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Exploration vs. Exploitation: How Innovation Strategies Impact Firm Performance and Competitive Advantage

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  • Ioniţă Cătălin Gabriel

    (Doctoral School in Management, National School of Political and Administrative Studies, Bucharest, Romania)

Abstract

In today’s economy, companies face the challenge of turbulent environments, which are characterized by rapid change, uncertainty, and unpredictability. Thus, for companies, these environments can be a double-edged sword because they can be responsible for rapid development opportunities and threats that can lead to organizational obsolesce. Businesses can lose their competitive advantage rapidly if they do not adapt to environmental changes, therefore, companies need to reinvent themselves by either exploiting available capacity or exploring new capabilities.

Suggested Citation

  • Ioniţă Cătălin Gabriel, 2022. "Exploration vs. Exploitation: How Innovation Strategies Impact Firm Performance and Competitive Advantage," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 31-46, August.
    • Handle: RePEc:vrs:poicbe:v:16:y:2022:i:1:p:31-46:n:24
    DOI: 10.2478/picbe-2022-0006
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    References listed on IDEAS

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