Innovation is deemed to be one of several sources for growth but it is also a vital source for survival. Consequently, (positive) commercial relevance is the demarcation line which separates invention from real innovation. Shortened product life cycles and price pressure due to intensified competition, for example from the emerging countries, have led to a situation where innovation has become more and more an important topic on the agenda of top management and a potential core competence: companies have to develop new offerings if they want to survive. Anyhow, the creation and successful commercialization of innovation is not the rule but an exemption which can be observed easily on many failing examples. Therefore, the question is how creation and implementation of innovation, including market success, can be achieved by organizations. Based on a literature review on innovation processes, the author proposes a selection of both internal and external influencing factors. Based on these factors, an analytical framework for analyzing the capability of organization to successfully invent, implement and commercialize innovations, is derived and proposed to practitioners in organizations.
|Keywords:||Innovation, Innovation Process, Competitive Forces, Corporate Culture, Marketing, Organizational Structure, Open Innovation, Human Resources|
PhD Student, Faculty of Business and Economics, University of Pécs, Pécs, Hungary
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