Discussion Questions_Strategic Innovation (2) (1)

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Feb 20, 2024

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Strategic Innovation Discussion Questions 1. Please describe the most important problem you are going to solve or an opportunity on which you can capitalize by innovating your company’s business model. a. Opportunity on which I would capitalize is to attract more customers from the Millennials generation. To achieve this, I would improve on Walgreens digital experience because this generation prefers to shop through their phones. 2. Describe which components of your business model would need to change to implement your innovation? a. Increase social media presence. b. Improve website and mobile app c. Improve integration between the online store and the physical stores. The online store can show customers where their desired product is currently available for pickup in nearby stores. 3. Indicate your company’s value proposition with the following formula: “We help X do Y by doing Z”. Example: “We help doctors manage their time by syncing a calendar to an Apple Watch.” a. We help customers with their health needs by providing prescription medications, over- the-counter medications, vaccinations, and other health services at competitive prices and convenient locations. 4. Start With Why – Now that you have a brilliant idea to improve your company’s business model, it is time to consider how to convince your executive team of your idea’s merit. Finding alignment between why your company exists (i.e., your purpose, cause, or beliefs), how you provide unique value, and what products and/or services you offer (or should be offering) is a great way to frame your proposed change. You identified the “How” in the value proposition above, so the only items remaining are “Why” you exist and “What” you offer. While there are many details surrounding your business model innovation, our focus here is not on the intricacies of implementation, but on the alignment of that innovation with the organization’s reason for existence. Please indicate your company’s ideal why and what, which aligns with your value proposition. a. Why: We want all people to have access to health services and medications b. What: We offer time-savings and convenience to our customers
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