Reflective Log on Innovation and Risk Management module

Answer

Reflective Log on Innovation and Risk Management module
PART 1: INNOVATION
Reflection upon the coursework task set at the beginning of the module involving an innovative company
The coursework for the innovative company set at the beginning of the module entails a discussion of the seven dimensions of an innovative framework that is implemented by a company to drive growth. The discussion led to the discovery that the seven dimensions of an innovative framework are mainly used to design and create new innovative products by companies that want to become market leaders. The discussion also revealed that innovation is crucial to firms remaining competitive within the global business environment due to the stiff competition that exists globally. The seven dimensions of an innovative framework also revealed that it is crucial for firms to have their own internal structures for managing innovation in order to create innovative products that are in line with the firm’s overall strategy (Sang Chul, 2014). It is also clear that innovation plays an important role in the success of businesses within the current global business environment.
Description of the research process undertaken during the completion of the coursework for this module
The research process undertaken involved the identification of an innovative company, which in this case was Samsung. Samsung is a company that is at the forefront of innovation within the technology industry, which made it an appropriate choice. The next step was conducting research through academic journals and reputable websites on the seven dimensions of the innovative framework. This research led to the discovery of several journal articles that discussed strategic management and innovation within a global business environment. Having read a significant bit of each of the journal articles referenced within the paper, I was able to find out the seven dimensions of the innovative framework, which I wrote about in the paper. I was also able to find expert opinion on the strengths and weaknesses of the innovative framework which was also included within the paper. The research process also involved a perusal on industry reports that shed light on Samsung’s market position weaknesses and strengths as well as future possibilities for growth. The figures used within the report were taken from respected industry reports and were used to compare Samsung’s performance in relation to that of other technology firms in the same industries. This shows that the research process was an all inclusive process that captured information about Samsung from various respected and reputable sources.
The personal benefits and challenges I experienced during the implementation of my research strategy and the writing of my coursework on this module.
The main personal benefit that I experienced during the implementation of my research strategy was that I was able to learn a lot of new information about the innovation process that I did not know before I started the research project. The research project also allowed me to gain new information and insights about operations at Samsung that I did not know about. I faced significant challenges in gathering information from the journal articles on strategic management and innovation within global enterprises such as Samsung. I also benefitted by learning how global firms are utilizing the seven dimensions of the innovative framework to gain a significant advantage over their competitors in the global marketplace. I also faced significant challenges in analyzing the multitude of information contained within the academic journal articles and the industry reports that I read when writing the article about innovation at Samsung. The writing of the coursework was also challenging as I had to organize the information gathered from different sources on the company being reviewed and put it in form of a comprehensive report. Another personal benefit was that I also gained a lot of information about the technology industry as I read the industry reports about the current state of the industry.
PART 2: RISK MANAGEMENT
Reflection upon the coursework task set at the beginning of the module
The coursework set on risk management in the UK retail petroleum industry led to an in-depth study of the same market in order to produce the report compiled as part of the coursework. The coursework demonstrated that the number of petrol filling stations PFS in the UK has been shrinking substantially since the 1990s. This is despite the fact that the number of cars registered in the country continues to increase each year and has more than doubled since 1990 (IoP, 2004). However, other factors have led to a flat UK retail petroleum market where the demand for vehicle fuel, that is, diesel and petrol remains constant despite the increase in the number of cars within the country. The risks facing the UK retail petroleum industry include a reduced fuel storage capacity based on the closure of many PFSs as well as consumers having to travel for long distances to fuel their cars.
Description of the research process undertaken during the completion of the coursework for this module
The research process undertaken to complete the coursework in this module involved a thorough review of industry reports pertaining to the UK retail petroleum industry in order to gather information about the historical and current state of the industry. The search for relevant information that covered my research topic was not easy as I had difficulties finding the correct publications regarding the state of the UK retail petroleum industry. However, by searching through websites belonging to organizations that are involved in the industry, I was able to get a few reports that highlighted the state of the industry. Further research through academic databases yielded several academic journal articles that were of great help to me during the writing of the report. The information gleaned from the academic journals highlighted the fact that the UK retail petroleum market faces numerous risks especially for independent dealers who are at a higher risk of closing down their businesses. Another risk identified through the research process was the risk of overdependence on fuel imports even as local refineries close and local fuel companies exit the local petroleum market. There is also a risk that company-owned PFSs might also close as they face stiff competition from the hypermarkets that continue to grow and expand.
The personal benefits and challenges I have experienced during the implementation of my research strategy and the writing of my coursework on this module
Firstly, I have benefited greatly by accumulating a body of knowledge about the UK retail petroleum industry that makes me well equipped to understand current trends in the industry as well as the reasons for the changes in the industry. The information I gathered while writing the coursework report will make me a better informed consumer when it comes to issues related to the prices of fuel as well as on other changes within the industry. I have also benefitted greatly as I now have a better understanding of the factors that affect the retail petroleum industry in the UK as well as other countries that have an economy similar to the UK’s, such as other members of the EU. Some of the challenges I faced included the fact that it was difficult to find relevant journal articles that covered the research topic, but I was lucky to be using research databases recommended by the university. Another challenge was that I found it difficult to synthesize all the information I had gathered into a concise report that touched in all the important areas, but I did my best with regards to the same.