For Tesla ?Advise the CEO on how best to position the organization to be responsive to change in order to take advantage of the strategies you have recommended.? 6-8 page Give

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Innovation for the Company

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Innovation is coming up with new ideas, products, or services. For an organization to progress well, innovations are essential. In Food and Beverage, innovations are crucial in staying relevant in the market and keeping and attracting new clients (Bubanja & Madzar, 2019). The numerous reasons for innovations in a company are:

· Helps the company grow – the company's innovation of new products will enable venturing into new markets and attract more customers. The returns will increase due to increased sales (Bubanja & Madzar, 2019).

· Increase efficiency – through innovations, the company will find efficient ways to utilize and maximize the available resources and reduce wastage.

· It helps the company differentiate itself from others – when a company is innovative, it develops unique products that competitors do not have. The company dominates the market and beats the competition because its effects are unique and affordable (Bubanja & Madzar, 2019).

· Keeps the company relevant – when changes are happening in the industry, it is only through innovation that a company can stay in the market and attain its goals and objectives.

· Staff retention – if the company comes up with innovations that make work easy and doable for its staff, they will be reluctant to move to other companies.

Strategies to Foster Innovation in the Company

For the company to stay innovative in the Food and Beverage Industry, the management should implement several strategies (Haddad et al., 2019). These are:

· Make innovation a core value – the management should foster a culture of innovation whereby its employees will develop new ways of improving the products and services of the company (Haddad et al., 2019).

· Employ people with different ideas – if the company employees have different perspectives, it makes innovation easier because there will be numerous ideas to choose what will work best for the company (Haddad et al., 2019).

· Give employees time and space to innovate – if the management is patient enough to give employees time to come up with new products or services, the employees will deliver quality innovations.

· Have a feedback process – the company should have a way in which its customers can give feedback concerning its products and services. Most feedbacks are honest reviews that can help correct mistakes and improve the company's products for customer satisfaction.

· Encourage collaboration – for a company to succeed, there should be unity. Working together will enable the management and the employees to move together because the employees will be involved in making the best decisions for the company (Haddad et al., 2019).

· Reward employees – if the employees cooperate well and the company's goals and objectives are met, it is good for the company to appreciate them with bonuses. Appreciations will motivate employees to work smart and see the company to the next level (Haddad et al., 2019).

· Implement ideas immediately – as soon as worthy ideas are put across, the company should implement them. This will reduce duplication from other companies in case the idea leaks and help drop the idea early enough if it's not beneficial to the company.

Evolution of the Food and Beverage Industry in Five to Ten Years

· Increased regulations – the government has strict rules regarding the food and beverage industry whereby food safety regulations should be thoroughly adhered to. The rules will continue to increase as time goes by, and it will be difficult for many companies in the industry to keep up with them.

· New age clientele – in the near future, many people will prefer eating healthier foods that are more expensive than junk.

· Utilization of technology – for companies to stay relevant in the market, they will have to adapt to the new technology to meet their customer's demands and make profits. Technology will add value to the products and services where the clients can scan products using their phones.

The company's advantage over other competitors

· Ability to produce at a lower cost compared to other companies.

· High skilled labour

The company can produce at a meagre cost due to access to natural resources that other companies don't have. The employees are highly trained to use the equipment and resources provided.

Strategies for Exploiting the Company's Innovations

· Cost leadership

· Differentiation

· Focus

The advantage of cost leadership is that the company can venture into a new market scale and earn more profits. Cost leadership reduces competition in the marketplace because other companies will struggle to offer the same prices (Islami, Mustafa, & Topuzovska Latkovikj 2020). The disadvantages of cost are; that the company might start offering low-quality products and lose its customers. Cost leadership requires the company to make many sales to succeed; if not, the company will fail.

The advantages of differentiation are; that the company strives toward offering top-notch products that other companies can't offer. The services provided are of good quality, and the customers will be loyal to the company (Islami, Mustafa, & Topuzovska Latkovikj, 2020). The disadvantages of differentiation are; that the company sets premium prices for some products, which are high and some customers won't be able to afford. The cost of producing quality products will increase the company's investment, and if the products don't sell as anticipated, the company will end up making losses.

The advantage of focus is that it helps the company develop its products and services, hence outshining other companies. Focus allows the company to specialize in its customer's demands and improves the pricing format of the business (Islami, Mustafa, & Topuzovska Latkovikj, 2020). The disadvantages of focus are; that if a company focuses so much on certain products, it limits the previous demand for products and services. The company focuses so much on certain products hence restricting its growth. Focus puts the company at risk of disruption.

Recommended Strategy

Make Innovation a Core Value – the company should ensure that the employees are familiar with its operations and innovation expectations to work in unity. The employees will then fully participate and share their ideas for implementation. The employees are the determinants of a business's success; if they are honest and open-minded, the company will succeed. Given humble time, the employees will be able to explore different initiatives without fearing being stopped by the management, which will bring new products to the company. By working in unison with the employees, the administration will be able to identify its weak points and rectify them to continue offering the best environment for the workers to deliver good quality products and services. The critical aspect of the business is outweighing competitors; through innovation, the company will be able to rule the market.

Reference

Islami, X., Mustafa, N., & Topuzovska Latkovikj, M. (2020). Linking Porter's generic strategies to firm performance. Future Business Journal, 6(1), 1-15.

Haddad, M. I., Williams, I. A., Hammoud, M. S., & Dwyer, R. J. (2019). Strategies for implementing innovation in small and medium-sized enterprises. World journal of entrepreneurship, management and sustainable development.

Bubanja, M. V., & Madzar, L. (2019). The Importance of Innovation and Knowledge for Economic Development of the Country and the Competitive Business of Companies. Journal of Social Sciences, 11(XI), 157-173.

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