Innovation/Entrepreneurial Change. A comprehensive description of the proposed innovation strategy

Entrepreneurial Change
Name
Institution
Entrepreneurial Change
Blockbuster details for change should include restructuring its business model. The company model of charging customers’ late fees (penalizing customers) should be scrapped and also change from its brick-and-mortar approach (Choy & Park, 2016). The process of change should also incorporate innovation such as modern use of technology and improving customer experience. Another important change process that Blockbuster should adopt is redefining its leadership. The leadership should incorporate innovative techniques that would ensure that the company remains relevant (Davis & Higgins, 2013).
One of the key players in Blockbuster is the leadership that includes the CEO. The CEO determines the direction the company should take and how they would reach the firm’s objectives (Choy & Park, 2016). Other key players include employees such as the Chief Talent Officer responsible for the innovative aspect of the business. A communications officer is also essential in Blockbuster because he or she is responsible for communicating business goals and strategies to all stakeholders. The marketing department is also crucial in marketing the company’s products and services. Apart from the employees, customers are key players in the business (Davis & Higgins, 2013). Blockbuster should make each decision and product with the customer in mind.
The most critical market impact that Blockbuster would achieve is changing the way customers consume their movies and television. Such a business strategy would bring streaming content to people’s devices and eliminate the need to go in physical stores or movie theaters to watch content. This means that people would be more at ease using the power of modern technology to access content at the touch of a button (Choy & Park, 2016). Ultimately, watching content in physical locations is outdated and changing the business model would ensure that Blockbuster b...