The importance of innovation along with evaluating the same in the Essay

The importance of innovation along with evaluating the same in the growth and development of Fairfax Media Limited - Essay Example The paper tells that innovation is often considered as the way towards the success. However, it is important to identify the impact and influence of innovation in every sense. Innovation can be used in the operational framework by adding technological values and at the same time can be used in business processes and stakeholder management to take it to the next level in the competitive business environment. However, it becomes important to identify the need and importance of innovation that will be followed by great number of changes within and outside the organisation. Change is inevitable and cannot be controlled and sustained for a long period of time. At the same time, changes should be implemented and defined in a clear and systematic manner to avoid resistance and complications. It becomes important to understand and analyse the impact and influence of internal and external factors that play an important role in change management process in the short as well as in the long run. The media industry has been changing at a rapid pace with the rise of technology changing the dynamics of the industry. Fairfax Media Limited has been operating in the media industry for more than 150 years. It operates in publishing news, information and entertainment. It’s Australian and New Zealand newspapers include; The Sydney Morning Herald, The Age, The Australian Financial Review, The Dominion Post and The Press. It also published regional and community newspapers along with few magazines. The company is also engaged in online business where readers can read newspapers. Overall, it can be said that the organsiation has a diversified portfolio with a balanced mixture of traditional and innovative business strategies helping it to make a mark in the competitive business environment. 1.1: General Imperatives in the Industry Sector As per the research conducted by the Sydney Investment Group (2011), there are strong signs that print media is dying with the rise and accep tance of technology and online platforms cannibalizing revenues. Australian newspaper circulation has declined rapidly in last few quarters. This trend is more visible in foreign