Essay on The Innovation of Google

950 Words4 Pages
Innovation has been around for many years in different environments, for example the invention of the telephone or the first TV set. Innovation is an important area of study for many business leaders today. Business leaders are able to use innovation to be competitive. Innovation needs to be constantly monitored and researched in order for any business to remain competitive. “The trouble is that innovation involves a moving target-not only is there competition amongst players in the game but also the overall context in which the game is played out keeps shifting”, (Tidd & Bessant, 2009) Organisations should need have a suitable strategic innovation plan in place to remain competitive. According to Freeman and Soete, 1997 innovation is…show more content…
“Because innovation so complex, market/resource interactions so numerous, no single road to success will apply to all companies at all times in all markets”, (West, 1992). This does not mean firms should move away from the subject. It does mean businesses need to design appropriate innovation strategies for their business model. Business leaders need to also manage their innovation strategy accordingly to changes in the market. Failure to do so will allow the other businesses to win more market share through simply being competitive. Business leaders need to think strategically to look at external factors when making new innovation strategies. Innovation has been closely related to a firm’s ability to also be creative. “In fact creativity is an essential building block for innovation”, (Stamm, 2008) Creativity then is another element off being innovative. Business leaders then can drive innovation in order to be effective in the market they operate in. If business leaders can install a strategy in a firm to be innovative then they can remain competitive. “Business strategy entails the development of a sustainable advantage in selected market segments”, (Thomas, 1993) Innovation has been argued to be about more customers focused than creating new products. “We view innovation as shaping consumer expectations as well as responding continually to the
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