Write a four to five page paper (at least two pages per exercise) that addresses the following audit exercises, found at the end of each respective chapter. Include an introductory paragraph about the business you have chosen, its mission, and its immediate M.T.I goals.
Audit Exercise Chapter 3: This exercise involves evaluation of the firm. Addresses: demand for the product, factors that could block success of an innovation, competitive response, standards, level of novelty of the innovation, and other factors.
In developing plans for an innovative strategy, the top management of the organization must ensure that the strategy helps the organization add value for customers and shareholders plus maintains or builds a competitive advantage for the firm. Because of the uncertainty of most innovative products and/or processes, managers need to develop a systematic approach to assess how time, effort, and resources should be spent and which opportunities will be pursued. McGrath and MacMillan19 presented the following list of factors for determining the value of an option.
- Favor ability of the demand for the product
- Factors that could speed adoption
- Factors that could block the success of an innovation
- Likelihood of strong competitive response
- Likelihood that the potential competitive advantage is sustainable
- Factors within your organization that would allow you to set standards
- Cost factors in commercialization
- Resources available for commercialization
- The level of novelty the innovation captures
- Cost considerations in development
- Other opportunities that could be leveraged
- Potential area where damage might occur
What are the key questions that need to be addressed under each area? What areas covered in this chapter do you believe are most relevant for each of these factors? Explain your answer.vorability of the demand for the product
Audit Exercise Chapter 4: (see attached files)This exercise involves assimilating a checklist for innovation for the organization to consider. Determining the organization’s readiness to implement an innovation strategy.
a checklist for innovative organizations to consider. How could you use this checklist to determine an organization’s readiness to implement an innovative strategy? Be specific about how you would use the checklist. Identify at least one other major area that should be examined. What questions should be asked in that area?