Examine the importance of innovation in product and service development.
Duration: 8 weeks
Technology, globalization and the resulting opportunities have made “business as usual” an outdated concept. Today, innovation is a vital component in moving a business forward. In MBA 622 Creativity and Innovation in Business, you will focus on the development and management of cutting edge technology throughout an organization. You will explore what drives technological innovation, and examine the attributes of successful innovation strategies. In realizing how creativity is translated into innovation, you will see where good ideas come from and how organizations can encourage innovative ideas. As a new product or service begins to emerge, it is subject to defining standards, design dominance, network externalities, winner-take-all markets and the timing of entry into the market. You will consider each of these concepts in detail.
You will utilize key tools to define strategic direction and create a company’s strategic intent so that it may focus on future markets. Both quantitative and qualitative methods can be used to make decisions about whether or not to develop an innovation project, and you will see how these tools are applied. You will research and write about companies that do and do not innovate well. You will also examine the step-by-step process of developing an idea from the drawing board to a marketable product or service. Considerations during this process include whether or not to collaborate with other companies and protection strategy.
What You Will Learn in MBA 622
As you focus on implementing a technological innovation strategy, you will consider ways to manage and organize for innovation and how to best shepherd a new product development process. You will discover methods for reducing cost and shortening development time, and how to use customers and suppliers to improve the process. Using the experience and knowledge of multiple team members can be beneficial in new product development You will consider ways to structure teams for optimal success. You will look at companies such as Pixar, who let team members take calculated risks in order produce innovative results.
Throughout this course, you will take on the role of internal or external consultant to an existing company or organization. You will research their innovation practices — from new products to leadership style — and make two recommendations to improve their outcomes. You will “pitch” these recommendations in a detailed class presentation, accompanied by an academic rationale paper.
You will examine the use of strategies for effective timing, pricing, distribution, licensing and compatibility, and marketing in developing a deployment strategy that will accelerate consumer adoption of new products and services. You will compare and contrast successful and failed products that have come to market in the past. Sustainability is a fundamental new management process focused on biodiversity, cleaner technology applications, and new entrepreneurial models. You will observe how sustainability relates to creative innovation.
Throughout this course, weekly topics may include but are not limited to:
- Introduction to Innovation and Creativity
- Technological Cycles, Innovation Timing and Design
- Innovation Management Strategies
- Organizational Collaboration Strategies
- The New Product Development Process
- Managing Innovation Teams
- Implementing Innovation Strategies
- Sustainability and Innovation
Course Learning Outcomes
Upon successful completion of MBA 622, you will be able to:
- Describe the characteristics of corporate innovation.
- Compare and contrast the strengths and weaknesses of internal corporate venture initiatives.
- Delineate conditions that support successful new product development.
- Analyze various methods that enhance creative ability.
- Formulate methodologies which enhance innovation.
- Explain the importance of corporate sustainability and its impact on business models.
Request More Information Today
To learn more about the online Master of Business Administration curriculum from Benedictine University, including Creativity and Innovation in Business, call (866) 295-3104 to speak with a program manager or request more information.
Course content and outcomes may vary and are subject to change without notice.