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Innovation as a competitive weapon in the uncertain service economy

Author

Listed:
  • Ratiu Monica Paula

    () (Romanian American University, Bucharest)

  • Oprescu Alina,

    () (Romanian American University, Bucharest)

  • Botea Lucian

    () (Romanian American University, Bucharest)

Abstract

In this paper we want to demonstrate that nowadays - innovation is one of the key components of the service economy. Innovation today is not just a simple option for any service company, each and every one should use innovation to ensure revenues, profits and why not – survive on a more dynamic and evolving market. Starting from Peter Drucker’s theory we can consider innovation one of the specific tools of the entrepreneurs, the means by which they can exploit changes as an opportunity for another business or another service. Innovation is one of the key elements to make a business successful and help existing companies to face the challenge of globalization – the new economy. Using innovation is a must for a company that wants’ to have a competitive advantage. New service delivery models are essentially created after working closely with customers to provide innovative and unique solutions that can satisfy the consumer ever-changing needs.

Suggested Citation

  • Ratiu Monica Paula & Oprescu Alina, & Botea Lucian, 2010. "Innovation as a competitive weapon in the uncertain service economy," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 787-792, May.
  • Handle: RePEc:ovi:oviste:v:10:y:2010:i:1:p:787-792
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    More about this item

    Keywords

    service innovation; knowledge economy; technology; service systems; creativity.;

    JEL classification:

    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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