Innovation In Business Essay

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, and effective customer feedback initiatives, and with the added efficiencies greater capability to innovate by creating and redesigning products to meet market demand.

Deliverables:
The essay for this lesson is required to be a minimum of 4 pages. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (APAstyle.org).

Activity Details:

Step 1: Introduction
Consider how managers seize opportunities. The written analysis should include a minimum of three references cited within the content of the paper and the reference page according to APA guidelines.

Begin with an introductory paragraph that poses the question – How do managers seize opportunities?

Once executive management recognizes an opportunity, the company generally will assign a manager to seize the opportunity by taking the previously selected need, want, or problem and converting it into a commercial product. There are five ways a company can fulfill a customer need or want:

  • it can sell a commodity that provides the materials or ingredients the customer can use for fulfilling their need or want
  • it can sell a finished good that is already assembled and can be put to immediate use by the customer
  • it can provide a service that accomplishes a specific task for the client
  • it can stage an experience that more fully engages the customer
  • It 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

Research via internal course materials and external resources (relevant Internet articles, books, etc.) to deliver a written analysis on the following:

  • Commodities: Provide a description about commodities in general, consider and describe how business opportunity is created with respect to innovation of commodities from a scientific and/or economic perspectives.
  • 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 that a company or an entrepreneur might wish to pursue given any given potential idea or opportunity example (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.

 

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