Innovation and creativity

This paper must be a minimum of a 1000 words excluding the title page and reference page. The paper needs to be in apa format with section headings in the essay for organization. Please read the directions VERY carefully before starting on this paper.

Step 1: Introduction
Once executive management recognizes an opportunity, the company will generally assign a manager to seize the opportunity by taking the previously selected need, want, or problem and converting it into a commercial product.

Begin with an introductory paragraph that poses the question – How do managers seize opportunities?

There are five ways a company can fulfill a customer need or want:

1-they can sell a commodity that provides the materials or ingredients the customer is seeking
2-they can sell a finished good that is already assembled and can be put to immediate use by the customer
3-they can provide a service that accomplishes a specific task for the client
4-they can stage an experience that more fully engages the customer
5-they can cause a transformation where the business has a deeply personal impact on a customer (which is rare)

Step 2: Research and Write Essay Content
Research attached reading material and a minimum of one external resources (relevant Internet articles, books, etc.) to meet the minimum of three sources, at least two from the attached reading material, must be cited in-text and in the Reference list. to deliver a written analysis of the following:

Commodities: Provide a description about commodities in general, consider and describe how business opportunity is created with respect to the innovation of commodities from a scientific and/or economic perspective.
Products: Describe how new products and new product approaches can be created and/or adapted to create demand opportunity
Services: Provide a definition of what a service based business is, the benefits and advantages of service based business. Provide examples where business have listened to their customers to find out their unique needs and problems thereby translating into business service opportunity.
Experiences and Transformations: Consider creative business opportunities that offered new experiences and approaches that were more memorable and personal. For example, experiences that are esthetic, escapist, educational, or entertaining. Transformational business looks for ways to help customers realize their aspirations along the physical, emotional, intellectual, or spiritual dimensions. Elaborate on this concept and provide transformational business examples.

Step 3: Conclusion Summary
Conclude the assignment with a statement of the type of business a company or an entrepreneur might wish to pursue given a potential idea or opportunity (real or otherwise). Substantiate why a commodity, product, service, transformational business (or combination thereof) would likely be the best approach following the above-written research analysis.

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