Innovation Strategies Implementation, Source Of Competitive Advantage

Competitive advantage can be defined as the achievement, by an organization, of superior products or services from a significant point of view for consumers, compared to the offers of similar items by competitors. The effective acquisition of the competitive advantage can be manifested by the renewal of the product, technology, equipment, management, marketing, financing, personnel, information, etc. The innovation strategy implemented in the respective business is based on the innovation method, through which the competitive advantage is achieved. The inclusion of innovative strategies in the development strategy of a company aims to improve the sustainability of production through new processes and technologies, while incorporating customer requirements. After analyzing the main types of strategies that can be applied by a company depending on its economic situation, the choice and implementation of those strategies that best correspond to the internal and external conditions in constant change must be the major concern of senior management. The theoretical aspects based on the literature are concretized in the case study approached in this paper.