Innovation/entrepreneurial change annotated bibliography

Select one of the organizations ( Staples) that your team wrote about in the Week 2 Learning Team Assignment: Innovation/Entrepreneurial Mishaps.
Develop a annotated bibliography of two references on the following topics: creative problem solving, and innovation implementation. Be sure to include the following:
APA-formatted references (each from a different author)
An abstract of 100 words for each reference
CREATIVE PROBLEM SOLVING INNOVATION IMPLEMENTATION

THIS IS AN EXAMPLE OF AN ANNOTATED BIBLIOGRAPHY
Sample APA Annotation
Ehrenreich, B. (2001). Nickel and dimed: On (not) getting by in America. New York:
Henry Holt and Company.
In this book of nonfiction based on the journalist’s experiential research, Ehrenreich attempts to ascertain whether it is currently possible for an individual to live on a minimum-wage in America. Taking jobs as a waitress, a maid in a cleaning service, and a Walmart sales employee, the author summarizes and reflects on her work, her relationships with fellow workers, and her financial struggles in each situation.

An experienced journalist, Ehrenreich is aware of the limitations of her experiment and the ethical implications of her experiential research tactics and reflects on these issues in the text. The author is forthcoming about her methods and supplements her experiences with scholarly research on her places of employment, the economy, and the rising cost of living in America. Ehrenreich’s project is timely, descriptive, and well-researched.

Running head: INNOVATION/ENTREPRENEURIAL MISHAPS

INNOVATION/ENTREPRENEURIAL MISHAPS

 
Innovation/Entrepreneurial Mishaps
Sears and Staples are well-known businesses that are closing stores and announcing significant layoffs for employees. Sears and Staples are on the verge of closing down stores due to bigger, innovative, and competitive retailers. As these stores continue to be taken over by competitive marketing strategies and catchy slogans, is it even possible to save a sinking ship? This paper illustrates missed opportunities for innovation and creativity that could save these retailers.
Sears
Sears has nearly closed half of their stores due to a lack of sales in the retail industry.
In 2005 Kmart merged with Sears, and this merger did not profit either establishment but only proved to be a disaster. Loeb (2016), “In 2005 Edward S. Lampert merged Sears and Kmart into Sears Holding. Ed Lampert is the founder and chairman of ESL Investment, a Connecticut-based private hedge fund” (para. 4). Kmart’s sales had lacked before the merger and Sears missed an opportunity to evolve with technology while stores like Walmart, Costco, Sam’s Club, The Home Depot, and Lowes are booming in sales and profits. There are a few approaches Sears could use to bring their company back on the grid. First; reasonable prices, 2nd; Convenient locations, 3rd; find out what the customers want and need, 4th; clean the stores up and make them more inviting for customers. Consumers want to shop in clean, organized, and friendly stores. Customers are always looking for variety and a good deal.
Patrons can always get great deals when buying from retailers that have products made from overseas, and the competition is stiff. Snyder (2016), “Sears Chairman Eddie Lampert released a letter to shareholders filled with all kinds of bad news. In this letter, he blamed the horrible results that Sears has been experiencing lately on “tectonic shifts” in consumer spending” (para. 2). Sears can turn this around just by finding the right person that is willing to take on the challenges entailed with the collapsing merger.
Staples
Staples’s biggest competitor is Amazon.com, and they are not backing away from the fight. As a matter of fact, the Chief Information Officer (CIO), Tom Conophy, has declared that they are willing to go after Amazon on their platform. As the self-proclaimed original disruptors in retail, who has lost their way, did not see the Amazon machine coming, but has pledged to take the fight to Amazon. Staples is trying to increase its market share by enhancing its on-line functions and incorporating competitive pricing. “In more general terms, Conophy described the kind of innovative, forward-thinking IT approach he feels necessary for survival in today’s retail environment,” (Berthiaume, 2016).
Staples plans on closing 12 percent of their stores, equivalent to 225 establishments and saving the company $500 million dollars. They are planning to reinvest in the e-commerce and innovation departments of the company. Staples in-store sales have dropped seven percent, but their on-line sales have grown by ten percent. Staples plans to reinvent its brand and prove that they are more than a paper and printer store. With a new slogan like, “Make More Happen,” Staples plans to be more like Walmart and Amazon selling everything customers want and need. They will sell more than just paper and pencils, and have prices that are competitive in-store and on-line.
Conclusion
As the middle-class society continues to decrease and spending follows with a downturn in this new economic day in age, smaller communities are finding it harder to support their local retailers and are turning to the bigger retailer that can provide their families with lower costs and better products. Sears and Staples can recover from this meltdown by taking the time out to see what people want and what they have to say about their stores. Use technology for advancement and resourcefulness. There are some loyal consumers still out there waiting for these stores to make that change and never forget why the company first went into business. Consumers need to know that the stores they are shopping at are stores they can trust.
References
Berthiaume, D. (2016). Chain Store Age. Retrieved from
http://www.chainstoreage.com/article/staples-aims-amazon-innovative-efficient-data- driven-it