Write a 1,250- to 1,500-word paper on the innovation planning and design process addressed in Week Two. Include the following in your paper:Analyze the internal and external factors related to designing innovation strategies. Describe how they relate to one another and to the overall innovation process.Describe the factors involved in innovation systems design. Explain the importance of innovation systems.Describe the steps involved in the innovation planning process.Format your paper consistent with APA guidelines and incorporate at least four scholarly references.Running Head: INNOVATION AND STRATEGIC MANAGEMENT.
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There are a number of the current strategic management trends that are being shaped by
innovation. One of them is the marketing system where innovation has come in and made the
process efficient. The use of information technology has assisted in marketing a company’s
products in a more quick way and convenient. This is articulated by the way company’s sales are
mounting rapidly. This is simply because innovation has made it possible for advertisements to
reach a large number of people across the nation. Even it has made a platform were customers
can purchase what they require online and this has actually impacted many companies positively.
In addition it has changed the nature of the consumer. This is due to the fact that customer’s
access to information, and an escalating necessitate to back up a corporation as well as the goods
it sells prior to making a purchase, denotes that firms have to communicate more genuinely with
consumers, and make certain the branded experience they guarantee equivalents the actuality of
consuming and intermingling with their produces (Davenport, Leibold, & Voelpel 2006).
INNOVATION AND STRATEGIC MANAGEMENT.
Invention is one aspect of innovation that is very influential in shaping strategic
management; this is simply because invention leads to realization of various way of improving
productivity in companies. The need for exploitation of new technology systems also influences
shaping strategic management since there is room for novel methods to be conveyed which in
turn lead to efficient implementation of the strategies which are intended to be employed in the
production and also all operations in a given company (Davenport, Leibold, & Voelpel 2006).
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INNOVATION AND STRATEGIC MANAGEMENT.
Reference
Davenport, T. H., Leibold, M., & Voelpel, S. (2006). Strategic management in the innovation
economy: Strategy approaches and tools for dynamic innovation capabilities. Erlangen:
Publicis.
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