Key Concepts of Creativity and Innovation Worksheet.
Ron Coval
University of Phoenix
April 13, 2009
Key Concepts of Creativity and Innovation
Best Snacks was once a dominating force in the industry until recently because management has become complacent and figured the company could ride the coat tails of their prior success. The former CEO and the management failed to realize that brand loyalty is a thing of the past and consumers are much smarter and more knowledgeable about competing products. Best Snacks has recently brought in their first CEO from out of the company to help shake things up with management and the company, the board is hoping Elizabeth Fairchild will be able to resurrect the company to the glory days of past success. Below are 5 concepts that if utilized by Best Snacks could prove to be a step in the right direction.
Concept #1 '' Business Model Change
Business models describe how a company creates, sells, and delivers value to its customers (Davila, Epstein, & Shelton 2006). Best Snacks has been an industry leader for a number of years because of how successful their business model was. Recently, a new CEO (Elizabeth Fairchild) has been brought in to help stir up the company outlook and bring back the success the company is used to. Changing the current business model is ideal for Best Snacks, since the current business model has contributed to a 5 year decline and losing their top stop as an industry leader (Scenario One).
Application
Currently, Best Snacks is in a business rut. Best Snacks has been a successful company that has been around for 150 years because of their creativity and they were a leader in innovation for snack foods. The company has been facing hard times since Best Snacks has turned away from being a leader in creativity and successful innovations. Elizabeth Fairchild has enlisted the help from Sabrina McKay to help assess the employees and their views on the business, so a new business...