Objective: Understanding of how innovation is used in a business setting.
Introduction: In today’s highly competitive global economy management must recognize and seize opportunities in order to gain an economic advantage. With the advent of technology, organizations have implemented cost containment, virtual collaboration, effective customer feedback initiatives, added efficiencies, and greater capabilities to innovate by creating and redesigning products to meet market demand.
Deliverables:
The essay for this lesson is required to be a minimum of 1,000 words (excluding title and reference pages) which clearly demonstrates your understanding of the activity. Essays should have a clear introduction, thesis statement, and a conclusion, written in APA format (https://owl.english.purdue.edu/owl/). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list.
Activity Details:
Step 1: Introduction
Once executive management recognizes an opportunity, the company will generally assign a manager to seize the opportunity by taking the previously selected need, want, or problem and converting it into a commercial product.
Begin with an introductory paragraph that poses the question – How do managers seize opportunities?
There are five ways a company can fulfill a customer need or want:
they can sell a commodity that provides the materials or ingredients the customer is seeking
they can sell a finished good that is already assembled and can be put to immediate use by the customer
they can provide a service that accomplishes a specific task for the client
they can stage an experience that more fully engages the customer
they can cause a transformation where the business has a deeply personal impact on a customer (which is rare)
Step 2: Research and Write Essay Content
A minimum of three sources must be cited in-text and in the Reference list. to deliver a written analysis of the following:
Commodities: Provide a description about commodities in general, consider and describe how business opportunity is created with respect to the innovation of commodities from a scientific and/or economic perspective.
Products: Describe how new products and new product approaches can be created and/or adapted to create demand opportunity
Services: Provide a definition of what a service based business is, the benefits and advantages of service based business. Provide examples where business have listened to their customers to find out their unique needs and problems thereby translating into business service opportunity.
Experiences and Transformations: Consider creative business opportunities that offered new experiences and approaches that were more memorable and personal. For example, experiences that are esthetic, escapist, educational, or entertaining. Transformational business looks for ways to help customers realize their aspirations along the physical, emotional, intellectual, or spiritual dimensions. Elaborate on this concept and provide transformational business examples.
Step 3: Conclusion Summary
Conclude the assignment with a statement of the type of business a company or an entrepreneur might wish to pursue given a potential idea or opportunity (real or otherwise). Substantiate why a commodity, product, service, transformational business (or combination thereof) would likely be the best approach following the above-written research analysis.
Use these writing guidelines:
Include a cover page and references in addition to your required word count.
Use correct APA format
Double-space text
Use size 12 Times New Roman
Use section headings to organize
Indent paragraphs
Include in-text citations
Use correct spelling, grammar, sentence structure and verb tense
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