Question

Develop a simple innovative framework for a business concept of your choice using the five (5) key questions (what, when, where, who, how). Next predict whether or not this strategy will require an incremental change or radical change. Provide support for your response.

Discuss three (3) ways that an organization could benefit using the search strategies of Zone 1 (Exploit), Zone 2 (Explore), Zone 3 (Reframing), and Zone 4 (Co-evolution) to explore the best space for their innovative strategy. Provide support for your response.

Answer 1

To start a business it is necessary to have means to start it like education, experience, funds, and motivation, whether a business is large or small it requires constant research and market updates.

Suppose I want to start my business as a food stall, Food is the need of every human being, nowadays there craze about having good health, people are very conscious about health and health product

The location is very important, like where I should start my business, I am interested in starting a street food business, I have already taken the training in the food safety measures, I know some very good homemade grandma masala that gives flavor to the food. We have chosen a food street where many vendors are already selling the food items.

The second point is how to start it, I had my savings, and one of my friends is ready to help me, we would like to start as a joint venture.

Now what sort of food we are going to prepare, for that we surveyed the street tasted varieties of food, and observed the trend and liking of the customers, and made a report that which art of the business is going to give us profit.

We prepared ourselves fully and demonstrated at home so that we should not make any mistake the very first day. We had already hired the place, and we had kept everything ready for our first day of the business.

Now, who will be our customer, the price is the main factor beside taste that attracts the customers, we had kept very competitive price to attract the customers once they will develop the taste for our food we will have regular customers.

Keeping the customers is very important; the mode of the customers can be noticed from the way their expression, a good business is one that attracts mouth to mouth publicity, to make it more profitable only incremental changes are required, as it does not require total transformation.

For any organization Zone 1 that is Operational optimization, that is exploitation it is finding an area where one can save and earn more this is associated with refining and methods for technological and market research and creating strong relations with key players. Ford realized that their cars were not giving good gas milage so they stepped up the ante and now providing great engine and now it is giving great mileage with a little bit of gas.

Zone II is an organizational transformation that is exploring within the present framework searching the new territory by deploying different search techniques. An example is Satya Nadella’s (CEO) reorganization of Microsoft

Zone III Reframing is searching space where alternative architectures are generated, together with exploring different combination and permutation the example can be extreme users. Example Kodak now entering the business through deploying its knowledge, based around coating surfaces and thus trying to enter the printing industry.

Zone 4 Co evaluation in this zone different elements are involved, and the effect each other thus it becomes impossible to predict the outcome one has to very active and prepared and aware of the others in the system, the example is the healthcare sector.