Critical Thinking Penetration pricing is one approach to pricing for a new product launch. It is a helpful tactic to gain initial trials, build market share, discourage competitors, and pursue….
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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