Processes of invention and innovation

DescriptionReview the processes of invention and innovation. Then, select a new product that you have been introduced to in the
past 12 months. You are encouraged to research this new product using outside sources. You can use the same
company you have been researching, or pick a new one.
You are to write an essay consisting of two pages about future inventions this new product could help to inspire and what
innovations could be developed to enhance and improve this product. Analyze how these two areas could impact the
company. Perform an analysis or SWOT on potential impact of inventions or innovations. Your Essay
should include the following elements:
Title page
Objective or table of contents.
Description of the new product
Description of the importance of R&D to include lead users and market research
Discussion of appropriate structure and culture necessary to support innovative ideas and products
Exploration of future inventions inspired by the product
Analysis of future innovations of this product (Was this a successful invention leading to innovation?)
MBA 5101, Strategic Management and Business Policy 7
ROI, shareholder value, economic value added analysis, or a SWOT, on innovation
ROI, shareholder value, economic value added analysis or a SWOT, on invention
Brief description of the benchmarking process as applied to this company (What problems with
performance measuring can be encountered?)
Prediction of product demand in five years
Conclusion
List of sources using APA guidelines
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