Managing Innovation at St. Lukes Medical Center Essay

Managing Innovation at St. Lukes Medical Center - Essay modelingEvery organization exists to achieve a purpose. In order to attain organizational goals, a facility of policies and strategies are defined and developed by management. As averred by Christensen, Andrews, & Bower (3), policy is the study of the component parts and responsibilities of major(postnominal) management, the crucial problems that affect success in the total enterprise, and the decisions that determine the direction of the organization and shape its function. One of the strategic management decisions undertaken by aggressive and competitive organizations is innovation. Most business practitioners have heavy(a) accustomed to innovation stemming from new inventions and advancing technology. But suiting policy to changing circumstances includes as well as the application of a firms long-established strengths to unexplored segments of the market via innovations in price, service, distribution, or merchandising. Innovation is the surgical operation by which an idea or invention is translated into a good or service for which people allow for pay. In business, innovation results often from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a firms products. (Business Dictionary 1)One of the close innovative organizations in Asia is St. Lukes Medical Center in the Philippines. It is the number one hospital in the Philippines but its vision is to be one of the top five medical institutions in Asia by 2010.