MGT 497 Strategic Technology Planning for Organization week 2 assignment - Running Head PLANNING PROCESS Week 2 Assignment Planning Process for

MGT 497 Strategic Technology Planning for Organization week 2 assignment

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Running Head: PLANNING PROCESS Week 2 Assignment: Planning Process for Innovation By: Brandon Caldwell MGT-497 Strategic Technology Planning for Organizations Dr. Corey Thomas December 19, 2016
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PLANNING PROCESS 2 Introduction Planning for innovation is essential when running a business or an organization. Innovation is part of what makes the company thrive and gives the company or organization edge over its competitors. Consumers are always looking for the next big thing or the newest technology. In the world we live in today, the entire society runs off technology. There is not a minute in the day in which you do not see a person using their smart phone or some sort of electronic device to maneuver through their day. Smart devices have replaced the traditional planner books, phone directories, and in some cases hard copy books, since you are now able to read books from an electronic device, also known as an e-reader. None of these devices would be in our possession if an organization did not recognize the need for the device, develop the concept of what the device would look like and how it would function, or develop an innovative plan. Therefore, a planning process must be developed to foster innovation and give consumers what they want. The company of my choice is Amazon. My reason for choosing Amazon is because I personally use this website for many of my day to day purchases and I love the innovations that this company has developed over the years. Amazon has many products and services that they have successfully innovated that many other companies try to duplicate or match in some way. Evaluation of the Firm According to McGrath and MacMillion, there are twelve factors for evaluating a firm. The six factors that I chose to talk about are demand for the product, factors that could block the success of innovation, likelihood of strong competitive response, ability to create standards, resources available for commercialization, and the cost considerations in development.
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PLANNING PROCESS 3 When creating standards for your innovation, you must follow a few guidelines. The British Standards Institution (BSI) has a good explanation as to why is it important to set rules in place for innovation. Some of those benefits are: 1) you are less likely to duplicate what’s already been
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