COMM5710 Creating Shared Value | Social and Economic Condition
Topic:
Part-1: Analysis Shared Value Creation and Innovation
Part-2: Reflection
Answer:
The idea of shared value was coined by Michael Porter and Mark Kramer in 2011. According to the HBR article, the term shared value refers to the policies and practices that can increase the comp
etitive nature of the company and at the same time causes advancement of the social and economic condition of the populations in which the company is operating (Pfitzer, Bockstette & Stamp, 2013). Shared values also detects the external weak points that can harm the company internally. A company can create a shared value by reimagining the markets and the products, reexamining the productivity and activating local supply chain for their product(Ragas & Culp, 2014). Innovation is a key area of a business organization. The concept of the innovation refers to the introduction of new concepts, ideas, methods in a business and that can create a new products or services. Innovation starts with various ideas and thereafter they are sorted during a brainstorming session (Afuah, 2014).
After shared value creation and innovation session, I found that, company mainly focused on the currently available product in the market and they wanted to reduce the production cost of the product by using new technologies and innovative ideas. Another main key discussion that I observed during the session that, company wanted to use the natural resources of the area and discussed about the involvement of the local community. To develop a business in a particular area it is very much important to use the local man- power in the business activity so that they can be more efficient and as a result the sustainability and product quality of the company will increase.
References
Afuah, A. (2014). Business model innovation: concepts, analysis, and cases. Routledge.
Pfitzer, M., Bockstette, V., & Stamp, M. (2013). Innovating for shared value. Harvard Business Review, 91(9), 100-107.
Ragas, M., & Culp, E. (2014). Business essentials for strategic communicators: Creating shared value for the organization and its stakeholders. Springer.
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