Innovation Strategy: Its Importance and Relevance to the Business Process - Essay Example

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You will come to a more informed realization with regards to the impact full level of importance that innovation strategy portends for a given business entity. You'll get to know about the fundamental decision whether or not a firm should seek to engage innovation strategy in the first place …
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Innovation Strategy: Its Importance and Relevance to the Business Process
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Download file to see previous pages One aspect of doing business that has manifestly been demonstrated throughout the past several years is with respect to the fact that developing and promoting an effective strategy of change and/or innovation has a direct correlation with respect to the overall longevity and hope for the accrual of profitability for a given business venture. Due to the fact that the business world continually changes and shifts, the need to continually re-define the product or service is a goal that all firms should be mindful of. Moreover, the degree and extent to which a small enterprise is able to engage innovation in terms of defining and delineating a strategy for integration with the business world is of the utmost importance due to the fact that it allows it a means of providing a new and differentiated product or service to the consumer market. So the the importance of integrating an innovation strategy for a small firm/business enterprise, the following analysis will focus upon the hurdles strategy formulation as well as the means by which the known and unknown factors of innovation and strategy can be determined.
Innovation strategy can be defined as “a plan made by an organization to encourage advancements in technology or services”. Such an understanding can be associated with the writings of Phillip Shapiro. Part and parcel of innovation strategy is the fact that this strategy, perhaps more than any other, has the ability to determine the way in which all component parts of a business or firm will operate. Innovation strategy, if it is employed, can have the power to determine the way in which decisions are made, component divisions are managed, and issues related to purchasing and personnel are determined. (Capozzi et al., 2013). Such an all encompassing level of importance commands a certain level of respect as innovation strategy, if employed correctly, can ultimately lead a firm or business entity from an almost certain decay to a period of sustained growth and profitability. An obvious limitation that must be discussed is with respect to the fact that small businesses cannot leverage a high degree of funding and/or resources to promote innovation. This weakness is evidenced heavily with respect to the manner by which many small businesses choose to forego innovation strategy and planning entirely. However, as can easily be noted, the dangers of choosing not to allocate resources to this particular planning/strategizing process speak for themselves. Another limitation is with respect to the fact that an allocation of time and available manpower to accomplish such a task is also generally quite limited within the small business. Yet, these factors notwithstanding, an effective innovation strategy, even for a small firm, can greatly enhance the long-term outlooks for success and profitability that can be expected. However, the fact of the matter is that many firms are hesitant to engage with innovation strategy due to the fact that it engenders too many elements of the unknown. Many stakeholders within such firms point to the fact that due to the inability of the management to foresee the future, engaging in innovation strategy and appropriating resources to it is tantamount to an exercise in futility (Shwu-Ing et al., 2011). Although there is at ...Download file to see next pagesRead More
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