Identify the strengths and weaknesses of the innovation strategy adopted by an energy company in the pursuit of competitive advantage in the volatile business environment of 2014.
Analyse the challenges faced by the company during the process of designing and implementing an effective innovation strategy within the company.
Examine how new innovations developed by the business are responding to the changing needs of an increasingly global business environment.
Use the theoretical concepts discussed in class as a basis of your research work and analysis.
Critically examine the impact of the innovation strategy has on new product development within the company, the competitive advantage of the business and the future growth strategy.
In addition, the assignment will also require an analysis of the potential weaknesses of the innovation strategy chosen by the student.
The assignment will require the review of the strategic approach to innovation management and strategy development adopted by an energy company, an analysis of the competitive advantage of the business and a discussion of how innovation may provide the source of future growth in the company.
An examination of the strategic decisions undertaken by the company. An understanding of the weaknesses of the planning process within the company and an assessment of the specific risks experienced during the implementation of the innovation strategy.
These Developing Global Innovation Programmes : Questions need to be answered: [WHAT KIND OF BUSINESS ARE WE IN ……
WHAT MARKETS SHOULD WE FOCUS ON ……
DIRECTION OF FUTURE INNOVATION……
CODE OF ETHICS TO ADOPT…….
WHAT RESOURCES TO ALLOCATE TO OPPORTUNITIES……
RISKS TO TAKE IN THE FUTURE…..
STYLE AND STRUCTURE OF THE ORGANISATION……]
Recommendations and conclusions will be expected from each student.
Reflective log 500 WORDS: Reflective Log on Innovation and Risk Management
Students should conform to the conventions of the above assessment format in the preparation of their assignments. The relevant assessment criteria have been stated to enable and guide students in the preparation of their work. Achievement of the learning outcomes and the application of relevant theories to the assessment task should be demonstrated.
Your work must be presented in a report format (2,500 words). It is important that your report is properly structured. Remember that this assignment account for 50% of your module assessment. Hence, bad performance will have a big impact on your overall module grade. An executive summary is not necessary in a report of this size.
Your report should include references to the appropriate innovation management and innovation strategy literature (textbooks, journals and websites) as well as appropriate sources related to the energy industry. Care should be taken when consulting websites; they are not all equally authoritative (for example Wikipedia is not peer-reviewed; therefore is not considered an academic reference website). A minimum of 5 different academic references must be cited, but a well-researched report is likely to cite many more.
You are advised to keep a back-up copy of the report until you receive your grade and regularly back-up your work on a computer storage (Drop box and Google Drive are good examples). A disk crash is not an acceptable reason for late submission.
It is recommended that you review the requirements of the assignment before submitting your work.
Sections like the ones shown below should be included in your report. This is only a guideline so you may diverge as you see fit.
1. Title Page
? A relevant specific title that reflects the main points of the report
? The name of the business that you are discussing and analysing.
2. Table of Contents
3. Introduction and Background
? The context and the company
? What is the problem or the innovation or growth opportunity?
? What is the purpose of innovation strategy within your chosen company?
? What is the background of strategic innovation within the company?
? What are your sources of information?
? What is the scope of your analysis and research?
? What are the key terms that will be used in the assignment?
4. The Organisational; Analysis
? An analysis of the effects of innovation strategy development on the organisation as a whole;
? An analysis of the innovation process within the company and on the business environment;
? An analysis of the weaknesses of the innovation process and the impact on the customer, management and company.
? A critical analysis of the measures that the organisation introduced to minimise and manage the threat of commercial and country risk relating to their business activities.
5. Summary Conclusion