The role of creativity and innovation in business: part 3 | MMSL 6620 – Fostering a Culture of Innovation | Walden University

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.

BY DAY 7

Submit Part 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?

Refer to the Week 3 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.