Value Innovation Brainstorm
Write a1400 -word essay addressing each of the following points/questions. Be sure to completely answer all the questions for each bullet point. There should be 5 sections, one for each bullet below. Separate each section in your paper with a clear heading that allow you to know which bullet you are addressing in that section of your paper. Support your ideas with at least three (3) citations in your essay. Make sure to reference the citations using the APA writing style for the essay. The cover page and reference page do not count towards the minimum word amount.
Using a company of your choice, provide a set of recommendations to the CEO of this company to help it compete against existing competitors. Focus your recommendations on the six starting points for value creation. Be creative in this exercise and try to provide specific examples where additional value innovations could be generated using each of the six starting points shown in the framework.
For example, if you were using online education as your context, you might think about ways in which an academic institution might partner with corporation training units. This would promote creative thinking from “looking across substitute industries”, i.e corporate training is a product substitute for university-based training. You might also apply the “looking across the chain of buyers” and decide that an innovative value creating initiative might involve developing a voluntary relationship with the student’s employer and asking them what services might be applied to help this employee’s career progress and perhaps ask the employer to financially support such services. Try to use all six of the value creating starting points. Again, this is an exercise where there are not necessarily “right answers”, but rather, the activity emphasizes your own creative thinking so crucial to the value creation process.
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