Innovation Management: Strategies, Implementation and Profits

Innovation Management: Strategies, Implementation and Profits

Innovation Management: Strategies, Implementation and Profits

Innovation Management: Strategies, Implementation and Profits

Synopsis

Innovation is the key to gaining and maintaining a competitive advantage in the business world. Using multi-functional research from economics, organisational theory, general management and marketing, and strategy literature, Innovation Management, 2ed, provides a systematic approach to the strategies and processes that underlie the financial results of innovation. Designed to meet the increasing number of courses in innovation management, the text provides full coverage of this vitally important area of business. Afuah shows the relationship between innovation, a management function, and profitability, a financial function. He creates a framework that encompasses the basic questions of the 'who, what, when, and where' of innovation, combining the latest theoretical discussion with abundant examples. The impact of the public and international sectors is highlighted with chapters on globalisation, innovation in emerging economies, and the role of government in promoting innovation. The book offers many pedagogical examples, most chapters conclude with short practice cases designed to supplement the numerous examples within each chapter. Examples are followed by a list of key terms and questions to stimulate discussion. Innovation Management 2ed, is an ideal text for business school programs and also provides guidance for executives and managers seeking a better understanding of the value of innovation. Contents:I. FundamentalsIntroduction and OverviewModels of InnovationThe Underpinnings of Profits: Assets, Competencies, and KnowledgeSources and Transfer of InnovationII. StrategizingRecognizing the Potential of an InnovationReducing Uncertainty: The Role of Technological Trends, Market Regularities, and Innovation StrategyChoosing a Profit Site: Dynamic Competitive AnalysisStrategic Choice or Environmental DeterminismIdentifying Potential Co-competitorsStrategies for Sustaining ProfitsIII. Implementation and Protection of ProfitsFinancing Entrepreneurial ActivityImplementation of the Decision to AdoptIV. GlobalizationGlobalization for InnovationsInnovating for Emerging EconomiesRole of National Governments in InnovationThe Internet: A Case in Technological ChangeStrategic Innovation ProcessAppendix 1 Standards and Dominant DesignsAppendix 2 Organizational StructuresAppendix 3 Organizational BoundariesGlossaryCase 1: Netscape CorporationIndex

Excerpt

The times for students of innovation have never been better, more promising, or more challenging. In CEO speech after speech, in business school functional areas from strategy to finance to marketing, and even in annual financial statements, the word innovation is pervasive. It has even been suggested that innovation will be to the 2000s what total quality management was to the 1970s, what time-based management was to the 1980s, and what efficiency was to the 1990s—that is, a precondition for gaining or maintaining a competitive advantage. Unfortunately, while academic research in innovation has had very important implications for the practicing manager, the journal articles or books reporting this research have generally emphasized only a single point of view or drawn on a single discipline, often with inconsistent definitions of important terms, including the term innovation itself. They have not provided the type of integrative framework that can allow students of innovation to get their minds around this increasingly important field—a framework that allows them to build on and make cause-and-effect predictions. The goal of this book is to provide such a framework.

Throughout the book, seven themes underpin the synthesis and presentation of the integrative framework. First, while for the MBA, engineer, or practicing manager, a critical goal is to apply innovation concepts to real-life problems, there is still “no better practice than good theory.” Jay Barney put it best when he said: “there really isn't anything quite as practical as a good theory.” Accordingly, I draw on the latest in academic research and emphasize the theoretical underpinnings of any implications for practice.

Second, for many firms, competitive advantage is gained and maintained through innovation. It is also lost when firms do not innovate and their competitors do. As such, I have drawn on the literature in strategy, especially the product-market position and resource-based views of the firm. I have emphasized the link between new ideas and continued profits. The focus is on a firm that wants to profit from an innovation. Third, innovation is not limited to high technology. Surely Glaxo's blockbuster ulcer drug, Zantac, was an innovation. But so was Federal Express's offering of overnight package delivery. Innovations do not have to be breakthroughs either.

Fourth, innovation usually means change, both in the organizational and the economic sense, and therefore any models that seek to understand the phenomenon are necessarily multidisciplinary. The concepts, models, and theories in this book all . . .

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