(Mt) – MGMT 3123 Principles of Management Discussion Paper

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MGMT 3123 PRINCIPLES OF MANAGEMENT-FALL 2019 (online) ASSIGNMENTS FOR WEEK 7 (week of September 30, 2019) ITEM 1: Read Chapter 7 –Innovation and Change; take Quiz 7 by Thursday at midnight. The Key Points for Chapter 7-Innovation and Change include: 1. Innovation is the effective introduction of new ideas, methods, and technology into a business for the purpose of improving business processes and/or products. Innovation is important because only those companies who continue to innovate will survive long-term. Innovation does not necessarily have to be related to just technology, it can be new ways to do work that improves efficiency or customer service. 2. Technology and Technological Innovation goes through a cycle of being invented or developed, gaining acceptance, becoming the standard, and ultimately being replaced by more effective technology. As an example VHS tapes were initially used to record and play back movies; they were later replaced by the DVD, and now by online streaming. Each of the technologies were better than the previous technology in terms of cost, convenience, and quality. Another examples is land-line phones being replaced by cell phones, and then by smart phones. Being aware of technology developments as they occurring, will put a company in a better position to respond and adapt their business to the new technology. When companies are not aware of technological changes, they run the risk of losing their current business to competitors who are aware of and respond effectively to the changes. As an example, Kodak was not fully aware of the change from film based photography to digital technology, and therefore did not respond quickly enough to the change. As a result, Kodak eventually filed for bankruptcy. Managers must continue to monitor and evaluate potential technology changes that might affect their industry, and then determine the appropriate response to assure ongoing success. 3. Innovation can come from many different sources both inside and within an organization. It is management’s responsibility to build and foster an environment within an organization where all employees can contribute ideas for innovation. 1|Page This helps to assure that the maximum emphasis is put on innovation; and that employees are part of the innovation. This makes the innovation or change more acceptable to members of the organization. It is human nature that we all resist changes and innovation when it affects us. Managers must provide the leadership and direction for changes that are required for ongoing success or the organization. As an example of how a company fosters Innovation and gets all employees involved, Google allows every employee one day a week to spend on any idea that they think might have value for the company. As Google employees work on their ideas and develop them, they can then present them to management, and additional resources can be provided to further develop the ideas into a commercial product. ITEM 2: View the videos on Innovation Change and Technology to gain a better understanding of the importance of Innovation and Change, and how organizations can either foster or inhibit innovation: Creativity and Innovation: https://www.youtube.com/watch?v=FXJUDyqobbM Leading Innovation: https://www.youtube.com/watch?v=M3hTB0S1Gts What is Technology: https://www.youtube.com/watch?v=Giiz81_uzK8 ITEM 3: Post to your Weekly Learning Journal Week 7 Entry by the end of the week. ITEM 4: Biz Café Paper- You should have completed all 16 rounds of the Biz Café Simulation. Complete the Biz Café Paper due on Tuesday October 1, 2019 by midnight. Instructions are posted on Blackboard under Course Materials, and submit as an Assignment in Blackboard by due date. LATE ASSIGNMENTS ARE NOT ACCEPTED ITEM 5: Week 7 Discussion Board: the Discussion Board for this week consists of two parts: Part 1: Innovation and Change-Identify a company that did not effectively respond to an innovation or change (does not have to be a technology change, but can be a new way of doing something). Do not use Kodak, Blockbusters, Nokia, Sear’s, Toy’s R Us, or any company cited in the textbook. Identify the company; the change that occurred; why you think the company did not respond to the change; and what the result for the company was by not responding. What should the company have done to properly respond to the change? 2|Page Post your initial analysis on Week 7 Discussion Board Part 1 Review s of three other students and comment on where you agree and disagree with their analysis and explain why. Complete a final post with any changes to your original Analysis and explain why you made the changes. Discussion Board Part 2-Biz Café Results: Post on the same Discussion Board the following information on your final Biz Café Simulation Results: 1. Your cumulative net profit after all 16 rounds 2. What your overall business strategy was for your coffee shop 3. After you have analyzed your results, why do you think you got the results you did? 4. What was your best decision in the simulation and why? 5. What was your biggest mistake in the simulation and why? 6. What would you do differently if you could start over to improve your results? Post on Week 8 Discussion Board Part 2-Biz Café Results, the answers to the above questions: Read and comment on s of at least three students and what you may have learned from their Biz Café experience. Final Post-based on reviewing s of other students on their experience with Biz Café what did you learn that would help you in doing the simulation again? Discussion Board is due to be completed on Friday at midnight. LATE ASSIGNMENTS ARE NOT ACCEPTED 3|Page 4|Page

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