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Innovation and strategy - Essay Example

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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. 1) noted, innovation is the first, practical, concrete implementation of an idea done in a specific way that brings broad-based and extrinsic recognition to the individual or the organization. It is not only mere creativity, but rather implementing the idea and establishing it in to reality. Innovation refers to the introduction of newer goods and services. Business organizations are required to adapt to changes in consumer demands and to the competitors as well. When some companies identify new dimensions of their existing products and design and develop their products or services according to the needs and wants of the customers, others may have to customize their goods for customers and get a competitive edge (Bateman and Snell, 2003, p. 11). Companies are thus putting efforts to think strategically, spend much on Research and Development to find better strategic ways and to innovate in their marketing landscape so as to turn their strategies and innovative ideas to long term sustainability and profitability. Lendel and Varmus (2011, p. 819) defined innovation strategy as innovative direction of organizational approach to the choice of objectives, methods and ways in order to fully utilize and develop the innovative potential of the enterprise. The quality, standard and level of innovation strategy used in a company depends on various elements such as ideas, knowledge management, human resources, capabilities, technology, management, process and operational efficiency. Achieving Competitive Advantage through innovation and strategy ‘Competitive Advantage’ is perhaps one of the most common buzzwords of today’s business literatures. Though the term has been used several years back, it has been defined and explained by the marketing guru, Michael E Porter in 1980s. According to him (1998, p. 3), competitive advantage grows fundamentally out of values that a business organization is creating for its customers in excess of the cost of creating the same values. Value is what customers are willing to pay for a product or service. An organization can be said to generate superior values when it offers products or services with higher quality and lower prices than that of its competitors’ ...Show more

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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…
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