Innovation: Principles and Strategies
AbstractCompetition between companies differentiates a lot nowadays compared to many years before. They compete in "nicety" that are so small but so important. Companies are trying to achieve competitive advantage in order to help them obtain a better and a stable position in the marketplace. The best way for companies to achieve a competitive advantage is through innovation. This paper addresses the meaning of innovation what does innovation present, types of innovation specifically discussing the right way of usage. In order for companies to get the as more innovations as possible it is necessary for them to be familiar with the process of innovation and its principles which innovation was found on. There are several types of innovation or ways in which companies can achieve innovation in a level of whole organization. This paper discusses the ways how that can be achieved, starting from their products and services, ways of selling, supply ect. Innovation is essential for sustainable growth and economic development. Several core conditions enable innovation and encourage economic growth. In the modern economy, innovation is crucial for value creation, growth and employment and innovation processes take place at the enterprise, regional and national level. Innovation will lead to new businesses as well as to the increased competitiveness of existing enterprises. In this paper are not covered all the characteristics of innovation but it presents a very good basis for a proper usage of innovation and ways of transforming it in competitive advantage for companies. Also this paper identifies the impact that innovation has on economic growth.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 22267.
Date of creation: 09 Jun 2010
Date of revision:
innovation; types of innovation; principles and strategies of innovation; sources of innovation;
Find related papers by JEL classification:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- A10 - General Economics and Teaching - - General Economics - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-CSE-2010-05-02 (Economics of Strategic Management)
- NEP-INO-2010-05-02 (Innovation)
- NEP-KNM-2010-05-02 (Knowledge Management & Knowledge Economy)
- NEP-MIC-2010-05-02 (Microeconomics)
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.