OnlineNursingOwl
← All nursing posts

Law · Studypool

Business Law Question

Post ID: 2853815

Overview

Part 1: Due today, 5/24 by 8pm EST

GROWTH AND COMPETITIVE ADVANTAGE THROUGH INNOVATION

When companies implement innovative strategies, it can lead them to develop distinguishing features and functions for their products. Doing so can help the companies grow and outpace their competitors. For example, consider dishwasher and laundry detergent. These products came in liquid or powder form for decades, which most consumers were satisfied with. This satisfaction might indicate that there was little need for innovation; however, certain brands took action on opportunities for innovation and introduced detergent pods. These pods provided a small yet significant increase in convenience, which also increased customer loyalty to those brands.

In this Discussion, you will examine how innovation plays a role within an organization, including the impact of that innovation on the organization’s growth or competitive dvantage.

To prepare for this Discussion:

  • Consider organizations where you have worked or notable companies that would serve as a strong example of a company that incorporated innovation or failed to do so. Try to think of examples in which the innovation either led to growth opportunities/created competitive advantages or resulted in decreased growth/loss of competitive advantage. (Note: The loss of growth or competitive advantage may also have been a result of the organization NOT implementing the innovation effectively, or at all.)
  • Choose an organization to focus on for this Discussion.

Note: When using specific examples from your professional experience, be sure to disguise the names of any individuals or organizations. For larger organizations, disguising names is unnecessary, but be sure not to share any proprietary information.

Post an analysis of the impact of innovation on the growth and competitive advantage of an organization. In your analysis, do the following:

  • Describe the organization you chose and explain how innovation played a role within it.
  • Explain in what ways the innovation either led to growth/created a competitive advantage for the organization or resulted in decreased growth and/or a loss of competitive advantage. (Remember that the loss of growth or competitive advantage may have been a result of either poor implementation of the innovation or complete lack of implementation.)

Part 2: Due 5/27 **I’ve included the document that you will need to utilize to add to it as this assignment is part 3.

THE ROLE OF CREATIVITY AND INNOVATION IN BUSINESS: PART 3

Note: This is a three-part Assignment that is submitted over the course of 3 weeks. This week, you will submit Part 3. Additionally, you will continue using the same document for each submission (renaming it each time you submit). In this week’s submission, you will re-include what you originally submitted for Parts 1 and 2, and you will complete Part 3.

For this Assignment, you will continue your role of a consultant who has been brought in to help the leadership of a company struggling to evolve in the current market. You will present a report to the CEO in which you analyze the relationship of creativity and innovation to business practices. For your reference, the scenario that was introduced in Week 1 is included here again.

The company’s CEO, Gabriel Marron, has been resistant to change for the past 25 years, and the company recently began losing market share to other competitors. After months of being in denial, the CEO is finally open to considering the idea of implementing innovative approaches to reclaim the company’s former position at the top. Gabriel admits that it is simply not in his nature to value innovation. Sticking to tried and true methods has always worked favorably throughout his career, but you are being brought in because that is proving to no longer be the case. In your report, you will draw the connection between creativity, innovation, and business practices.

With those thoughts in mind, construct Part 3 of your report to the CEO with the following section, being sure to incorporate appropriate business examples (as indicated), as well as citations for relevant academic resources from the classroom, the Walden Library, and/or other appropriate scholarly sources to support your work.

  • Return to your Module 1 Assignment Template to complete Part 3 of your report.

Submit Part 3 of your analysis of the role of creativity and innovation in business, in which you address the following in a 3- to 4-page business report (excluding references):

Part 3: Incorporating an Innovative Strategy

  • How can a company incorporate innovation into its strategy, and what are the benefits and potential risks (if any) of doing so?
  • How can innovation lead to growth opportunities for an organization?
  • How can innovation and innovation strategy create impact for an organization?
  • What is the role of innovation in creating a competitive advantage for an organization?
  • Using the examples of organizations you identified in Part 2 (which you submitted last week), analyze the internal and external impacts of each organization’s innovative practices.
    • Specifically, in what ways does/did the innovative practices enable each organization to take advantage of growth opportunities, have an impact, and/or achieve or maintain a competitive advantage?

Resources:

Growth Opportunities

To what degree do you think leaders of successful companies spend much time wondering about what is trending and what their customers are seeking? What about what other companies are doing? How often do you think they ask questions such as: Can our company do this process better, faster, and more efficiently? Can our company develop a product of higher quality at a lower cost? How can our company grow? As you review these resources, consider what it means to identify growth opportunities and how you improve your ability to recognize them.

Impact

When leaders seek impact for the greater good, innovation allows them to introduce something new into a business. By knowing the potential impact of a decision on a business—including the possible consequences of a disruption on a business function or process—they can make smarter decisions and predictions that are based on “what ifs” rather than guesses. It is important for them to keep in mind that failure is an option in order to arrive at innovative solutions as they take impact into account. Through these resources, you will explore the role of impact in innovation for organizations.

Competitive Advantage

What makes a business stand out from the rest and rise above the status quo? What does it mean for a business to be Number 1? When implementing an innovative strategy, one of the main goals for a business should be to create or maintain a competitive advantage. Using these resources, you will examine the role of competitive advantage in innovation strategy.

  • Christensen, C. M., Hall, T., Dillon, K., & Duncan, D. S. (2016, September). Know your customers’ “jobs to be done.” Harvard Business Review, 94(9), 54–62.

    Time Estimate:     14 minutes