Part One: Innovation Approach
In this section, share your revised slides from Milestone One and make your recommendation for the innovation approach you think the company should pursue. Ensure this section includes the following information:
Explain potential risks and benefits for options A and B.
Overview (1 slide): Present the business problem and options A and B.
Option A (1–2 slides): Explain at least two potential risks and benefits for option A.
Option B (1–2 slides): Explain at least two potential risks and benefits for option B.
Compare your competition’s products and services.
Competitors: (3–4 slides): Evaluate the competitors’ current products and services.
What are your competitors’ current products and services?
Are your competitors expanding in the current market? Explain how this impacts their market strength.
Analyze your company’s capability to pursue the innovation.
Complete a partial gap analysis (2 slides):
Does the company own the technology, or does it need to be purchased?
How is the technology currently being used in today’s products and services?
What type of technology is available to purchase?
Recommend the innovation approach your company should pursue.
Innovation Approach (2 slides): Explain which innovation approach you are recommending and why.
Consider the different stakeholders (research and development [R&D], marketing, finance) while communicating your recommendations.
Include a description of the incremental or discontinuous product that you are recommending for R&D.
Include the sales forecasts for marketing.
Include a financial snapshot for finance.
Part Two: Strategic Plan
In this section, share your revised paper from Milestone Two, which provides an overview of your competitors’ position in the marketplace, the available and future marketplace, and a plan for how to address a change in business conditions. Ensure this section includes the following information.
Analyze the competitors’ relative strengths in the marketplace. Use Power BI to create charts on the growth rates.
What is the growth rate of each competitor?
How much of the market does each competitor now own? Do you see a trend of gaining or losing market share?
Determine each competitor’s market strength by looking at the financials for each competitor.
Explain how your company’s market share compares to your competitors’. Use Power BI to create charts on your and your competitors’ market share.
Is your company gaining or losing market share?
What is your company’s growth potential in the industry?
How do your company’s financials look compared to your competitors’?
Identify future potential total available market (TAM) and growth for chosen product/service and technology.
What is the TAM for cars and light trucks?
What is the TAM for IoT-connected cars and light trucks?
What is the projected compound annual growth rate (CAGR) for cars and light trucks?
What is the CAGR for IoT-connected cars and light trucks?
Identify ways to adjust if business conditions change.
What can you do if your customers are slow to respond (buy) the innovation?
What can you do if one competitor is overtaking all the others, including you?
Describe the steps your company needs to take from concept outline to launch.
What is the size of development that will be required?
Will you require additional capital and personnel?
How would you approach determining the timeline from the beginning of development until initial product launch?
Part Three: Organizational Structure and Culture Report
Based on your analysis of the organization’s structure and culture, share recommendations for changing its structure and culture to be more conducive to innovation.
Describe the current organizational structure’s impact on innovation.
How does your company’s organizational structure support innovation?
How effective is the current structure in addressing changes in market demand?
Recommend changes to the current organizational structure.
How does the new structure support innovation?
How will your recommended changes make the enterprise more responsive to market demand?
Explain how organizational changes support a culture of innovation.
In what ways does the current culture work against innovation?
How does the new structure support a culture of innovation?
