- Published: October 23, 2022
- Updated: October 23, 2022
- University / College: University of St Andrews
- Language: English
- Downloads: 11
Strategic management has been impacted by technology and innovation by allowing organizations to optimize their products and services along with their employee base and culture. Schilling states that, ” … Technological innovation is now the most important driver of competitive success” (2010, p. 1). Globalization of the market and pressure from foreign markets and competition has impacted management to continuously innovate their products and services to remain relevant and competitive in this market. Technology, creativity, and innovation help to establish and maintain a nominative advantage.
Companies that have been around for years must stay up to date on the latest technology trends so that their products do not become obsolete. They must also be prepared to use creativity and innovation to develop and offer new products to meet the needs of the ever-changing demands and technology-driven consumer base. Although Kodak may have faced a time when they could not keep up with technology, specifically competition with smart phones that have cameras, they continued to use creativity and technology to reposition themselves as a printer and managing business (Perez, 2008).
Perez also states that business need to create new avenues that have the potential to grow quickly and replace lost revenues when they find themselves in a declining market (2008). Creativity for these businesses must be on the forefront of the strategic management plan. Reference Schilling, M. A. (2010). Strategic management of technological innovation. (3rd deed). New York: McGraw-Hill / Irwin. Perez, A. (2008). Soda’s moment of truth [abstract]. Businesslike: Innovation power plays. New York: McGraw-Hill.
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