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 advantage.
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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.)
- Choose an organization to focus on for this Discussion.
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.
BY DAY 3
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.)
Refer to the Week 3 Discussion Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.
Read some of your colleagues’ postings.