Strategic Entrepreneurship DISCUSSION

• FIRST evaluate the lessons learned in CH 13 OF BOOK LISTED BELOW to determine which single lesson would be most beneficial to SMOOTHIE KING Provide specific examples to support your response. identify one firm that you think would make a good strategic partner for SMOOTHIE KING. Provide specific examples of why you think this firm would be a good partner. NO MORE THAN 20 SENTENCES NO LESS THAN 14

• NEXTAnalyze the different approaches to innovation discussed in chapter 13 to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale. (I HAVE ATTACHED AN EXAMPLE BELOW THAT CANNOT BE USED)
• Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it. NO MORE THAN 20 SENTENCES NO LESS THAN 14

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Internal Innovation comes mainly from a company?s R & D department. The internal innovation can be in two different form, incremental, where small changes or improvements can be made to existing products or services. Radical innovation is characterized as a breakthrough in new knowledge and creates a new product or service which usually creates a new market.

Internal Innovation is where an organization encourages an entrepreneurial mindset that assists the company to venture out into new ideas for products or services. This can be accomplished thru individual or a team concept.

Innovation through Cooperative Strategies can be achieved where a company lacks the resources to have a company R & D, and contract with another company R & D resources to provide the needed research for new business opportunities

Innovation through Acquisitions. When a company acquires another company, it is acquiring a rapid means to extend its product or service lines, in hopes of increasing their revenues.Through acquisitions, firms also use this method of entering a new product or service industry, while learning the acquired companies core competencies and capabilities which in turn may help them in their existing company.

It is my opinion that Internal innovation would benefit most organizations greatly when properly implemented and encouraged through a reward program for ideas of improving and also new products or services

Technological Innovation, Companies being open-minded as to what is the next breakthrough in the world of technology. Innovation comes from the creatives mind of individuals who think outside the box. Many of the ideas when one first hears about them laugh, only later to find they come to fruition. Today we live in a fast-moving environment where change is happening faster than ever. The world of robotics is in use more than ever before. The only question is what application does it have in one business. Example, Domino’s just delivered its first pizza in New Zealand by drone, avoiding traffic jambs and delivered hot in just 10 minutes, who would have thought?

References

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2013), Strategic management: Concepts and Cases: Competitiveness and globalization (10ed.), Mason, OH: South-Western Cengage Learning

Four Approaches to Business Model Innovation, Retrieved from, https://www.bcg.com/capabilities/strategy/four-approaches-business-model-innovation.aspx

Use Innovation to Grow Your Business, Retrieved from, http://www.infoentrepreneurs.org/en/guides/use-innovation-to-grow-your-business/