ENTR 640 Innovation Strategies-open innovation process
1. Types of innovation generated
2. Process of innovation
3. Theories of innovation
4. Sources of innovation
5. Value capture
6. Is the company pursuing Green Innovation?
7. Innovation policy and the extent it is aligned with national innovation policies
8. Does company undertake Innovation offshoring?
9. What type of IPR the company generates, and how does the company protects its IPR?
10. Funding of innovation at company level, and sources of funding
Answer:
Etihad Airways, the second largest passenger carrier in the United Arab Emirates generates open innovation framework to bring about development in its operations and product strategy. The company headquartered in Abu Dhabi is one of the leading airlines company in Asia and serves a huge base of customers. Etihad Airways in order to ensure high degree of customer satisfaction requires bringing about continuous innovation and improvement in its products and services. The company follows open innovation process to exploit the information available both within and from the partners to bring about this innovative. This open innovative model helps the company to partner with technological firms to make advanced e-ticketing systems and discourages use of paper tickets (West and Bogers 2014). Thus, the open innovation model followed by Etihad Airways helps it to follow green innovation model to ensure reduction in use of paper tickets, whose production requires cutting down of trees (Al-Jayyousi 2016).
Open innovation model involves business organisations collaborating with each other and exploiting resources to increase efficiency of both the firms. The companies today collaborate with suppliers, distributors and even companies from other sectors to acquire more knowledge, new technology and talent to create new products which maximises customer satisfaction. Considering the significant effect of open innovation in developing new products, it can be said that the former is the basis of competitiveness enjoyed by business organisations. Etihad Airways applies innovation model to offer more diverse products through niche market to maximise customer satisfaction.
The company has partnered with American International Group to offer travel insurance packages to its customers. The company has collaborated with French National Railway (SNCF) which allows its passengers travelling to France book seats in high speed carriages to travel within France. The travel insurance and railway booking facility are open innovation by Etihad Airways in collaboration with AIG and SNCF respectively. These products allow the company to cater to the customers seeking to avail travel insurance packages and rail tickets in SNCF, thus increasing customer satisfaction and gaining marketing leadership.
Innovation Policies and strategies:
The innovation policies of Etihad Airways are aligned to the National Innovation Strategy of the United Arab Emirates which mandates innovation in priority sectors like transport (Uaeinnovates.gov.ae 2017).
The company even takes innovation with offshore companies like Jet Airways by either investing in their shares or partnering with them. It generates products and services and holds intellectual property rights or IPR very stringently. It follows a stringent IPR protection measures using passwords and other technology to prevent their misuse. Moreover, the company makes it expressedly clear to the visitors of its websites that they should use its products legitimately solely for business purposes. The following are the forms in which Etihad Airways carries out innovation:
Business Partnerships and diversification of investment:
The innovation policies of the airlines company embrace all areas of operations including financing, marketing and customer services. Etihad Airways in order to strengthen its financial base holds shares in foreign companies like Darwin Airlines SA and Jet Airways. These innovative investment strategies ensure high and steady return on investment (Bodin and Kekesi 2017). Partnering with these companies ensures high capital gain by investing in their stocks. Etihad Airways follows innovative strategies to ensure high degree of customer satisfaction and continuous generation of revenue. It owns stakes in diverse sectors like resorts which are able to meet diverse needs of the customers like entertainment, premium fooding and lodging needs. Etihad Airways continuously upgrades the flight layout style to maximise customer comfort (Albert, Werhane and Rolph 2014).
Marketing:
Etihad Airways claims a high level of innovation in the field of marketing which is supported by the highly structured innovative strategies formed by the apex management. The airline company positions itself as a premium passenger carrier offering superior air travel services, its core product. It offers a wide range of ancillary products like spa, chauffeur services and fine dining to maximise the customer comfort. The airline company follows an innovative pricing strategy to maintain a high market position. The company keeps the prices of the flights low to ensure maximum market penetration. It also follows green innovation by encouraging customers by carry tickets in electronic forms. These strategies of innovation ensure that Etihad Airways hold a leading position in the global airways market (Vermesan and Friess 2014).
An innovative product of Etihad Airways:
An innovative product offered by Etihad Airways is its multipurpose ticketing system allowing passengers book cars, hotels and train seats (France and Germany). It allows purchasing travel insurance policies to ensure the safety of the passengers and their belongings. This innovative booking system allows the passengers to avail diverse services which maximises customer satisfaction (Etihad Global 2017) (Appendix).
What makes Etihad Airways innovative?
Etihad Airways, firstly is listed on the Saudi Exchange which source huge amount of capital by issuing shares to supports innovations. Secondly, the apex management manages innovative initiatives which gives them a great push. Thirdly, Abu Dhabi, the headquarters of Etihad Airways provides modern facilities to the company to carry on research and development. The company partners with various body corporate which allow it to use their resources to carry out and commercialise open innovation (West and Bogers 2014). Thus the public company status, continuous support from the apex management, the location of Abu Dhabi and the partnership strategy with leading corporates from all around the world enables Etihad Airways to develop innovative strategies. The huge financial resources generated from provision of world class products to passengers and issuing of shares supports the innovative strategies of the company. (Al-Jayyousi 2016).
References:
Albert, P.J., Werhane, P. and Rolph, T., 2014. Introduction. In Global Poverty Alleviation: A Case Book (pp. 1-11). Springer Netherlands.
Al-Jayyousi, O., 2016, August. Open Innovation for green SMEs in Middle East and North Africa. In 14TH INTERNATIONAL CONFERENCE (p. 132).
Bodin, J. and Kekesi, P., 2017. Corporate Diversification by Partnerships: A case study of an entrance into eSports.
Etihad Global. 2017. Plan and book - Etihad Airways. [online] Available at: https://www.etihad.com/en-in/plan-and-book/ [Accessed 11 Jul. 2017].
Uaeinnovates.gov.ae. 2017. Cite a Website - Cite This For Me. [online] Available at: https://www.uaeinnovates.gov.ae/docs/default-source/pdfs/national-innovation-strategy-en.pdf?sfvrsn=2 [Accessed 12 Jul. 2017].
Vermesan, O. and Friess, P. eds., 2014. Internet of things-from research and innovation to market deployment (Vol. 29). Aalborg: River Publishers.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research on open innovation. Journal of Product Innovation Management, 31(4), pp.814-831.
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