Choose a company and “Develop its Innovation Strategy”. Using data from the company and from other sources explain:
The importance of innovation strategy as a framework to guide its process of change. You could review its history and explain how they have followed an innovation strategy. Explain where and how innovation has helped them to move forward.
Imaging that you are a manager team that need to decide about introducing an innovation. Please use the three core elements of innovation strategy formulation for such decision:
Strategic analysis: In order to prepare the strategic analysis you should: 1. Review their innovation space (4 Ps); 2. Analyze the internal (strengths and weaknesses) and external environment (General and Specific); 3. Prepare a SWOT analysis and identify environmental uncertainty and stakeholders; 4. Talk about their competitive advantage.
Strategic choice: based on the strategic analysis, choose between different options. Please remember to talk about their strategic competencies and capabilities, strategic positioning and strategic posture.
Strategic implementation: planning to make innovation happen
Strategy at different levels. Please explain if the innovation would be planed at corporate, business or functional level.
The importance of dynamic capability and the role of innovation strategy in building this.
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