Strategic Approaches Creativity and Innovation

Question: Discuss about the Strategic Approachesfor Creativity and Innovation. Answer: Introduction The managers today are capable of making strategies to utilize the present positions and alternatively explore new creative methods to enhance the efficiency of work force. They exploit the available resources and combine them with innovation and creativity. This strategic management helps them to align their performances with the requirements of the key stakeholders. Creativity and innovation helps the companies to generate new goods and services according to the needs of the key. Goal aligned creative and innovation power help companies to convert market challenges to opportunities and exploit them to earn higher profits (Wang, Tsai Tsai, 2014). The strategic managers combine exploitation and exploration of resources. Exploitation strategies of the firms help them to select and utilize their current resources like labour, materials, technology, knowledge and so on in an efficient way towards achievement of business objectives. The managers exploit these resources to carry out exploration of new innovations and creative ideas to bring about new products and variations in the existing products (Colombelli, Krafft Quatraro, 2014). The firms use these strategies to increase the efficiency of their processes in order to maximise profits. The companies today work on sustainable business models which require innovation increase efficiency of the resources. The innovative strategic business models today are designed according to the needs of the key shareholder groups like creditors, owners, government bodies, suppliers, union and the society (Bocken et al., 2014). For examples, managers today direct the resources towards following sustainable methods of production which benefits them by decreasing environment pollution. The strategic managers today combine the exploitation and exploration strategies to increase efficiency and maximise profits. These strategies enhance the efficiency of both processes and products. These strategies are used in sustainable ways to benefit the key shareholders of the companies. References: Bocken, N. M. P., Short, S. W., Rana, P., Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes.Journal of cleaner production,65, 42-56. Colombelli, A., Krafft, J., Quatraro, F. (2014). High-growth firms and technological knowledge: do gazelles follow exploration or exploitation strategies?.Industrial and Corporate Change,23(1), 261-291. Wang, C. J., Tsai, H. T., Tsai, M. T. (2014). Linking transformational leadership and employee creativity in the hospitality industry: The influences of creative role identity, creative self-efficacy, and job complexity.Tourism Management,40, 79-89.