Week 2 Discussion
Instructions
"Innovation and Strategic Management" Please respond to the following:Discuss the importance of innovation in the survival and success of a business. Next, suggest three (3) strategies that you, as an entrepreneur, can use to encourage creativity and innovation in your small business. Provide support for your response.Analyze a current or former company for which you have worked, and without revealing the name of the organization, identify one (1) step in the strategic planning process that could use more attention in this business. Explain your rationale.
Answer
Week 2 DiscussionThe productive exploitation of creative ideas is critical to a business being in a position to enhance its activities, generate new or improved goods and services, higher efficiency, and many more. Bodlaj & Carter (2019) argue that innovation would provide something new into the company which could help in developing competent products and services which might assist the organization to gain a stronger position in the market. Thus, innovation could be leveraged by businesses to forge a stronger competitive position in the market via value creation.A large number of companies are investing in programs that enhance the leadership capacities of the managers tend to enjoy a great deal of innovation. The first strategy that could be used comprises investing in proper resour...
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