1. China has the most comparative advantages in producing apparel. Free trade theory implies that retailers should import clothing from the most efficient country. Given this, and the potential drawbacks….
Strategy Innovative Proposal: Reward Program for casino restaurant purchases, not gaming
Identify unknown problems and unmet opportunities before you develop an innovative strategy to address them.
Follow the IBDM five-step roadmap to prepare a proposal in which you apply the steps to the creation of an innovative business strategy. The five steps are
• Assessment of the situation
• Identification of the problem and
• Creative concept development
• Prototype development
• Implementation, validation, and
Explain the unique nuances of innovative strategy development as it relates to the IBDM.
(Innovation Business Design Model)
1. Assessing the situation
2. Identify problem/opportunity
3. Creative concept development
4. Prototype development
5. Implementation, validation, and refinement
• Assessing the situation:
– The business professional will proactively examine the internal/external business environment looking for opportunities to innovate in order to create a competitive advantage.
• Identify and define problem/opportunity:
– The business professional identifies specific unknown and/or unmet problems/opportunities.
• Creative concept development:
– The business professional will use creative thinking techniques and inspiration to develop innovative and practical concepts to address the identified problems/opportunities.
• Prototype development:
– The business professional designs and develops innovative practical concepts as iterative models for testing and evaluation.
• Implementation, validation, and refinement:
– The business professional evaluates the outcomes of the creative concept development to determine appropriate enhancements, improvements, or exit strategies (cancellation).
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