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Business challenge

CREATIVE AND INNOVATIVE MANAGEMENTOver the past few years, there has been a great development of business in the nation of Hong Kong. Being an integral part of the well developed China, the country has undertaken innovation and creativity as two major fundamentals of the administrative world. It is noted that along with a tremendous growth of population, the country has witnessed a development of competition across its commercial sector. According to Wang et al. (2016), in order to secure a leading position in the market and also be able to earn an increased amount of income, organisations noticeably concentrate on integrating innovation and creativity in its operations. However, integration of creativity and innovation is a challenge.

Criticality of innovation

Despite being located in the heart of Asia, companies and the business sector as a whole are faced with several challenges. Being spread over 1500 sq km and having access to several trade oriented countries all across the world, firms tend to be affected by certain legal, economical, and social factors. In addition to property registering, taxation, credit creation, investor protection, electricity supply and contract-enforcing issues, enterprises are affected by geographical trade barriers and cultural prospects as well. As opined by Goffin and Mitchell (2005), it is the technological and operative innovation elements that help a firm to continue and expand its business in the presence of various business challenges. Moreover, creativity in an organisation plays a major role in motivating and retaining employees in an association. Apart from production and delivery of goods, innovation has significantly restructured marketing, promotions and operations management all across the business industry of Hong Kong (Tsuiet al. 2014).