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Innovation may be a hard concept for some individuals to sell within the organization. Companies have certain ways of conducting business and do not consider new forms of ideas. In the following paragraphs there will be an assessment of the impact of innovation on three types of organizations (Sears, Best Buy, and Wal-Mart) in the home and office entertainment. The impact of strategy, process, product, and services of these organization will also be discussed.
IMPACT OF INNOVATION
Sears, Best Buy, and Wal-Mart offer entertainment devices such as computers, television, and different types of software. Sears and Best buy offer installation, Wal-Mart does not offer the installation services. The service installation has been around for many years but only to high-end stores that specialize in the entertainment field. In these stores, such as Sears and Best Buy, customers can expect to pay thousands of dollars and at Wal-Mart not as much money would be spent. The innovation is what has allowed the higher end shops to offer the installation services to the customer base. The impact on this innovation gave companies the ability to tap into a multi-million dollar side of the business world, which is out of reach for companies like Wal-Mart. This offering has created fear in a great deal of smaller organization that offer the same products because of the larger company doing more for less (Best Buy, 2011).
STRATEGY, PROCESSES, PRODUCTS, AND SERVICES
Sears is the nation’s fourth largest broad line retailer with full-line and specialty retail all over the United States and Canada. This organization is the leading home appliance retailer, consumer electronics and automotive center. Sears unique innovation has helped the company become the leader in home services which includes home entertainment equipment and installation. The merger of Kmart and Sears helped the company’s strategy to help improve the lives of the customers by providing quality services, products, and solutions that earn the trust and build lifetime relationships. The company values teamwork, integrity and positive energy. The culture of the company is defined by clear vision, mission, and values (Sears, 2011).
Best Buy is the world’s largest consumer electronic retailer, finding solutions to challenge the central future of the company’s success, and sustain strategy that is embedded in the business model. At the heart of the company’s strategy there are 180,000 workers worldwide that make sure the customers have access to sustainable technology solutions that can enrich the lives of the consumer and communities around with a positive impact. Best Buy specializes in home entertainment and helping customers with installation and understanding the products that are purchased. Within the past years the organization has asked if the approach to sustainability is being brought to the customers in ways that matter and how the company needs to embed sustainability into the business on a daily basis. These questions helped Best Buy to narrow the focus on four key areas that proved meaningful to the customers and help make a positive impact on the business (Best Buy, 2011).
Wal-Mart is a company that was founded by Sam Walton and became a place that had affordable products and services for customers. Walton’s vision and mission was for the stores to always have low prices. Today Wal-Mart has become one of the most successful retailers nationwide and functions all around the globe. This store was once only a grocery store, Today the company has innovated to the point where many different products and services are sold. Wal-Mart offers numerous types of products and among these is entertainment products and services, a one-stop shop. Not only can a customer get food, cloths, they can pick up a computer, software, and televisions. this organization offers services that other stores do not offer; such as, a optical area where customers can get glasses, a tire and lube are for the customers vehicle, and hunting gear. One of the most innovative services that is offered at Wal-Mart is the “Site-to-Store”. This service allows the customers to purchase items online and have them shipped to the nearest store for pick-up (Wal-Mart, 2010).
In conclusion Sears, Wal-Mart, and Best Buy are all successful organizations. These companies have used innovation in ways that have changed the way consumers live and receive help. All organizations function globally and have made large amounts of profit to allow each company to become more innovative. The impact of innovation on these organizations has impacted the use of each company’s strategic decisions , processes, products and services. Innovation can be difficult for some companies but if the organizations consider what is going on inside and out the company will go farther in the business world.
Sears Holding Corporation, 2011, Sears, Roebuck, and Co. Retrieved on July 17th, 2011
Best Buy Launches Online Sustainability Report: “Our World, Connected”, 2011, Best Buy, Retrieved on July 17th, 2011,
Wal-Mart. (2010). Retrieved: July 17th, 2011 from http://walmartstores.com//default.aspx