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Essay Available:
Pages:
2 pages/≈550 words
Sources:
2 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Other (Not Listed)
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:

Process for Managing Innovation

Other (Not Listed) Instructions:

Overview
As a middle manager, you have already recommended an innovation option (incremental or discontinuous) to the organization from the course scenario. However, one of the organization’s key luxury-market competitors in passenger vehicles recently launched a prototype of a fully autonomous luxury sedan. It has announced that it plans to bring the model to market within the next two years. The organization wants to prepare for the challenge.
You have been tasked with creating a report recommending the most suitable process for managing innovation in a changing external environment (for example, a key competitor coming up with a new product). You will also recommend how cross-functional teams can work effectively within the process. Lastly, you will address the concerns of the key stakeholders about introducing innovation management processes in a changing environment.
Prompt
Based on this scenario, create a process recommendation report. Remember to tailor the information for the target audience, your stakeholders. Your report should include the following points:
Identify the most suitable process for managing innovation in a changing external environment. You must consider the following processes and briefly describe all four processes before you offer your recommendation:
Stage-gate
Agile
Lean
Discover-iterate-pivot
Explain your rationale for your recommendation.
Describe the advantage of your chosen process over others.
Explain how it can address the changing external environment.
Explain recommendations for ensuring cross-functional team effectiveness in the chosen process.
How would you measure team success at each stage of a project?
How would you review and implement changes coming out of success measurements?
How do you know when you are done with the project?
Describe your plan for addressing the concerns of your key stakeholders. Select two of the following departments whose directors will be your audience: research and development (R&D), finance, human resources (HR), or marketing.
Identify key stakeholders who will use the report in your organization.
List at least two concerns they may have about processes for managing innovation.
Explain your response to their concerns.
Guidelines for Submission
Submit a 2- to 3-page Word document with 12-point Times New Roman font, double spacing, and one-inch margins. If references are included, they should be cited in APA format. Consult the Shapiro Library APA Style Guide for more information on citations.

Other (Not Listed) Sample Content Preview:

Process for Managing Innovation
Student’s Name
Institution
Course Number and Name
Instructor’s Name
Date
Process for Managing Innovation
Innovation is a process that takes time and not a single event. As such, it needs to be effectively managed for optimum results. Since our crucial competitor has announced plans to introduce a fully autonomous vehicle, we must prepare for the change. This report discusses some innovation management processes and recommends the stage-gate approach as the most suitable to help our company address the changing external environment.
Innovation Management Processes
Stage-Gate
This approach involves dividing the innovation process into several stages (Harmsen et al., 2018). Gates are placed between each stage to determine whether the project will advance. Projects that meet the criteria pass through the gate to the next stage (Tidd & Bessant, 2021).
Agile
The agile innovation process management is an iterative process. It focuses on quickly innovating through teamwork and rapid prototyping, testing, and learning to overtake competitors. It requires a collaborative environment where teams can self-manage and learn (Tidd & Bessant, 2021).
Lean
The lean start-up innovation management process involves introducing a series of short, fast experiments to test a product or idea on the market. The experiments allow the innovator to test and adjust the product based on the feedback (Tidd & Bessant, 2021).
Discover-iterate-pivot
This approach involves generating an innovation, testing it, and quickly responding based on the testing results. The response occurs either through iteration- minor changes to the original idea to make it better- or pivoting- radical changes to the original idea (Tidd & Bessant, 2021).
Recommended Process
This report recommends the stage-gate approach. This approach moves the project from an idea (discovery) to implementation (launch) (Harmsen et al., 2018).
Rationale
This approach is suitable because it moves innovation projects through stages, al...
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