Creativity, Innovation and Entrepreneurship Essay

Creativity, Innovation and Entrepreneurship - Essay Example The work at hand provides the detailed discussion showing the point that P&G together with its concerned brand Olay is on the right path towards the idea of initiating entrepreneurship through its innovative strategy. To understand this further, the proponent subdivided this article into two general parts, the brief idea linked to innovation and competitive advantage, and the five elemental requirements for successful innovation as the basis of P&G together with its brand Olay for doing entrepreneurship from the standpoint of innovation. Innovation and competitive advantage Innovation is a fundamental component in entrepreneurship that leads us to understand what are the necessary actions that a company or organisation should perform in order to make a difference and obtain competitive advantage. From the past, the market for Olay started to decline and people began to call it as â€Å"Oil for old lady.† This is something bad for the image of the brand and it will further lead to the decline of its sales. For this matter, Olay started to expand to diversified product lines, which is part of strategic renewal and even expand internationally, a remarkable point of corporate venturing. The onset of technology and scientific advancement brings forward the opportunity for Olay to formulate further highly innovative anti-aging skin care products. However, financial constraints led the brand once again to a constant declining market share. It is likely that Olay aims at present to increase its market share and doing so requires innovation and productivity enhancement. These according to them will help them lure their customers back to their brands. At this point in time, we can say that Olay is under the strong powerful force of influence of what entrepreneurship is all about. Generally, the brand underwent creative strategic renewal, innovation and corporate venturing. However, at present it is remarkable that the timeliest activity is for the brand to go for innovation and lure the customers back to its highly diversified offerings with a significant promise of anti-ageing treatments for skin for more fast and visible results. Clearly, there is a strong inclusion of the need for Olay to go for high market acceptance because of its declining sales in the midst of challenging and tough financial times. The ultimate solution would be to go for innovation, which is the primary move of consideration of MacDonald, the latest CEO. Here where diversification of brands that will meet the needs of the customers sets in. This primarily would involve the point of the inclusion of obtaining competitive advantage. Competitive advantage is a remarkable point of every organisation or entrepreneur aiming to be at the cutting edge of the competition, standing far above the other competitors in a specific market niche or segment. At some point, it is implied that Olay aims to be the leading brand in anti-ageing market for skin care. Without question, this eventually would lead to obtaining competitive advantage, in order to achieve the brand that is far a cut above the other. A primary reason why there is a need to innovate product or service offering is to obtain competitive advantage (Robinson, 2009; Hasell et al., 2003; Lowe & Marriott, 2012). In today’