Reference no: EM133500906

1. SWOT analysis provides a broader assessment of internal and external factors; VRIO analysis focuses on assessing a company's internal resources and capabilities to determine its competitive advantage.
2. Fortune 500 companies rely on big data because it provides valuable insights and enables data-driven decision-making. Companies can uncover patterns, trends, and correlations that inform their business strategies by analyzing large volumes of data. Big data analytics can help companies understand customer behavior, optimize operations, identify market trends, personalize marketing campaigns, detect fraud, and more.

a) Artifacts and Behaviors: This is the visible level of organizational culture, encompassing the tangible aspects that can be observed, such as dress code, office layout, symbols, rituals, and language used within the organization. It includes the behaviors, customs, and practices exhibited by employees. Artifacts and behaviors reflect the surface-level manifestations of deeper cultural values and beliefs.

b) Espoused Values: Espoused values represent the organization's stated beliefs, philosophies, and goals. These are the values that the organization claims to prioritize and uphold. They are often communicated through mission statements, vision statements, and official company policies. Espoused values guide the decision-making process and shape the organization's culture.

c) Basic Assumptions and Beliefs: There are basic assumptions and beliefs at the deepest level of organizational culture. These are the core values and underlying assumptions that are deeply ingrained in the organization's DNA. Basic assumptions are often implicit and taken for granted. They shape employees' perceptions, attitudes, and behaviors, influencing how they interpret and respond to various situations. Basic assumptions are difficult to change and require substantial effort to modify the organizational culture.

Employment and Labor Law: This area covers the legal regulations related to the employment relationship, including hiring practices, employee contracts, wages and hours, workplace safety, discrimination, harassment, and termination procedures. It ensures employers comply with labor laws, maintain fair and equitable workplaces, and protect employee rights.

Compensation and Benefits Law: This area focuses on the legal requirements and regulations regarding employee compensation, benefits, and leave policies.

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• Incremental innovation involves gradual and continuous improvements to existing products, processes, or services. It aims to enhance efficiency, quality, or functionality within the existing framework. Customer, employee, or supplier feedback often drives this type of innovation. Incremental innovation is relatively low-risk and can lead to evolutionary advancements over time.
• Disruptive innovation refers to introducing a new product, service, or business model that disrupts existing markets or industries. It often targets underserved or overlooked customer segments with a simpler, more affordable, or more accessible alternative. Disruptive innovations can create new markets or significantly reshape existing ones. They may initially be considered inferior to established solutions but eventually gain mainstream acceptance and displace traditional offerings.
• Radical innovation involves introducing new and groundbreaking ideas, technologies, or concepts that bring about significant shifts in products, processes, or industries. It often requires a high level of creativity and risk-taking. Radical innovations can be transformative, leading to disruptive changes and new possibilities. Examples include inventions such as the internet, smartphones, and electric vehicles.
• Open innovation is an approach that involves collaborating with external parties, such as customers, suppliers, universities, or research institutions, to generate and implement new ideas. It recognizes that valuable knowledge and resources exist beyond the organization's boundaries. Open innovation encourages sharing and exchanging ideas, technologies, and expertise to accelerate innovation processes. It can involve partnerships, joint ventures, licensing agreements, or crowdsourcing to tap into external sources of innovation.