Module 3 Week7 Assignment: Harnessing Creativity and Innovation to Meet Business Needs Submit Part 3 of your evaluation of harnessing creativity and innovation to meet business needs, in which you address the following in a 3- to 4-page business solutions design document: Part 3: Bringing It Together

Module 3 Week7 Assignment: Harnessing Creativity and Innovation to Meet Business Needs Submit Part 3 of your evaluation of harnessing creativity and innovation to meet business needs, in which you address the following in a 3- to 4-page business solutions design document: Part 3: Bringing It Together

Part 1: Laying the Foundation for Innovation

Description of the company in Question

Red Digital Cinema Camera Company, a movie, and video production company, was designated for this analysis. Since 2005, the company has specialized in producing digital cinematography cameras and accessories. Red is a small family-owned American company that has progressively improved on its products to reach out to customers’ needs.  

The annual revenue of Red Digital Cinema Camera Company is between $100 and $500 million and has employed between 100 and 500 employees. One of its officers that have been instrumental in making profits for the organization is the branch located in Hollywood. The organization has always focused on changing its products to ensure that it remains competitive with the progressive increase in the companies entering the industry. 

Business problem

They have, over time, built significant market shares and differentiated themselves from other production companies. However, the organization’s failure to extend to other nations has been a source of concern. According to Panaiotov, Goranov, and Rankovska, the organization’s products have not been accepted in other regions, resulting in a stagnation of the organization’s market share (2020). Large corporations, such as Nixon, are anticipated to compete with the organization. This puts it at danger of being unable to manage its products and services if effective control over the procedures required to improve client access to those items is lacking.

Company’s present internal strengths and weaknesses

One of the organization’s strengths is that it has been able to ensure that the cost of production is low due to the management of the cost of raw materials. The organization has been able to enhance its brand image in the community, and hence it has been able to work better in the local community. The company has also been able to maintain its revenue because it has been able to maintain loyal customers….