Evolution of Business Report Student’s Name Institution Affiliation Introduction Currently, the business environment is becoming very turbulent. The inclusion of the new management techniques, internationalization, and the dynamic technology is often creating challenges in many organizations. As the business strives to manage the problems, it is paramount to acknowledge the diversity that exists in the workforce regarding religion, culture, and ethnicity (Brown, 2016). Managing diversity is thus a key element in surviving in the highly competitive and turbulent business environment. For this reason, the paper gives an in-depth analysis of the process of managing diversity in the workplace as well as the benefits accrued. The Role of Innovation in Executing Change Strategies Innovation is an essential component in achieving strategies in the current dynamic business environment. Innovation acts as a catalyst in implementing the change strategies of the firm. In this case, it boosts the growth and thus helps the organization to adapt to the turbulent industry. Through innovation, the business can derive mechanisms that enhance easy implementation of change at a lower cost. The new techniques should, however, create a competitive advantage. It thus entails deriving techniques that are better the competitors such as high-quality products and excellent customer service that meets the customer preferences and expectations. Additionally, the company should be aware of the existing global standards and the new trends arising in the market (Mor-Barak, 2014). Typically, innovation is viewed as the invention of something new, but it may not be the case all the time.