Explain the differences between conventional strategic management and innovation strategy, using insights from Chapter 4 of Managing Innovation. Identify a publicly traded company (not mentioned in the textbook
Task
This white paper analyzes the interplay between resources, strategic decision-making, and adaptability in fostering innovation. Write a 2–3 page report that addresses the following prompts:
- Explain the differences between conventional strategic management and innovation strategy, using insights from Chapter 4 of Managing Innovation.
- Identify a publicly traded company (not mentioned in the textbook and different from your Unit 1 white paper assignment) that has effectively leveraged tangible and intangible resources to support its innovation strategy. Discuss how these resources contributed to its competitive advantage. Provide specific examples.
- Discuss the importance of dynamic capabilities in adapting to uncertainty and achieving long-term growth.
- Address the problem faced by the company and provide the solution by developing a visual roadmap illustrating the three stages of innovation strategy: analysis, selection, implementation. Use the Design Tools in Word to create the visual and include it as part of your submission.
- Analyze the example with supplemental research from the company’s website (e.g., investor pages, annual reports, sustainability, or impact reports) and at least two external business sources.
Resources
- Chapters 4 from Managing Innovation.
- Company Websites: Explore "About Us," investor pages, and sustainability reports.
- Annual Reports: Use 10K filings for publicly traded companies.
- Business News and Databases: Examples include Bloomberg, HBR, and McKinsey Insights.
- Microsoft Word’s Design Tools: SmartArt, shapes, etc., to create the visual roadmap.
Criteria for Success:
- Your white paper should be original work consisting of 2-3 pages in Microsoft Word.
- The document should adhere to the following formatting requirements: 12-point Times New Roman or 11-point Arial, 1-inch margins, and double-spacing.
- The visual roadmap can be embedded in the document or included as an appendix.
