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Part 1: Due today, 5/24 by 8pm EST
GROWTH AND COMPETITIVE ADVANTAGE THROUGH INNOVATION
When companies implement innovative strategies, it can lead them to develop distinguishing features and functions for their products. Doing so can help the companies grow and outpace their competitors. For example, consider dishwasher and laundry detergent. These products came in liquid or powder form for decades, which most consumers were satisfied with. This satisfaction might indicate that there was little need for innovation; however, certain brands took action on opportunities for innovation and introduced detergent pods. These pods provided a small yet significant increase in convenience, which also increased customer loyalty to those brands.
In this Discussion, you will examine how innovation plays a role within an organization, including the impact of that innovation on the organization’s growth or competitive dvantage.
To prepare for this Discussion:
Consider organizations where you have worked or notable companies that would serve as a strong example of a company that incorporated innovation or failed to do so. Try to think of examples in which the innovation either led to growth opportunities/created competitive advantages or resulted in decreased growth/loss of competitive advantage. (Note: The loss of growth or competitive advantage may also have been a result of the organization NOT implementing the innovation effectively, or at all.)
Note: When using specific examples from your professional experience, be sure to disguise the names of any individuals or organizations. For larger organizations, disguising names is unnecessary, but be sure not to share any proprietary information.
Post an analysis of the impact of innovation on the growth and competitive advantage of an organization. In your analysis, do the following:
- Describe the organization you chose and explain how innovation played a role within it.
Explain in what ways the innovation either led to growth/created a competitive advantage for the organization or resulted in decreased growth and/or a loss of competitive advantage. (Remember that the loss of growth or competitive advantage may have been a result of either poor implementation of the innovation or complete lack of implementation.)
Part 2: Due 5/27 **I’ve included the document that you will need to utilize to add to it as this assignment is part 3.
THE ROLE OF CREATIVITY AND INNOVATION IN BUSINESS: PART 3
Note: This is a three-part Assignment that is submitted over the course of 3 weeks. This week, you will submit Part 3. Additionally, you will continue using the same document for each submission (renaming it each time you submit). In this week’s submission, you will re-include what you originally submitted for Parts 1 and 2, and you will complete Part 3.
For this Assignment, you will continue your role of a consultant who has been brought in to help the leadership of a company struggling to evolve in the current market. You will present a report to the CEO in which you analyze the relationship of creativity and innovation to business practices. For your reference, the scenario that was introduced in Week 1 is included here again.
The company’s CEO, Gabriel Marron, has been resistant to change for the past 25 years, and the company recently began losing market share to other competitors. After months of being in denial, the CEO is finally open to considering the idea of implementing innovative approaches to reclaim the company’s former position at the top. Gabriel admits that it is simply not in his nature to value innovation. Sticking to tried and true methods has always worked favorably throughout his career, but you are being brought in because that is proving to no longer be the case. In your report, you will draw the connection between creativity, innovation, and business practices.
With those thoughts in mind, construct Part 3 of your report to the CEO with the following section, being sure to incorporate appropriate business examples (as indicated), as well as citations for relevant academic resources from the classroom, the Walden Library, and/or other appropriate scholarly sources to support your work.
- Return to your Module 1 Assignment Template to complete Part 3 of your report.
SubmitPart 3 of your analysis of the role of creativity and innovation in business, in which you address the following in a 3- to 4-page business report (excluding references):
Part 3: Incorporating an Innovative Strategy
- How can a company incorporate innovation into its strategy, and what are the benefits and potential risks (if any) of doing so?
- How can innovation lead to growth opportunities for an organization?
- How can innovation and innovation strategy create impact for an organization?
- What is the role of innovation in creating a competitive advantage for an organization?
- Using the examples of organizations you identified in Part 2 (which you submitted last week), analyze the internal and external impacts of each organization’s innovative practices.Specifically, in what ways does/did the innovative practices enable each organization to take advantage of growth opportunities, have an impact, and/or achieve or maintain a competitive advantage?
Resources:
Growth Opportunities
To what degree do you think leaders of successful companies spend much time wondering about what is trending and what their customers are seeking? What about what other companies are doing? How often do you think they ask questions such as: Can our company do this process better, faster, and more efficiently? Can our company develop a product of higher quality at a lower cost? How can our company grow? As you review these resources, consider what it means to identify growth opportunities and how you improve your ability to recognize them.
