Innovation and Strategic Management Paper with Annotated Bibliography
In business, it is essential to differentiate between strategic planning and strategy innovation. Many corporations have defined processes for carrying out strategic planning - which is basically studying historical data and forecasting anticipated outcomes for the future (Scocco, 2010). It involves creating a fit to the current business model, a process centered on the company aiming to exalt the processes already in place. This method has one big flaw, however, because it relies on the assumption that the future will mirror the past.
Strategy innovation, conversely, creates new business models, as it is centered on the market aiming to find new ways of creating value through new …show more content…
The author defines strategy “as a coherent and substantiated logic for making one set of choices rather than another.” He is saying that good strategy is has clarity and it never confusing. The practice of innovation, unlike strategy, is about possibility, not direction (Satell, 2012). He goes on to say, that “it involves a lot of fumbling around, chasing wrong ideas down blind alleys, experimenting and trying things out. The trick is that you fail quickly and cheaply, then move onto the next idea. Eventually you’ll get to something that works. If you can survive you can thrive” (Satell, 2012).
The author concludes claiming that “innovation is most important when you get stuck, when you’ve hit a wall and conventional wisdom is no longer so wise. Time tested approaches begin