Task Please explore the key dimensions and practices of one of the innovation theories for one of the companies below. You need to choose one of the key innovation theories and link it to one of the firms listed below.
Innovation theories:
Importance of research and development (R&D)
Importance of new service development NSD) and service innovation
Importance of open innovation (OI)
Firms:
Amazon, Lego, or P&G.
Guidelines Brief introduction of the industry and context, in which your chosen firm is competing. You need to explain the sector using facts and figures from reliable business sources. (roughly 300 words)
Brief introduction to your chosen firm and the diversity of its innovation activities (roughly 300 words)
Write a paragraph on the theoretical foundation of your essay. You need to highlight and justify the importance of the chosen theory over other concepts. (roughly 300 words)
Explore and discuss the literature of your innovation theory. You need to review the key literature regarding your topic and explain how the concept has been developed and evolving over the years. (roughly 800 words)
Evaluate your chosen innovation theory within your chosen firm. This evaluation should apply the theoretical foundation, which you discussed in the previous section, to your case and the diversity of its activities. It is recommended to support your arguments using references and real-life examples. (roughly 800 words)
Suggest any recommendations for the business and justify these suggestions. You have to explore and discuss how your firm has been benefiting from your chosen innovation theory. You also need to explain how the firm can benefit from the innovation theory in the future. (roughly 500 words)*Word count for each bullet point is a guideline only. You may change or modify this suggestive structure as you see fit for addressing the question
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