Introduction
Innovation creates a significant impact on the organization. Through innovation companies are able to attract current customers as well as also helpful in attracting new and potential customers towards products and services. This Custom Paper Writing Help paper expert discusses the impact of innovation on strategy, process, products and services with the help of three different organizations such as Wal-Mart, Toyota and Nokia.
Wal-Mart Stores Inc.
Strategy:
Innovation creates effective impact on strategy of the company. With the help of innovation, company is able to create stronger strategies in order to attract customers from different markets. Innovation in marketing and business strategy provides benefits to the company to achieve competitive advantage over its competitors (Saul, 2010). 
Process:
Use of effective technology also makes company’s processes easier. Through innovation, company is able to reach customers more effective and efficiently that impact on the process of the company. Innovation also impact on the processes of the company and improve the performance and productivity of each and every activity of the company (Grant, 2010).
Product and Services:
Innovation also impact on the products in Wal-Mart. Through innovation and use of new technology, company is able to develop the identification of products in selves. It supports the company to attract customer toward the stores of the company in different geographic locations. Innovation also impacts on the products at Wal-Mart in manner of quality. Through innovation, suppliers are provided products in less time and low cost to the stores that impact on the product portfolio of the company. Services of the company are also impacted by innovation. It is identified that innovation brings new technology in the company to improve the services of providing products to the right customer in the right time with the right cost. In addition, innovation improves the technology at cash counters that helps the customers in reducing their waiting time in the queue (Monczka, Handfield & Giunipero, 2008).
Toyota Motors Corporation
Strategy:
Innovations in Toyota motivate managers to create effective strategies in order to improve the products and strategies. Innovation has a great and significant impact on Toyota’s strategy and produce development. Due to innovation company is focusing on the production of fuel efficient vehicles and hybrid technologies. Innovation also brings the strategic changes at all the level top, middle and lower, which enables the firm to minimize stress (Nambisan & Sawhney, 2008).
Process:
Innovation also brings new technology in the company that impact on the process of manufacturing products. Through innovation, company is able to improve the process by using some programs such as advance manufacturing technology, environmental friendly and eco technology vehicles (Müller, 2011). we also provide Assignment help on University of Sydney Business School students.
Product and Services:
Innovation also impact on the products of Toyota. With the support of innovation, company adds some new feature in the products. Innovations also impact on the product and improve the quality and they consume less flue. Through innovation, company can also ensure the success of the products in the market, as they have launched superfast technologies in its car. Services of the company are also impacted by innovations in significant manner. Innovations help the company to improve the quality of facilities in the products and after sale services that satisfy the needs and wants of customers in effective way (Nambisan & Sawhney, 2008).
Nokia Corporation
Strategy:
Innovation also impacts strategy of Nokia Corporation in significant manner. Moreover, it affects planning and implementation process of company that directly influences the strategies of the company. Huge R&D activities also provide directions to the company to implement strategies in the market in significant manner (Park, 2007).
Process:
Processes of Nokia Corporation are also impacted by innovation in significant way. Company uses new and advance technology in order to manufacture mobile phones in the market. Variety of applications and software are used in this, which impacts the performance of the firm and customer get innovative products. Due to innovations the company has implemented a quack process to launch the unique features and applications in the mobile phones. Due to innovation, it becomes possible for the company to offer low cost and high quality all over the world (Ferrell & Hartline, 2008).
Product and Services:
Innovation also improves the quality of Nokia products in the market. With the help of innovations, company develops the widest range of applications and green technology in the features of mobile phones that impact on products and services of the company. Innovation also impacts on products and services in terms of material, energy efficiency, packaging, environmental impact and recycling. Through this, company has become able to serve different operating system such as Android, Symbian and Windows. Use of new and advance technology attracts the customers towards the products and improves services of company (Jones, 2012).
Conclusion
From the above discussion, it can be concluded that innovation create a significant impact on company; performance. It improves process, strategies, products and services of the companies. It can also be concluded that innovations brings new technology in the organization that helps the companies to improve the customer base as well as improve the product quality and services.