An Integrated Approach to Strategy Innovation.

Organisations today find themselves operating in an environment that is changing rapidly. The process of analysing the implications of these changes and modifying the way that the organisation reacts to them is known as business strategy.

The original business strategy, which is still not fully implemented or thought out, is still intact and being somewhat utilized. Part of getting from where we are now to where we want to go, is to put together a comprehensive business and growth strategy plan that, brings about the most results. The original business strategy resembled that of a small business that had the most growth with the least risk. With little risk also means little or no technology. The company has changed, the competition is more intense and the economy is weakened. A new strategy that aligns with technology is essential in order to be successful. As business and technology have become increasingly intertwined, the strategic alignment of the two has emerged as a major corporate issue. With the emergence of IT from the back room to the forefront of business brings the alignment issue under the spotlight like never before. And as

The second objective is to find disruptive innovations that threaten the product roadmap and which, ideally, can be incorporated into corporate strategy to yield a competitive advantage [3].

Due to the growing competition and diminishing market share, companies are opting for different strategies to achieve their survival objectives as well as growth. Companies are thus executing grand strategies to provide their businesses with a clear direction for its strategic actions. These strategies, therefore, aim at both short term and long term sustainability and growth, and they include innovation, market development, product development, and concentration.

According to Slack et al. The corporate strategy or business strategy is the guide lines for the whole corporation’s businesses in relation to its markets, customers, and the competitors (2007). In the same context, the same authors discussed the link between the corporate strategy and

This course for juniors and seniors explores firm strategies related to innovation and technological change. We focus on how the success of technological innovations—new products, processes, and services—depends on the firm’s business model. Other key topics include intellectual property rights and the management of technological uncertainty through organizational arrangements such as corporate venturing, spinoffs, and alliances.

Strategy formulation has been acknowledged as one of the most crucial factors of ensuring the long-term growth of the business. However, the manner in which strategy is formulated, and most importantly, the nature of the strategy chosen for the company determines its future position in the marketplace (Grant, 2005).

The book is for veterans, managers, executive leaders and striving entrepreneurs to teach their operatives how to be inventive, ground breaking and viable in a very completive industry. The vision of the author Blending extensive industry experience and real-world case studies with their academic expertise, the authors arm readers with the combination of the necessary tools to help them make better strategic decisions.

From many of these examples and articles, we can gather much information over the relationship between innovation and strategic management. Although, some areas may not be proven in its fullest capacity, there are undoubtedly ways that innovation improved business operations and practices, which can be seen in examples such as Apple, Microsoft, Dominos, and Samsung. On the other hand, not every business incorporating innovation is a success story. In the dynamic days we find ourselves in today, business and organizations are digging deeper into the wells of innovation. We have all come to enjoy the benefits and I am not sure of anyone that would want to

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

The book Managing Innovation defines innovation as to “see connections, spot opportunities and take advantage of them”. It is “turning ideas and knowledge into products and services”. (Tidd, 2005) In recent years, firms have paid closer attention to innovation, and many have heavily invested in the field. In this paper, we will explore the evolving dichotomy of incremental and radical innovations for their integral role in firm competitiveness. We will examine the prevailing theories and models such as the Schumpeter theory, Abernathy - Utterback model, Teese’s models, and Henderson - Clark Model; to analyze incumbent firms ' positions in market fluctuations, and how to surmount these issues from an epistemological standpoint.

Alfred Chandler(1963) defines strategy as ‘ the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals’. And Michael porter(1996) sees it as ‘Competitive strategy is about being different. It means deliberately choosing different set of activities to deliver a unique mix of value’.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

In an era of accelerating competition, limited market growth, and declining corporate lifespan, a dramatic change in our approach to strategic planning is an absolute necessity. Companies flourish and fade with increasing frequency. A commitment to “Strategic Innovation” must replace traditional Strategic Planning. Executives who fail to acknowledge the importance of and act on this sea change are almost certain to see their companies’ fortunes fade in the face of new disruptive forces that render old methods and relationships obsolete.

As defined by Andrew M. Pettigrew of United Kingdom, the formation of strategy in organizations is a continuous process. Specific dilemmas within the firm, or in the firm’s environment, may raise the organization members’ consciousness of strategy and allow us, as analysts, to think of strategy formulation as an intentional process built around certain discrete decisions; but strategy is being