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Running head: REPORT

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Evolution of Business
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Analyze the role of innovation in executing change strategies.

Innovation in Strategy Creation
Any organization may decide a roadmap, but innovative businesses will select a direction
which is distinct from their rival companies (Makri, Hitt, and Lane, 2010). It is worth noting that
only the most innovative company can respond effectively and efficiently to the dynamic and
ever continuous transformations in the business environment, such as emerging issues and
trends, high level of competition, customer demands as well as changes in business laws and
regulations. The innovation tools provide the techniques and means of identifying and
understanding the societal needs, business requirements and design appropriate methods to
accomplish the societal and business needs. That is the strategy essence. The remaining part of
strategy consists the choices the company take in delivering its novel techniques to satisfy the
needs and demands of its clients sustainably and profitably.
Innovation in Strategy Execution
Company strategy is the long-term roadmap that provides the business with a blueprint.
The business needs to embrace the innovative problem-solving ability to build a company able to
adapt quickly to the dynamic and accelerating changes around the operation of the firm (Nath,
Nachiappan, and Ramanathan, 2010). Innovation enables the organization to meet the needs of
its customers profitably and sustainably. Moreover, innovation ensures that the company defends
its position in the industry by creating an environment where the creativity and talents of every
individual are fostered. Innovation promotes differentiation in the more competitive business
environment where firms tend to resemble by developing unique solutions to the existing
problems which are unavailable or unknown to the rival companies.

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Service and product innovation is also a significant strategy execution element (Makri,
Hitt, and Lane, 2010). Companies utilize innovation to deliver improved or new services or
products regularly that are being expected by the clients to “raise the bar.” To achieve the
expectation of the customers on a regular basis, predictable and systematic ability to is essential
for the company (Nath, Nachiappan, and Ramanathan, 2010). For a company to remain
competitive and relevant in the ever-changing business environment, innovation should stay a
daily activity of managing the organization and subsequently a fundamental element of strategy
execution for the firm.
Assess managing diversity in the workplace.
The current workplace consists of employees of different ages, cultures, ethnicities, and
gender (Bratton and Gold, 2012). The workplace diversity provides an opportunity for the top
management of the company to design and foster diversity in the work environment that
minimizes barriers and prejudices (Latham, Stajkovic, and Locke, 2010). The diversity affects
the workplace training and learning. The management of diversity at the workplace ensures the
prosperity of ...