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.
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.