In terms of overcoming the global downturn, innovative business strategy has three major dimensions namely, ‘Innovative Promotional Practices’, ‘Social and Organizational welfare’, and ‘Ethical behavior’. Fortunately most strategic dimensions in business and management are measurable so as to facilitate development ratings in order to compare and highlight the different levels of overcoming the global downturn. My research paper on the role of innovative business strategy in overcoming the recession and succeeding in the post- recessionary period basically focus on the different categorical elements of business strategies and its direct or indirect impact on the medium and small scale organizations. For the better understanding of the term ‘INNOVATION’ I have carried out a letter by letter scrutinization of this golden term. It goes like this:
N-New Plan or Design
O-Optimum change valuation
A-Adaptation to the New Environment/New Business
T-Thought Process for Planned Changes
I-Ideological Developments in Business
O-Optimization of the changes
N-Numero Uno (How Innovation helps in Securing the topmost position).
In order to understand the impact of innovative business strategies n combating the downturn I have formulated four important and innovative strategies. These strategies are:
1. HBS Strategy (Holistic Business Strategy).
2. PBS Strategy (Polymorphic Business Strategy).
3. GBS Strategy (Green Business Strategy).
4. CCBS Strategy. (Country-club Business Strategy).
By following these innovative strategies an enterprise can reach the zeniths of success and successfully combat the global downturn.
Change In Strategy - The Answer To Overcome Global Downturn (179.8 KiB, 664 hits)