Explain importance of innovation for the long term survival

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Reference no: EM13814458

Write a three to five (3-5) page paper in which you: (The company i chose was Bank of America)

Evaluate the importance of innovation for the long term survival for your chosen company as well as the industry that your chosen company fits in. Next, recommend an overall strategy in order to foster innovation in your chosen company. Provide a rationale for your response.

Speculate on how you would expect the industry to evolve over a period of five (5) and ten (10) years, based on your analysis on the innovative and technology trends from Project Deliverable 2. Provide a rationale for your response.

Determine your chosen company's top advantage(s) over its competitors. Justify your answer.

Determine two or three (2-3) strategies that the company could use to exploit its innovation breakthroughs, using the top advantage(s) that you determined in Question 3. Analyze the main advantages and disadvantages of each strategy.

Recommend one (1) of the strategies that you determined for the company, and suggest how pursuing that strategy would exploit the company's advantages over its competitors and minimize its key weaknesses. Provide a rationale for your response.

Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.

Reference no: EM13814458

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