Impact of Innovation on Economic Perfomance on Micro and Macro Level Essay

Impact of Innovation on Economic Perfomance on Micro and Macro Level - Essay Example This essay is one of the best examples of comprehensive theoretic analysis of the mechanism of the impact of technology changes on the competitiveness of a company or an entire economy of a country. The tighter and more competitive business environment is driving firms to innovate in order to maintain their existence as a market player. However, as more firms innovate, the struggle to maintain their share in the market in turn gets other firms to innovate, capturing everybody to be part of a complex economic cycle. A source of new technology is the society’s search for increased economic efficiency and a sincere desire to reduce the cost that it has to pay for the availability of goods. Whether the purpose of the technology is to improve its effective use of available natural resources or to increase or alter the supply of available resources, it has impacted what people buy (hence created new demand types), what they choose to do with their time (leading to new market for leisure events), what jobs are lost due to changes in the overall economic mix, and possibly the price of other goods that compete with the products, that were produced using new technology. Research, entrepreneurship, new start-ups, consolidation of businesses, interaction with other companies and financial markets create an environment that is conclusive to innovations. Novel trends in innovative activities are impacted by new technologies, modifications in the existing knowledge base, as well as changes in consumer needs.

IMPORTANCE AND INFLUENCE OF SOCIAL MEDIA IN EMERGENCY MANAGEMENT AND Research Paper

IMPORTANCE AND INFLUENCE OF SOCIAL MEDIA IN EMERGENCY MANAGEMENT AND DISASTER PREPAREDNESS - Research Paper Example This will also involve a discussion on the major challenges facing disaster management and how the social media can be used to defray these challenges. The paper will concentrate on information sharing, disaster preparation and decision-making as well as information collection. These four social media functions will then be mapped on to three crisis management phases of awareness, reaction, and recovery to outline how a variety of social media tools may be utilized to improve crisis communications. The paper will also share several cases of global organizations and governments that use social media for crisis management. The research paper proposes a model to improve government utilization of social media for crisis management that includes the necessity for a mandate, distinct guidelines and several key capabilities that need to be developed. The proposed tools will help governments and organizations in emergency management and disaster preparedness. According to Sturges (2004) crisis management is an important organizational function that deals with planning and dynamic occurrence reaction to situations as they take place, usually in unpredictable ways. The flowing effects of a happening crisis can thrash a country’s or an organization’s capability to function effectively and may bring about serious harm to its citizens, institutions, assets, and repute. The emergence of an array of social media tools has transformed the landscape of crisis management significantly over the last few years with promises for social action now becoming certainties. With the availability of various software tools such as online discussion forums and news aggregators, organizations are now able to distribute, attain, and scrutinize information in a more efficient manner and expansively. While social media has the capability to bar a crisis from getting out of control,