- May 24, 2020
Innovation at Mahindra
Mahindrais the largest multinational automobile vehicle manufacturingindustry in India, and the largest tractor manufacturer in the world.Mahindra was founded in the mid-1940s as a franchise of Willys Jeeps,who believed that the jeeps were well positioned for India developingroad network, even though Mahindra was licensed to manufacture inIndia two decades later. During this period, Mahindra made allianceswith several other international companies such as Chrysler and Ford.During the year 1991, India experienced economic transformation,which opened up the country to competition, this compromised some ofthe protectionist policies that were there ever since independence.
Thomkeand Luthra (2009) in their article &Mahindra (A). States that Mahindra group and Mahindra used innovationas a growth strategy. Hence, much emphasis was placed on balancingthe structural process and ensuring a favorable environment by whichMahindra’s innovations could be successful. Mahindra’s projectwas based on four major factors that included marketing ofinnovations, the responsibility of those creative innovators to thesuccess of the innovations, the importance of the innovation processas well as the structure, early feedback from the market and finallyidentifying the concepts on the sources of the products.
Mahindrabeing a multinational company is faced with various challenges, whichmust sustain all the needs of the customers. The main challenge thatMahindra company is faced with is that of raising the firm from acurrent $8 billion fortune to an $80 billion fortune company.Mahindra has a reputation of treating all customers equally, be itproducers, customers, and entrepreneurs despite their financialstatus. According to research conducted by Andrew etal.,(2013), he described innovation initiatives, as being the mostconsidered in companies, to improve corporate entrepreneurship witheach other. This is usually done by use of articles whose aim isreviewing and organizing paths, for the future development. Thesearticles were identified by using certain keywords and latercategorized by assimilating them. They are further structured intothree main ways, which include explaining the method, reviewing andsynthesizing the literature, finally identifying research paths.However, different people due to its unclear identification havedescribed corporate entrepreneurship in various ways. For example,Ginsberg and Guth the first scholars to corporate entrepreneurshipused strategic renewal and business venturing as their categories. Onthe other side, Zahra divided it into four categories, and that isventuring, strategic renewal, and innovation (Andrew etal.,2013).
Onexplaining the method, Shepherd, and two of his friends used thecriterion sampling by which it included owning the keywords andsearching them through in various entrepreneurial journals and usingthem in writing, and this was done from 1989 to 2015. Literaturereviewing was another structural method used, and this includedcategorizing papers into those that explain and give an idea of whatcorporate entrepreneurship is all about, those that gave detailedinformation on previous corporate entrepreneurship and finally thosethat were focusing on the results of corporate entrepreneurship. Thefinal structure used was by identifying research paths, and this wasdone by using five main steps. The first step included increasingcapability-oriented models, the second step is by increasing socialmodels, while the third step is by increasing more knowledge oncorporate entrepreneurship, and the last step is by increasing moreprocess models individual research (Sakhdari and Farsi, 2016).
Inmy opinion, the use of corporate entrepreneurship is not a bad idea.The strategies used by various individuals is by first conductingresearch on how to carry out corporate entrepreneurship. The methodsto use for the success of corporate entrepreneurship has been a keyfactor in the success of companies. In agreement with myentrepreneurial skills, it is important to consider the views ofother people on corporate entrepreneurship. Acquisition of othercompanies that sell the complimentary product can also be an addedadvantage, as the organization products can reach a wide range of themarket. In agreement with the methods previously used by other peopleon innovation and corporate entrepreneurship, I will not only dealwith the present success of the business today but also in thefuture. This is the methods used, and those being identified, arebeing researched for future referencing. The standards beingidentified can be of assistance to making certain decisions infuture. Moreover, it is not compulsory to use the same methods in thefuture, since technology is dynamic, and changes with time for thebetter. These methods will give an idea of how to carry out, or howto come up with different methods to improve entrepreneurial skills(Andrew etal.,2013).
Incomparison to previous weeks, the recent weeks have shown greatimprovement since individuals have gained more knowledge onimprovement and success of companies. The idea of innovation andcorporate entrepreneurship has brought about great improvement. Thecorporate entrepreneurship is made up of the environment, network,firm and top management team. The firm includes size, growth rate,social and political capital, institutional and business ties,management capabilities, technological capabilities, alertinformation system, among others. On the top management team, what isconsidered is the human capital, social capital, behavioralintegration, size, diversity, network size, stock ownership, and pastfailure experience. All these make up the corporate entrepreneurship,and the outputs are profitable, increases the growth and greatperformance is noticed.
Innovationissues have been faced by various companies, a good example beenNokia. After losing their smartphone battle, they realized it themain cause was because of their collective emotions among people inthe company. To correct this, they used their downfall to makeambitious strategies. They consulted on how to improve their marketfrom their former CEO, who referred them to previous methods thatthey used to reach the market, where they realized a rapid growth inthe technology industry, and the increase in the competitionenvironment. The advantage of Nokia Company was that it was wellknown in the past for great products, but due to the currentsituation, it had to improve the hardware, software and advance theirapplications.
Courseframeworks apply so much on innovation, and this is done byidentifying and learning the outcomes then assessing the activitiesfollowing the outcomes and finally designing appropriate activitiesfor the environment. Extensive research is done on the market so asto reach the high competition from other companies and thetechnology. Course framework applies here as there are various thingsthat one should put in mind before making conclusions on a decisionmade. Identifying first what innovation is and then if you develop acertain product, identify what is unique about it from other productsfor a customer to pay for it and leave others.
Andrew,C., Covin, J. G., O`Connor, G., & Tucci, C. L. (2013). CorporateEntrepreneurship: State-of-The-Art Research and a Future ResearchAgenda. Available at SSRN 2363384.
Sakhdari,K., & Farsi, J. Y. (2016). Business partners and corporateentrepreneurship in developing countries. International Journal ofManagement and Enterprise Development, 15(1), 61-77.
Thomke,S. H., & Luthra, B. D. (2009). &Mahindra (A).