Assignment: Impact of Strategy on Successful Innovation
Although innovation as an abstract concept can play a pivotal role in the world of business, the successful implementation of innovation as a component of an organization’s business strategy can have a considerable impact. The use of innovation can vary among different organizations, and each case can provide useful knowledge and awareness. Not only should business professionals consider innovation as a specific concept to drive development, but they should also understand how it provides essential insight of the past, present, and future success of an organization.
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To prepare for this Assignment, select a business case from those provided in this week’s Required Readings and conduct further research on the featured company. Be sure to use scholarly, peer-reviewed resources from the Walden Library in examining the nature of innovation and effectively utilizing business strategy development.
BY DAY 7
Submit a 4- to 6-page evaluation of the role of business strategy in advancing innovation. Your evaluation must include the following:
- A brief description of your chosen business, including the organization’s name, mission, and vision
- A detailed explanation that includes a response to the following questions:
- How did the company capitalize on the value of the business strategy process?
- What approaches would you recommend for this business seeking to enhance strategic innovation?
- What data would you leverage within a business strategy?
- How might you utilize business strategy to further innovation within this organization?
REQUIRED READINGS
Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, NJ: John Wiley & Sons.
- Chapter 3: “Internal Analysis: Strengths, Weakness, and Competitive Advantage” (pp. 46–65)
- Case 02: “Coca-Cola and Pepsi: The Shifting Landscape of the Carbonated Soft Drink Industry” (pp. C-12–C-21)
Business Owners Benefits Association. (2016). Retrieved from http://www.whyboba.com/
Chandrasekhar, R. & Schaan, J. (2014). Electrolux AB: Managing innovation (Case No. W14500). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
De Jong, J. & Winig, L. (2016). Innovating by the book: The introduction of innovation teams in Memphis and New Orleans (Case No. 2056.0). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
Edmonson, A. C. & Harvey, J.-F. (2016). Open innovation at Fujitsu (A) (Case No. 9-616-034). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
Lakhani, K. R., Hutter, K., Pokrywa, S. H. & Fuller, J. (2015). Open innovation at Siemens (Case No. 9-613-100). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
Mark, K., & Mitchell, J. R. (2014). General Mills Canada: Building a culture of innovation (A) (Case No. 9B14M015). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
Moon, Y. (2015). Uber: Changing the way the world moves (Case No. 9-316-101). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/53435998/53436…
Styles, C., & Goddard, J. (2014). Spinning the wheel of strategic innovation. Business Strategy Review, 25(4), 76–80. doi:10.1111/j.1467-8616.2014.01130.xNote: Retrieved from the Walden Library databases.
Walden University. (2015). APA course paper template (6th ed.). Retrieved from http://academicguides.waldenu.edu/ld.php?content_i…