Strategic Management of Technological Innovation

1157 WordsJan 15, 20185 Pages
Schilling, M. A. (2005). Strategic Management of Technological Innovation. London: McGraw-Hill/Irwin. In this study, Innovation is the process of exploiting new ideas that that will lead to creation of new products or services. This does not mean that, invention of new idea is what is important but also bringing that idea to the market and putting it into practice as well as, exploiting it in a way that will lead to new services which improve the quality of new idea. Strategic management is the process of formulating and implementing cross-functional decisions to enable organization achieve its objectives. It mainly focuses on the process of the strategy synthesis and thinking role in formulation of the strategy. This source analyzes the relationship between innovation and strategic management on how innovation is shapes the strategic management. The company could be doing what has been done if things do not change and so there would be no need of innovation. If markets are stable, customers are predictable, competitors' fails to introduce new products and technology stays constant, then the organization will keep going as it was done yesterday. Evidence indicates fast changes occurring around us in the business sector hence leaving many firms susceptible to the new vulnerabilities. New technology is altering the policy of businesses in markets it touches, which is virtually every market sector. Most markets fail to be stable, customers are fickle while competitors are
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