Innovation and Strategic Management Annotated Bibliography - 1

Innovation and Strategic Management - Annotated Bibliography Example Journal of Technology Management & Innovation, 6(2), 14-39. In this article, the researchers present their findings on how innovation is shaping general business management practices. They took an in-depth analysis of the impacts of embracing innovation and adapting it to business management practices. They also establish how governments, businesses and other development organizations incorporate innovation in their budget decisions and analyze the impact of innovation on long term performance of businesses and government departments. The authors argue that firm’s profitability and market competitiveness is dependent on how well they make use of innovation in their strategic planning and management. They propose a model that can be used to not only audit but also classify different types of strategic management practices that use innovation as the driving force. SÃ ¡nchez et al studied a relatively broad sample of firms in the electronics industry in Spain to arrive at empirical results. They established that those firms that embraced innovation in their strategic management generally witnessed significant growth in their revenues. On the contrary, firms that did not incorporate innovation in their management practices witnessed reduced revenues and made perpetual losses. SÃ ¡nchez et al proposed a comprehensive model that links companies’ performance to innovation-directed strategic management. In this model, businesses make management decisions that are informed by innovations that aim at cutting costs of production, improve resource competence and create new portfolios in the market. The innovation based strategic management in this model links environmental changes, strategic innovation and business results. In this article, the authors argue that the kind of innovation that has led to improved business performance is not necessarily that which is based on the technological changes. They