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Does a culture of innovation drive business results?

Author

Listed:
  • Gregory, James R.

    (The Conference Board)

  • Satterfield, Ronald K.
  • Puckey, Brad

Abstract

The importance and meaning of innovation are a matter of perspective. Improvements in product design and manufacturing efficiency often hinge on innovation being applied as a tactical tool. To develop a company that elevates innovation to an integrated and motivational management tool across the enterprise, innovation must become part of the firm’s culture. A culture of innovation is an attitude toward cultivating growth opportunities no matter where they exist in the company. It is a piece of the vast corporate ecosystem that drives the value of corporations without always being fully understood and seldom managed for value creation. It is part of a class of internally grown intangible assets not accounted for on the balance sheet, but which can yield decisive competitive advantages and enormous value. Innovation comes in many different forms, but a culture of innovation reflects on the company as a whole and can be measured, valued and managed for value creation.

Suggested Citation

  • Gregory, James R. & Satterfield, Ronald K. & Puckey, Brad, 2018. "Does a culture of innovation drive business results?," Journal of Cultural Marketing Strategy, Henry Stewart Publications, vol. 3(1), pages 82-89, March.
    • Handle: RePEc:aza:jcms00:y:2018:v:3:i:1:p:82-89
    as

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    More about this item

    Keywords

    innovation; culture; brand; management; valuation; intangible assets; corporate brand; strategy; value creation; value management;
    All these keywords.

    JEL classification:

    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising
    • J7 - Labor and Demographic Economics - - Labor Discrimination

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