SOLUTION AT Australian Expert Writers
Fouad Al Zohbi
1. List five methods of research that may be used in the investigation of business markets, customers and methods of doing business.
2. List three types of business markets, and briefly compare current with more traditional business models. (HINT look at businesses such as Traditional taxi services compared to Uber)
3. List three actions you should take to research your customers.
4. Briefly outline the Legal, Ethical and Security issues relating to innovation in your business.
5. What five factors will you need to analyse in a Five Forces Analysis?
6. Identify three methods of finding out about other businesses.
7. Explain the concept of business benchmarking and how it can help in the comparison of your processes against other businesses.
8- Describe the use of each of the following methods of strategic analysis and the ways in which they enable you to identify opportunities for innovation and reform. a. SWOT Analysis b. PESTLE analysis c. Scenario Planning d. Critical success factor analysis
9- Why should you always ensure that there is a link between any opportunities that you identify and the objectives of your business
10.What is involved in conducting a cost-benefit analysis? Using the company you currently work for, produce a cost-benefit analysis for one major innovation in your company?
11.Outline the process of carrying out an impact analysis and its use in identifying the potential effects of change on your business. Provide details of the necessary stages and aspects that should be considered during such an analysis.
12.What does a risk management analysis involve?
13. List three resources you may use when researching risks to your business.
14. List four factors that should be taken into account when deciding on the viability of business opportunities.
15. List four issues that should be considered when deciding whether opportunities are applicable to your organisation.
16. List five issues that should be considered when prioritising business opportunities for implementation. Briefly develop an implementation plan for one such innovation issue.
17. List five ways of encouraging innovation within your business.
18. List three ways of inspiring innovation within your business.
19. List three factors to consider when evaluating innovation.
20. List three means of measuring the success of innovative ideas.
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