This week you will continue to work on your New Venture Business Plan or Business Due Diligence (Business Analysis) Plan by supplementing your plan with information related to topics covered in this course.
Areas to Address
Remember that you must continue working on the same plan that you already began.
In this course you will focus on the Innovation and Technology components of your Program Project. You will create new content by creating new subsections within your report or adding to previously started sections as appropriate to address these key points:
Product/Service Innovation Description (Idea)
• Describe the process and/or product/service improvements that give the company a competitive advantage. Provide a detailed product/service description focusing on the innovative features of the product/service. How does innovation and technology relate to the four areas on the Scorecard? Answer the question ” what makes this company’s product/services unique?”
Product/Service S-Curve Analysis
• Conduct an innovation analysis using the ‘ Innovation Categories’ table in Figure 1.4 of the textbook, explain which category or categories the company’s product/service falls under, and justify your explanation. Explain how the company’s product/service fits with the overall company and market strategy; and where the product/service falls on the S-curve of technological progress.
Product/Service Innovation Value Proposition (Benefits)
• How does the company’s product/service create value and respond to customers’ needs? Conduct an assessment on the consumer benefits in using the product/service. Explain why the company’s innovation is important to the customers. Justify why you believe this company’s innovation has a market demand.
Product/Service Innovation Implementation (Conversion) Plan
• Describe and evaluate the company’s innovation implementation plan based on the five aspects of the project that should be managed throughout the development/acquisition and implementation phases of its product/service. What are the resource, quality, time, and budget requirements? Explain and justify how the company plans to meet these requirements.
Product/Service Innovation Diffusion Plan
• What is the company’s innovation diffusion strategy? How does the company promote, share, and control of your product/service?
Use of Technology
Technology provides opportunities to every organization. Appropriate use of technology can improve efficiency and propel growth. You should carefully analyze how the organization can or should use technology. The following questions are intended to start your thinking:
• How can technology be used to increase productivity, operation efficiency, and awareness?
Other Considerations, Risks, and Opportunities for Innovation and Use of Technology
There are other considerations and opportunities beyond the product/service offered by the company where innovation and technology may provide competitive advantages. You should review your organization more holistically as you complete your work on your project submission for this course and think about how innovation and technology will affect your organization more broadly and how your organization will address some of the issues and risks that often accompany these areas. The following questions are intended to start your thinking:
• How can the company foster creativity, innovation, and success? How will it create an innovative environment for employees? For example, how will small but beneficial ideas be gathered and evaluated at our company?
• Where can the company innovate in order to improve the overall quality of work experience for employees, investment return for stockholders, and social responsibility as an enterprise?
• How does the company incorporate ethical considerations, including those that contribute to positive social change or sustainability, into processes and strategic planning? For example, how does the company view SEER (Social, Economic, Environmental, and Human Rights) values? How can the SEER model drive innovation?
• What is the company’s position on taking risk? Do innovation and technology increase or decrease risk? How can technology and innovation be used to minimize risk, both at present and in the future?
• Does the company have any global concerns such as supply chain or product diffusion? How does being a global company affect innovation and technology?