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Innovation and strategy - Essay Example

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Masters
Essay
Marketing
Pages 10 (2510 words)

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INNOVATION AND STRATEGY Your name ……………………………………. College / University ……………………………. Date ……………………………………………. Introduction Technology changes almost everyday and it greatly impacts the way business is carried out…

Extract of sample
Innovation and strategy

The same technology, but commercialized in two different ways, will yield different returns. In most instances, companies find highly strategic and effective ideas and thus to bring innovation to their business in order to achieve sustainable competitive advantages. Innovation is more often considered as fundamental prerequisite for competitiveness and economic well-being. In major industries, to innovate has almost become less risky and since both consumer and industrial markets have come to expect regular changes and improvements in the products, most firms find it profitable to make innovation their grand strategy (Pearce and Robinson, 2004, p. 207). This piece of research paper explains the theoretical aspects of innovation strategy and details how this can be used as an effective tool to achieve competitive advantages, based on the innovation and strategy experiences of Apple Inc. Innovation and Strategy Innovation simply means bringing or introducing something new of an idea, method or device. An organization is said to be innovative when it is attempting to introduce a new idea, method, process and technology or combination of all these in order to enhance better performance in the organization. As Endsley (2010, p. ...
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