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The relationship between strategic innovation and key competencies in a dynamic competitive environment

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  • Rumen Georgiev

Abstract

The focus is placed on the leading issue in mesoeconomics: strategic innovation and the competitive mobility of business. The strategic innovations of companies are analyzed systematically in terms of the creation and distribution of value (worth) that is different from other market values, while key competencies are discussed as “special junctions” of routines and technologies without which it is impossible to diversify the potential markets. The necessity for the objective contradiction between competencies and markets to be continually overcome through strategic decisions and how the key competency for competitive cooperation (Co-opetition) becomes a strategic necessity in the dynamic conditions of the Fourth Industrial Revolution are justified. The analysis of the joint creation of new value factors with the help of clusters and other strategic alliances is carried out based on the following criteria: the minimization of possible costs and the maximization of possible sources for gaining added value; balancing the potential risks of interaction in the value network related to the contribution of each company towards achieving the common goal.

Suggested Citation

  • Rumen Georgiev, 2019. "The relationship between strategic innovation and key competencies in a dynamic competitive environment," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 13-26,27-38.
    • Handle: RePEc:bas:econth:y:2019:i:4:p:13-26,27-38
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    References listed on IDEAS

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    1. Rumen GEORGIEV & Milen VELUSHEV, 2018. "The Innovation Strategy And The Competitive Positions Of Bulgarian Economy," Economics 21, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 44-69.
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    More about this item

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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