Impact of Innovation on MacDonald’s Business Process
The business process within the McDonald Corporation has a collection of structured activities, related tasks by workforce or equipment by which the managers perform through a specific sequence produce products and services for a particular company or customers (Harmon, 2019). There are seen definite impacts of innovation within their business process like they consider the innovation deeply and critically so that the managers and decision-makers can reduce the pressures by the competitors by launching same designed products with lower prices. Then, the company and the innovators trying to adopt several newer ideas to uphold and upgrade their products. On the other hand, the managers need to work with the external collaborators as their open innovation typed approach so that they can tackle the miscreants hindering the growth of the business (Stuczynski, 2018). Online business and social media marketing approach has changed the business process within the business process by McDonald.
How Can MacDonald’s Be Innovative Organization
Technological strategy and application of several tools enable the companies to keep pace with the modern trends and customer’s needs and tastes. Innovative approaches by the leaders, ensure market growth and differentiation, development of new markets and target groups, and added value for society. Generally, a business adopts several steps to be an innovative organization like establishing innovation as a priority, creating a strategic vision, allocating resources, creating organizational structures, establishing scientific processes that promote collaboration, and training the workforce on creativity tools etc. Authorities worked along with the McDonald Corporation can adopt these steps: measure & communicate results, recognize the creative behavior of the employees, reward innovative results etc (Harmon, 2019).
Innovation in the business concludes creative use of the existed materials and the original invention as a generation, formation, theory, admission and realization of the recent facts so that the proprietors can prosper within the business. The business by McDonald’s gets benefitted through innovation with fast reaction to changing conditions.