- Christensen, C. M., Ojomo, E., & Dillon, K. (2019, January). Cracking frontier markets. Harvard Business Review, 97(1), 90–101. Time Estimate: 18 minutes
- Kappel, M. (n.d.). 4 benefits of innovation in businessLinks to an external site.. AllBusiness. https://www.allbusiness.com/4-benefits-innovation-… Time Estimate: 4 minutes
- Pisano, G. P. (2015, June). You need an innovation strategy. Harvard Business Review, 93(6), 44–54. Time Estimate: 18 minutes
Impact
When leaders seek impact for the greater good, innovation allows them to introduce something new into a business. By knowing the potential impact of a decision on a business—including the possible consequences of a disruption on a business function or process—they can make smarter decisions and predictions that are based on “what ifs” rather than guesses. It is important for them to keep in mind that failure is an option in order to arrive at innovative solutions as they take impact into account. Through these resources, you will explore the role of impact in innovation for organizations.
- Aaslaid, K. (2019, July 2). 50 examples of corporations that failed to innovateLinks to an external site.. Valuer. https://www.valuer.ai/blog/50-examples-of-corporat… Time Estimate: 32 minutes
- Schumacher, E. G., Wasieleski, D. M. (2013). Institutionalizing ethical innovation in organizations: An integrated causal model of moral innovation decision processesLinks to an external site.. Journal of Business Ethics, 113, 15–37. Time Estimate: 60 minutes
- Weis, D. (2018, June 21). Giving employees permission to fail is a formula for innovation at 3MLinks to an external site.. Association of Equipment Manufacturers. https://www.aem.org/news/giving-employees-permissi… Time Estimate: 6 minutes
Competitive Advantage
What makes a business stand out from the rest and rise above the status quo? What does it mean for a business to be Number 1? When implementing an innovative strategy, one of the main goals for a business should be to create or maintain a competitive advantage. Using these resources, you will examine the role of competitive advantage in innovation strategy.
- Christensen, C. M., Hall, T., Dillon, K., & Duncan, D. S. (2016, September). Know your customers’ “jobs to be done.” Harvard Business Review, 94(9), 54–62. Time Estimate: 14 minutes
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Module 1 Assignment:
The Role of Creativity and Innovation in Business
Prepared by:
Date:
Walden University
WMBA 6020: Fostering a Culture of Innovation
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Part 1: Incorporating Creativity
Creativity is a person’s ability to bring something new into existence, whether by
solving a problem, an artistic form or object or a new device or method. Creativity is an
innate trait that can also be learned and fostered. In the context of business, creativity
revolves around the abilities employees possess that enable them to develop
imaginative, new ideas regarding products, processes and materials (Lu et al., 2019).
These abilities favor the organization by enabling it to streamline operations, save
money and gain competitive advantage against competitors. Examples of creativity in
business include creating new, innovative products that give the organization an upper
hand, and redesigning the organizational structure based on organizational goals and
objectives, streamlining their attainment.
Inspiration and Creativity
Inspiration is a state of motivation that compels a person to bring an idea to
fruition. Thus, it is an essential ingredient to creativity since it triggers the cognitive and
physical processes that result in creative outcomes. According to Ashford (2019), one
can gain inspiration from negative experiences and leverage them to brainstorm,
affirming the role of inspiration in the creative process. A work environment that fosters
creativity has multiple characteristics that differentiate it from one that doesn’t, as
discussed.
Attributes of a Work Environment that Fosters Creativity
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A creative workplace applauds success, enabling employees to feel valued as
meaningful additions to the organization. In doing so, employees are empowered to put
their best feet forward in favor of organizational outcomes.
It Encourages Creative Collaboration
Collaboration fosters the cross-pollination of ideas, enabling one to finesse and
idea to its highest potential. Thus, a creative workplace encourages employees to
collaborate in creative avenues, in favor of organizational goals.
It Facilitates Risk-Taking and Experimentation
An inherent characteristic of creativity is that its spawns from risk-taking, a
willingness to explore outside the norm to resolve problems. Thus, a creative workplace
encourages employees to experiment and take risks, which in turn translate into
organizational outcomes.
It Promotes Teaching and Learning
While creativity can be subjective, a creative workplace facilitates the transfer or
ideas among employees. Thus, it promotes creativity by encouraging employees to take
on projects that introduce them to new skills and techniques. It also encourages
employees to learn from each other and expose themselves to new, more innovative
approaches.
It Leverages Effective Communication and Upholds Employee Interest
Mutual communication between employees and management encourages
creativity by allowing the former to communicate their creative ideas and the latter to
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communicate the full details of the project at hand (Ibarra & Scoular, 2019). In doing so,
employees are fully aware of the management’s expectations and can find creative
ways to attain the objectives. It also encourages employees to share their creative ideas
on solving relevant problems, in favor of organizational outcomes.
