Innovation does not happen spontaneously. According to Business Dictionary (2011), innovation is “the process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need”. Innovation “starts with an honest appraisal concerning those issues, usually administrative in nature, which prohibit the company from moving forward” (Fleishman, 2011). Best Snacks has experienced concerns within their company’s innovation for a couple of years in the inflexible economic times. The company has a chance to redirect the company’s culture to a direction that would allow the company to within the market arena.
Describe the Situation
Best Snacks has been the leader within the snack industry until recent years. Elizabeth Fairchild, CEO, indentified various concerns in the company that has to be addressed for the company to maintain their competiveness status within their industry. The various concerns that were indentified were classified as critical issues were: The absence of clear defined organization vision in regards to the company products, decreased in new product innovation in the past five years, the require to construct and implement an innovation method that would align with the company’s goals, the present company’s culture has not supported creativity and innovation within the company’s employees. The company’s Chief Executive Officer realizes that these critical issues must be resolved in order the company to advance.
Stakeholder Perspectives and Ethical Dilemmas
The company’s stakeholders addressed within the scenario has been identified as the executive leadership, stockholders, employees, and customers. Best Snack’s main concern acknowledge in the scenario was “risk”. Embarking on a decision to redirect the...