Free «The Global Economy is Changing» Essay Paper

The global economy is changing. High inflation rates and foreign exchange losses has caused companies to incur financial difficulties while conducting their operations. Despite these constraints, companies that have adopted innovative management have continued to earn increased revenues and become market leaders in their field of operation. The manuscript on innovative management shows how Apple, Amazon, HBO, Google and Recyclebank have succeeded financially and in attaining their objectives by practicing innovative management. Innovative management enables a company to use its strengths to improve its operations. Managers practicing innovative management are able to study market trends and invest funds in research and development in order to come up with new products that enable them become market leaders. In addition to this, they use their strong corporate culture to encourage teamwork between their employees and thus they are able to deal with high competition. This manuscript shows how Apple developed products such as iTunes, iPad, Mac, iPad in order to increase its revenues and deal with competition in information technology sector. It also shows how Amazon was able to study consumer trends and come up with Kindle, which was able to operate in all mobile platforms. Google was able to come up with Android applications and smart phones after spending many funds in research development. Recyclebank was able to achieve environmental protection by involving other partners and together they introduced programs for recycling chopsticks. HBO was able to satisfy the wants of their viewers by Introducing HBO connect that eased communication between actors of its movies and the audience. From the results obtained from this study, it was clear that innovative management success depended on employee involvement, observation of organization’ s corporate culture and managing the process of product lifecycle development.