Creativity and Design Thinking
Design thinking is an iterative process that employees use to challenge
assumptions, understand users, create innovative solutions and redefine problems to
test and prototype. It encourages creativity by enhancing employees’ ability to question
current methods and, in response, develop newer, more efficient approaches that favor
the organization (Kolko, 2015). Furthermore, it comes in handy when solving ill-defined
or unknown problems since it helps employees unearth the root of the issue, the issue
itself and possible creative solutions to resolve it adequately. Design-thinking in the
workplace also encourages employees to experiment and re-evaluate the proposed
solutions repeatedly until the intended outcomes are attained (Kupp et al., 2017).
Overall, fostering design thinking in the workplace encourages creativity, which in turn
enhances organizational performance across all facets.
Part 2: Incorporating Innovation
The integration of innovative strategies into organizational operations is a crucial
factor for enterprises to maintain competitiveness and adjust to evolving market
conditions. Although product or service innovations are essential, integrating innovation
into more comprehensive business practices guarantees that the entire organization
adopts a culture of creativity and forward-thinking. In the current competitive business
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landscape, innovation plays a crucial role in determining the success of an organization.
Corporations must thoroughly analyze the market and comprehend how innovation can
enhance the value proposition for their clientele. Transformational leadership can
stimulate and encourage personnel to enhance productivity by strategically positioning
the organization for innovation and execution. According to Cohen et al. (2019),
innovation is fundamentally a problem of resource allocation rather than solely focused
on generating creative ideas. Integrating innovation into business operations entails
adopting novel management techniques and advanced technologies within an
enterprise.
Innovations stemming from product or service offerings indicate the creation of
novel and distinctive products or services. As an illustration, these products may
incorporate improvements or supplementary services such as an upgraded iteration of
round-the-clock customer assistance. Utilizing this novel approach to product and
service provision would result in expedited response times and enhanced levels of
customer contentment (Plano, 2018). Apart from the innovation of products and
services, integrating innovation into business practices can yield several advantages,
such as heightened customer satisfaction, bolstered reputation, increased efficiency,
the exploitation of novel opportunities, and others. Also, innovation has the potential to
facilitate process enhancements, rationalize operations, and optimize resource
distribution, thereby resulting in heightened productivity and reduced costs. Competitive
advantage can be achieved by incorporating innovation as a fundamental business
practice, which enables organizations to distinguish themselves from their rivals and
respond more efficiently to market fluctuations (Plano, 2018). Establishing an innovative
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work environment can promote employee engagement, motivation, and retention by
providing avenues for personal development, creativity, and collaborative efforts.
Nurturing and Promoting Innovation.
Leaders who possess creativity and innovation can approach situations from
novel perspectives and resolve issues by identifying insights that elude others.
Moreover, they create a conducive atmosphere that facilitates the exhibition of ingenuity
by others and encourages them to step out of their familiar territory. By cultivating a
milieu that prioritizes originality and aspiration, groups are more proficient in resolving
issues through inventive concepts, establishing a superior position in the market, and
sustaining a steadfast commitment to their objectives. According to Miller (2018), the
organization’s mission is stated as… Organizational leaders can cultivate an innovative
work environment through various means, such as promoting creativity, allocating
resources, embracing diverse perspectives, instilling a culture of experimentation, and
acknowledging and incentivizing innovative behavior.
Numerous factors are highly conducive to fostering innovation and cultivating a
mindset of innovation. Effective leadership is crucial in promoting and nurturing
innovation by fostering a culture of creativity (Fleming, 2007). Such a form of robust
leadership can foster a culture of risk-taking and equip the team with resources that
promote a disposition toward innovation. Providing resources to a team is of paramount
importance as it enables the team to access various resources, including technology,
equipment, and funding, which are instrumental in transforming their innovative ideas
into tangible outcomes. This, in turn, fosters a culture of innovation within the team,
promoting a sustained innovative mindset. Fostering transparent communication and
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promoting teamwork are additional crucial elements that could facilitate innovative
practices within a department.
Innovative Companies
Google is an entity that embodies a culture of innovation. According to Google
(n.d.), the company’s objective is to arrange the world’s information and ensure that it is
readily available and beneficial to all. Since its inception in 1998, Google has undergone
several changes by adopting a forward-thinking approach. The organization’s initial
offering was a search engine. However, its innovative approach facilitated diversification
and the introduction of additional products and services. Notably, Gmail was launched
in 2004, Google Maps in 2005, YouTube was acquired in 2006, Google Chrome was
launched in 2008, and a proprietary phone was introduced in 2018. Over the course of
the past 25 years, the organization has continued to expand its portfolio of offerings.
