April 23, 2013
Organizations are consistently seeking to generate or withstand its competitive advantage. Innovation tremendously influences the success of any organization. Businesses steadily must pursue an innovative method of manufacturing goods or providing services. Organizations must accomplish this with the expectation of high productivity and low operating expenses in an effort to remain profitable and competitive within its chosen industry. To meet these objectives, the organization must offer quality products and services while also integrating innovation, design, and creativity. Tangela will evaluate the impact innovation, design, and creativity has on the strategy of both Lotus Elise and the shared appreciation mortgage while considering the processes, products, or services of each organization. Mental Models
The four steps to changing mental models or mindsets are 1) Recognize the power and limits of mental models; 2) Test the relevance of your mental models, generate new models, and integrate portfolio of models; 3) Overcome inhibitors to change; 4) Transform your world by acting quickly upon new models (Wind, Crook, & Gunther, 2005, p. 1). Individuals are tasked with making decisions daily. Some decisions require critical thought based upon the varying importance of the decision whereas others may require little thought. One’s mental models or mindsets significantly influence how decisions are made. Lotus Elise
Group Lotus PLC is the main holding company of Lotus Cars Ltd. and Lotus Engineering. Lotus Cars Ltd. manufactures racecars; however, as stated by Stamm (2008), “Lotus Engineering acts as a consultancy to the automotive industry" (p. 171). In 1957, the company manufactured and released its first racecar made for street driving. According to Stamm (2008), “The Lotus Seven offered racing-car qualities at kit-car prices, with...
References: Castro, L. M., Montoro-Sanchez, A., & Ortiz-De-Urbina-Criado, M. (2011). Innovation in services industries: current and future trends. Service Industries Journal, 31(1), 7-20. doi:10.1080/02642069.2010.485196
Schroeder, R.G., Scudder, G.D., & Elm, D.R. (1898). Innovation in manufacturing. Journal of Operations Management, 8(1), 1-15. doi:http://dx.doi.org.ezproxy.apollolibrary.com/10.1016/S0272-6963(89)80002-6
Stamm, V.B. (2008). Managing innovation, design, and creativity (2nd ed.). Retrieved from The University of Phoenix eBook Collection.
Wind, Y.J., Crook, C., & Gunther, R. (2005). The power of impossible thinking: Transform the business of your life and the life of your business.. Retrieved from The University of Phoenix eBook Collection.
Please join StudyMode to read the full document