Homework: Impact of Strategy on Successful Innovation
Innovation can create tremendous value for a business and have a significant impact on its ongoing success. Organizations that do not strive to innovate, however, are often left behind as their competitive advantage is lost within the marketplace. Fortunately, innovation works well within the process of business strategy development, and business leaders who incorporate innovation into their strategy effectively can reap many short- and long-term benefits.
You will analyze the role of innovation as it relates to developing an effective business strategy. Also, you will evaluate the process of forming a business strategy for creating competitive advantage and long-term success within an industry.
Learning Objectives
a) Analyze the role of innovation in business strategy development within a global context
b) Evaluate the process of business strategy formation for competitive advantage and long-term business success
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.
To prepare for this Homework, 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.
Task
Submit a 4 to 6 pages evaluation of the role of business strategy in advancing innovation. Your evaluation must include the following:
1. A brief description of your chosen business, including the organization's name, mission, and vision
2. 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?
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.