Besides Google, Amazon is another enterprise that utilizes innovative
approaches in its operational strategies. Amazon.com is a preeminent e-commerce
platform and a leading provider of cloud computing services, boasting the distinction of
being the largest online retailer globally. Urrutia (2023) asserts that Amazon, founded as
an online bookseller, has transformed into a web-based commercial enterprise that
predominantly provides cloud computing, digital streaming, and artificial intelligence
services. Amazon has fostered a robust culture of ingenuity, propelled by its
fundamental values of prioritizing customer satisfaction, adopting a forward-looking
perspective, and exhibiting a readiness to undertake venturesome endeavors.
Amazon’s business practices are distinguished by their notable innovation, which is
exemplified by their unwavering emphasis on enhancing the customer experience. The
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corporation consistently endeavors to explore novel approaches to augment its
offerings’ ease, rapidity, and customization. Amazon’s introduction of Prime, a
subscription-based service that provides expedited shipping, access to streaming
media, and exclusive deals, has transformed the landscape of online shopping and
customer loyalty. Amazon has made noteworthy strides in technological advancements,
both in terms of development and implementation. The corporation allocates significant
resources toward research and development, focusing on artificial intelligence, robotics,
and cloud computing. Amazon’s dedication to technological advancement has facilitated
the company’s ability to revolutionize various sectors and introduce pioneering offerings,
including the Amazon Echo, a voice-activated intelligent speaker, and Amazon Web
Services, a preeminent cloud computing platform. The attribute of creativity holds
significant importance for a proficient leader as it cultivates a thriving and salubrious
milieu in the workplace. According to Miller (2018), creativity can facilitate problemsolving, goal attainment, and team inspiration by encouraging novel perspectives.
Overall, integrating innovative strategies into business operations is imperative
for enterprises to prosper in the current dynamic commercial environment. Innovation
encompasses more than just advancements in products or services. It entails adopting
a mentality of ongoing enhancement, innovative troubleshooting, and cultivating an
environment that encourages innovation across all organizational levels. Effective
leadership is essential in cultivating a conducive atmosphere that fosters and motivates
innovation. This can be achieved through the promotion of transparent communication,
the provision of autonomy, the cultivation of diversity and inclusivity, the establishment
of dedicated processes, and the recognition and rewarding of innovative ideas.
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Companies like Google and Amazon have effectively integrated innovation into their
operational strategies, resulting in substantial expansion and prosperity. By
implementing similar tactics, the organization can effectively incorporate novelty and
establish a favorable standing for forthcoming triumph in the industry.
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References
Ashford, E. (2019). Why your next brainstorm should begin with an embarrassing story.
Kellogg Insight. https://insight.kellogg.northwestern.edu/article/boost-creativitybrainstorm-embarrassment
Cohen, D., Quinn, B., & Roth, E. (2019). The innovation commitment Links to an
external site.. McKinsey Quarterly, 4, 1–11.
Fleming, L. (2007). Breakthroughs and the ‘long tail’of innovation. MIT Sloan
Management Review.
Google. (n.d.). Google. Retrieved January 22, 2023, from
https://www.google.com/search/howsearchworks/ourapproach/
Ibarra, H., & Scoular, A. (2019). The leader as coach. Harvard Business Review, 97(6),
110-119.
Kolko, J. (2015). Design thinking comes of age. Harvard Business Review, 93(9), 66–
71.
Kupp, M., Anderson, J., & Reckhenrich, J. (2017). Why design thinking in business
needs a rethink. MIT Sloan management review, 59(1), 42.
Lu, J. G., Akinola, M., & Mason, M. F. (2019). “Switching On” Creativity: Task Switching
Can Increase Creativity by Reducing Cognitive Fixation. Organizational Behavior
and Human Decision Processes, 139, 63-75.
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Miller, L. (2018, February 1). The importance of creative leadership
Clutch. https://clutch.co/hr/resources/importance-of-creativeleadership
Plano, C. (2018, May 11). Creativity in the Workplace | StartupNation. StartupNation.
The Benefits of Encouraging Creativity and Innovation in the Workplace
Urrutia, D. (2023). What is Amazon | Definition, history and evolution. Arimetrics.
https://www.arimetrics.com/en/digital-glossary/amazon
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