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Innovation Management: The Key Strategy Of Success

1018 words - 5 pages

Introduction
According to Joseph Schumpeter, creative destruction describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one"(Schumpeter, 1942). This argues that in the economics development process, the new products will eventually take place of the out-of-dated ones, for the single company and even the whole society. To take the music players as an example, Sony Walkman was extremely popular in 1980s, but it was finally forced to exit the market because of the popularity of MP3 in 2000s. However, nowadays, even MP3 could not survive in the music player market, as the ...view middle of the document...

Just as Adam Hartung said, how much a company spends on innovation doesn't matter, because what's important is what the company spends on real breakthroughs rather than sustaining ideas.(Hartung, 2011) Imitation or working on the sustaining area is not enough to make progress and fight in the changing world.
Nokia had been the leader in the mobile phone industry and it put a great amount of budget in to the R&D, working hard on improve the hardware as well as the software of the mobiles phone. With the improvement of the pixel value of the screen and the camera and so on, Nokia did achieve a higher and higher sales rate year by year. However, it failed to foresee the technology trend. When Apple launched the new product touch screen smart phone, it had been too late for Nokia to take on the innovation in this aspect. And it was finally weeded out by consumers and the market.
Hence, taking researches on new breakthrough technology development before the innovative technology breaks the old industry down is of significant importance. Innovation Strategy help firms transform from the old pattern to the new competitive power.
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Strategic Planning Process
Strategic planning, obviously, is the process that organization makes decisions on resource allocation to conduct strategies. Under the background of creative destruction, the only innovation strategy could not make enterprises survive without a comprehensive strategic planning. And the changing competitive environment requires a up-to-dated strategic planning, which is real-time strategic planning process which we are going to talk about.
Robert E. Johnston Jr.andJ. Douglas Bateargue that the strategy innovation process finds new ways to provide new value in the marketplace, and strategic planning determines if those opportunities provide new value for the company. (Johnston&Bate, 2013) The integration of these two guarantees the value creation of the company. Creative destruction brings about lots of uncertain factors into the business environment and this is unavoidable as the economics development is dynamic. In order to foresee...

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