MS70103E Strategy and Innovation Assignment Sample
Innovation strategy for every firm structure is important as it generates business up growth by creating competitive strengths. Based on the viewpoint of Karlsson and Tavassoli (2016) innovation is related to new ideas and the transformation of old products that helps to create a strategic marketing stand. The authors give an outline of the importance of innovation strategy within a firm business structure with both theoretical and empirical approaches.
The background study of this article highlights the facts that every firm or business structure needs not rely on one innovation strategy rather situational innovation strategy implementation is important. Innovation within products, process and market emphasizes the microeconomics factors within the business structure that have been discussed through this article by focusing on six different types of innovation strategy.
On the other hand, Prajogo (2016) focuses on the business environment as according to him business environment emphasizes the growth of the innovation process within the organization. The author includes the fact the business cloud drive strategy, a firm can choose to increase its integrity.
The author highlights some innovation strategies, product and process innovation and environmental strategic dynamic innovation strategy which can emphasize the business performance. The positive impact of product and process innovation strategy on business performance has been introduced in this article along with the relations of environmental factors.
Contingency theory has been aligned with the study to understand the impact of the business environment and innovation process. This overall study gives an idea that the product and process strategic innovation process gives positive impacts on the business which helps in the growth of business performance.
Argued by Ikeda and Marshall (2016) that innovation today is directly influenced by consumers with technology at the core and an innovation-friendly environment. Successful companies create an innovation-friendly and encouraging ecosystem with the design process that helps in innovation. According to the authors, the best ways to do this is to create innovations that merge in business goals, create an expert team and make open source innovation.
This ecosystem is maintained by outperforming other innovators, encouraging calculated risks and keeping innovation momentum. To outperform other innovators, companies should fund innovation, encourage ideas from a bigger talent pool and measure the effectiveness of innovation.
On the other hand, Jajja et al. (2017) have stated that the linkage between supply and demand in the market has some explanations according to some theories the buyer and supplier control market and positively influence the market, some theories explain that the market is moderately influenced by buyer or seller but the main force is consumers.
The innovation process of the buyer positively influences supplier innovation. Also, demographic changes hugely influence market demand and innovation process, in this article, it is highlighted that developing markets like India and Pakistan will hugely impact market innovation in future. These results can be implemented in the managerial process of a company as suggested by the authors.
Digitalization plays an important role in the innovation process and gives a positive impact on the growth of the organizational structure. According to Ferreira, Fernandes and Ferreira, (2019) business-to-business structure incorporated with the proper digitalization structure is very much important to enhance its growth structure.
The authors highlight the digitization process as the most important innovation strategy for every business structure and also provide empirical and statistical data to satisfy this point of view. The findings of statistical data provide the information that uncertainty of environmental facts can be resolved through the implementation of digitalization.
The digital process not only helps in the growth of business structure rather it also increases competitiveness. On the other hand, Celtekligil and Adiguzel (2019) have stated that technological turbulence is an innovation strategy that helps to create corporate improvement along with improvement.
The innovation strategy implies product, service and managerial innovation that authors have highlighted through this article. According to the authors, innovation needs to be implemented within every sector of the organization structure. This study highlights the concept of technological turbulence which is the advanced development of the digital structure and helps to create competitiveness through organizational innovation.
The innovation strategies associated with business models like products, service, process, management techniques and strategic behavior model emphasizes the innovation process and results in organizational performance. The more innovative one business structure the more it creates its growth by pursuing the timely implementation of the strategic innovation process.
In this article, the authors argue that innovation capability, innovation type have correlations and they are affected by lack of research (Rajapathirana and Hui, 2018). innovation has different characters in different industries like manufacturing innovation differs greatly from service sector innovation authors give an example that the insurance industry is linked with innovation in a motor field that shows that innovation in every field in the market is interconnected with each other.
It is observed that innovation capability has a positive impact on market, product, process and structural innovation. Research on the insurance industry as done in this article indicates that the pressure of common factors, reliability, assurance and brand value drives innovation in general.
According to Trapp, Voigt and Brem, (2018), business models’ incorporation within the innovation strategy model is important to conduct a logical growth of any business structure. According to the authors, business model tools play important role in understanding the requirement of business structure and through this, any business structure easily evaluates the needs of innovation strategy.
The BM framework approach, innovation value finding tools, new-to-firm corporation, firm integrity are some business model tools through which one business structure can easily identify the strategic innovation needs which also helps to critically judges the performance of the business structure.
Authors argued with others that BMI is different from the product and process innovation strategy and adaptation of BMI tools helps to create a business environment. BMI helps to create proper innovation management along with increasing growth of the firm.
Reference List
Celtekligil, K. and Adiguzel, Z., 2019. Analysis of the effect of innovation strategy and technological turbulence on competitive capabilities and organizational innovativeness in technology firms. Procedia Computer Science, 158, pp.772-780.
Ferreira, J.J., Fernandes, C.I. and Ferreira, F.A., 2019. To be or not to be digital, that is the question: Firm innovation and performance. Journal of Business Research, 101, pp.583-590.
Ikeda, K. and Marshall, A., 2016. How successful organizations drive innovation. Strategy & Leadership.
Jajja, M.S.S., Kannan, V.R., Brah, S.A. and Hassan, S.Z., 2017. Linkages between firm innovation strategy, suppliers, product innovation, and business performance. International Journal of Operations & Production Management.
Karlsson, C. and Tavassoli, S., 2016. Innovation strategies of firms: What strategies and why?. The Journal of Technology Transfer, 41(6), pp.1483-1506.
Prajogo, D.I., 2016. The strategic fit between innovation strategies and business environment in delivering business performance. International journal of production Economics, 171, pp.241-249.
Rajapathirana, R.J. and Hui, Y., 2018. Relationship between innovation capability, innovation type, and firm performance. Journal of Innovation & Knowledge, 3(1), pp.44-55.
Trapp, M., Voigt, K.I. and Brem, A., 2018. Business models for corporate innovation management: Introduction of a business model innovation tool for established firms. International Journal of Innovation Management, 22(01), p.1850007.
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