The role of innovation in business strategy
Innovation can create tremendous value for a business and have a significant impact on its ongoing success. Organizations that do not strive to innovate, however, are often left behind as their competitive advantage is lost within the marketplace. Fortunately, innovation works well within the process of business strategy development, and business leaders who incorporate innovation into their strategy effectively can reap many short- and long-term benefits.
This week, you will analyze the role of innovation as it relates to developing an effective business strategy. Also, you will evaluate the process of forming a business strategy for creating competitive advantage and long-term success within an industry.
Independent scholars will:
Analyze the role of innovation in business strategy development within a global context
Evaluate the process of business strategy formation for competitive advantage and long-term business success
Discussion: Business Strategy Formulation Case Study: The Role of Innovation
Innovation represents an opportunity for business professionals to take their organizations to new levels and achieve further success. By using innovative ideas to drive business strategy, leaders can more effectively capitalize on existing strengths and opportunities. For organizations like Business Owners Benefits Association, or BOBA, innovation can come from a variety of sources, but each creates a complex system of knowledge and success.
To prepare for this Discussion, review the video case study featuring Walden alumnus Eric Barton and his organization BOBA, and consider his thoughts on the development of a business strategy and the role that innovation plays in doing so. Further, consider the potential implications of adapting innovative business ideas like BOBA in different countries and industries throughout the world. As a global change agent, be sure to utilize scholarly, peer-reviewed resources from the Walden Library to support your research.
Post an analysis of the role of innovation in business strategy development within a global context. Your analysis should include the following:
A description of BOBA’s innovation, including the underlying strategy and specific context for its current success
An analysis of the impact of geographic location and surrounding business communities on innovation and strategy development
As a global change agent, explain the importance of researching global implementation of innovative business ideas or strategies from the research literature. Be sure to include relevant scholarly examples of successful or unsuccessful global implementations and how they can further influence the understanding of innovation as a component of business strategy.
Be sure to support your work with a minimum of two specific citations from this week’s Learning Resources and at least one additional scholarly source.
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