Technology and Innovation

The increasingly important role of technology and innovation in modern strategic management emphasizes that strategic managers have an obligation not only to encourage new product and process development, but also to develop a system to ensure that technology is being used most effectively to result in useful innovations. The chapter also describes key issues and techniques under the headings of environmental scanning, strategy formulation, strategy implementation, and evaluation and control. To demonstrate your understanding of these concepts, respond to the following. Cite any sources you use in an APA-formatted bibliography. Your Activity responses should be both grammatically and mechanically correct and formatted in the same fashion as the Activity itself. If there is a Part A, your response should identify a Part A, etc. In addition, you must appropriately cite all resources used in your response and document them in a bibliography using APA style. (A 4-page response is required.)

Part A How should a corporation scan the external environment for new technological developments? Who should be responsible?

Part B What is technology research and how does it differ from market research?

Part C What is the importance of product and process R&D to competitive strategy?

Part D What factors help determine whether a company should outsource a technology?

Part E How can a company develop an entrepreneurial culture?