For this week’s assignment, you will assume the role of the owner/CEO of a company that is looking to change its fortunes through innovation. You are the CEO of Top Pet Products, Inc., a leading company in the pet novelty toy business. Your mother started the business 30 years ago, with a group of friends. They experimented part time for years, with many failures along the way, until they developed an electric mouse that realistically mimicked the movements of a real mouse, Speedy the Mouse. Speedy drove cats around the country crazy and drove Top Pet Products to growth and high profits. Top Pet Products rode Speedy to over $10 million a year in sales and almost 100 employees and a manufacturing operation in California. Unfortunately, success breeds imitation, and Speedy has faced heavy competition and declining sales. The company had developed some new versions of Speedy over the years, like Zombie Speedy for Halloween, but those had done little to stop the sales decline.
You took charge of the company last year after your mother retired. Your initial assessment is that the company had lost its entrepreneurial spirit and had no drive to develop new innovative products. The company is also not as profitable as it really should be, given its sales. Your belief is that the firm is just not being innovative in its operational processes. It’s stuck with processes that worked 20 years ago but are now holding the company back.
You could sell off the company and the rights to Speedy to a larger competitor, but you really want to save your family’s legacy and turn the company around. Many of your employees have been with the firm for 10 years or more. They are extremely loyal and all have significant expertise related to the job. You want to keep them, but the status quo isn’t acceptable.
After reading and viewing this week’s required resources, address the following in a paper:
- Summarize five ideas from your research that you will implement at Top Pet Products to increase the entrepreneurial spirit and create an organizational culture that encourages innovative ideas and initiatives from all your employees. Please explain your reasoning for each idea (as well as citing a source for that idea if you had one).
- After the summaries, just for fun, come up with what you think would be an innovative pet toy idea for Top Pet Products. Please provide some analysis of what is already out there on the market (Amazon or Pet Supermarket might be a good place to look), and why you think your ideas are innovating and will be desirable to pets and their owners?
Be sure to include an introduction and conclusion to your paper that helps tie the elements of your paper together.
Length: 4-5 pages, not including title and reference pages
References: In addition to the resources provided with the assignment, please include a minimum of four additional scholarly resources. Other appropriate resources, including older articles, may be included as well.
Your assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University’s Academic Integrity Policy.