[Solution]Business: Managing Innovation

QUESTION 1 (60 points) Canada Post needs a strategic response to the challenges it faces as it strives to remain profitable—and relevant—in a world where…

QUESTION 1 (60 points) Canada Post needs a strategic response to the challenges it faces as it strives to remain profitable—and relevant—in a world where consumer habits and business needs are changing rapidly. Canada Post’s very existence may depend on how it can incorporate innovation into all aspects of its business strategy. a) Conduct and present a current environmental analysis for Canada Post. What are the most critical challenges it faces, and which opportunities are most promising? Explain why. (20 points) (Word count limit: 500 words) b) Devise an innovation portfolio for Canada Post that includes six innovations it could pursue, making sure you include at least one of each type and one for each key lever. Specifically, you should: • Describe each innovation you are proposing; (10 points) • Analyze each one in terms of the type of innovation it represents and the key lever it is based on; (10 points) • Assess the feasibility of each innovation and its associated timeline; (5 points) • Finally, explain why and how each one is aligned with Canada Post’s goal of remaining relevant and profitable. (15 points) (Word count limit: 250 words per innovation) QUESTION 2 (15 points) How do we encourage people to be risk takers within organizations? Should we be rewarding rather than punishing mistakes? Organizational culture can set the tone for how an organization operates and how individuals within the organization interact. A culture of innovation can serve as the foundation for all innovation-related activities. William McKnight was chairman of the board for the 3M corporation from 1949 to 1966. Some believe McKnight’s greatest contribution was as a business philosopher since he created a corporate culture that encourages employee initiative and innovation. He laid out his basic rule of management in 1948: “As our business grows, it becomes increasingly necessary to delegate responsibility and to encourage men and women to exercise their initiative. This requires considerable tolerance. Those men and women, to whom we delegate authority and responsibility, if they are good people, are going to want to do their jobs in their own way. Mistakes will be made. But if a person is essentially right, the mistakes he or she makes are not as serious in the long run as the mistakes management will make if it undertakes to tell those in authority exactly how they must do their jobs. Management that is destructively critical when mistakes are made kills initiative. And it’s essential that we have many people with initiative if we are to continue to grow.” If you were leading a business in BC, describe three things you would do to develop an innovation culture? (2 points each) Provide justification for each one. (3 points each) (Word count limit: 150 words per initiative)
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