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.
This week, 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.
Independent scholars will:
- Analyze the role of innovation in business strategy development within a global context
- Evaluate the process of business strategy formation for competitive advantage and long-term business success
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.
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?
Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 2 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations. In addition, you must include at least one appropriately cited APA figure or table in your paper.