Assignment Details
Fictional Scenario set within a company of your choice:
You are a newly appointed manager working within the product and service division of a large company (that you have chosen). The company has been facing changing consumer/client expectations and the evolving digital landscape, in recent years.
To address these challenges, the company’s Chief Innovation Officer recognises the need for improvements in the innovation management processes, and stakeholder management processes and they have asked you to write a report with recommendations as to what product or service innovations the company should make and how the company should handle different stakeholders in the process.
You should start this assignment by choosing a company that you are familiar with and has accessible corporate information online in English. You may wish to look at companies in technology, healthcare, consumer goods and the financial services sector. You should then choose one specific company product or service for your innovation.
Then you need to:
1. Identify the Jobs To Be Done (JTBD) and the functional, social or emotional needs of a key/foothold customer and two other customers for a specific product or service of your chosen company. You must use the Customer Persona Canvas template to do this. (LO3)
Using secondary data (e.g. Google Scholar, Statista, Business Source Ultimate and or Financial Times) explain the need for innovation for a specific product or service of your chosen company, based on market trends and customer feedback (e.g. on Social Media and or the company website). (LO4)
2. Using secondary data (e.g. Google Scholar, Statista, Business Source Ultimate and or Financial Times) create a PESTLE Analysis table to make a strong argument for why your chosen company should innovate a specific product or service. This means assessing and understanding the company’s external environment and considering the factors (specifically P-Political, EEconomic, S- Sociocultural, T-Technological, E-Environmental and L-Legal ) that can impact on its operations. Discuss the most significant PESTEL factors that would apply to your chosen company in the main body of your report. (LO4)
Recommend a specific product or service for the chosen company, supporting your choice by referencing your prior critical analysis and industry-conditions through PESTLE. Critically evaluate an approach to innovation that would support the company to achieve either something ground-breaking (disruptive) or just improve what already exists (sustaining) in terms of the company’s product or service. (LO3)
3. Create an implementation plan (based on concepts taught during the module) for the new product or service you have recommended as your innovation. As part of your plans you must consider how an Artificial Intelligence (A.I.) initiative could enhance and support the new innovation to improve the customer experience. ( LO1)
Identify and justify who should be involved (i.e. stakeholders) and how to handle (manage) them.
Discuss how the suggested change can be sped up (accelerators) and ways to overcome blockers that might slow the change plan down. (LO2)
Learning outcomes:
- Understand importance and elements of digital transformation, critically evaluate and plan its impact and implementation.
- Comprehension, appreciation, and management of the complex stakeholder management relationships that must be considered in a fast-paced and changing business environment
- Identify, foster and encourage innovative idea creation processes.
- 4. Ability to critically analyse, synthesise and evaluate findings to prepare and execute plans for innovation and change management programmes, identifying and eliminating blockers and engage accelerators.