Please respond to each essay question in a minimum of 250 words per question. Please use American based resources if you use them, however, these are mostly opinions, and cite in APA format.
1: Why is it important for a company to have well-defined steps to strategically manage its innovation development process? Provide an example of the benefits of a formal process and some of the pitfalls that may be encountered with an informal process, or no process at all.
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2: Why is it necessary to perform an external and internal analysis before the company can identify its true core competencies? What happens when either analysis is poorly done or not done at all?
3: What are some advantages and disadvantages of having formalized procedures to improve the effectiveness and efficiency of innovating? Provide at least 1 example of each to support your response.
4: What are some ways leaders can ensure that a team reaps the advantages of diversity without being thwarted by some of the challenges team diversity raises? Provide an example from your professional experience.
5: Think about a product you use regularly, such as a smartphone or a home appliance. What ethical considerations do you think had to be addressed in its product development? How do you think those considerations ultimately influenced your purchase decision? Think about the need this product fulfills for you. What ethical issues might you be willing to overlook to meet this need or what ethical considerations might make you forgo this product? Share the product in your response.
6: How important do you think intermediaries, such as patent attorneys, are in bringing a product to market? What services do you think these intermediaries can provide? Name some advantages and disadvantages of engaging an intermediary to support bringing a new product to market to help with patents, copyrights, trademarks, or trade secrets. When might you choose to go it alone?