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. Submit a 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?