Reference no: EM132967569

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The Role of Creativity and Innovation in Business

For this Assessment, you will act as a consultant to a company to provide information on how creativity and innovation can play a role in business practices. The company's CEO, Gabriel Marron, has been resistant to change for the past 25 years, and the company recently began losing market share to other competitors. After months of being in denial, the CEO is finally open to considering the idea of implementing innovative approaches to reclaim the company's former position at the top. Gabriel admits that it is simply not in his nature to value innovation. Sticking to tried and true methods has always worked favorably throughout his career, but you are being brought in because that is proving to no longer be the case. In your report, you will draw the connection between creativity, innovation, and business practices.

With those thoughts in mind, construct your report to the CEO with the following sections, being sure to incorporate appropriate business examples (as indicated), as well as citations for relevant academic resources.

PART 1: Incorporating Creativity

In the first part of your report, address the following:

• What does it mean to be creative in business? Provide two or more examples to support your response.
• What is the role of inspiration in creativity?
• What are three to five attributes of a work environment that fosters creativity (including an explanation of the impact of each)?
• How can design thinking enable businesses to foster creativity in their work environment?

PART 2: Incorporating Innovation

In the second part of your report, address the following:

• What does it mean to incorporate innovation into business practices (as opposed to innovations made through product or service offerings)?
• How can leaders create a work environment that fosters innovation? Be specific, including what factors are most conducive to facilitating innovation and developing an innovation mindset.
• To support your assertions, do some research and locate at least two examples of organizations that reflect an innovation mindset and employ (or employed) innovation in their business practices. For each example, do the following:
• Describe the organization (including what type of company it is, what sector/industry it is in, etc.).
• Provide specific examples of how the organization employs (or employed) innovation in its business practices.

PART 3: Incorporating an Innovative Strategy

In the third part of your report, address the following:

• How can a company incorporate innovation into its strategy, and what are the benefits and potential risks (if any) of doing so?
• How can innovation lead to growth opportunities for an organization?
• How can innovation and innovation strategy create impact for an organization?
• What is the role of innovation in creating a competitive advantage for an organization?
• Using the examples of organizations you identified in Part 2, analyze the internal and external impacts of each organization's innovative practices.
• Specifically, in what ways does/did the innovative practices enable each organization to take advantage of growth opportunities, have an impact, and/or achieve or maintain a competitive advantage?