MGT 411 Week 4 Innovation/Entrepreneurial Change Paper

MGT 411 Week 4 Innovation/Entrepreneurial Change Paper

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Use the same organization that your team selected for the Week 3 Innovation/Entrepreneurial Change Annotated Bibliography Assignment.

Write a 1,050-word business proposal to the organization’s Board of Directors to revitalize the organization through some well thought out innovative strategies. Your proposal should include the following:
 Analysis of the missed opportunities for innovation which have negatively impacted the organization.
 Description of innovation measurement and reward systems for existing employees.
 A process for creative problem solving.
 Description of the implementation and evaluation of innovation.
 Evaluation of external technology acquisition and implementation processes.
 Analysis of the organization’s ecosystem in terms of innovation.
Format your paper consistent with APA guidelines.
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MGT 411 Week 4 Innovation/Entrepreneurial Change Paper

Circuit City was at one point the nation’s second largest appliance and electronics retailers with continual sales growth and expansion into new markets. By the end of the fiscal year of 1983, the company had sales of over $200 million. We believe that these accomplishments are attainable again in today’s market. Henry Ford, founder of Ford motor company stated “ Failure is simply the opportunity to begin again, this time more intelligently”. In an effort to revitalize Circuit City, we will first identify the missed opportunities of innovation that negatively impacted the firm. Second, we will provide a description of innovation measurement and reward system for active employees. Third, we will create a process for creative problem solving. Fourthly, a description of the implementation and evaluation of innovation will be given. You will be provided with an evaluation of external technology acquisition and implementation processes. Finally, an analysis of the organization of the organization’s ecosystem in reference to innovation.AnalysisCircuit City have many missed opportunities for innovation that negatively impacted the firm. While, Circuit City dominated the electronics and appliance sales market in the 1980s and 1990s, as competitors such as Best Buy started to arise, they should have started making plans for innovation to stay competitive. Circuit City was complacent with being the number 1 retailer in their industry, their response time to make changes that would keep them in the running was slow. As, Best Buy started to gain momentum and their customer base was increasing, Circuit City failed at securing prime real estate, their customer service was almost nonexistent and the decision was made to discontinue the sale of appliances around holiday time. The final action became crucial when finance companies started to decline credit applications from consumers in fear that they would not get paid because of the Circuit City’s status.
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INNOVATION/ENTREPRENEURIAL CHANGE PAPER3Innovation Measurement and Reward SystemsReward Systems are a critical part of any organization’s design. How well they fit with the rest of the system in an organization has an important impact on how effective the organization is and on the quality of life that people experience in the organization. Over the pastdecade, some new reward systems p…………….