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Explanation & Answer
Attached.
INTRODUCTON
A business' success rests upon the management strategies adopted by the management as well as the prevailing business
environment trends. The development of the management strategies, however, are triggered by existing business challenges
and the management’s need to overcome them. And with the growing number of challenges in the current business
environment, the business environment has evolved and is continuing to change to integrate the new trends and new
management strategies and hence creating more opportunities and responding to challenges. One of the strategies that most
businesses have put in place to overcome the challenges is innovation. With innovation, businesses have been able to
overcome the status quo existing in most organizations and which has barred business success and development. To address
the challenges affecting business organizations; therefore, innovation and the enhancement of other change agents within
the internal business environment is recommended. Moreover, a more diverse workforce is a key strategy towards
addressing the current challenges in the business environment. Hence, upon opening a new office in Miami, Florida, the
Human Resource Managers should consider preparing its workforce to work in a diverse business environment hence
enabling them to overcome the challenges arising from the dynamics of the business environment.
Role of innovation in executing change strategies
In the current uncertain and volatile business environment, business organizations need to, not only see but act upon the
opportunities for change through the implementation and use of innovation strategies. By so doing, such businesses will not
only compete successfully with top industry players but also survive the turbulent and dynamic industry challenges and
trends. Through innovation, business organizations which embrace, adopt and act o innovation strategies will flourish and
survive the emerging adverse economic conditions and fluctuating characteristics of the business environment
(Balasubramanian, 2013). To develop agile innovation cultures, business organizations will adopt innovation as a
systematic, technological and strategic lever to enhance business management processes and overcome the diverse global
industry eco-systems.
Most change strategies in business organizations are geared towards problem-solving. This involves developing new
business strategies to address the challenges in the business environment and executing them. While innovation involves the
implementation of creativity in business, it is an important driver of change in a business environment. Through innovation,
business organizations can device new methods of staying ahead of competitors and winning the trust and loyalty of the
customers (...