Incorporating Innovation and Entrepreneurship into Corporate Strategy

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Business Finance

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Incorporating Innovation and Entrepreneurship into Corporate Strategy

The president of your company has recently announced the need for a greater effort to incorporate innovation and entrepreneurship into organizational strategy, and has asked you to list the requirements necessary for this to happen. You list the following requirements:
  • Ongoing environmental monitoring
  • An entrepreneurial climate
  • Encouragement of entrepreneurial behavior
  • A strong customer/stakeholder focus

Explain why each of these is important along with your plan for achieving them.

Submit your answers in a 4- to 5-page Microsoft Word document.

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Explanation & Answer

Hello bro, have a look at the work, and if there are any clarification you may want made, feel free to contact me anytime. Looking forward to our next assignment. All the best

Running Head: INCORPORATING INNOVATION AND ENTREPRENEURSHIP.

Incorporating Innovation and Entrepreneurship into Corporate Strategy
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INCORPORATING INNOVATION AND ENTREPRENEURSHIP

Incorporating Innovation and Entrepreneurship into Corporate Strategy
The corporate strategy provides companies with a roadmap which is so important in
creating value across different business industries. Corporate strategy helps organizations when
making decisions regarding different types of investments to make and a number of resources to
be allocated to various investments in order to increase contribution in the long-run. The
corporate strategy also helps managers make decisions regarding sales in the organization,
whether they should create a sales department or they rely on distributors, whether the company
will focus on one market segment or the whole market among others. In order to incorporate
innovation and entrepreneurship into corporate strategy, the organization should put into
consideration the ongoing environmental monitoring and the existing entrepreneurial
environment. There should also be a strong focus on the customers or the stakeholders, the
organization should also encourage an entrepreneurial behavior within the organization
(Johnson, et al. 2008).
Ongoing environmental monitoring
Ongoing environmental monitoring is a continuous process which encompasses activities that
take place in order to check and manage the quality of the environment surrounding the
organization. Environmental monitoring is normally used when checking and assessing the
impact of environment on organizations and the neighboring community at large. Ongoing
environmental monitoring will be important to our organization since it will be used to assess the
impact of the or...


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