Develop a strategic plan to implement the innovation and gain competitive advantage.

Southern New Hampshire University| MBA 580 | Southern New Hampshire University

To implement an innovation and increase competitive advantages, I’d create a strategic plan. It would focus on key components. The plan would also include a market analysis to find areas in which competitors are missing or lagging, and evaluating the available resources for the project.

These factors should be identified and set goals that are easily tracked to monitor performance. It is important to establish feedback loops so that departments within the organization can offer their opinions on how they could optimize innovation in their fields. By addressing potential issues early, you can ensure your success.

Furthermore, I believe it’s essential for the company to form alliances with other industry players who could potentially add value through leveraging each other’s strengths. You could reach out to potential partners that specialize in product or marketing development. These partnerships could help boost growth and result in sustained success.

Communicating is essential when any innovation is implemented. This builds trust and transparency while allowing for the implementation of new ideas. It is crucial to inform all parties about any developments in this project so that they are kept informed.

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