Technology Innovation Management and BusinesGrowth

Technology, Innovation, Management and Business Growth
Student’s Name
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Technology, Innovation, Management and Business Growth
Innovation and technology from the case of General Electronics (GE) refer to the application of knowledge and skills acquired from both self and cooperate (workers, advisers and competitors among others) to sustain long-term strategies and avail durable outputs. The term technology implies the conversion of inputs to outputs that may involve the consumption of creativity, knowledge and skills to relay work. On the other hand, innovation is the approach through which a new product is curved from new ideas and skills. The process might apply skills that are either designed from the innovators or borrowed from within the company. Some concepts may arise from the competitors (White and Bruton, 2010).
The effects of competition on a selected strategy include the placement of substitutes, where the business decides to have alternatives in case they challenged. There will be a change in the bargaining power of the strategists since they have to convince both the buyers and suppliers that the new strategy is for their good. They might also develop new strategist to decide the direction. Finally, competition might lead to the development of rivalry among the business persons. Rivalry might result if the new strategies fail (Joshua-Gojer, Allen & Gavrilova-Aguilar, 2014).
When expanding an organization, one should consider whether the expansion increases room for growth.

In that case, they should be aware of the demand for their products. The business should also consider either the integration of new products or the advancement of the current products. An example is the case of G.E, which would have made the wrong decision if it chose to maintain the original competitors. The loyalty of the new clients is also significant. Expanding to a location with unpredictable clients would be meaningless. Lastly, the stability of the business before the expansion is vital. In this case, the industry considers its management abilities, the capital in place and evaluates the new competitors.
References
White, M. A., & Bruton, G. D. (2010). The management of technology and innovation: A strategic approach. Cengage Learning.
Joshua-Gojer, A. E., Allen, J. M., & Gavrilova-Aguilar, M. (2014). Technology Integration in Work Settings. Technology, Innovation, and Enterprise Transformation, 1.