Innovation and Strategic Management
Name
Institution
Innovation and Strategic Management Annotated Bibliography
Dobni, C. (2010). Achieving synergy between strategy and innovation: The key to value creation. Int. Journal Of Business Science And Applied Management, 5(1), 49-58. Retrieved from http://www.business-and-management.org/library/2010/5_1--48-58-Dobni.pdf
The journal focuses on the ways in which an organization can achieve synergy between a strategy and innovation with an aim of value creation. The modern day strategic management has been transformed due to the rapid technological developments. Innovation is important in the strategic management process as it provides clear view of what lies ahead in an organization. …show more content…
However, it is now rapidly becoming a thing of the past as it is fast being phased out by social business forces. These include innovation, collaboration, co-creation, and so forth. This article pays special attention to the link between innovation and strategy. It goes ahead to state that innovation is increasingly becoming an important component of strategic management due to the accelerating change in the corporate world. Notably, the acceleration of the change process leads to increased and new types of vulnerabilities. In addition, the rapid technological change alters the predominant business rules and market trends. This results in market instability, the customers change to become fickle, and the competitors are working hard to gain more market share. Morris states that the decisions to be made now majorly focus on the best strategies for preparing for future markets. Therefore, organizations should also practice innovation and view it as one of the significant aspects or corporate strategy, competitive strategy, and functional strategy. The article outlines various successful companies that have over time incorporated innovation into their strategic management practices. These include Cisco, Apple, Coca Cola, IBM, and Blockbuster. The real life examples provide a clear view of how innovation has transformed the traditional strategic …show more content…
Despite the fact that innovation is fast gaining popularity, most organizations are still struggling to understand what the concept entails. Notably, this stops the organizations from being more aggressive in innovation. This implies that they are not able to look at the current market trends and decide the moves that will provide a competitive edge. However, there are a number of trends in innovation that have an impact on the current strategic management. One of the trends entails creation of strategic plans that recognize innovation as the one of the major strategic components. This has enabled organizations get their prevailing environment right hence making the operations easier. The other innovation trend is creation of culture for consistent innovations in a bid to eliminate ad hoc innovations. Organizations are now reshaping their cultures around innovation to focus more on meeting the customer needs. Further, organizations are now focusing on long-term strategies that are necessary to support the culture of innovation. The other strategic management trend that is shaped by innovation is the changing efficiency of the production process. This makes the organization more competitive. The most influential aspects of innovation that influence strategic management include teamwork, ideation, the implementation process, and creation
Name
Institution
Innovation and Strategic Management Annotated Bibliography
Dobni, C. (2010). Achieving synergy between strategy and innovation: The key to value creation. Int. Journal Of Business Science And Applied Management, 5(1), 49-58. Retrieved from http://www.business-and-management.org/library/2010/5_1--48-58-Dobni.pdf
The journal focuses on the ways in which an organization can achieve synergy between a strategy and innovation with an aim of value creation. The modern day strategic management has been transformed due to the rapid technological developments. Innovation is important in the strategic management process as it provides clear view of what lies ahead in an organization. …show more content…
However, it is now rapidly becoming a thing of the past as it is fast being phased out by social business forces. These include innovation, collaboration, co-creation, and so forth. This article pays special attention to the link between innovation and strategy. It goes ahead to state that innovation is increasingly becoming an important component of strategic management due to the accelerating change in the corporate world. Notably, the acceleration of the change process leads to increased and new types of vulnerabilities. In addition, the rapid technological change alters the predominant business rules and market trends. This results in market instability, the customers change to become fickle, and the competitors are working hard to gain more market share. Morris states that the decisions to be made now majorly focus on the best strategies for preparing for future markets. Therefore, organizations should also practice innovation and view it as one of the significant aspects or corporate strategy, competitive strategy, and functional strategy. The article outlines various successful companies that have over time incorporated innovation into their strategic management practices. These include Cisco, Apple, Coca Cola, IBM, and Blockbuster. The real life examples provide a clear view of how innovation has transformed the traditional strategic …show more content…
Despite the fact that innovation is fast gaining popularity, most organizations are still struggling to understand what the concept entails. Notably, this stops the organizations from being more aggressive in innovation. This implies that they are not able to look at the current market trends and decide the moves that will provide a competitive edge. However, there are a number of trends in innovation that have an impact on the current strategic management. One of the trends entails creation of strategic plans that recognize innovation as the one of the major strategic components. This has enabled organizations get their prevailing environment right hence making the operations easier. The other innovation trend is creation of culture for consistent innovations in a bid to eliminate ad hoc innovations. Organizations are now reshaping their cultures around innovation to focus more on meeting the customer needs. Further, organizations are now focusing on long-term strategies that are necessary to support the culture of innovation. The other strategic management trend that is shaped by innovation is the changing efficiency of the production process. This makes the organization more competitive. The most influential aspects of innovation that influence strategic management include teamwork, ideation, the implementation process, and creation